FELIX - Felix Industries

📊 NSE: FELIX 🏢 Engineering 📅 Last Updated: 12/13/2025 22:04

💰 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.