Finolex Cables Limited (FINCABLES.BO) Stock Analysis & Winston Score

Finolex Cables Limited is an Indian company that makes electrical wires and cables used in homes, offices, and factories. Its core products include copper wires, power cables, communication cables, and fiber optic cables, sold to builders, electricians, industrial companies, and telecom firms. Finolex is one of India's largest and oldest cable manufacturers, with a brand that has been trusted in the country for decades.

The company earns money by selling its cables and wires directly to dealers, distributors, and large industrial buyers across India. It operates primarily in the domestic Indian market, with some export activity, and generates roughly ₹4,000–5,000 crore in annual revenue. Its long-standing brand recognition and wide distribution network give it a competitive edge over smaller rivals. The key growth driver is India's ongoing push to expand housing, infrastructure, and electricity access, though rising copper prices — since copper is the main raw material — remain a persistent risk to profit margins.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+22.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+17.1% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

56.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$45.1B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Finolex Cables Limited is a rare growth stock that's already generating positive cash flow while growing at 22%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 152.9M (2022) → 152.9M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

14.3%

Thin — 14.3% gross margin

Operating Margin

8.4%

Modest — 8.4% operating margin

ROCE

2.7%

Weak — 2.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+18.8%

Fast-growing sales (18.8% YoY)

EPS YoY

+1.8%

Flat earnings

Single-digit earnings growth — steady but not exciting.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

20%

Weak — only 20% of profit becomes cash

FCF Margin

0.5%

Thin free cash flow (0.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

373.90x

Comfortably covers interest (373.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

21.8x

Growth-priced — P/E 21.8

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+1.2

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

0.79%

Small dividend — 0.79% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+56.8%

Dividend growing fast (56.8% YoY)

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