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View Promises →Felix Industries Ltd — Q4 FY26
Felix Industries reported a strong Q4 FY26 with consolidated revenue of 102 crores (up 178% YoY) and PAT of 18 crores (up 100% YoY), driven by execution of major EPC projects and expansion of recurring revenue streams.
bullish
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Felix Industries reported a strong Q4 FY26 with consolidated revenue of 102 crores (up 178% YoY) and PAT of 18 crores (up 100% YoY), driven by execution of major EPC projects and expansion of recurring revenue streams. The company guided for FY27 revenue of 180-200 crores with EBITDA margins of 30-31%, supported by full utilization of Oman oil processing capacity and ramp-up of metal recycling. Key risks include working capital strain (debt expected to rise ~40 crores) and geopolitical disruptions in Oman. Management remains confident in achieving targets but flagged delayed payments and skilled manpower shortages as headwinds.
फेलिक्स इंडस्ट्रीज ने वित्त वर्ष 2026 की चौथी तिमाही में शानदार प्रदर्शन किया। कंपनी की कुल कमाई 102 करोड़ रुपये रही, जो पिछले साल से 178% ज्यादा है। मुनाफा 18 करोड़ रुपये रहा, जो 100% बढ़ा। यह बड़े प्रोजेक्ट्स और नियमित आय बढ़ने से हुआ। अगले वित्त वर्ष में कंपनी को 180-200 करोड़ रुपये की कमाई और 30-31% मुनाफा (EBITDA) की उम्मीद है। ओमान में तेल प्रसंस्करण और धातु रीसाइक्लिंग से मदद मिलेगी। लेकिन कर्ज 40 करोड़ बढ़ सकता है और ओमान में भू-राजनीतिक जोखिम हैं। देर से भुगतान और कुशल कर्मचारियों की कमी भी चुनौती है। फिर भी प्रबंधन को लक्ष्य पूरे करने का भरोसा है।
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
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Working capital and debt increase
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Read Transcript →Quarter Snapshot
Oil processing capacity utilization
100%
from current 40 TPD
Expected to reach full utilization in 3-6 months with existing orders from Oman government and refineries.
Metal recycling revenue target
40-50 crores
new segment
From newly acquired Mehsana unit for zinc and copper sulfate, expected to start revenue from next month.
Working capital debt addition
~40 crores
+40 crores
Planned increase in debt: 10-15 crores in India and 20-25 crores in Oman for FY27.
Mainboard migration timeline
5-6 months
pending
Company is preparing prospectus for migration from NSE Emerge to main board.
What Changed vs Last Quarter
NEW
EBITDA margin of 30-31% for FY27
Blended EBITDA margin expected to be maintained at 30-31% including other income, despite Q4 margin dip due to project costs.
NEW
Metal recycling revenue potential of 150 crores next year
The Mehsana unit alone could generate 150 crores turnover in next financial year if operated well, with potential to double.
UPDATED
FY27 consolidated revenue target of 180-200 crores
Management reiterated guidance of 180-200 crores revenue for FY27, driven by all subsidiaries including Oman and metal recycling.
UPDATED
Oil processing capacity expansion to 100 TPD
After 6-8 months of continuous operations, management plans to double capacity from 40 TPD to 100 TPD if orders materialize.
DROPPED
Plastic recycling to achieve 1,000 tons/month in 3 months
Plastic recycling capacity to expand from 300 tons/month to 1,000 tons/month within 3 months, generating ₹6-7 crore monthly revenue.
DROPPED
Main board listing application post March audits
Company plans to apply for main board listing after completing audits for FY26, targeting migration in FY27.
NEW RISK
Working capital and debt increase
Management plans to raise debt by ~40 crores (10-15 crores India, 20-25 crores Oman) to fund growth, increasing leverage.
NEW RISK
Geopolitical disruption in Oman
War in Middle East caused slowdown in Oman operations in Feb-March, impacting Q4 margins. Recovery is underway but risks remain.
NEW RISK
Payment delays and liquidity crunch
Management acknowledged global liquidity challenges leading to delayed payments across the system, affecting working capital cycles.
NEW RISK
Skilled manpower shortage
Skilled manpower is a big challenge for the country, impacting operations; management noted it as a concern.
RISK GONE
Execution risk on large EPC contract
Q4 revenue jump depends on timely delivery of a large EPC contract; any delay could impact FY26 guidance.
RISK GONE
Plastic acquisition completion uncertainty
The plastic recycling acquisition is still under negotiation; exact investment and timeline remain undisclosed.
RISK GONE
Working capital constraints for larger projects
Current debt of ₹18 crore and pending working capital enhancement may limit ability to bid for large O&M contracts.
RISK GONE
Dependence on Oman LNG contract
A significant portion of FY27 Oman revenue relies on successful execution of the ₹45 crore Oman LNG contract; any shortfall could impact guidance.
Fast read
Guidance and risk preview
Management reiterated guidance of 180-200 crores revenue for FY27, driven by all subsidiaries including Oman and metal recycling.
Management plans to raise debt by ~40 crores (10-15 crores India, 20-25 crores Oman) to fund growth, increasing leverage.
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