Archive · 14 Sep 2026
InCred Equities Sees Finolex Cables Unlocking Growth Ahead
Finolex Cables makes wires and cables.
InCred Equities believes the company can grow as it expands its factories and benefits from demand from data centres.
The company also makes some of its own materials, which can reduce its need for imports.
It is expanding its fibre-related production capacity.
The brokerage expects the new capacity to become more valuable as it reaches full use.
It said the stock is priced below many similar companies.
InCred Equities gave the stock an “Add” rating and a target price of ₹1,435.
The shares closed at ₹1,423.25 on September 11, after rising strongly in recent months.
InCred Equities maintained an “Add” rating on Finolex Cables with a target price of ₹1,435 per share.
The brokerage highlighted backward integration, fibre-capacity expansion and data-centre-led optical-fibre demand as growth drivers.
Finolex Cables is described as India’s only wire and cable player with in-house continuous copper-rod casting.
The company is India’s second optical-fibre preform producer, while its VAD plant has reduced import dependence.
The stock closed 0.19% higher at ₹1,423.25 on September 11, after reaching a 52-week high of ₹1,498.35.
- Who
- Finolex Cables and InCred Equities.
- What
- InCred Equities maintained an “Add” rating and set a ₹1,435 target price for Finolex Cables.
- When
- The stock data cited is from September 11, 2025; the report also cites performance in 2026.
- Where
- Finolex Cables is headquartered in Mumbai, and its shares trade on the BSE.
- Why
- The brokerage expects growth from backward integration, expanded fibre capacity, data-centre-led optical-fibre demand and distribution expansion.
Growth Case
Valuation And Execution Considerations
Capacity expansion
Growth Case
InCred Equities expects expanded fibre capacities and their eventual full utilisation to validate Finolex Cables’ growth potential.
Valuation And Execution Considerations
The expected valuation improvement depends on the new capacities being commissioned, ramping up and delivering earnings.
Market valuation
Growth Case
The brokerage said Finolex Cables trades at a steep discount to most cable-and-wire and optical-fibre-cable peers, leaving room for the gap to narrow.
Valuation And Execution Considerations
The stock has already risen sharply, including about 80% in 2026 so far and 68% over one year, making future gains dependent on earnings delivery.
- Brokerage rating
- Add
- Target price
- ₹1,435 per share
- Closing price
- ₹1,423.25 on September 11
- Market capitalisation
- ₹21,767.09 crore
- 52-week high
- ₹1,498.35 per share
- Three-month return
- 40.49%
- Return on equity
- 16.18%