This article first appeared on GuruFocus .
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Quarterly Revenue Growth:5% increase.
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Half-Year Revenue Growth:9% increase.
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Quarterly EBITDA Growth:26% increase.
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Half-Year EBITDA Growth:19% increase.
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Quarterly PAT Growth:35% increase.
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Half-Year PAT Growth:21% increase.
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Wires and Cables Quarterly Revenue Growth:8% increase.
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Wires and Cables Half-Year Revenue Growth:12% increase.
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Industrial Cables and Solar Applications:Notable growth.
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Auto Segment:Positioned for future growth.
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Cables Volume Growth:60% increase in the quarter.
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CapEx:INR 75 crores for the quarter, INR 100 crores for the half year.
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Working Capital:Slightly over a month, well managed.
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Release Date: November 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Finolex Cables Ltd ( BOM:500144 ) reported a modest revenue growth of 5% for the quarter and 9% for the half year.
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EBITDA levels showed a significant increase, with a 26% rise for the quarter and 19% for the half year.
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The company experienced a 35% increase in PAT for the quarter and a 21% increase for the half year.
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Industrial Cables and Solar Applications segments showed growth, with cable volumes increasing by close to 60% in the quarter.
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The balance sheet remains strong with well-managed working capital, slightly over a month, ahead of most peers.
Negative Points
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Revenue growth was modest compared to peers, attributed to a small market share in the cable segment and prolonged monsoon affecting agricultural applications.
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Communication Cable segment faced muted volumes, with no meaningful contribution from BharatNet and low fiber prices affecting revenues.
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Net working capital days increased to 33 days in H1 FY '26 compared to 22 days in H1 FY '25, primarily due to a decrease in payables.
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The FMEG business has been missing internal targets, with fans facing headwinds due to prolonged monsoon and lighting affected by price erosion.
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The company faces potential competition from new entrants in the market, which could impact market share and pricing strategies.
Q & A Highlights
Q: Why is Finolex Cables' top line growth muted compared to peers? A: Mahesh Viswanathan, Deputy CEO and CFO, explained that the modest growth is due to their smaller market share in cables and the impact of prolonged monsoons on agricultural applications, which account for 10-12% of revenue.
Q: How is Finolex Cables preparing for new competition from UltraTech? A: Viswanathan stated that Finolex Cables has a strong brand presence and will take necessary actions to maintain its market position despite new entrants.
Q: What caused the increase in net working capital days? A: The increase to 33 days was mainly due to a reduction in payables, which is expected to correct itself. Inventory levels were also higher due to planned disruptions.
Q: What is the status of BharatNet orders and the impact on Communication Cables? A: Finolex has not yet received significant orders from BharatNet. They are in discussions with tender winners lacking capacity and expect state tenders soon. Current factory booking is around 60%.
Q: What are the developments in product lines like switches and cables? A: New variants in switches and switchgears are under development, with releases expected in upcoming quarters. Cables are seeing innovations like fire retardant and halogen-free options.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
