FINCABLES · Capital Goods
Finolex Cables Ltd. reported revenue of ₹2,269 cr for July to September 2026, +64.9% on the year and +12.7% on the quarter. That is faster than this quarter has grown in recent years (+7.7% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹7,832 cr, +41.1% on the four before.
Operating profit (EBITDA) was ₹311 cr, a margin of 13.7%, +317 bps on the year and +159 bps on the quarter. It is the widest margin of the last 8 quarters (range 9.2% to 13.7%). Operating costs grew +59.1% against revenue growth of +64.9%, so more of each rupee of sales reached operating profit.
Net profit was ₹273 cr, +67.5% on the year and +9.6% on the quarter, with earnings per share of ₹17.84. Profit before other income, one-offs and tax grew faster, at +121.5%; other income, one-offs or tax held the headline back. The tax rate of 23% is in line with its recent average. Profit over the last four quarters totals ₹910 cr, +36.8% on the four before.
Of the 45 companies in Capital goods and EPC that have reported Q2 FY27 so far, Finolex Cables Ltd. ranks 3rd on revenue growth; the sector median is +16.8%. Its margin moved +317 bps on the year against a sector median of +8 bps.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹59.52 over the last four quarters, the stock at ₹1,232.40 trades at 20.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,222 cr | ₹1,401 cr | ₹1,230 cr | ₹1,312 cr | ₹1,182 cr | ₹1,595 cr | ₹1,396 cr | ₹1,376 cr | ₹1,599 cr | ₹1,951 cr | ₹2,013 cr | ₹2,269 cr |
| YoY | — | — | +2% | +11% | −3% | +14% | +13% | +5% | +35% | +22% | +44% | +65% |
| EBITDA margin | 11.0% | 11.6% | 10.3% | 8.1% | 11.7% | 10.7% | 9.7% | 10.5% | 9.9% | 9.2% | 12.1% | 13.7% |
| Other income, % of PBT | 38% | 40% | 64% | 38% | 35% | 40% | 39% | 37% | 34% | 46% | 29% | 19% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 25% | 23% | 22% | 24% | 27% | 20% | 21% | 24% | 26% | 21% | 23% |
| Net profit | ₹151 cr | ₹186 cr | ₹244 cr | ₹118 cr | ₹147 cr | ₹192 cr | ₹163 cr | ₹163 cr | ₹164 cr | ₹224 cr | ₹249 cr | ₹273 cr |
| YoY | — | — | +52% | −23% | −3% | +3% | −33% | +38% | +12% | +17% | +53% | +67% |
| Core profit YoY | — | — | −15% | −30% | +2% | +5% | +6% | +38% | +13% | +4% | +80% | +122% |
| EPS | ₹9.87 | ₹12.17 | ₹15.95 | ₹7.71 | ₹9.63 | ₹12.54 | ₹10.63 | ₹10.63 | ₹10.73 | ₹14.67 | ₹16.28 | ₹17.84 |
| Flags | 1 | 1 | 2 | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Finolex Cables Ltd. reported revenue of ₹2,269 cr (+64.9% on the year) and net profit of ₹273 cr (+67.5% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +121.5% on the year, against +67.5% for reported profit.
None of the 6 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.