Sales Volume (Q4)
89,841 MT
-6.96% YoY
Sales volume declined marginally YoY due to weak demand and cautious buying.
FILATEXINDIA
Other
2026-04-??
Filatex India Limited — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Full Year EBITDA
₹346.50 crore
+34.5% YoY
Full-year EBITDA grew strongly despite marginal revenue decline, reflecting margin improvement.
Capacity Utilization
75%
N/A
Filatex operates at 75% utilization vs. industry average of 60%, indicating relative resilience.
Recycling Plant Revenue Potential
₹350-400 crore
N/A
Full capacity revenue from the textile-to-textile recycling subsidiary expected in FY28.
Management Guidance
FY27 Revenue Guidance of ~₹4,500 crore
Management expects FY27 revenue of around ₹4,500 crore, factoring in partial contribution from new capex (6 months).
revenueFY28 Revenue Target of ~₹5,200 crore
For FY28, Filatex targets ~₹4,800 crore from the parent and ~₹400 crore from the recycling subsidiary.
revenueSteady-State EBITDA Margin Above 10%
Management expects normalized EBITDA margins to exceed 10% once PTA surplus and demand recovery materialize.
marginsCapex Commissioning Timeline
All capex projects (brownfield, recycling, steam) to be commissioned by September 2026, with recycling plant starting at 65-70% utilization.
capexKey Risks
Sustained Crude Volatility and Margin Compression
Sharp crude price movements have compressed spreads to near EBITDA-neutral levels in March, and uncertainty persists.
high · management_commentaryForex Losses from Unhedged Imports
A ₹13 crore forex loss in Q4 highlights exposure to MEG/PTA imports; hedging costs 3.5-4% annually.
medium · analyst_questionRecycling Plant Customer Approval Delays
Customer validation cycles take 4-6 months; full capacity utilization may be delayed if approvals lag.
medium · management_commentaryLabor Shortages and Migration
Migrant labor shortages due to LPG cylinder costs and elections have disrupted operations, though improving.
low · management_commentaryNotable 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.