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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust needs verification, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +37% YoY · PAT +55% YoY · margin expansion · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
59NeutralSMA20 +1.5% / mo · RSI overbought · MACD +
Technical chart
FELIXdaily · 1Y · AUTO+16.7%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 73. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 rising (~1.4% over last month) — short-term momentum positive.
- RSI(14) at 73 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- 10% off 52W high · 47% 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.
Valuation & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 46.9%.
- 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.
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.
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.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Mixed Trust Lite: 4/4 latest quarters had positive YoY revenue growth. Key concern: Promoters have pledged 40.5% of holding.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · IT: 22nd pctile, median 69 · SME: 27th pctile, median 64
8 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 18.00
- P/B
- 2.38
- EV/EBITDA
- 11.31
- Market Cap
- 362.00Cr
Profitability
- ROE
- 15.00%
- ROCE
- 19.30%
- ROA
- 8.16%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 39.00%
- EPS 5Y
- 39.00%
- Revenue 3Y
- 74.00%
- EPS 3Y
- 97.50%
Balance Sheet
- Debt/Equity
- 0.22
- Interest Coverage
- 10.67×
- Altman Z
- 4.21
- 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
- 74%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in IT, ranked by similarity
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.