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    Felix Industries

    FELIX
    Utilities·18 Sept 2025
    Management Summary

    Felix Industries reported exceptionally strong Q1 FY26 results, with consolidated revenue growing 158% YoY to INR 20.62 crores and PAT surging 1000% YoY to INR 3.56 crores. The company provided an optimistic FY26 topline guidance of INR 110-130 crores and an ambitious FY27 target exceeding INR 200 crores, driven by the ramp-up of Oman operations and strategic focus on higher-margin BOOT projects. Management confirmed strong internal accruals, negating the need for external equity in the near term, and plans to migrate to the main board of NSE.

    Highlights

    5
    • Consolidated Revenue for Q1 FY26 reached INR 20.62 crores, marking a substantial 158% year-on-year growth.

    • EBITDA for Q1 FY26 improved significantly to INR 5.978 crores, representing a 377% year-on-year increase.

    • PAT for Q1 FY26 surged by an impressive 1000% year-on-year to INR 3.56 crores.

    • The company provided an ambitious FY27 consolidated topline guidance of over INR 200 crores.

    • Oman Phase 2 operations are expected to start by December/January 2025, potentially adding INR 6-8 crores in monthly revenue.

    Concerns

    2
    • Receivables from FY25 were noted at around INR 2 crores (more than one year old) and overall 150-160 days, raising questions about working capital management.

    • An analyst inquired about INR 16-20 crores in loans and advances given to corporates/subsidiaries, for which management promised to provide further details.

    What Changed2

    vs Q2 FY26

    Guidance items7 → 9 (+2)Risks discussed3 → 2 (-1)
    Key financials

    Metrics

    4

    Periods

    2

    Headline

    3
    • Consolidated Revenue
      ₹20.62 Cr
      YoY+1.6%
    • EBITDA
      ₹5.978 Cr
      YoY+3.8%
    • PAT
      ₹3.56 Cr
      YoY+10%

    FY25

    1
    • Consolidated Revenue
      ₹36.82 Cr

    Order Book

    high confidence

    Total Value

    ₹ 115 crores

    as of 2025-06-30

    range

    Execution

    Expected to convert to revenue in FY26.

    Composition

    Mix2 contract types
    • Standalone EPC50.4%
    • Operating Revenue (from plants)26.1%

    Share of order book by contract type · partial disclosure (76.5% of book)

    "The current order book, comprising EPC, operating revenue from plants, and subsidiary bookings, is expected to convert into a consolidated topline of INR 110-130 crores for FY26."

    Source:
    Q&A

    Capital allocation

    3
    high confidence
    CategoryHeadline
    Capex

    Capex disclosed

    Debt

    Debt disclosed

    Liquidity

    Liquidity disclosed

    Internal accruals are strong, so no further external capital is foreseen for at least the next year.

    Guidance & targets

    9
    CategoryTargetPriority
    Revenue
    Consolidated Topline
    INR 110-130 crores
    High
    Revenue
    Consolidated Topline
    INR 200+ crores
    High
    Revenue
    Oman Monthly Revenue (Post Phase 2)
    INR 6-7 crores
    High
    Margin
    BOT Projects EBITDA Margin
    26-28%
    High
    Margin
    BOT Projects PAT Margin
    20-23%
    High
    Timeline
    Oman Phase 2 Start
    December/January
    Medium
    Revenue Share
    Oman Revenue Share of Total Topline
    40%
    Medium
    Profitability
    Overall PAT Margin
    17-21%
    Medium
    Corporate Action
    Main Board Migration
    Shift to main board
    High

    Oman Phase 2 Commissioning

    Next quarter (Q2/Q3 FY26)
    CurrentExpected by Dec/Jan 2025
    TargetCommercial operations initiated

    Why it matters

    Successful commissioning will add INR 6-8 crores in monthly revenue, significantly boosting the company's top line.

    So, I think by December or January, we should be in position to start the Phase 2. I think so. Then depends on a lot of other factors also. But I believe this financial year, we should be completing the Phase 2 part.

    How to verify

    guidance_and_targets[metric='Oman Monthly Revenue (Post Phase 2)']

    Risks & concerns

    2
    RiskSeverity

    High receivables from clients

    Receivables from FY25 were around INR 2 crores (more than one year old), and overall receivables were 150-160 days. Management stated it's normal for large projects but did not provide specific details on provisioning.Analyst acknowledged

    medium

    Loans and advances to corporates/subsidiaries

    An analyst noted INR 16-20 crores in loans and advances to corporates/subsidiaries, asking for clarification. Management indicated these might be for initial days of subsidiaries and promised to check.Analyst acknowledged

    low

    Q&A highlights

    8

    “So, about INR56 to INR60 crores on standalone we have the order booking of EPC. About INR30 crores is our operating revenue. About INR18 crores or maybe INR36 crores will be from the subsidiary, that is the order booking. So, overall, on consolidation level, if we speak, I'm expecting to close this year by INR110 to INR130 crores topline.”

    Provided a detailed breakdown of the current order book components and how they contribute to the FY26 revenue guidance.

    asked by Dixit Doshi

    2 min read6 chapters

    Detailed Narrative

    01

    Robust Q1 FY26 Financial Performance

    Felix Industries delivered an exceptionally strong financial performance in Q1 FY26. The consolidated revenue from operations reached INR 20.62 crores, marking a significant 158% year-on-year growth. This robust top-line expansion was accompanied by a substantial improvement in profitability, with EBITDA surging 377% year-on-year to INR 5.978 crores. The company's PAT demonstrated remarkable growth, increasing by 1000% year-on-year to INR 3.56 crores, reflecting strong operational leverage and demand in its core segments.

    02

    Ambitious Growth Outlook and Strategic Focus

    The management provided an optimistic outlook for the coming years, guiding for a consolidated topline of INR 110-130 crores for FY26. Building on this momentum, the company projects an ambitious FY27 consolidated topline exceeding INR 200 crores. This growth is expected to be driven by capacity expansion, diversification into waste-to-energy, advanced material recovery, and strengthening presence in sectors like chemicals, defense, and clean energy. The company is strategically shifting its focus towards infrastructure development under the BOOT model, which offers higher margins (EBITDA 26-28%, PAT 20-23%) and allows catering to multiple clients.

    03

    Oman Operations and Phase 2 Expansion

    The Oman-based subsidiary, Felix Industries LLC, is fully operational, processing waste crude from refineries into sellable oil, solid waste, and recycled wastewater. Currently, Oman contributes INR 2-2.5 crores in monthly revenue. The company anticipates the commissioning of Oman Phase 2 operations by December/January 2025, which is expected to significantly boost monthly revenue to INR 6-7 crores. Oman is projected to contribute approximately 40% (INR 80 crores) to the total FY27 topline, highlighting its growing strategic importance.

    04

    Capital Allocation and Funding Strategy

    Felix Industries is undertaking capital expenditure for its strategic projects, including an investment of INR 35 crores for two new BOT projects in the food sector, expected to commission by January/February. Management confirmed that internal accruals are strong, and no external equity funding is foreseen for at least the next year. While specific debt figures were not disclosed, the company noted that debt options remain open for future expansions, indicating a flexible funding approach for its growth initiatives.

    05

    Green Hydrogen Initiative for Captive Consumption

    In line with its environmental technology focus, Felix Industries has commissioned a Green Hydrogen plant. This plant is designed for captive consumption, utilizing the company's own clean water (zero TDS) and electricity generated from waste. The initiative underscores the company's commitment to sustainability and self-sufficiency in energy, with the hydrogen produced being used internally rather than for commercial sale.

    06

    Receivables and Loans & Advances Concerns

    Analysts raised questions regarding the company's receivables, noting that approximately INR 2 crores from FY25 were over one year old, and overall receivables stood at 150-160 days. Management explained this as typical for large-scale projects with phased invoicing but deferred specific details on provisioning. Additionally, an inquiry was made about INR 16-20 crores in loans and advances to corporates/subsidiaries, which management indicated might be for initial support to subsidiaries and promised to provide further clarification.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.