Felix Industries Ltd.
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ABOUT
AI Sector View
AI GENERATEDUtilities
Utilities are backed by firm electricity demand and output. Power generation grew 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), and core electricity output rose 9.0% YoY (2026-07). Sector-specific FPI flows are mildly positive at INR 148 crore over 3 months to 2026-08-31, adding to the supportive fundamental case.
PROS
- Company has delivered good sales growth of 92.1% CAGR over last 5 years
- Latest quarter profit grew 80.9% YoY, showing strong momentum
- Operating margins have improved to 36.4% from 10.6%
- Stock looks reasonably valued - P/E of 17.1 is below its historical median
- Company comfortably covers its interest (11.1x coverage)
- Attractively priced for its growth - PEG of 0.1
CONS
- Operating cash flow has been negative in recent years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -2.02x)
- Free cash flow has been persistently negative
- Equity base is being diluted - shares outstanding up 237.8%
- Total debt has risen sharply - up 131.0% year on year
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| WABAG | 2131.35 | 33.73 | 13319.14 | 0.23 | 90.10 | 36.93 | 886.80 | 20.82 | 21.22 | 9.59 |
| IONEXCHANG | 438.55 | 65.58 | 6432.06 | 0.28 | 3.06 | -93.68 | 700.46 | 20.11 | 13.46 | 4.59 |
| REFEX | 273.15 | 15.24 | 3748.40 | 0.55 | 64.55 | 216.87 | 916.30 | 139.09 | 24.06 | 11.67 |
| AWHCL | 376.95 | 18.31 | 1069.86 | 0.13 | 0.75 | -96.74 | 260.99 | 5.52 | 13.11 | 14.25 |
| ECORECO | 445.35 | 36.33 | 872.74 | 0.00 | 9.17 | 13.35 | 16.19 | 75.22 | 34.24 | 56.27 |
| CEWATER | 280.20 | 112.36 | 579.91 | 0.00 | -17.57 | -526.54 | 85.35 | -16.65 | 6.86 | -18.72 |
| FELIX | 222.30 | 19.01 | 382.50 | 0.00 | 5.51 | 54.51 | 28.22 | 36.86 | 20.39 | 32.07 |
| RACE | 97.00 | 22.25 | 167.39 | 0.00 | 1.03 | 150.00 | 191.06 | 21.91 | 10.23 | 1.99 |
| BANKA | 77.56 | 238.33 | 85.08 | 0.00 | -0.39 | -19600.00 | 105.51 | 847.04 | -8.20 | 17.27 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 6 | 6 | 6 | 13 | 13 | 15 | 20 | 29 | 20 | |
| 5 | 4 | 5 | 9 | 8 | 8 | 12 | 20 | 13 | |
| Operating Profit | 1 | 1 | 2 | 4 | 5 | 7 | 8 | 8 | 7 |
| OPM % | 14.55% | 26.18% | 28.53% | 32.83% | 37.58% | 44.28% | 39.70% | 29.40% | 34.89% |
| 1 | 1 | 1 | 1 | 0 | 1 | 1 | 2 | 1 | |
| Interest | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 2 | 2 | 2 | 5 | 4 | 7 | 8 | 9 | 8 |
| Tax % | 26.84% | 26.84% | 28.78% | 29.85% | 27.99% | 29.94% | 30.77% | 29.41% | 28.41% |
| Net Profit | 1 | 1 | 1 | 3 | 3 | 5 | 5 | 7 | 6 |
| 4.39 | 1.05 | 1.10 | 2.47 | 2.33 | 3.22 | 2.86 | 4.13 | 3.35 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5 | 5 | 2 | 2 | 3 | 12 | 19 | 29 | 31 | 77 | 85 | |
| 5 | 5 | 3 | 2 | 3 | 11 | 17 | 24 | 22 | 49 | 54 | |
| Operating Profit | 0 | 0 | -1 | -0 | -0 | 2 | 2 | 5 | 9 | 28 | 30 |
| OPM % | 8.66% | 7.42% | -53.69% | -22.94% | -15.89% | 14.42% | 11.02% | 16.99% | 29.50% | 36.43% | 35.88% |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 3 | 4 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 3 | 3 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Profit before Tax | 0 | 0 | -1 | -1 | -1 | 1 | 1 | 5 | 11 | 28 | 32 |
| Tax % | 33.55% | 31.85% | -2.94% | 59.97% | 22.03% | 36.67% | 18.17% | 29.49% | 28.65% | 29.73% | 29.60% |
| Net Profit | 0 | 0 | -1 | -0 | -1 | 1 | 1 | 4 | 8 | 20 | 22 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | -1.18 | 1.63 | 2.30 | 3.02 | 5.50 | 11.51 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 38%
- 5 Years:
- 92%
- 3 Years:
- 59%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 68%
- 5 Years:
- —
- 3 Years:
- 157%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 39%
- 3 Years:
- 21%
- 1 Year:
- 28%
RETURN ON EQUITY
- 10 Years:
- 6%
- 5 Years:
- 15%
- 3 Years:
- 16%
- Last Year:
- 19%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 12 | 14 | 17 |
| 0 | 4 | 3 | 2 | 2 | 2 | 4 | 27 | 55 | 128 | |
| 1 | 0 | 1 | 2 | 3 | 4 | 4 | 2 | 12 | 23 | |
| Trade Payables | 1 | 1 | 1 | 1 | 1 | 3 | 2 | 3 | 3 | 7 |
| 0 | 0 | 0 | -0 | 0 | 1 | 10 | 29 | 33 | 29 | |
| Total Liabilities | 6 | 10 | 10 | 10 | 11 | 15 | 24 | 73 | 117 | 203 |
| 1 | 2 | 3 | 3 | 4 | 4 | 4 | 5 | 6 | 14 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 19 | 17 |
| 0 | 0 | 0 | 0 | 0 | 0 | 1 | 6 | 25 | 31 | |
| 1 | 1 | 2 | 3 | 2 | 3 | 5 | 10 | 12 | 13 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13 | 16 | 28 | |
| Cash & Bank | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 4 | 2 | 8 |
| 4 | 6 | 4 | 4 | 5 | 7 | 14 | 34 | 37 | 92 | |
| Total Assets | 6 | 10 | 10 | 10 | 11 | 15 | 24 | 73 | 117 | 203 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2 | -1 | 0 | -1 | -0 | 1 | -6 | -33 | 9 | -38 | |
| Cash from Investing | -1 | -1 | -2 | -0 | -1 | -1 | -1 | -5 | -36 | -11 |
| Cash from Financing | 3 | 4 | 0 | 1 | 1 | 1 | 7 | 42 | 25 | 55 |
| 0 | 2 | -1 | -0 | 0 | -0 | 0 | 4 | -2 | 5 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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News
Recent coverage and analyst commentary for FELIX
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Felix Industries Ltd.
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