Future growth expectations in earnings/operating earnings/profits/EPS?

Felix Industries expects steady revenue growth with FY '27 projected around Rs. 180-Rs. 200 crores, driven by ongoing and new orders, especially growth in O&M revenue from executed projects. Plastic recycling business may contribute Rs. 3-Rs. 5 crores revenue per month starting FY '26 end or FY '27 onwards with expected margins of 5%-10%. Metal recovery business revenue is expected from FY '27-28 onwards, with high-purity metal outputs. EBITDA margins are projected to remain in the range of 25%-30%, and net margins between 17%-20%, consistent with historical performance. Growth will be

Any current/future new fundraising through debt or equity?

Currently, Felix Industries does not foresee any capital constraint for its existing order book and projects. The company manages projects through a combination of equity and bank debt. They have adequate bank lines available with good conduct, allowing capacity to raise more funds if needed. No immediate plans for fresh fundraising were explicitly mentioned. Capital requirements depend on the types of projects (EPC vs. BOOT), with BOOT requiring more investment. The company plans careful technical and financial due diligence before choosing projects to undertake. Overall, Felix Industries is

Any current/future capex/capital investment/strategic investment?

Felix Industries plans capital investments primarily linked to BOOT (Build-Own-Operate-Transfer) projects, which require significant capital, unlike EPC projects that need less capital. In BOOT projects, client co-investment is typical, with clients putting in 20%-30% of the project cost to ensure commitment. Payback period for BOOT projects is generally 3-4 years, supported by margins from both project execution and O&M services. The company manages capital through a combination of equity, bank debt, and internal accruals, with no current constraints seen on capital or bank lines for new proj

Future growth expectations in sales/revenue/volumes?

Felix Industries expects strong growth for FY '27 with revenues potentially reaching Rs. 180-Rs. 200 crores, driven by ongoing projects and increased O&M revenue. O&M revenues are projected to grow significantly from April-May next year, contributing about 60%-70% of FY '26 numbers. Expansion plans focus on existing segments: water treatment, oil-related waste management (Felix LLC Oman), government orders (Rivita), infrastructure for effluent treatment (Eco-Vision Aqua Care), plastic recycling, and mineral extraction. Plastic recycling is expected to start contributing revenue from FY '

Current/ Expected Orderbook/ Pending Orders?

The current order book is similar to the levels seen in March 2025. The company has long-lasting orders under execution which supports achieving Q4 targets. EPC projects constitute approximately Rs. 60-70 crores of the order book for the current year. BOOT projects are currently a smaller portion but expected to grow next year. Orders executed this year include 75 KLD zero liquid discharge steel sector project valued at Rs. 1.43 crore (EPC basis). Additional BOO contracts from oil and gas sectors with 3-year O&M contracts valued at around Rs. 2.2 crore and Rs. 1.87 crore. The company expects s

Felix IndustriesQ2 FY26Other Utilities

Felix Industries Q2 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹186.75P/E: 16.0Market Cap: ₹321 CrSector: Other Utilities

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Felix Industries expects strong growth for FY '27 with revenues potentially reaching Rs. 180-Rs. 200 crores, driven by ongoing projects and increased O&M revenue.
O&M revenues are projected to grow significantly from April-May next year, contributing about 60%-70% of FY '26 numbers.
Expansion plans focus on existing segments: water treatment, oil-related waste management (Felix LLC Oman), government orders (Rivita), infrastructure for effluent treatment (Eco-Vision Aqua Care), plastic recycling, and mineral extraction.
Plastic recycling is expected to start contributing revenue from FY '26 with potential Rs. 3-5 crores/month and 5%-10% margins, with metal recovery revenues anticipated from FY '27-28.
New order inflows are expected to improve in FY '27 compared to FY '26, with bidding ongoing for large projects.
Growth is driven by a mix of EPC and BOOT projects, with BOOT projects providing long-tail O&M income.

Margin guidance

Category 3

Felix Industries expects steady revenue growth with FY '27 projected around Rs. 180-Rs. 200 crores, driven by ongoing and new orders, especially growth in O&M revenue from executed projects.
Plastic recycling business may contribute Rs. 3-Rs. 5 crores revenue per month starting FY '26 end or FY '27 onwards with expected margins of 5%-10%.
Metal recovery business revenue is expected from FY '27-28 onwards, with high-purity metal outputs.
EBITDA margins are projected to remain in the range of 25%-30%, and net margins between 17%-20%, consistent with historical performance.
Growth will be fueled by expansion in water treatment, oil waste management, plastic recycling, and mineral extraction segments, supported by acquisitions and technology advancements.
No significant earnings impact from forfeiture of warrants as it's credited to capital reserve, not P&L.
Overall, Felix aims for sustainable margin profiles and steady profit growth by diversifying its business lines and increasing project execution scale.

See what Felix Industries management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Currently, Felix Industries does not foresee any capital constraint for its existing order book and projects.
The company manages projects through a combination of equity and bank debt.
They have adequate bank lines available with good conduct, allowing capacity to raise more funds if needed.
No immediate plans for fresh fundraising were explicitly mentioned.
Capital requirements depend on the types of projects (EPC vs. BOOT), with BOOT requiring more investment.
The company plans careful technical and financial due diligence before choosing projects to undertake.
Overall, Felix Industries is well-positioned to fund its current and near-term projects through internal accruals, existing equity, and debt facilities.

Order book

The current order book is similar to the levels seen in March 2025.
The company has long-lasting orders under execution which supports achieving Q4 targets.
EPC projects constitute approximately Rs. 60-70 crores of the order book for the current year.
BOOT projects are currently a smaller portion but expected to grow next year.
Orders executed this year include 75 KLD zero liquid discharge steel sector project valued at Rs. 1.43 crore (EPC basis).
Additional BOO contracts from oil and gas sectors with 3-year O&M contracts valued at around Rs. 2.2 crore and Rs. 1.87 crore.
The company expects significant growth in O&M revenues starting April-May next year from three major projects.
No capital constraints currently for bidding or executing new BOOT or EPC projects.
Order inflow bandwidth is good, with the company bidding for new orders and expecting better FY '27 compared to FY '26.

See what Felix Industries management said on order book — free account, 30 seconds.

Capex plans

Yes

Felix Industries plans capital investments primarily linked to BOOT (Build-Own-Operate-Transfer) projects, which require significant capital, unlike EPC projects that need less capital.
In BOOT projects, client co-investment is typical, with clients putting in 20%-30% of the project cost to ensure commitment.
Payback period for BOOT projects is generally 3-4 years, supported by margins from both project execution and O&M services.
The company manages capital through a combination of equity, bank debt, and internal accruals, with no current constraints seen on capital or bank lines for new projects.
CAPEX intensity varies by project type; for example, this year expecting a Rs. 110-130 crore turnover with around Rs. 60-70 crore from EPC (lower capital intensity).
Future capex decisions depend on project opportunities, client strength, and contract type, with careful technical and financial due diligence guiding investments.
Expansion plans also include stepping into plastic recycling and metal recovery, though full production and guidance on these are expected next year, implying future strategic investments.

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