Analyzing...
Good aŌernoon, everyone and thank you for joining us. On behalf of the enƟre Felix Industries family, I welcome all our shareholders, investors and stakeholders.
I am Ritesh Patel, Managing Director of the Company. Joining me today are Mr. Nishant Sharma and Ms. Hena Shah. We appreciate your conƟnued trust and support as we discuss our business progress and an important milestone in our journey, the proposed migraƟon of our Company's equity shares from the NSE Emerge Plaƞorm to the Main Board of the NaƟonal Stock Exchange. Before discussing our financial performance and future plans, let me briefly take you through our journey.
Felix Industries Limited was founded in 2010 with a vision of creaƟng sustainable environmental soluƟons through innovaƟon, resource recovery and circular economy pracƟces. Since incepƟon, our focus has been on addressing criƟcal environmental challenges through integrated soluƟons in water treatment, wastewater management, waste oil recovery, hazardous waste management, plasƟc recycling and resource recovery.
Today, Felix has evolved into a diversified environmental infrastructure plaƞorm with operaƟons across India and Oman. We have successfully delivered more than 100 projects across various industries including pharmaceuƟcals, chemicals, texƟles, food processing, power, steel, oil & gas and specialty chemicals.
Our faciliƟes currently support wastewater treatment capacity exceeding 17 MLD, waste oil restoraƟon capacity of 40 TPD, hazardous waste processing capacity of 50 TPD and targeted waste-to-energy iniƟaƟves.
What differenƟates Felix is our ability to provide end-to-end environmental soluƟons. We operate across EPC, BOO, BOOT, O&M, PPP and infrastructure development models, enabling us to create both project-based and recurring revenue streams.
As environmental regulaƟons conƟnue to become stricter and sustainability becomes a key priority globally, we believe Felix is strategically posiƟoned to capitalize on the growing demand for resource recovery and environmental infrastructure soluƟons.
Over the past Few year, we have conƟnued to strengthen our posiƟon as a diversified environmental soluƟons provider.
A key focus area for us has been expanding our business through subsidiaries and specialized verƟcals.
Today, our group includes mulƟple operaƟng enƟƟes such as Rivita SoluƟons Private Limited, Felix Industries LLC in Oman, Felix WMC Private Limited, Felix Prime Metal Private Limited
These enƟƟes allow us to parƟcipate across mulƟple environmental segments including wastewater treatment, waste management, metal recycling and environmental infrastructure development.
Our Oman operaƟons conƟnue to provide significant opportuniƟes in the waste management and oil processing, refining and recycling. The Middle East market remains aƩracƟve due to increasing environmental regulaƟons and strong industrial acƟvity.
In FY26, we also conƟnued to strengthen our recurring revenue profile through long-term BOO, BOOT and O&M contracts. We secured strategic contracts across industrial, food processing, steel Plants and oil & gas sectors, including long-duraƟon agreements extending up to 10 years.
We are also acƟvely expanding into several high-growth opportuniƟes.
Through Felix Prime Metal, we are pursuing opportuniƟes in metal recycling and recovery from hazardous and non-hazardous waste.
In addiƟon, our acid reclamaƟon iniƟaƟve has shown encouraging results and provides a technology-driven growth opportunity with significant scalability.
These iniƟaƟves are aligned with our broader vision of becoming a leading circular economy and environmental infrastructure company.
I would now request Mr. Nishant Sharma to take you through the financial performances. Nishant ji, please.
Good aŌernoon, everyone, and welcome to this investor meeƟng. Thank you, Ritesh Bhai.
FY26 has been a transformaƟonal year for Felix Industries, marked by strong financial performance and business expansion.
On a standalone basis, the Company's total revenue increased by 144.39% from ₹33.07 crore in Fiscal 2025 to ₹80.82 crore in Fiscal 2026. The increase was primarily aƩributable to higher
revenue from operaƟons during the year.
Profit aŌer tax increased by 163.50% from ₹7.52 crore in Fiscal 2025 to ₹19.81 crore in Fiscal 2026, primarily driven by the growth in revenue and improved operaƟng performance.
On a consolidated basis, Revenue from OperaƟons increased to approximately ₹102.21 crore compared to ₹36.82 crore in FY25, represenƟng growth of around 178%.
EBITDA increased to ₹31.88 crore from ₹13.79 crore in the previous year, reflecƟng growth of approximately 131%.
Profit AŌer Tax stood at ₹18.18 crore compared to ₹9.11 crore in FY25, registering growth of nearly 100%.
During the fourth quarter, Revenue from OperaƟons stood at approximately ₹37.43 crore, while EBITDA stood at ₹9.32 crore and Profit AŌer Tax was ₹4.34 crore.
The strong growth was driven by execuƟon of major projects, expansion of recurring revenue streams and increasing demand across our environmental services porƞolio.
Our balance sheet also remains healthy and supports our future expansion plans.
Overall, we believe FY26 has established a strong foundaƟon for the next phase of growth.
Ritesh Bhai, over to you for the closing remarks.
Thank you, Nishantji. Thank you for the financial updates.
Looking ahead, we remain opƟmisƟc about the opportuniƟes available across our business segments. The environmental infrastructure sector conƟnues to benefit from strong regulatory support, increasing industrializaƟon, sustainability iniƟaƟves and growing adopƟon of circular economy pracƟces.
In the water and wastewater segment, increasing Zero Liquid Discharge requirements and water reuse mandates are creaƟng substanƟal long-term opportuniƟes.
In solid waste management, government iniƟaƟves, scienƟfic waste treatment requirements and investments in waste-to-energy infrastructure are driving industry growth.
We are also excited about the opportuniƟes emerging in metal recycling, waste oil recovery, plasƟc recycling and acid reclamaƟon.
Our Oman business conƟnues to offer significant growth potenƟal, and we expect increasing contribuƟon from internaƟonal operaƟons over the coming years.
At the same Ɵme, our growing porƞolio of O&M, BOO and BOOT contracts is expected to strengthen recurring revenue and improve earnings visibility.
The proposed migraƟon to the Main Board of NSE represents another important milestone in our journey. We believe this step will enhance the Company's visibility, improve liquidity for shareholders, broaden insƟtuƟonal parƟcipaƟon and support our long-term growth
aspiraƟons.
We remain commiƩed to delivering sustainable growth, maintaining strong governance standards and creaƟng long-term value for all stakeholders.
Thank you once again for your conƟnued support and confidence in Felix Industries Limited.
Thank you, sir, for the introducƟon. We'll now, we'll begin the Q&A session.
ParƟcipants who wish to ask quesƟons are requested to raise their hand.
So, we'll take the first quesƟon from Deepak Poddar.
Hello?
Yes, go ahead.
Yeah, thank you very much for this opportunity. So, just first off, I want you to understand that oil processing capacity is 40 TPD, right?
Hello?
Yeah, so our current capacity in oil processing is 40 TPD, right? So, just wanted to understand, also, how the ramp-up will look like, and we are targeted to reach 100 TPD.
So how will the ramp-up look like? And, and what is the inclinaƟon level we have seen in oil processing?
Ritesh Bhai.
Sir, actually, I'm not able to understand the quesƟon. Can you tell me?
He's… he's asking that current our oil capacity, processing capacity is 40 tons per day, so how does the ramp-up from here looks like, and what is the current capacity uƟlizaƟon?
So, as of now, as we have already booked certain contracts from Oman government and the large refineries in Oman, our capacity of uƟlizaƟon will be 100% to this year. And I think, once we have 6 months or 8 months of conƟnuous strong operaƟons, we can ramp it up to 2X scale aŌer this financial year.
And what is our capacity? And from 40 TPD, how are we reaching 100 TPD, what's the plan there?
So, these are, baƩery-wise installaƟons that we have, already, that, these are already at place. So, you know, there are mulƟple unit operaƟons, while doing such contracts and such processing.
So, 40 TPD or 50 TPD, that depends on the… on the quality of input. And so maximum that we can do is 50 TPD, but we understand it should be 40 TPD. And, of course, if we get if we get certain, more sizable, contracts, within next few months.
So, we will plan for further, incremental size to, 40, 50 to 100.
Yeah, I was asking more in terms of capacity. So, when your capacity is going big?
So, what he is saying is that currently, with the current orders in hand, we will be at 100% capacity uƟlizaƟon in next 3 to 6 months.
Okay, then as and when we see there is an opportunity and more orders coming in, we will add capacity more.
So, there is enough place and everything available, infrastructure available, but as of now, we have not planned any addiƟonal capacity, but if the cycle remains vibrant, we will add more capacity.
And what with current capacity, I think we can, what, only 4 crores per month? I mean, at 40 TPD? 4 crores per month kind of a revenue? Also, so, I mean.
5 crores is generally what we are looking at, monthly.
So that means, if we do not expand, on an annual basis, we can at most do 50 to 60, I mean, we are targeƟng those to 75-80, right? So, where will this gap get filled?
No, so that is what we are saying. We… we are currently expecƟng 60 to 65 crores. Like, if, as Ritesh Bhai menƟoned, 40 TPD we can process 50 TPD, but we are restricƟng it to 40, currently, because of the availability of the inputs and raw materials. But if we expand further, we can go maximum 60 crores to 65 crores, or maximum 70 crores.
That is what we are expecƟng in this current year.
Okay, so we're not targeƟng 75 to 80 crore this year? I mean in FY26
No, maybe if things look promising, like the two orders that currently we have, and down the line, 6 months aŌer September, if we see we can add more capacity and probably ramp up the revenue. But as of now, it is… we are… we esƟmate it between 60 to 70 crores. That is what our roughly esƟmate is.
So, overall revenue also, I mean, we were targeƟng 180 to 200, right? So, is there any change there?
That remains constant, so that is already achievable with all the subsidiaries.
So, close to 200 is our expectaƟon for this coming financial year.
Okay, and how much margins we should look at? Blended margins? Now, this quarter, margin was lower, right?
current EBITDA margin that we have, around 30-31%, that will be maintained.
30, 31 so you're including other income, 30, 31%, including other income.
Yes, yes.
Okay, and what drove your margins in fourth quarter?
what I didn't get you.
What led to lower margins in fourth quarter?
So, we had considerable expansion and things happening, manpower cost and all those things, due to which the, there has been a slight reducƟon in the margins. And then, due to liquidity issues, our interest costs have also gone up.
So, the uƟlizaƟon of the bank limits has also been on a higher side throughout.
But, you know, but what I can see is the gross margin is lower, I mean.
Your gross margin, it's lower, and so employee cost comes quite later, right? And even your gross margin, fell quite a bit, yeah.
Ritesh Bhai, if you can, like, if there is any gross margin
I'm not able to understand his quesƟon. I don't know why echo is coming. Can you explain?
I mean, he's asking, there is a dip in the gross margins, which I don't think there is.
I don't it can be 1-2%, across all the segments, it cannot go more than that Whatever actual will be there.
Okay, okay, I, I got it, okay, yeah, I think, yeah, my quesƟons were answered, yeah. I mean, that could be from my side. Thank you.
Thank you, sir. We'll take next quesƟon from, Ashish Soni.
Hi, sir, this quesƟon from, on slide number 19.
So, I think you spoke about metal recycling. So, any parƟcular, I saw in the slides, zinc and also, and what sort of recovery you are planning, and what's the scale you're looking in next 2-3 years in this, business?
So metal recycling. Currently, what we are targeƟng is two metals. One is zinc sulphate and copper sulphate. These are the two, segments that these are the two products that we are looking at recycling and, working on it. We acquired a unit, in Mehsana for that, which is a ready-made unit, and which was already operaƟng, but they had operaƟonal issues, so that was an opportunity for us, and we acquired that unit.
That unit is now on the verge of starƟng now, with the minor changes that we're supposed to make, we have already done. So maybe in the next month or so, the unit would be fully operaƟonal. In terms of, the capacity, it is, like, daily we can process around 4 tons per day copper sulphate and zinc sulphate. And primarily, we are targeƟng anywhere between 40 to 50 crores as revenue from metal recycling maybe, and then if again, this is a new site, so we are going slow on this side, but there is a huge potenƟal for metal recycling. So, we may go for expansion, but as of now, there's nothing concrete on that site.
So, what's the peak potenƟal revenue from that parƟcular site? And if at all you have to do capex, how much will be that for metal recycling in the same Mehsana unit?
So, currently, I mean, if we go for expansion, it would be anywhere between 20 to 25 crores. That would be a requirement to be invested further, and that would, lead to at least, in my assumpƟon, go from 50 crores to 100 to 125 crores growth. Ritesh bhai, is it correct?
Yes, yes, you are correct. And the potenƟal to this business is, if we do it correctly, if we operate it well. So, this facility itself will give us about 100-150 crores of turnover, in next financial year, and, we can grow it to, twice or thrice of its scale. So…yes, there is potenƟal, there is market, and there are no hurdles as of now.
But even though only zinc and copper is what I understand, you're not going for other metals also?
Nope. So, other metals, we are not I'm frankly speaking, I am not seeing on other metals, but of course, magnesium can be one of the parts, because it is aƩached to the copper stream. So, MG, Zinc, and copper, these three can be our strong products for the market.
Okay, and the second is the acid reclamaƟon technology. So, where are we? You give something, but what's the potenƟal there in terms of business in the next 2-3 years?
So, this is a new process that we have developed, and it had been very rigorous, you know, trials and tesƟng on this process. As of now, the country does not have any acid reclamaƟon plants where you can where you can sustain the acids and reuse them again in the industry. So, it had been, I think, more than a year's Ɵme now that, we are, we are, we are just,
you know, we have started the operaƟons, and we are, checking the, the results and opƟmizing the things.
And recently, we found that the things are very good, and this can turn up into a good opportunity. Yet, we have not structured the business yet, but yes, this can be a potenƟal growth in coming years.
But any revenue esƟmate in 2-3 years on this parƟcular
So, yet the capex and everything for the trials and everything is already done and increase and finished. So now, yet to, to structure the business, how and where, what locaƟons are with the highest potenƟals, and how many clients do we get? So we are already in the process of making certain MOUs with the clients and all. As of now, I cannot, comment on, how we'll, do this business, but yes, the team is on it.
Okay, and the plasƟc recycling, so I think you're only, I think, Ahmedabad Surat, so do you want to expand, apart from capacity, do you want to get into other ciƟes also, across India, or maybe in Gujarat itself?
So, as of now, this itself is a huge potenƟal, and I am glad if we cater the enƟre capacity of this. The size of the plant, has to be increased day in, day out. And, I don't think, as of now, or in short-term plans, we should increase, or we should go with some more ciƟes, because, you know, these are already giants to handle and, I think we have enough, feedstocks for next coming few years, so we should we should try and be focused on our… on our business to mulƟply its capacity of producƟon and get you get the beƩer and beƩer results out of it.
And, in terms of your vision for next 2-3 years, consolidated revenue, have you any target in mind in terms of revenue reaching, like, 500 crore or something of that sort?
Yes, of course. So, I think we should, we should cross 200, number, in this financial year.
And I think, we should, again, have a landmark number in next financial year, because The way we are progressing, or the way we are our units are being established.
I don't think, any… any hurdles will be there to…To achieve the next round of, you know.
Out of the total business, how much is a recurring business you want to target as a strategy? Because I see You have recurring and plasƟc, right, if I understand, and the O&M revenue. So, what's the mix you're targeƟng in terms of recurring revenue?
So, over the period of Ɵme, the EPC business will get very small.
And, mostly the enƟre business will be recurring business. Of course, the producƟons are recurring producƟons, so that is not a quesƟon. And wherever technologies are concerned, technologies will also be recurring business. So, ulƟmately, over the period of 4 or 5 years, our major numbers should be only the recurring numbers. Of course, we cannot stop the EPC
thing, because it's a general financial model. We cannot absolutely stop it, but the major should be recurring.
And are we taking any steps to reduce our working day cycle? Because it's increasing year on year, whatever I see.
Mostly, the working cycle will get, very opƟmized once we, our all subsidiaries and everything, on track. So I think this financial year.
We should be with very good numbers of working capital cycles.
And pledging, I see there's sƟll pledging, so any reason, and when do you think you can get rid of that?
So there is, there were certain, Ɵmes, during these duraƟons of projects.
That working capital had to be in the system, so, we had to take certain steps and decisions for the working capital cycles. Of course, I don't like being pledged, but, over the period of Ɵme, we will, we will be reducing this.
And with your Oman business, are you targeƟng anything on the Middle East also for other opportuniƟes? Because you haven't established the name there, right?
Yes, so, this, this project that we did, in Oman is showing up, is geƫng up into good shape now, and I think, we should not stop ourselves with Saudi refineries and UAE refineries.
So, yes, we are discussing and talking with them, but not very concrete in this financial year.
To go there and expand, but yes, I'm trying to put up our faciliƟes to its highest possible capacity, so that, you know, whatever we are doing perfectly well, that's and then we expand.
And what's the major risks and challenges you see for next, maybe, year or two in your business?
Oh… So, certain risk management are already, done and taken place, I mean, taken care of. So, I don't see major, setbacks or anything major in the system.
Plus-minus few things are there, but it's okay, it's a part of this one.
And scaling-wise, are you sufficiently man… in headcount or manpower or senior management perspecƟve, are you sufficiently headcount? Do you already have, or you want to recruit somebody? I just want to understand that please also once.
So, of course, as we are growing, the workload also increases, the manpower also increases. As of now, the manpower has increased substanƟally.
Well, we are, yes, recruiƟng a lot of, fresh Engineers and a lot of fresh recruits for our upcoming faciliƟes also.
So, yes, manpower has to be increased, and the training, the process of people, okay, is a part of the cycle, so it is conƟnuous in process.
For each of the verƟcals, do you have you're planning for separate heads or something of that sort? I just want to understand that please also.
So, every verƟcal has their own management team. Of course, the management teams cannot be changed, the leaders cannot be changed. But yes, the team of the leaders has to be increased, day in, day out, and that is how we can grow.
Okay, sir, thanks, and all the best for the future.
Thank you, sir. Sir, now we'll take the next quesƟon from Taher Sir.
Hi, sir, congrats on the good set of members, thank you for your team.
Sir, I have just two quesƟons. Firstly, do we have any plan to raise funds via debt or equity, anything? In coming future or for next 2 years.
So, debt is something which is a conƟnuous process, as in when we need working capital, so we do approach the bank and for working capital enhancement and all those things. Equity, as of now, we haven't planned anything yet.
And so, as of now, we haven't planned any, but working capital definitely will increase, if both in…Parent, as well as in the subsidiaries. We've done both.
Okay, okay, and one last quesƟon on the acquisiƟon that we were planning to do two acquisiƟons on the metal recycling plant and plasƟc recycling plant. Any updates on that?
metal recycling plant has already been acquired, and as I menƟoned earlier also, that the…Retrofit and the modificaƟons and all those things that were required to be done at the plant is in process and would be completed by this month end, and we may see revenue geƫng generated from next month onwards. In the metal recycling. PlasƟc recycling is sƟll under discussion, it is sƟll not yet, finalized.
Okay, okay, sir, last quesƟon on the working capital. As we are targeƟng around 200 cr top line for FY27, so what amount of working capital will be needed for that much growth? For that amount of revenue, if you can
So, see, as of now, we are at, around, 21 crores of working capital with the current, revenue, maybe, looking to the debt market and the kind of requirements of the bank, maybe we can go up to 35, 40 crores in this coming financial year, or a slight. So means, currently, we are at a debt of 21 crores working capital from banks.
So, in this current year, we may need further, but that may go up to 35 to 40 crores, not more than that, as of now. That is in the parent, like, Felix Industries.
In Oman, we, we are working on geƫng working capital limits from there, so that will definitely be close to, 20-25 crores there also, because as of now, everything has been funded through equity in Oman, so now we need to have bank limits from Oman as well, so
Okay, and is that any amount you are planning to raise through debt? In any range or something, if you can provide?
I mean, this is the debt part only which I was speaking about.
Yes, okay, okay, sorry. Yes, that was from my side. Thank you, thank you again.
Thank you, sir. We'll take the next quesƟon from Nalin Shah.
Hello? Audible?
Yes.MR Nalin go ahend
NOT Nalin here the KriƟ speaking Yeah, myself KriƟ. So, sir, first of all, I would like to congratulate you on the great set of numbers. So, before my main quesƟon, can I just confirm that the company remains, comfortable with the FY27 guidance of 180-200 crores of revenue, EBITDA margin of 31-32%, and PAT margin of 17-20%, right? HERE Nishant sir audio coming So, sir, so basically, as you have said, there is a large opportunity in the Middle East, parƟcularly through the Oman operaƟons. So, are we seeing similar opportuniƟes from refineries in India?
So, we are currently not targeƟng any of these. The processes that we have established in Oman are not replicated here in India. India is majorly all water business.
So, we are conƟnuing to focus only on the respecƟve segments and the current businesses that we have. So, as of now, we are not going in that direcƟon of anything similar to Oman being done here, so, no.
KriƟ : Okay, and you are sƟcking to the guidance, right?
Yeah, so guidance remains, in that line only, but, we close to those numbers, definitely, we are, targeƟng those numbers.
KriƟ : Okay, and sir, for, like, FY30, have you set some aspiraƟonal revenue?
FY30? Madam, that's too long a horizon, so I mean, aspiraƟonal, we can be close to 1,000 crores also, but that is a very wrong esƟmate, so we would not like to make that kind of a statement as of now.
KriƟ : Okay, so that's it for me. Thank you.
Thank you, we'll take the next quesƟon from Tejas Sir.
Hello. Am I audible?
Yes, thank you for the opportunity. Most of my quesƟons are answered, just wanted a light on, this one. I just wanted to understand how the war is, affecƟng us, or benefiƟng us. And yeah, just that.
So, war, I mean, you are asking, like, is war helping us, or is it affecƟng our business?
Yeah, yeah, what is actually happening, and give a light on this topic.
So, basically, we had we had certain issues in the Oman operaƟons because of the war. Obviously, Oman is part of the Middle East, and everything had come to a standsƟll in Feb, March. So there was definitely a slowdown there. But now, with things coming to normalizaƟon, the work has again started, things are again looking good. We have orders in hand, so things are going back to normal. As far as India operaƟons is concerned, there is a global liquidity challenge, which is also affecƟng us, but we are confident that we may not have those kind of Serious liquidity problems, but yes, payments are everywhere in the system, or across Companies, we have seen that payments are geƫng delayed, people are holding onto their working capital, so there is definitely an impact. 100%, there is an impact.
Okay, understood. Just a follow-up quesƟon on this, just, is there any labor availability issues in Oman or in India, or anything like that?
Labor, no, because, to, some part of our operaƟons are, like, the manufacturing of the plants. We do, get it manufactured through vendors, so a large part of it is managed by them. As of now, we do not see that challenge, but yes, skilled manpower is a big challenge for the country as a whole, so that is definitely affects us as well. Oman, we don't see any problem as such, means workforce is there, is available there, that is not an issue there.
Okay, understood. Thank you.
Thank you, sir. We'll take the next quesƟon from Deepak, sir.
Okay. So, just wanted to understand, now, debt addiƟon, you spoke about 20, 25 crores in Oman, and 30, 35, 40 crores in Felix Standalone. So, total debt addiƟon we are looking at 60, 70 crores.
No, no, no, I didn't say that. I said in India, Felix, it may go up from 21 to 35- 40, and in Oman, it would be addiƟonal 20-25.
So, addiƟon of 10 to 15 crores in India operaƟons on the debt side, and 20-25 crores in Oman.
So, around 40 crores, roundabouts.
And now, since you menƟoned the OMAN, this coming back to normal, I mean, in terms of margins also, we will see a normalized margin from Q1 itself, I mean, because Q4 was impacted, right? So that your annual, whatever you are targeƟng in terms of 30-31%, will be visible from first quarter onwards itself?
I mean, margins, I mean, with the impact of war, I don't see any issue with the margins, because I mean, we will be able to maintain those kinds of margins. I don't see any issues there. Some slight here and there can be there, but not very major impact.
Okay, no, because fourth quarter, we saw a major impact, right, but from first quarter onward, it will be a normalized level? I mean, would that be a fair example?
See, for us, like, always there, with the end of the year coming in, our revenues and all those, so some, there would always be skewed numbers here and there, because we are into project-based delivery, okay? So, someƟmes the project deliveries get delayed and all those things, so numbers tend to, vary, because of those delivery schedules and the project compleƟon stages and all those things. So, if you go by quarter on quarter, there can be a raƟo here and there, but largely, we are hopeful that we'll be able to maintain the margins.
I got it, yes. Yeah, I think that would be from my side. Thanks.
Okay.
We'll take the next quesƟon from Ankur GulaƟ.
Ankur GulaƟ: Hello.
Ankur GulaƟ: Sabse pehle Ritesh Bhai, apna jo 37 crore ka revenue aaya hai iska segment by segment split de sakte hai kya? Water, Oman, or yeh sab ka?
bilkul hai bilkul, Sir.
So, like, the total, revenue for Felix India, 40-45 crores is, like, EPC, and 34-35 crores is these services.
OperaƟonal revenue.
OperaƟonal revenue.
Ankur GulaƟ: This is for full year aap bol rahe hai, right?
Full year, full year, yes.
Ankur GulaƟ: Okay.
And, Oman is, Oman is basically majorly oil processing only, so that is 20 crores for the enƟre year.
Ankur GulaƟ: So, it is by 27 crore revenue tha Q3, mein.
Abhi 37, so 10 crore increment kaha se, if you can help us understand, please. Quarter on quarter.
I think that was because of EPC compleƟon of some projects.
So that was basically, we are execuƟng a common effluent treatment plant facility that we are creaƟng, wherein we are also a partner there as well. So that contributed to the revenue growth.
Ankur GulaƟ: Or, thoda sa margin… actually, kaafi margin jo dip hua, Q4 mein, I think, PAT margin 12% hogya compared to, let's say, 20% ke aas-pass ya 25% ke aas paas. Toh, ye iska kya reason hai? Quarter 4 mai?
So basically, some, some overhead costs that have gone up in… because there were certain… jo yeh project humlog kar rahe the, this one, EPC, as well as another project of HOCCO, that we were doing. So, those expenses and usme thoda sa, sharp increase, tha. So, because of that, there is an impact on the margins.
Ankur GulaƟ: So, jo ye EPC wala tha jis mein aapka stake bhi hai, ye khatam ho gaya abhi iska kuch share bacha hai?
bas, it is close to 70% done. We are targeƟng June…not June, but July, we are hopeful that we will complete that project. So, that would be operaƟonal by September, or that kind of a tesƟng and all those things will happen.
So, by September, we are of hopeful, it’s supposed to start.
Ankur GulaƟ: So, at least in Q1 or Q2, jo ye cost overrun hai wo chalta rahega this slight cost overrun that is happening will conƟnue, right?
There isn’t really a cost overrun, okay there is a liƩle bit, but yes, there will be some impact in Q1 as well.
Ankur GulaƟ: Secondly, you have given a guidance of ₹180 crore.
In that EPC plus shareholding project, how much is the EPC component?
So, for this CETP project, around ₹20 crore revenue will come.
And apart from that, what else were you asking?
Ankur GulaƟ: The construcƟon of CETP, that is included in this, right?
Yes, yes.
Ankur GulaƟ: Abhi 180 mein se recurring O&M kitna ho gaya, excluding Oman. Oman pe baad mein aayenge.
We are expecƟng that it would be O&M revenue, around ₹35-40 crore iss saal. 40 crore ke ass-pass jayega.
Ankur GulaƟ: Okay, and Oman se 50-60 crore ho jayega.
60 crore ke aas-pass ginn lo.
Ankur GulaƟ: So, 100, aur 20 aa gaya EPC. Baaki 60 crore ka kya breakup hai sir?
There is one order which is in the PO stage, that is another ₹15 crore. Then there are some orders under discussion, around ₹15–20 crore. These are in the pipeline. And then we have WMC, Rivita projects.
Metal revenue also.
Ankur GulaƟ: For the CETP project, what is the O&M annually?
Iska esƟmaƟon toh abhi ginna hi nahi hai isme, revenue guidance mein liya hi nahi hai abhi, 180 wale mein.
Ankur GulaƟ: But Ritesh bhai voh start ho jayega na, June ya September mein bhi aap log project khatam kar rahe hai
Agar September mein bhi chalu kar rahe hai, toh let us assume we’ll have 4-5 months pracƟcally.
Ankur GulaƟ: Jabhi shuru hoga uska annual O&M kitna hai uska?
So monthly we can consider around ₹1 crore revenue, which means ₹12 crore annually on a full-year basis.
Ankur GulaƟ: Okay, okay. And working capital kab tak sort out ho jayega? Because iss baar toh bahut saara paisa atak gaya debtors mein
There are some old receivables that have to be cleared, because of which the numbers look stretched. Other than that, it is largely under control. Some of our projects are facing delays due to liquidity issues, PEOPLE ARE SLOWING DOWN BUT so payments are geƫng delayed, but there is no concern that money will not come. Delays are there, but that is part of the overall situaƟon.
Ankur GulaƟ: Let’s say iss waqt aapke pass roughly 30 crore ka debt hoga approximately, iss saal ki growth ke liye aur 30-40 le liya, toh 70-80 crore ka debt ho gaya, uske service karne ke liye 10 crore chahiye, toh utna operaƟng cash flow nikalte hue nahi dikh raha. Toh kahi na kahi equity hi Raise karni padegi.
Nahi nahi 100% ho jayega. We are bit conservaƟve today on calculaƟng our operaƟng cycles. Toh we might cross these numbers.
Ankur GulaƟ: Okay. And in Oman, there was some discussion earlier about second or third phase. Any updates there?
So, as of now, we are just trying to, to push the plant to its maximum capacity.
Once it is through, then we will start about the expansion and the second phase.
Ankur GulaƟ : Okay.
Because we are, we are right now flooded with a few orders and commitments of large units. So, you know, we are being a liƩle focused on operaƟons.
Ankur GulaƟ: Okay, alright, thank you. All the best.
Thank you, we'll take the next quesƟon from Abhishek Agraval.
Yeah, hi, am I audible?
Yeah, thank you for taking my quesƟon. My quesƟon was more on the plasƟc recycling unit that we were looking to acquire a few months back. So, what is the update on those two, three units that we were looking to, you know, acquire? And, henceforth, what kind of revenues or, you know, business are we expecƟng from those units?
See, that… that discussion, and means… the shareholding and jo number pe aana hai, that is the only thing that is pending.
But at the back end, hum log unko technically support toh kar hi rahe hai, but only thing, ki voh, number crystallized nahi hua hai, so that is where, it is stuck. Maybe I can't give a date, date with Ritesh, but I can tell you beƩer.
So, it is… the plant is already now in operaƟons.
We are doing our best. We increased the numbers, and the operaƟons are increased to to our maximum capacity. But I think, we should sƟll wait for about next to three months to… to commit on, to come on our books and build it.
Okay. So, are there chances? Can this, deal falter, or, you know, we'll get through with this deal? And start off with the operaƟons.
Only, no, no, no. Zero, zero, zero.
Acha, okay. So that's not a… it's just about Ɵme, before you.
Sure, sure, that helps. And anything, on the horizon that we are looking to, you know, acquire, or, you know, get into, different kind of a technology, or, you know, you know, start off with operaƟons of some kind, anything on the horizon? Say, maybe 6, 12 months down the line.
No.
So, as of now… as of now, nothing, because we have enough, plaƩer for the next 2 years to cater.
Right, right. Sure. Sure, that helps. Just wanted to confirm that from… sure, that helped. That was all from my side. Wish you all the very best.
Thank you. We'll take the next quesƟon from Apurva Sharma.
Hello, am I audible?
Yes, congratulaƟons, sir, for a good set of numbers. My quesƟons, most of them are answered, just one. The acid reclamaƟon plant in Punjab, number one, have we… do we have the CPCB approval?
So, this was the enƟre trial, unit that we had established in a very good establishment, and as of now, we are not commercially, puƫng up the unit as of now.
So, now we are working on the land acquisiƟon, and we… the CPCB, and we… PolluƟon Control Boards, approvals, and all for the reclamaƟon. So, it will take some Ɵme for the commercial approach.
Okay. Sir, in last, in your PPT also, sir, you have menƟoned some encouraging results. So, what, what exactly, is.
So, you know, this is… this is the first Ɵme, where somebody can successfully do acid reclamaƟon. And fortunately, we have cracked the process.
So, now it is Ɵme to… to think about the commercial… Establishment of projects .
Okay, and the primary, primary sectors, companies we are targeƟng will be texƟles and steel picking, since it's Punjab?
Mostly text, sorry, mostly steel, electroplaƟng. So, it is not only Punjab. I don't know how well this, Punjab came into picture, but yes, it is not only Punjab, it is, naƟonwide that, there are huge steel plants, there are huge chemical plants, which uses acids as their daily raw material. So, that can be our target.
Okay, fair. Okay, so just one thing, lately, you know, in water waste, infra… there are few players in India that are also working on nano-filtraƟon and other filtraƟon process. have… do we have plans in entering that market, since it's… it's not majorly, right now, a big industry in India, but it's… it's one of the most widely accepted pracƟces?
So, we are already using these processes, nano-filtraƟon and all. It is part of the processes that we do. It was already at place.
And going forward, sir, when… whenever the plant is commercialized, what sort of revenue weightage would we have from the enƟre, our total Felix revenue from the asset reclamaƟon?
So, I believe if we start the acid reclamaƟon, at a good scale, it should match the standalone numbers itself.
Okay, and then this acid reclamaƟon that we are doing, I mean, is it, is it the HCL or…
All acids. Hydrochloric, Sulphuric, and Nitrite.
Okay. And this is the in-house technology you're saying? So, any patent we are going for?
So, as of now, nothing, like, patent has been done, so a lot of processes we have.
But it doesn't maƩer. There's processing within mine, so it doesn't maƩer.
Okay, thank you so much, all the best.
Thank you, sir. So, we'll now take the quesƟons from Q&A chat box. I will just read out the quesƟons. The first quesƟon is, what are the Ɵmelines for mainboard migraƟon?
Hena madam, can you answer what are the Ɵmelines?
Yeah, actually, sir, we are in the process of, preparing the documents.
For all the prospectus. So, the update, on part-wise, part-wise, when the documentaƟons are completed.
No, so overall, what, 2 months, 3 months, 4 months, what…
It'll take around, 5 to 6 Months ,
Perfect. Okay.
So, the other quesƟon is, are a corporate structure has mulƟple different lines of recycling. Is there any way to separate the business into water, waste, and material separately?
Do these businesses share the same capacity, or are these faciliƟes a separate line of business?
Is there any way to segregate the business into water, waste, and material separately? Okay, do these businesses share the same capacity or these.
So, generally, like, water is mostly Felix, India. Waste, oil processing, it is, Oman. And again, if it is plasƟc, so we have segregated different, the verƟcals into different companies. So, generally, we are not mixing up, any of the things. Like, Felix India doesn't, Felix Industries doesn't do any plasƟc recycling and all those things. So, basically, the segregaƟon is at the company level.
Do these businesses share the same capacity, or are these… obviously, the capaciƟes are different.
So, the next quesƟon is, from any of your business verƟcals, are you generaƟng carbon credit units?
So, there are mulƟple forms of, carbon credits, and the EPR acƟviƟes that are in place. So, as of now, we are not generaƟng any commercial numbers on the carbon credits, but yes, in future, we will.
So, the next quesƟon is, have you secured any orders under Rajasthan's industrial water recycling mandates, or CTP revival programs, considering many opportuniƟes in Rajasthan as well?
Yes, we are in… already in discussion with, with few of the… of the large… you know, waste, management companies also with the government.
I don't know, as of now, how we will secure it, but yes, we do have certain knowledge about it, and our team is acƟvely working on it.
Okay, sir. Thank you for such an engaging session. I now invite the management to share their closing remarks.
So… Thank you all for aƩending us. And, such a peaceful quesƟon and answer session, and I believe, we are, qualifying and, saƟsfying the most the presƟgious shareholders that we hold.
And thank you for aƩending this. Thank you. Thank you, madam.
On behalf of Felix Industries Limited, thank you for joining today's call. You might disconnect now.