1. At a Glance – Small Cap, Big Ambitions, Slightly Filmy Execution
Market Cap: ₹318 Cr
Current Price: ₹185
3-Month Return: 11.2%
P/E: 18.4
ROE: 11.7%
ROCE: 14.3%
Debt: ₹18.8 Cr
Promoter Holding: 50.8% (32% pledged)
And now the spicy part.
Q3 FY26 (Dec 2025 quarter) sales came in at ₹26.78 Cr versus ₹7.82 Cr last year same quarter. That’s a 242% YoY jump. PAT at ₹4.95 Cr versus ₹4.68 Cr last year. EPS for the quarter: ₹3.24.
This is not slow growth. This is “someone switched on turbo mode” growth.
But wait. Inventory days are 489. Debtor days are 157. Promoter pledge is 32%. And promoter holding has fallen sharply over the last three years.
So is this a clean green growth story?
Or a recycling plant recycling investor optimism?
Let’s dive in.
2. Introduction – Zero Waste Philosophy, Zero Chill Ambition
Felix Industries is not your typical SME.
They don’t make screws.
They don’t export garments.
They don’t do random EPC and then vanish.
They say they are an environment technology company focused on Zero Waste.
Water treatment.
Hazardous waste.
Hydrocarbon recycling.
Plastic pyrolysis.
Green hydrogen.
Basically, if something smells like pollution, Felix wants to process it.
And management is clear in concalls:
“We are a technology company, not a contracting company.”
Translation?
They don’t want to be treated like a low-margin EPC vendor. They want recurring revenue through BOOT, O&M, PPP models.
And here’s the exciting part.
FY27 revenue guidance: ₹180–200 Cr.
FY25 sales were ₹37 Cr.
TTM sales are ₹78 Cr.
That’s aggressive.
Too aggressive? Or perfectly timed for the green energy wave?
Before we judge, let’s understand what they actually do.
3. Business Model – WTF Do They Even Do?
Imagine this.
A factory produces dirty water.
Felix cleans it.
A refinery produces used oil sludge.
Felix recycles it.
A city produces plastic waste.
Felix converts it into fuel.
They operate across four major segments:
1️ Water & Wastewater
ETP, CETP, ZLD, STP — basically they clean industrial and municipal water.
Contract models:
- EPC (build and hand over)
- BOOT (build, operate, transfer later)
- O&M (operate long term)
- PPP (government partnership)
The smart part?
BOOT and O&M create annuity-style income.
2️ Solid Waste & Hazardous Waste
Incineration, torrefaction, pyrolysis.
Installed capacities include:
- 100 TPD hazardous waste incineration
- 50 TPD solid waste restoration
- 48 TPD plastic waste pyrolysis
This isn’t brochure-level stuff. They are operational in India and Oman.
3️ Hydrocarbon Recycling (Oman Focus)
Currently running ~30 TPD.
Target: 100 TPD by financial year end.
Management says at 100 TPD revenue potential is ₹10–11 Cr per month.
That’s ₹120+ Cr annually from one vertical.
Bold claim.
4️ Plastic Recycling (New Addition)
Current: 300 tons per month.
Target: 1,000 tons per month.
Revenue at scale: ₹6–7 Cr per month.
Margins guided:
Recurring. Long-term. Government-backed exclusivity in select cities.
Now tell me.
Does this sound like a typical SME?
Or a mini conglomerate in green disguise?
4. Financials Overview –
