Felix Industries Limited (FELIX:NSE) is an Ahmedabad-based eco-tech firm with a market capitalization of ₹1,450 Crores, providing resource management solutions across water, wastewater, and solid waste sectors. The company reported robust financial results for the quarter and nine months ended December 31, 2025.
Revenue and Profit Growth
The company posted consolidated revenue of ₹2,677.88 Lakhs for Q3 FY2026, a 243% year-over-year (YoY) increase from ₹781.79 Lakhs in the same period last year. Consolidated net profit for the quarter rose 6% to ₹495.11 Lakhs, compared to ₹467.88 Lakhs in Q3 FY2025. EBITDA for the quarter increased 39% to ₹792.10 Lakhs from ₹569.52 Lakhs in the prior-year period.
For the nine-month period, revenue surged 172% to ₹6,477.85 Lakhs from ₹2,383.02 Lakhs in 9MFY25. Net profit for 9MFY26 increased 161% to ₹1,384.67 Lakhs, while basic earnings per share rose to ₹8.77 from ₹3.76.
Consolidated total assets as of September 30, 2025, stood at ₹21,290.14 Lakhs, with reserves and surplus increasing to ₹12,587.78 Lakhs from ₹5,624.89 Lakhs in March 2025, providing a strong financial foundation for growth.
Management Summary
The company is led by Managing Director Ritesh Vinay Patel alongside chemical engineering experts with over 40 years of industry experience. Management emphasizes a “Zero Waste” philosophy focusing on recycling, reuse, recovery, and reduction.
Full-year FY2026 revenue is projected to expand threefold relative to FY2025, with the fiscal 2027 outlook anticipating strong margins supported by operating leverage and diversified business verticals.
Product Updates
Felix Industries is expanding into high-margin segments including:
- Hydrocarbon restoration
- Hazardous waste incineration
- Waste-to-energy solutions
Upcoming verticals include plastic, metal, and acid reclamation. Domestic water management products include RoSoft and Aiwasun, catering to commercial sectors such as hospitals and luxury hotels.
Geographical Expansion
Felix Industries continues to expand domestically and internationally:
- Oman: 40 Crore five-year waste management contract through a foreign subsidiary.
- India: 100+ ongoing projects across Gujarat and other regions, serving pharmaceutical, textile, and food and beverage sectors.
Delivery models include Engineering, Procurement, and Construction (EPC), Build-Own-Operate (BOO), and Build-Own-Operate-Transfer (BOOT).
Competitive Analysis
The company operates primarily in the Indian Zero Liquid Discharge (ZLD) market, projected to reach $1.84 billion by 2030 at a 7.6% compound annual growth rate (CAGR). Regulatory mandates from the Central Pollution Control Board (CPCB) for ZLD implementation in distilleries, dyeing units, and refineries are key growth drivers.
Felix competes with mid-cap environmental services firms but differentiates itself through high-margin verticals, diversified business lines, and ESG-aligned strategies.
Macro Environment
Sector growth is supported by global water scarcity and sanitation gaps affecting 3.5 billion people worldwide.
Government initiatives supporting the sector include:
- Jal Jeevan Mission: ₹67,000 Crore allocation in the 2025-26 Union Budget
- AMRUT 2.0: ₹2,99,000 Crore outlay for urban water infrastructure
These initiatives are expected to provide long-term demand for environmental infrastructure solutions.
Summary
Felix Industries delivered exceptional revenue and profit growth in Q3 and nine months FY2026, supported by marquee contracts, product innovation, and a diversified business model. Strong management, ESG-aligned operations, and strategic geographical expansion position the company for continued growth amid favorable sector dynamics and government support programs.