Felix Industries Limited (FELIX)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Felix Industries' revenue was ₹28.2 Cr (+36.9% year on year, -24.6% on the previous quarter), and net profit ₹5.7 Cr (+59.4% year on year); the operating margin was 32.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹28.2 | +36.9% | -24.6% |
| Operating profit | ₹9.1 | +62.6% | +19.4% |
| Net profit | ₹5.7 | +59.4% | +30.8% |
| EPS (₹) | 3.20 | +19.4% | +34.5% |
| Operating margin | 32.1% | — | — |
FELIX delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 69.23% of the FELIX shares traded on NSE were taken to delivery, against the stock's own 20-session average of 62.23%. That is close to its usual level. Turnover was only ₹36 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 85.7% · 68.2% · 74.1% · 55.6% · 69.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Felix Industries Limited has completed the acquisition of Tierra Fertilizer Private Limited on October 8, 2026. Initially acquiring 16,86,714 shares (84.34%) from Felix Prime Metals Private Limited for approximately ₹1.69 crore, the final holding settled at 79.34% following a subsequent equity issuance by Tierra Fertilizer. With this transaction, Tierra Fertilizer has become a direct subsidiary of Felix Industries. The deal represents a relatively small transaction, equivalent to ~1.5% of Felix's TTM revenue of ₹110 crore.
- Completed acquisition of 16,86,714 equity shares on October 8, 2026
- Cash consideration paid was approximately ₹1.69 crore pursuant to SPA dated August 18, 2026
- Final stake settled at 79.34% of paid-up capital after subsequent equity issuance
- Tierra Fertilizer Private Limited is now a direct subsidiary of Felix Industries
Felix Industries announced that Mr. Nishant Sharma, Executive Director and Director-Finance, has resigned from the board effective September 30, 2026, citing other professional commitments. The Board took note of the resignation in a meeting held on October 1, 2026, lasting from 1:30 PM to 2:00 PM. Following his departure, the company reconstituted its Audit Committee, which now consists entirely of four Independent Directors chaired by Mr. Niren Atinbhai Desai. The company generated TTM revenue of Rs 103 Cr and PAT of Rs 21 Cr.
- Mr. Nishant Sharma stepped down as Director-Finance effective September 30, 2026
- Resignation cited other professional commitments as the primary reason
- Board meeting commenced at 01:30 P.M. and concluded at 02:00 P.M. on October 1, 2026
- Audit Committee reconstituted with 4 Independent Directors effective October 1, 2026
Felix Industries announced that Mr. Nishant Sharma, Executive Director and Director-Finance, has resigned from the board effective September 30, 2026, citing other professional commitments. The Board took note of the resignation in a meeting held on October 1, 2026, lasting from 1:30 PM to 2:00 PM. Following his departure, the company reconstituted its Audit Committee, which now consists entirely of four Independent Directors chaired by Mr. Niren Atinbhai Desai. The company generated TTM revenue of Rs 103 Cr and PAT of Rs 21 Cr.
- Mr. Nishant Sharma stepped down as Director-Finance effective September 30, 2026
- Resignation cited other professional commitments as the primary reason
- Board meeting commenced at 01:30 P.M. and concluded at 02:00 P.M. on October 1, 2026
- Audit Committee reconstituted with 4 Independent Directors effective October 1, 2026
Felix Industries has submitted an in-principle application to the National Stock Exchange of India on September 17, 2026, to migrate its equity shares from the NSE SME platform to the Main Board. The company currently has a market capitalization of Rs 383 Cr and delivered Rs 103 Cr in TTM revenue with a net profit of Rs 21 Cr. Migration to the Main Board typically broadens institutional investor access, improves trading liquidity, and eliminates standard SME lot size constraints. The move follows strong financial performance, with FY26 revenue reaching Rs 95.86 Cr.
- Application filed with NSE on September 17, 2026, seeking in-principle approval for Main Board migration
- Intimation submitted to the exchange under Regulation 30 on September 21, 2026
- Company trades at a market cap of Rs 383 Cr with FY26 revenue of Rs 95.86 Cr
- Promoter holding stands at 50.78% as per latest filings
Felix Industries announced that the board of its step-down subsidiary, Tierra Fertilizer Private Limited, approved a private placement/preferential issue of 1,25,874 equity shares at Rs 360 per share, totaling Rs 4.53 crore. This move follows an earlier disclosure on August 18, 2026, where Felix proposed acquiring Tierra Fertilizer from its subsidiary, Felix Prime Metals, to turn Tierra into a direct subsidiary. Upon completion of the share issue and acquisition, Felix Industries will hold an approximate 79.34% stake in Tierra Fertilizer, keeping it as a subsidiary.
- Tierra Fertilizer to issue 1,25,874 equity shares at an issue price of Rs 360 per share (face value Rs 10)
- Total capital to be raised by Tierra Fertilizer is Rs 4,53,14,640 (Rs 4.53 crore)
- Felix Industries' shareholding in Tierra Fertilizer will stand at approximately 79.34% post-transaction
- Restructures Tierra Fertilizer from a step-down subsidiary into a direct subsidiary
Felix Industries Limited has issued the notice for its 14th Annual General Meeting scheduled for September 30, 2026, via video conferencing. Key resolutions include the adoption of FY26 financial statements, reappointment of director Vinay Rajnikant Patel, and the appointment of M/s S N D K & Associates LLP as statutory auditors for a 5-year term until 2031. Additionally, the company proposed the appointment of Mayur Karunashankar Jani as an Independent Director and M/s Nisarg Sharma & Associates as Secretarial Auditors for 5 years at an annual fee of INR 2,00,000.
- 14th AGM scheduled for September 30, 2026, at 02:00 PM via VC/OAVM mode
- Appointment of M/s S N D K & Associates LLP as statutory auditors for a 5-year term from 2026 to 2031
- Appointment of Mayur Karunashankar Jani as Non-Executive Independent Director for 5 consecutive years
- Appointment of M/s Nisarg Sharma & Associates as Secretarial Auditors for 5 years with proposed fees of INR 2,00,000 plus taxes
Felix Industries Limited has provided a corporate guarantee in favour of Oman Arab Bank SAOG to back credit facilities of up to OMR 539,856 (approx. Rs 13.33 Cr at Rs 246.91/OMR) sanctioned to its subsidiary, Felix Industries LLC. The guarantee represents a contingent liability and equals ~8.9% of the company's net worth (Rs 149 Cr). The issuance is executed within limits approved by shareholders via postal ballot on February 23, 2026.
- Corporate guarantee issued for loan facilities up to OMR 539,856 for subsidiary Felix Industries LLC
- Conversion rate stated at INR 246.91 per OMR, amounting to approximately Rs 13.33 Cr
- Approved earlier by shareholders via postal ballot on February 23, 2026 under Section 185
- Creates a contingent liability for Felix Industries Limited on a consolidated basis
Felix Industries Limited has announced the cut-off date and book closure period for its upcoming 14th Annual General Meeting (AGM). The cut-off date to determine shareholder voting eligibility is set for Wednesday, September 23, 2026. The share transfer books and register of members will remain closed from September 24, 2026, to September 30, 2026. The 14th AGM will be held virtually via Video Conference on September 30, 2026.
- AGM Cut-Off Date fixed as September 23, 2026
- Book closure period scheduled from September 24, 2026 to September 30, 2026 (both days inclusive)
- 14th Annual General Meeting to be held on September 30, 2026 via Video Conference
Felix Industries' Board approved the appointment of Mr. Mayur Karunashankar Jani as Non-Executive Independent Director for a 5-year term starting September 30, 2026, subject to shareholder approval. The Board also recommended appointing M/s SNDK & Associates LLP as Statutory Auditors for a 5-year tenure (14th to 19th AGM). Additionally, M/s Nisarg & Associates was appointed as Secretarial Auditor for 5 years covering FY27 to FY31. The 14th Annual General Meeting is scheduled for September 30, 2026, with the register of members closing from September 24 to September 30, 2026.
- 14th Annual General Meeting scheduled for September 30, 2026 via video conferencing
- Appointment of Mr. Mayur Karunashankar Jani as Independent Director for a 5-year term from September 30, 2026
- Appointment of M/s SNDK & Associates LLP as Statutory Auditors for 5 consecutive years
- Book closure fixed from September 24, 2026 to September 30, 2026 (both days inclusive)
Felix Industries Limited has scheduled its 14th Annual General Meeting (AGM) for September 30, 2026, via Video Conferencing. The Board approved the appointment of M/s SNDK & Associates LLP as Statutory Auditors for a 5-year term (from the 14th to the 19th AGM), subject to shareholder approval. Additionally, Mr. Mayur Karunashankar Jani has been appointed as an Independent Director for a 5-year term starting September 30, 2026. The book closure dates have been set from September 24, 2026, to September 30, 2026.
- 14th AGM scheduled for September 30, 2026, through VC/OAVM
- Appointment of M/s SNDK & Associates LLP as Statutory Auditors for a 5-year term
- Appointment of Mr. Mayur Karunashankar Jani as Non-Executive Independent Director for 5 years
- Appointment of M/s Nisarg & Associates as Secretarial Auditors for 5 consecutive years (FY27 to FY31)
- Book closure fixed from September 24, 2026, to September 30, 2026
Felix Industries announced the appointment of M/s. S N D K & Associates LLP as its Statutory Auditor for a 5-year tenure spanning the 14th to the 19th AGM, subject to member approval. The Board also approved appointing Mr. Mayur Karunashankar Jani as an Independent Director for a 5-year term starting September 30, 2026. The 14th Annual General Meeting is scheduled for September 30, 2026, with the book closure set from September 24 to September 30, 2026.
- Appointment of M/s. S N D K & Associates LLP as Statutory Auditor for a 5-year term (14th AGM to 19th AGM)
- Appointment of Mr. Mayur Karunashankar Jani as Non-Executive Independent Director for 5 years effective September 30, 2026
- Appointment of M/s Nisarg Sharma & Associates as Secretarial Auditor for 5 consecutive years (FY27 to FY31)
- 14th AGM scheduled for September 30, 2026, with book closure from September 24 to September 30, 2026
Felix Industries Limited announced that it has been awarded 'BEST SERVICE PROVIDER' Among SMEs', Gujarat. The intimation is an industry recognition press release with no associated commercial orders or financial commitments. For context, the company has a market cap of ₹341 Cr and TTM revenue of ₹103 Cr. The event has no direct impact on financial estimates or operational capacity.
- Felix Industries honoured as 'BEST SERVICE PROVIDER' Among SMEs', Gujarat
- Press release submitted under Regulation 30 dated August 21, 2026
- No commercial order value or direct financial impact disclosed
Felix Industries' Board has approved the acquisition of 16,86,714 equity shares (face value Rs 10 each), representing an 84.34% stake in Tierra Fertilizer Private Limited. The stake is being acquired from its own subsidiary, Felix Prime Metals Private Limited, pursuant to a Share Purchase Agreement dated August 18, 2026. Consequently, Tierra Fertilizer will transition from being a step-down subsidiary to a direct subsidiary of Felix Industries. The transaction value and consideration details were not disclosed in the filing.
- Approved purchase of 16,86,714 equity shares of face value Rs 10 each in Tierra Fertilizer Private Limited.
- Acquisition represents 84.34% of the paid-up share capital of Tierra Fertilizer.
- Shares purchased from subsidiary Felix Prime Metals Private Limited under SPA dated August 18, 2026.
- Tierra Fertilizer will become a direct subsidiary rather than a step-down subsidiary upon completion.
Felix Industries has approved the acquisition of an 84.34% stake (16,86,714 equity shares) in Tierra Fertilizer Private Limited from its subsidiary, Felix Prime Metals Private Limited, for a cash consideration of ~Rs 1.69 crore. The transaction transitions Tierra Fertilizer from a step-down subsidiary to a direct subsidiary. Tierra Fertilizer operates in the processing of hazardous and non-hazardous waste and posted revenues of Rs 3.37 crore in FY26, declining from Rs 6.71 crore in FY24. The acquisition is scheduled for completion on or before September 5, 2026.
- Purchasing 16,86,714 equity shares (84.34% stake) for approx. Rs 1.69 crore in cash
- Tierra Fertilizer transitions from a step-down subsidiary to a direct subsidiary
- Target entity reported revenue of Rs 3.37 crore in FY26, Rs 4.10 crore in FY25, and Rs 6.71 crore in FY24
- Transaction completion targeted on or before September 05, 2026
Felix Industries reported strong Q1 FY27 operational performance, with total revenue rising 37.80% YoY to ₹28.97 crore compared to ₹21.02 crore in Q1 FY26. EBITDA grew 64.22% YoY to ₹9.81 crore, expanding EBITDA margin by 580 bps to 34.79%, supported by operating leverage and overhead normalisation. Net profit (PAT) increased 54.51% YoY to ₹5.51 crore with a PAT margin of 19.53%. The company reaffirmed its ambitious FY27 consolidated revenue guidance of ₹180-200 crore (vs FY26 revenue of ₹95.86 crore) and EBITDA guidance of ₹54-62 crore.
- Q1 FY27 revenue grew 37.80% YoY to ₹28.97 crore vs ₹21.02 crore in Q1 FY26
- EBITDA increased 64.22% YoY to ₹9.81 crore, with margins expanding 580 bps to 34.79%
- PAT surged 54.51% YoY to ₹5.51 crore, with PAT margin expanding 223 bps to 19.53%
- Reiterated full-year FY27 guidance of ₹180 - 200 crore revenue and ₹54 - 62 crore EBITDA
Financial Performance
Revenue Growth by Segment
EPC segment is executing larger value plants in FY25, leading to a higher contribution compared to Operation and Maintenance (O&M). O&M currently contributes 35%-40% of turnover. Total revenue from operations grew 8.6% YoY from INR 3,390.5 lakh in FY24 to INR 3,682.2 lakh in FY25.
Geographic Revenue Split
Operations are primarily in India and Oman. The Oman subsidiary reached full-scale commissioning in FY25. Specific percentage split by region is not disclosed in available documents.
Profitability Margins
Net Profit Ratio improved significantly by 88.16% YoY, rising from 13.02% in FY24 to 24.50% in FY25. Profit After Tax (PAT) grew 81.9% YoY to INR 911.3 lakh from INR 501.0 lakh.
EBITDA Margin
EBITDA nearly doubled to INR 1,378.8 lakh in FY25 from INR 752.0 lakh in FY24, representing a margin of approximately 37.4% (up from 22.2% YoY). Management expects sustainable EBITDA margins between 25%-30% and PAT between 17%-20%.
Credit Rating & Borrowing
Debt-Equity Ratio increased 94.54% YoY to 0.41 in FY25 from 0.21 in FY24 due to increased short-term and long-term borrowings for business expansion.
Operational Drivers
Capacity Expansion
The company has a portfolio of over 100+ completed projects. Expansion is focused on the Oman subsidiary (oil and waste management), Rivita (ONGC/Govt orders), and Eco-Vision Aqua Care (effluent treatment plant infrastructure).
Manufacturing Efficiency
EBITDA growth reflects improved capacity utilization and project efficiencies. Return on Capital Employed (ROCE) improved 18.09% YoY to 9.49% in FY25.
Strategic Growth
Expected Growth Rate
200%
Growth Strategy
Growth will be driven by scaling the Oman subsidiary, executing larger value EPC plants, and expanding into smart water technologies and green hydrogen. The company targets reaching INR 110-120 Cr in revenue by the end of the financial year (up from INR 36.82 Cr in FY25).
Products & Services
Effluent and Sewage Treatment Plants (ETP/STP), Zero Liquid Discharge (ZLD) systems, Solid Waste management, Hydrocarbon Re-refining, brine concentration, and sludge recovery systems.
Brand Portfolio
Felix, Rivita, Eco-Vision Aqua Care.
New Products/Services
Smart water technologies, green hydrogen, and sustainability consulting are emerging domains for the company.
Market Expansion
Targeting global markets with a focus on Oman and domestic infrastructure projects. The global addressable market is estimated to exceed USD 600 billion.
External Factors
Industry Trends
The industry is shifting toward a circular economy and sustainability-driven demand. Tightening environmental compliance norms in India and internationally are creating long-term opportunities for engineering firms.
Competitive Landscape
Facing competition from local players and potential entry of global environmental engineering firms.
Competitive Moat
Moat is built on technical expertise in brine concentration and sludge recovery, a 10-year lucrative O&M contract model, and a diversified presence across India and Oman.
Macro Economic Sensitivity
Highly sensitive to industrial activity and urban growth cycles as these dictate waste generation and water treatment needs.
Consumer Behavior
Industrial clients are increasingly prioritizing ESG compliance and resource efficiency, driving demand for ZLD and circular economy solutions.
Geopolitical Risks
Operations in Oman expose the company to Middle Eastern regulatory and geopolitical shifts.
Regulatory & Governance
Industry Regulations
Operations are governed by evolving environmental policies and compliance norms in India and international geographies.
Environmental Compliance
Tightening environmental compliance norms are a key risk but also a driver for the company's treatment solutions.
Risk Analysis
Key Uncertainties
Regulatory shifts in environmental policy and macroeconomic sensitivity of industrial clients.
Geographic Concentration Risk
Operations are concentrated in India and Oman.
Technology Obsolescence Risk
Mitigated by investing in smart water technologies and green hydrogen research.
Credit & Counterparty Risk
Trade Receivables Turnover Ratio decreased 29.85% YoY to 2.10 times in FY25, indicating a higher average trade receivable outstanding balance.
