Any current/future new fundraising through debt or equity?

**Debt Fundraising:** - Ongoing process to raise working capital as needed. - Planning to increase bank working capital limits in both India (Felix Industries) and Oman. - Current working capital debt around ₹21 crores, expected to rise to ₹35-40 crores in the coming financial year. - In Oman, seeking working capital limits of ₹20-25 crores; so far funded through equity. **Equity Fundraising:** - No current plans to raise equity in the near future. - Management has not finalized any equity raising but remains open to working capital debt as operations grow.

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

The metal recycling plant has already been acquired; retrofitting and modifications are in progress and expected to complete by month-end, with revenues to start next month. Plastic recycling plant acquisition is still under discussion and not yet finalized. No immediate plans to expand plastic recycling units to other cities; focus is on increasing capacity at existing plants in Ahmedabad and Surat. Plans to ramp up oil processing capacity from 40 TPD to potentially 100 TPD after achieving consistent operations post this financial year. Potential incremental capacity expansions planne

Future growth expectations in sales/revenue/volumes?

FY27 revenue guidance is ₹180-200 crores with EBITDA margin of 31-32% and PAT margin of 17-20%. Targets crossing ₹200 crores in the current financial year and expects landmark growth in subsequent years. Potential to reach around ₹1,000 crores by FY30, though this is an aspirational, long-term estimate. Oman operations expected to ramp up to full capacity in 3-6 months, with possible expansion thereafter. Plastic recycling plant capacity is aimed to increase steadily, focusing initially on Ahmedabad and Surat, with enough feedstock for coming years. Recurring revenue streams (O&M, BO

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

Revenue from Operations showed strong growth, increasing by 178% from ₹36.82 crore (FY25) to ₹102.21 crore (FY26). EBITDA grew approximately 131% from ₹13.79 crore to ₹31.88 crore in the same period, with margins around 30-31% expected to be maintained going forward. Profit After Tax increased nearly 100% from ₹9.11 crore to ₹18.18 crore in FY26; Q4 PAT was ₹4.34 crore. Management expects recurring revenue to grow, with EPC business shrinking over time, leading to more stable earnings. Oman operations are ramping up and expected to contribute significantly, targeting capacity doubling after su

Current/ Expected Orderbook/ Pending Orders?

Current orders for oil processing plant in Oman are strong, aiming for 100% capacity utilization this year (40 TPD capacity). Discussions ongoing for additional orders in Oman and with large waste management companies and government entities in Rajasthan. Expansion plans in Oman to potentially double capacity post current financial year once steady operations are established. The plastic recycling business has ongoing MOUs with clients but business structuring and revenue projections are still being finalized. Metal recycling plant acquisition completed; revenue generation expected from next m

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Felix Industries LtdQ1 FY26Other Utilities

Felix Industries Ltd Q1 FY26 Earnings Call Analysis

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

Price: ₹183P/E: 21.8Market Cap: ₹377 CrSector: Other Utilities

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→FY27 revenue guidance is ₹180-200 crores with EBITDA margin of 31-32% and PAT margin of 17-20%.
→Targets crossing ₹200 crores in the current financial year and expects landmark growth in subsequent years.
→Potential to reach around ₹1,000 crores by FY30, though this is an aspirational, long-term estimate.
→Oman operations expected to ramp up to full capacity in 3-6 months, with possible expansion thereafter.
→Plastic recycling plant capacity is aimed to increase steadily, focusing initially on Ahmedabad and Surat, with enough feedstock for coming years.
→Recurring revenue streams (O&M, BOO, BOOT) are expected to strengthen, with recurring business becoming dominant over 4-5 years.
→Expansion in Middle East and increased institutional participation expected to support growth.
→Working capital limits expected to rise to ₹35-40 crores to support growth.

Margin guidance

Category 3

→Revenue from Operations showed strong growth, increasing by 178% from ₹36.82 crore (FY25) to ₹102.21 crore (FY26).
→EBITDA grew approximately 131% from ₹13.79 crore to ₹31.88 crore in the same period, with margins around 30-31% expected to be maintained going forward.
→Profit After Tax increased nearly 100% from ₹9.11 crore to ₹18.18 crore in FY26; Q4 PAT was ₹4.34 crore.
→Management expects recurring revenue to grow, with EPC business shrinking over time, leading to more stable earnings.
→Oman operations are ramping up and expected to contribute significantly, targeting capacity doubling after sustained operations.
→Expansion in metal and plastic recycling is underway, expected to add to revenues from next month and beyond.
→Working capital and operational efficiencies are being improved to support targeted revenue of around ₹200 crore next financial year.
→Mainboard migration expected to enhance visibility and liquidity, supporting long-term growth prospects.

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Fundraise plans

Yes

→**Debt Fundraising:**
→ - Ongoing process to raise working capital as needed.
→ - Planning to increase bank working capital limits in both India (Felix Industries) and Oman.
→ - Current working capital debt around ₹21 crores, expected to rise to ₹35-40 crores in the coming financial year.
→ - In Oman, seeking working capital limits of ₹20-25 crores; so far funded through equity.
→**Equity Fundraising:**
→ - No current plans to raise equity in the near future.
→ - Management has not finalized any equity raising but remains open to working capital debt as operations grow.

Order book

Yes

→Current orders for oil processing plant in Oman are strong, aiming for 100% capacity utilization this year (40 TPD capacity).
→Discussions ongoing for additional orders in Oman and with large waste management companies and government entities in Rajasthan.
→Expansion plans in Oman to potentially double capacity post current financial year once steady operations are established.
→The plastic recycling business has ongoing MOUs with clients but business structuring and revenue projections are still being finalized.
→Metal recycling plant acquisition completed; revenue generation expected from next month onwards after retrofit/modifications.
→Focus on moving towards recurring business from EPC.
→Working capital and manpower are being expanded to support order execution and growth.
→No concrete orders yet from Saudi or UAE refineries, but discussions are in progress.
→Guidance for FY27 expects revenues between ₹180-200 crores, reflecting current and expected order inflows.

Capex plans

Yes

→The metal recycling plant has already been acquired; retrofitting and modifications are in progress and expected to complete by month-end, with revenues to start next month.
→Plastic recycling plant acquisition is still under discussion and not yet finalized.
→No immediate plans to expand plastic recycling units to other cities; focus is on increasing capacity at existing plants in Ahmedabad and Surat.
→Plans to ramp up oil processing capacity from 40 TPD to potentially 100 TPD after achieving consistent operations post this financial year.
→Potential incremental capacity expansions planned if orders and market conditions remain favorable—capacity additions are infrastructure-ready but not yet activated.
→Working capital limits and bank funding are being arranged, including new limits in Oman (expected ₹20-25 crores), with overall working capital in India expected to rise to ₹35-40 crores next year.
→No equity funding currently planned; debt raising for working capital is ongoing and considered a continuous process.

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