Felix Industries Ltd Q4 FY26 Earnings Analysis

- FY27 revenue guidance is close to ₹180-200 crores, with potential to exceed this. - Oman operations expected to generate ₹75-80 crores in FY27, growing from current 30 TPD to 100 TPD capacity. - Plastic recycling business targets up to 1,000 tons per month capacity, aiming for around ₹7 crores revenue monthly. - New EPC contract completion in March expected to significantly boost Q4 revenues. - O&M segment targeting ₹50 crores revenue in FY27 (excluding Oman). - Metal processing business expected to contribute about ₹50 crores in FY27, subject to ongoing discussions. - Continued expansion plans in Oman and potential future expansion into UAE and Saudi Arabia markets. - Anticipate 15-20% growth annually post achieving scale in FY27. - Revenue growth relies on efficient execution of current contracts, especially in Oman LNG and EPC projects.

- FY27 revenue guidance: 180-200 crores, potentially exceeding this range. - O&M Domestic expected to contribute around 70% EBITDA with 40-50% cost structure. - Blended net margins anticipated around 17-20%, with segmental EBITDA margins averaging 25-30%. - Plastic recycling business targeting 6-7 crores monthly revenue with 10-12% PAT margin. - Metal business potentially contributing 50 crores revenue in FY26-27 if discussions materialize. - Oman operations aiming for 75-80 crores revenue in next financial year with scale-up to 100 TPD capacity. - Expansion plans include more O&M orders, EPC projects, and new business lines like acid reclamation and metals. - Fundraising primarily through bank borrowing; equity raises possible if new large projects arise. - Focus on recurring O&M revenue for stable margins rather than one-time EPC sales. - Overall profitability improving with technology-driven, high-margin projects and diversified streams.

- Felix Industries is expanding its capacity gradually to take on more engineering projects, currently limited to handling 4-5 orders at a time due to capacity constraints (Page 14). - The company is undertaking civil construction related to EPC projects; this is a one-time expense expected to complete soon (Pages 6, 10). - There is ongoing investment in BOOT assets, with current capital deployed around ₹30-35 crores (Page 11). - Plastic recycling plant capacity planned to increase from 300 tons/month to 1,000 tons/month, targeting revenues around ₹7 crores/month (Page 5). - Oman oil waste processing plant capacity expanding from 30 TPD to 100 TPD, with revenue potential increasing accordingly (Pages 6,12). - Advanced discussions for launching metal processing business, expected revenue around ₹50 crores in FY26-27 (Page 12). - Acid reclamation pilot plant is operational and under testing; potential revenue opportunity post stabilization (Page 12). - Fundraising currently restricted to bank borrowing for working capital; any further capital raises will depend on project needs (Page 13).

- Current fundraising is limited to bank borrowing/debt for regular working capital requirements. - No immediate plans for raising equity; any future fundraising beyond bank debt will depend on project needs. - Debt includes ₹14 crores working capital and ₹4 crores from NBFC as of now, with ongoing renewals and potential enhancements. - If new projects arise requiring additional funding, the company may consider further fundraising. - No firm plans for equity fundraising disclosed at this time.

- Felix Industries currently has ongoing projects including 6 projects with ONGC. - They recently won a significant 5-year contract from Oman LNG, expected to generate revenues of around 75-80 crores in the next financial year. - Discussions are underway with large reputed industries in India for new EPC and O&M contracts for FY27. - The company is focusing on increasing O&M revenue month-on-month as these provide better margins and recurring income. - Limitations exist on order capacity due to project engineering and execution capability (4-5 orders manageable concurrently). - Discussions for expansion and new projects in India and the Middle East (UAE, Saudi) are underway. - Felix is bidding for bigger EPC contracts, leveraging existing relationships and technical capabilities. - No immediate fundraising planned beyond working capital bank borrowings, but future fundraise possible for larger projects.