Finolex Cables (FINCABLES) Q2 25/26 earnings summary

Executive summary

• Revenue for Q2 FY26 grew 5% year-over-year to ₹1,376 crore, with half-year revenue up 9% to ₹2,771.3 crore, reflecting consistent demand and effective market execution.

• EBITDA increased by 26% for the quarter and 19% for the half-year, with quarterly EBITDA margin improving and PAT up 28% year-over-year to ₹187 crore.

• Power Cables segment saw strong volume growth (up 40% for the quarter), while Electrical Wires volumes were stable and Communication Cables remained muted.

• The fiscal year opened with stable, medium-paced growth, supported by a diversified product portfolio and resilient core markets.

• Balance sheet remains strong with well-managed working capital and ongoing capital expenditure projects.

Financial highlights

• Q2 FY26 revenue: ₹1,376 crore (5% YoY growth); H1 FY26 revenue: ₹2,771.3 crore (9% YoY growth).

• Q2 FY26 EBITDA: ₹253 crore (26% YoY, 37% QoQ growth); H1 FY26 EBITDA: ₹438 crore (19% YoY growth).

• Q2 FY26 PAT: ₹187 crore (28% YoY growth); H1 FY26 PAT: ₹326 crore (21% YoY growth).

• Dividend income in Sep'25 was ₹72.35 crore, up from ₹50.24 crore last year.

• Segment EBIT margin improved to 10.9% for the quarter, aided by pricing actions to manage metal price volatility.

Outlook and guidance

• No formal guidance provided for future quarters or years.

• Management expects normalization of working capital metrics in the next quarter after the planned dividend outflow.

• Anticipates margin improvement in communication cables once new preform and fiber draw plants stabilize.

• Production trials at the Preform Facility are expected to complete by year-end, with commissioning soon after.

• Temporary volume decline in 3 Core Flat Cables seen as seasonal, not structural.