Finolex Cables Share Price Today: Finolex Cables shares were buzzing in trade on Wednesday, with the scrip surging as much as 3.77% to hit an intraday high of Rs 1,352.75, nearing its 52-week high of Rs 1,375 per share.
At 9:54 am, Finolex Cables shares were trading 3.64% higher at Rs 1,351 per share. In comparison, the BSE Sensex was trading 0.76% lower at 75,006 levels.
The uptick in the share price came after Jefferies maintained its ‘Buy' rating on Finolex Cables with a target price of Rs 1,410 per share, indicating further upside from the stock's current levels.
Jefferies On Finolex Cables
Jefferies noted that despite Finolex Cables' 60% year-to-date rally, its one-year forward price-to-earnings (PE) multiple of around 21 times remains notably below that of its peers.
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The brokerage highlighted the company's communication business as a key margin driver, with the segment now accounting for 23% of Q1 EBIT. Finolex Cables is also targeting a doubling of its fibre draw capacity to 8 million km by Q3.
Assuming fibre prices of around $11 per km, Jefferies estimates that the expanded capacity could generate sales of Rs 200-250 crore per quarter.
Meanwhile, the electricals business remains Finolex Cables' core growth engine, while solar and extra-high voltage (EHV) businesses are emerging as additional growth drivers.
Jefferies estimates FY26-29 EBITDA CAGR at 22%, underscoring its positive outlook on the company's medium-term earnings trajectory.
About Finolex Cables
Finolex Cables is one of India's leading manufacturers of electrical and communication cables. The company has a diversified portfolio spanning power cables, communication cables, electrical products and related solutions, serving both consumer and industrial markets.
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