FELIX
Future Enterprises financials
- Market cap
- ₹372 Cr
- Sector
- Utilities
- Calls analysed
- 4
Felix Industries Q4 FY26
What went well
- Standalone revenue increased by 144.39% from ₹33.07 crore in Fiscal 2025 to ₹80.82 crore in Fiscal 2026.
- Consolidated Revenue from Operations increased to approximately ₹102.21 crore in FY26, up 178% from ₹36.82 crore in FY25.
- Consolidated EBITDA increased to ₹31.88 crore in FY26, up 131% from ₹13.79 crore in the previous year.
What to watch
- Q4 margins were impacted by considerable expansion, higher manpower costs, and increased interest costs due to liquidity issues.
- Oman operations experienced a slowdown in Feb-Mar 2026 due to geopolitical events, though now normalizing.
What Future Enterprises Limited does
Felix Industries designs, builds and operates water and wastewater treatment plants, solid and hazardous waste facilities, waste-oil recycling units and metal-recycling operations for industrial, commercial and government clients across sectors such as pharmaceuticals, textiles, food & beverage, chemicals, power, steel and oil & gas. It executes work under EPC, BOO, BOOT, O&M and PPP models, earning revenue from project execution as well as long-term operate-and-maintain contracts. Through subsidiaries it also provides water-infrastructure services to the oil & gas sector (including for ONGC), niche residential/commercial water-treatment products, and hazardous-waste/hydrocarbon management in Oman and the wider Middle East, and is expanding into plastic-waste recycling.
Segments
- Water & Wastewater Management
- Waste Oil Management
- Plastic Waste Management
- Metal Recycling
- Projects executed
- 100+
- Installed wastewater treatment capacity
- 17+ MLD
- Solid & hazardous waste processing capacity
- 50 TPD
- Waste-oil recycling capacity (India)
- 40 TPD
- Waste-oil recycling capacity (Oman)
- 30 TPD
- E-waste/metal recycling capacity
- 6,000 MT
Guidance record · Q4 FY26
what the last two calls moved 13 tracked 1 delivered 2 missed 10 open- EBITDA Margin delivered said Q1 FY26 Promised: 26% to 28% Q4 FY26: Achieved 31.19% for FY26, exceeding the 25-30% guided range.
- FY26 Consolidated Revenue missed said Q1 FY26 Promised: 110 to 130 crores topline Q4 FY26: Achieved 102.21 Cr vs. guidance of 110 Cr
- Oman Phase 2 Commissioning delayed said Q1 FY26 Promised: Start Phase 2 by December or January Q4 FY26: Target of 100 TPD by FY26 end missed. Geopolitical issues cited for slowdown. New guidance is to ramp up from 40 TPD to 2x scale after FY26.
All 13 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 36.9%, net profit up 54.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8 | 8 | 13 | 21 | 17 +117% | 27 +242% | 37 +188% | 28 +37% |
| EBITDA | 1 | 4 | 4 | 6 | 8 +1326% | 7 +107% | 8 +108% | 9 +62% |
| Net profit | 0 | 5 | 4 | 4 | 5 +1619% | 5 +6% | 4 +14% | 6 +55% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +25.2% 1Y
1Y: ₹172.8 on 10 Sept 2025 → ₹216.3. High ₹229.8 (22 Apr 2026), low ₹149.65 (8 Dec 2025).
How the price took the results
close before → close after
- Q4 FY26
- −1.1%
- 11 Jun
- Q3 FY26
- −1.7%
- 20 Feb
- Q2 FY26
- −0.1%
- 21 Nov
- Q1 FY26
- +8.1%
- 18 Sept
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 177.5% a year over 1 year, FY25 to FY26. Operating margin widened to 27.6%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹37 Cr | ₹102 Cr |
| Operating profit | ₹8 Cr | ₹28 Cr |
| Operating margin | 22.5% | 27.6% |
| Interest | ₹1 Cr | ₹3 Cr |
| Depreciation | ₹1 Cr | ₹2 Cr |
| Net profit | ₹9 Cr | ₹18 Cr |
| Net margin | 24.7% | 17.8% |
| Cash from operations | ₹30 Cr | ₹-37 Cr |
| Free cash flow | ₹-38 Cr | ₹-51 Cr |
| ROCE | 14.0% | 19.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity capital | ₹5 Cr | ₹12 Cr | ₹17 Cr | ₹17 Cr |
| Reserves | ₹11 Cr | ₹53 Cr | ₹126 Cr | ₹135 Cr |
| Borrowings | ₹4 Cr | ₹3 Cr | ₹19 Cr | ₹34 Cr |
| Other liabilities | ₹4 Cr | ₹8 Cr | ₹51 Cr | ₹60 Cr |
| Total liabilities | ₹24 Cr | ₹77 Cr | ₹213 Cr | ₹245 Cr |
| Fixed assets | ₹4 Cr | ₹7 Cr | ₹61 Cr | ₹67 Cr |
| Capital work in progress | ₹1 Cr | ₹4 Cr | ₹20 Cr | ₹23 Cr |
| Investments | ₹1 Cr | ₹1 Cr | ₹10 Cr | ₹5 Cr |
| Other assets | ₹18 Cr | ₹66 Cr | ₹121 Cr | ₹151 Cr |
| Total assets | ₹24 Cr | ₹77 Cr | ₹213 Cr | ₹245 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, DIIs added +0.99 pp while the public trimmed −0.97 pp. The shareholder count shrank 13% to 2,819.
- Promoters
- 50.8%
- FIIs
- 1.3%
- DIIs
- 1.2%
- Public
- 46.8%
Since Mar 2025
- DIIs +0.99 pp
- Public −0.97 pp
- FIIs −0.14 pp
How it drifted, 12 quarters
Over this window promoters fell from 73.1% to 50.8% — −22.4 pp.
Ownership split by quarter, oldest first. Mar '22: Promoters 73.1%, Public 26.9%.Sep '22: Promoters 73.1%, Public 26.9%.Mar '23: Promoters 73.1%, Public 26.9%.Sep '23: Promoters 62.5%, Public 37.5%.Oct '23: Promoters 54.9%, Public 45.1%.Mar '24: Promoters 54.9%, FIIs 0.1%, Public 45.0%.May '24: Promoters 51.8%, FIIs 1.5%, Public 46.7%.Sep '24: Promoters 50.9%, FIIs 1.4%, Public 47.7%.Mar '25: Promoters 50.7%, FIIs 1.4%, DIIs 0.2%, Public 47.7%.Jun '25: Promoters 50.3%, FIIs 0.1%, DIIs 0.3%, Public 49.2%.Sep '25: Promoters 50.8%, FIIs 1.2%, DIIs 0.4%, Public 47.5%.Mar '26: Promoters 50.8%, FIIs 1.3%, DIIs 1.2%, Public 46.8%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Sandeep Kapadia newly disclosed 2.32% held
- Nvs Brokerage Pvt Ltd newly disclosed 1.48% held
- Pratik Hasmukh Shah newly disclosed 1.39% held
- Resonance Opportunities Fund FPI fund newly disclosed 1.16% held
- J B Boda Insurance & Reinsurance Brokers Private Limited newly disclosed 1.05% held
- Sneha Bhandari newly disclosed 1.01% held
- Nvs Corporate Consultancy Services Pvt. Ltd. +0.42 pp 2.72% held
- Sandeep Singh +0.38 pp 1.39% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Future Enterprises Limited above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Ritesh Vinay Patel | 21.45% | unchanged |
| Felix Nano Synthesis Private Limited | 18.02% | unchanged |
| DSP Technical And Financial Services Private Limited | 9.94% | unchanged |
| Nvs Corporate Consultancy Services Pvt. Ltd. | 2.72% | +0.42 pp |
| Sandeep Kapadia | 2.32% | newly disclosed |
| Nvs Brokerage Pvt Ltd | 1.48% | newly disclosed |
| Sandeep Singh | 1.39% | +0.38 pp |
| Pratik Hasmukh Shah | 1.39% | newly disclosed |
| Resonance Opportunities Fund FPI fund | 1.16% | newly disclosed |
| J B Boda Insurance & Reinsurance Brokers Private Limited | 1.05% | newly disclosed |
| Sneha Bhandari | 1.01% | newly disclosed |
| Mayuri Vinay Patel | 0.49% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (4)
Read the Q4 FY26 call →Learn to analyse Future Enterprises Limited
Guides on how to read this kind of business and the numbers that matter.