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Revenue
₹985.5 Cr
verified against source
Revenue YoY
-8.75%
reported change
EBITDA
₹86.26 Cr
latest reported figure
Source
nse announcements
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Filatex India reported Q4 FY26 revenue of ₹985.5 crore, down 8.75% YoY, impacted by crude volatility and geopolitical disruptions in the Middle East. EBITDA rose 13.86% YoY to ₹86.26 crore, with margins expanding 175 bps YoY to 8.75%, driven by operational efficiencies and a favorable product mix. PAT declined 2.75% to ₹40.25 crore due to a ₹13 crore forex loss. Management highlighted that Q4 sequential comparisons are distorted by external shocks and emphasized a year-on-year view. The company is executing a ₹690 crore capex program, including brownfield PFY expansion and a textile-to-textile recycling plant, expected to add ₹218-230 crore annual EBITDA. Near-term demand remains weak with industry capacity utilization at ~60%, but Filatex is running at 75% utilization. Risks include sustained crude volatility, labor shortages, and delayed recovery in downstream demand. The EU-India FTA and domestic PTA capacity additions are medium-term positives.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects FY27 revenue of around ₹4,500 crore, factoring in partial contribution from new capex (6 months).
- For FY28, Filatex targets ~₹4,800 crore from the parent and ~₹400 crore from the recycling subsidiary.
- Management expects normalized EBITDA margins to exceed 10% once PTA surplus and demand recovery materialize.
- All capex projects (brownfield, recycling, steam) to be commissioned by September 2026, with recycling plant starting at 65-70% utilization.
Risks flagged
- Sharp crude price movements have compressed spreads to near EBITDA-neutral levels in March, and uncertainty persists.
- A ₹13 crore forex loss in Q4 highlights exposure to MEG/PTA imports; hedging costs 3.5-4% annually.
- Customer validation cycles take 4-6 months; full capacity utilization may be delayed if approvals lag.
- Migrant labor shortages due to LPG cylinder costs and elections have disrupted operations, though improving.
Key quotes
- The sharp and rapid movement in crude oil prices during the quarter created significant uncertainty across the value chain given the strong linkage of our business to crude and its derivatives.
- Today also it is almost EBITDA neutral at the moment.
- I think once this war stops, things normalize, industry is going to show very well. These are going to be very golden years for polyester once it stops.
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