Annual report
Copy of Newspaper Publication 9 Sep - Newspaper ads confirm dispatch of FY2025-26 annual report and 14th AGM notice.
Source: Nse
Felix Industries Ltd. (FELIX)
SME CapIT stocks · SME cap · NSE
Felix Industries Ltd. is an environmental infrastructure platform providing integrated solutions in water treatment, wastewater management, waste oil recovery, hazardous waste management, plastic recycling, and resource recovery. It operates across India and Oman, utilizing EPC, BOO, BOOT, O&M, and PPP models.
₹181.1
-6.90 · -3.67%
Market cap ₹321 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result16 Aug, 12:43 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
58NeutralSMA20 -2.7% / mo · MACD − · sector +19.3pp vs Nifty 500 (3M)
Stock trend: 29
Sector RS: 100
Sector 3M: +13.7% vs Nifty 500 -5.6%
IT FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
FELIXD candles · FIT view-16.4%Latest close ₹181.10 on 2026-10-21
Bar
-2.9%
RSI
36
MACD hist
-1.41
52W pos
43%
2026-10-21O ₹186.50H ₹189.00L ₹180.10C ₹181.10Vol 16,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
FELIXNifty ITNifty 500
- FELIX
- +0.3%
- Nifty 500
- -6.5%
- Nifty IT
- +12.0%
- Vs Nifty 500
- +6.8 pp
Chart stats
21 Oct 2026- From 52W high
- -22.3%
- 52W range position
- 43%
- ATR (14)
- 4.3%
- Volume vs 20D
- 0.59x
- Avg traded value
- ₹0.5 Cr
- 20D price channel
- ₹180.1 - ₹210.1
₹233
₹142.7 - ₹233
₹7.9
Latest completed session
20-session average
31.7% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE59
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +36.9% · PAT +54.8% YoY
Technical
Neutral58
Price trend and sector-relative-strength timing.
Valuation
Legacy model+51.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence59
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +37% YoY · PAT +55% YoY · margin expansion · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹28.2 Cr | +36.9% | -24.6% |
| EBITDA | ₹9.1 Cr | +62.2% | +19.1% |
| Operating margin | 32.1% | +501 bps | +1177 bps |
| PAT | ₹5.5 Cr | +54.8% | +27.0% |
| PAT margin | 19.5% | +227 bps | +794 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 16.00
- P/B
- 2.12
- EV/EBITDA
- 10.14
- Market Cap
- 321.00Cr
Profitability
- ROE
- 15.10%
- ROCE
- 19.30%
- ROA
- 8.16%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 38.00%
- EPS 5Y
- 38.00%
- Revenue 3Y
- 74.00%
- EPS 3Y
- 95.00%
Balance Sheet
- Debt/Equity
- 0.22
- Interest Coverage
- 10.67×
- Altman Z
- 3.95
- Book Value
- 88.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -37.00 Cr
- EPS TTM
- 11.70
Shareholding
- Promoter Hold
- 50.78%
- Promoter Pledge
- 40.50%
- Momentum 52W
- 49%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 28.2-24.6% vs prev
Net Profit
₹ CrLatest: 5.5+27.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 36.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~2.8% over last month) — short-term momentum negative.
- RSI(14) at 36 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 22% off 52W high · 27% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
61
RS percentile
Stage 1 Base / Transition
1M return
-13.3%
3M return
+0.3%
6M return
-15.8%
1Y return
+2.2%
RS 1D
+2
RS 20D
-4
Sector rank
#7
Industry rank
#37
Stage evidence
- Price is within 5.6% of the 30-week proxy.
- The 30-week proxy changed +1.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 97.03-2.77%
RS vs Nifty 50097
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · FAIR VALUEValuation15/30
Growth24/25
Quality13/20
Balance Sheet7/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-3
Raw sum
59
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
59/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 51.8%.
- Growth contributes 24/25 to the score.
- Quality contributes 13/20 to the score.
Main drags
- Promoter pledge is 40.5%.
- Penalty bucket subtracts 3 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
16.0
PB
2.1
EV/EBITDA
10.1
ROE
15.1%
ROCE
19.3%
FCF Yield
—
Debt/Equity
0.2
MoS
+51.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
59
Previous: 59
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+51.8%
Previous: +49.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
59
59
59
59
59
59
59
59
59
59
59
59
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹152.38
-18.9% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹375.57
+51.8% MoS
PEG
0.26
Comparable companies
Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
URBAN
SME
Urban Enviro Waste Management Ltd.
IT Services / Digital
match 152
75
7.0
37.8%
+74%
DEEP VALUE
APEXECO
SME
Apex Ecotech Ltd.
IT Services / Digital
match 132
60
19.6
31.1%
+39%
UNDERVALUED
VGINFOTECH
SME
Virtual Galaxy Infotech Ltd.
IT Services / Digital
match 130
72
20.9
48.0%
+72%
UNDERVALUED
SYSTANGO
SME
Systango Technologies Ltd.
IT Services / Digital
match 130
83
10.4
25.5%
+70%
DEEP VALUE
MARC
SME
Marc Technocrats Ltd.
IT Services / Digital
match 130
52
25.4
21.6%
+21%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-07T07:30:28.797Z
Management commentary snapshot
Felix Industries reports strong FY26 consolidated revenue growth of 178% to ₹102.21 crore and PAT growth of nearly 100% to ₹18.18 crore, driven by project execution and recurring revenue expansion.
The company delivered robust FY26 financial performance with significant revenue and profit growth. Strategic expansion into metal recycling and acid reclamation, alongside strengthening recurring revenue streams, supports future growth. While working capital and Q4 margin dip are noted, management's FY27 guidance and focus on operational efficiency suggest the core thesis remains on track.
Growth engines
Oman Operations Expansion
Oman operations continue to provide significant opportunities in waste management and oil processing, refining, and recycling, with increasing contribution expected.
Metal Recycling & Recovery
Through Felix Prime Metal, pursuing opportunities in metal recycling and recovery from hazardous/non-hazardous waste, targeting zinc sulphate and copper sulphate.
Acid Reclamation Initiative
A new, technology-driven process developed in-house with encouraging results, offering significant scalability and potential to match standalone numbers at good scale.
Recurring Revenue Streams
Strengthening recurring revenue profile through long-term BOO, BOOT, and O&M contracts, with agreements extending up to 10 years.
Capacity and execution
Waste Oil Restoration Capacity Ramp-up
Current 40 TPD capacity in Oman will be 100% utilized this year. Plan to ramp up to 2X scale after this financial year, with potential to reach 100 TPD.
Metal Recycling Unit Commissioning
Acquired a ready-made unit in Mehsana for zinc and copper sulphate recycling (4 TPD capacity). Minor changes are done, unit expected to be fully operational next month.
Metal Recycling Unit Expansion Potential
An expansion capex of ₹20-25 crore could increase revenue from ₹50 crore to ₹100-125 crore from the Mehsana unit.
Tailwinds
Stricter Environmental Regulations
Environmental regulations continue to become stricter, and sustainability is a key global priority, driving demand for solutions.
Growing Demand for Environmental Solutions
Strategically positioned to capitalize on growing demand for resource recovery and environmental infrastructure solutions.
Circular Economy Practices
The environmental infrastructure sector benefits from growing adoption of circular economy practices.
Water & Wastewater Segment Opportunities
Increasing Zero Liquid Discharge requirements and water reuse mandates are creating substantial long-term opportunities.
Headwinds
Global Liquidity Challenges
Global liquidity challenges are affecting the company, leading to delayed payments and companies holding onto working capital.
Middle East Geopolitical Impact
War in the Middle East caused a slowdown in Oman operations in Feb-March, though things are now normalizing.
Skilled Manpower Shortage
Skilled manpower is a big challenge for the country as a whole, which affects the company.
Risk radar
Working Capital Cycle
Working capital cycle is increasing year-on-year, with old receivables and project delays due to liquidity issues causing stretched numbers.
Share Pledging
Shares are still pledged due to working capital needs during project durations; management aims to reduce this over time.
Quarterly Volatility
Project-based delivery can lead to skewed numbers and variations in revenue and margins quarter-on-quarter.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Annual results are best compared Year-on-Year to assess overall business expansion and financial performance. Quarterly results can vary significantly due to the project-based nature of the business, making QoQ less indicative of underlying trends.
Sector KPIs management disclosed
Consolidated Revenue from Operations (FY26)
Increased to approximately ₹102.21 crore compared to ₹36.82 crore in FY25, representing growth of around 178%.
Consolidated Profit After Tax (FY26)
Stood at ₹18.18 crore compared to ₹9.11 crore in FY25, registering growth of nearly 100%.
Consolidated EBITDA (FY26)
Increased to ₹31.88 crore from ₹13.79 crore in the previous year, reflecting growth of approximately 131%.
Waste Oil Restoration Capacity
Current capacity is 40 TPD. Management expects 100% utilization for FY27 due to booked contracts from Oman government and large refineries.
Management forward view
Optimistic Outlook
Management remains optimistic about opportunities across business segments, benefiting from strong regulatory support and industrialization.
Shift to Recurring Revenue
Over 4-5 years, the major business numbers should be recurring, with the EPC business becoming very small.
NSE Main Board Migration
Proposed migration to the Main Board of NSE is expected to enhance visibility, improve liquidity, broaden institutional participation, and support long-term growth.
Commitment to Stakeholders
Committed to delivering sustainable growth, maintaining strong governance standards, and creating long-term value for all stakeholders.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Oman Waste Oil Capacity Utilization & Expansion | 40 TPD, 100% utilized for FY27. | Progress towards 2X scale after FY27 and achieving 100 TPD capacity. |
| Metal Recycling Unit (Mehsana) Performance | Acquired, 4 TPD capacity, expected to be fully operational next month. | Revenue generation from next month and concrete plans for expansion capex to reach ₹100-125 crore revenue. |
| Working Capital Cycle Optimization | Stretched due to old receivables and delayed payments. | Reduction in working capital days and improved collection efficiency, especially from old receivables. |
| NSE Main Board Migration | In process, expected to take 5-6 months. | Completion of migration and its impact on liquidity and institutional investor interest. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
59Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 25th percentile of the scored universe and 22nd percentile within IT. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
8 docs text-extracted · 4 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
25th percentile
overall median 67 · IT: 22nd pctile, median 69 · SME: 27th pctile, median 64
Evidence depth
Financial-only
8 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
35
weak · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
76
strong · capital discipline
Results
77
strong · quarterly consistency
Trust positives
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Promoters have pledged 40.5% of holding.
- ▸Operating cash flow is negative at ₹-37 Cr.
- ▸Only 0 years of positive FCF.
- ▸OPM spread across recent quarters is 38.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Felix Industries Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptFeb 2026
Feb 2026 · Transcript
Source: Nse
Investor presentationFeb 2026
Feb 2026 · PPT
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Concall transcriptSep 2025
Sep 2025 · Transcript
Source: Nse
Investor presentationAug 2025
Aug 2025 · PPT
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.