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Margin pressure from Chinese dumping post-BIS withdrawal
View Risks →Filatex India Limited — Q3 FY26
Filatex India reported Q3 FY26 revenue of ₹149.7 crore, down ~11% YoY, but EBITDA surged 24% YoY to ₹93.6 crore and PAT rose 16% to ₹55.3 crore, driven by cost discipline and operational leverage.
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Filatex India reported Q3 FY26 revenue of ₹149.7 crore, down ~11% YoY, but EBITDA surged 24% YoY to ₹93.6 crore and PAT rose 16% to ₹55.3 crore, driven by cost discipline and operational leverage. Volumes were stable at 1,318 MT. The key positive was margin expansion: EBITDA margin improved ~1750 bps YoY to 62.5%. Management highlighted that the withdrawal of BIS on PTA and the EU FTA (signed Jan 27) and US tariff differential (India 18% vs China 34%) create a structural demand tailwind for polyester yarn. The ₹690 crore capex is on track except for a renewable energy project delayed to Oct 2026. The recycling plant (textile-to-textile) is expected to start by Sep 2026, with a next plant 5x larger planned. Risk: Q4 margins may be slightly lower due to Chinese dumping post-BIS removal.
फिलाटेक्स इंडिया ने तीसरी तिमाही में 149.7 करोड़ रुपये की कमाई की, जो पिछले साल से 11% कम है। लेकिन कंपनी का मुनाफा बढ़ा है - EBITDA 24% बढ़कर 93.6 करोड़ और PAT 16% बढ़कर 55.3 करोड़ रुपये हुआ। इसकी वजह खर्चों पर नियंत्रण और बेहतर परिचालन है। उत्पादन 1,318 मीट्रिक टन पर स्थिर रहा। सबसे अच्छी बात यह है कि EBITDA मार्जिन 62.5% हो गया, जो पिछले साल से 17.5% ज्यादा है। कंपनी का कहना है कि PTA पर BIS हटने, EU के साथ व्यापार समझौते और भारत पर अमेरिकी टैरिफ (18%) चीन (34%) से कम होने से पॉलिएस्टर यार्न की मांग बढ़ेगी। 690 करोड़ के निवेश का काम चल रहा है, लेकिन एक रिन्यूएबल एनर्जी प्रोजेक्ट अक्टूबर 2026 तक देर होगा। रीसाइक्लिंग प्लांट सितंबर 2026 तक शुरू होगा, और उससे 5 गुना बड़ा प्लांट भी बनेगा। जोखिम: चीन से सस्ते माल की डंपिंग से चौथी तिमाही में मार्जिन थोड़ा कम हो सकता है।
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Sales Volume
1,318 MT
-8% YoY
Sales volume for Q3 FY26 was 1,318 metric tonnes, marginally lower than 1,432 MT in Q3 FY25.
EBITDA Growth (QoQ)
₹93.58 Cr
+5.23% QoQ
EBITDA increased 5.23% quarter-on-quarter from ₹88.93 Cr in Q2 FY26, reflecting improved operational efficiency.
Capacity Expansion
55,000 TPA
+55,000 TPA
Company is adding 55,000 tonnes per annum capacity, expected operational by September 2026.
Recycling Plant Capacity
1,000 TPA
New
First textile-to-textile recycling plant of 1,000 TPA capacity, expected to start production by end of September 2026.
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Guidance and risk preview
Management guided that Q4 margins will be slightly lower than Q3 due to Chinese dumping post-BIS removal, but they are trying to mitigate through v...
The withdrawal of BIS on PTA has led to a flood of Chinese products, pressuring margins, especially in FDY where margins have fallen 6-7% for semi-...
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