November 30, 2021

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Accumulate Finolex Cables Target Of Rs 663: Geojit

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Geojit\’s research report on Finolex Cables

Finolex Cables Ltd (FCL) is India\’s largest manufacturer of electrical (80% of revenue) and telecommunication cables (16%). FCL has a wide distribution network with a high brand recall. Q2FY22 revenue & PAT grew by 45% & 117% YoY, supported by healthy growth across all segments. Gross margin declined by 400bps YoY, but fall in EBITDA margins was limited to 10bps YoY to 12.8%, owing to cost rationalization. Overall, demand scenario improved largely due to pent-up demand, revival in construction activities and improvement in consumer sentiments. H2FY22E performance is expected to better given better vaccination drive and sharp rebound in economic activities. We continue to maintain positive stance on FCL, given its clean balance sheet, strong cash flows and healthy earnings outlook of 28% CAGR over FY21-23E.


We value FCL’s core business at P/E multiple of 17x on FY23E and value FCL’s investments in Finolex Industries at Rs.149 to arrive at SOTP price target of Rs.663 and recommend to “Accumulate”.

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