Filatex India Ltd-$ — Q4 FY26 earnings call
Summary generated by AI from the official transcript Filatex India Ltd-$ filed with BSE on 07 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Filatex reported year-on-year growth in profitability for Q4 and FY26 despite a decline in revenue and volume, with management attributing the mixed performance to crude-linked input cost volatility from the Iran-Israel-US conflict. Full-year EBITDA rose 34.5% to INR 346.50 crores and PAT rose 36.7% to INR 183.9 crores, even as revenue declined slightly to INR 4,160 crores. Management also detailed a INR 690 crore capex program covering PFY, Brownfield, FDY/DTY, a textile-to-textile recycling Greenfield project, automation, and renewable energy, expected to add INR 218-230 crores of annual EBITDA.
Numbers mentioned
Revenue: INR 985.5 crores (Q4 FY26)
p. 4
“Revenue in Q4 FY26 stood at INR 985.5 crores compared to INR 1,080 crores in Q4 FY25.”
Madhu Sudhan Bhageria, page 4 of the filed PDF · View the filing
Sales volume: 89,841 MT (Q4 FY26)
p. 4
“Sales volume of Q4 FY26 was 89,841 MT, marginally lower than 96,561 MT in the corresponding quarter last year.”
Madhu Sudhan Bhageria, page 4 of the filed PDF · View the filing
EBITDA: INR 86.26 crores (Q4 FY26)
p. 4
“EBITDA increased by 13.86% to INR 86.26 crores from INR 75.73 crores in Q4 FY25.”
Madhu Sudhan Bhageria, page 4 of the filed PDF · View the filing
PAT: INR 40.25 crores (Q4 FY26)
p. 4
“PAT reduced by 2.75% to INR 40.25 crores compared to INR 41.39 crores last year.”
Madhu Sudhan Bhageria, page 4 of the filed PDF · View the filing
Revenue: INR 4,160 crores (FY26)
p. 4
“Revenue in FY26 stood at INR 4,160 crores as compared to INR 4,252 crores in FY25, reflecting a slight decline.”
Madhu Sudhan Bhageria, page 4 of the filed PDF · View the filing
Production volume: 3,89,027 MT (FY26)
p. 4
“Production volume stood at 3,89,027 MT, just about 0.5% lower than 3,91,300 MT in FY25.”
Madhu Sudhan Bhageria, page 4 of the filed PDF · View the filing
EBITDA: INR 346.50 crores (FY26)
p. 4
“Despite the modest decline in revenue and volume, EBITDA increased significantly by 34.5% to INR 346.50 crores, up from INR 257.70 crores in FY25, indicating improved margin and operational efficiency.”
Madhu Sudhan Bhageria, page 4 of the filed PDF · View the filing
PAT: INR 183.9 crores (FY26)
p. 4
“PAT rose by 36.7% to INR 183.9 crores compared to INR 134.6 crores in the previous year.”
Madhu Sudhan Bhageria, page 4 of the filed PDF · View the filing
CAPEX program: INR 690 crores
p. 6
“Filatex is under a comprehensive CAPEX program of INR 690 crores, aimed at driving the next phase of growth and strengthening its value-added portfolios.”
Madhu Sudhan Bhageria, page 6 of the filed PDF · View the filing
ROE: 12.96% (FY26)
p. 8
“I think by end of this year, our ROE has come to around 12.96% as compared to last 10.62%.”
Madhu Sudhan Bhageria, page 8 of the filed PDF · View the filing
Debt component of capex: INR 335 crores
p. 7
“Debt is around INR 335 crores, rest is equity.”
Madhu Sudhan Bhageria, page 7 of the filed PDF · View the filing
Q3 profitability spread: INR 9 a Kg (Q3 FY26)
p. 8
“In Q3 we were doing around INR 9 a Kg profitability which dropped this quarter in the month of March significantly.”
Madhu Sudhan Bhageria, page 8 of the filed PDF · View the filing
FY26 EBITDA margin: 8.33% (FY26)
p. 15
“This year our margins was around 8.33%.”
Madhu Sudhan Bhageria, page 15 of the filed PDF · View the filing
Industry capacity utilization: 60%
p. 12
“Overall, the industry is running at around 60% capacity utilization, we are running at around 75%.”
Madhu Sudhan Bhageria, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Debt — INR 350 crores to INR 360 crores · FY27 end
stated firmly by Madhu Sudhan Bhageria
p. 8
“FY27 end we would have a debt of around INR 350 crores to INR 360 crores on the outset.”
Madhu Sudhan Bhageria, page 8 of the filed PDF · View the filing
ROE — additional 100 or 200 basis points · this year
stated conditionally by Madhu Sudhan Bhageria
p. 8
“And hopefully, we should be able to add another 100 or 200 basis points in this year if things become all right in this quarter.”
Madhu Sudhan Bhageria, page 8 of the filed PDF · View the filing
Steam project commissioning — mid-July
stated conditionally by Madhu Sudhan Bhageria
p. 11
“Yes, it was supposed to be online in June, but we are facing some delivery issue in the turbine. So, maybe one month more…maybe in mid-July max.”
Madhu Sudhan Bhageria, page 11 of the filed PDF · View the filing
Recycling project start — end of September
stated firmly by Madhu Sudhan Bhageria
p. 11
“That is to start by end of September and right now everything looks to be on time. I do not see any delay in that.”
Madhu Sudhan Bhageria, page 11 of the filed PDF · View the filing
India-EU FTA operational — end of this calendar year
stated as an aspiration by Madhu Sudhan Bhageria
p. 11
“Yes, it can give a further advantage to us once it is operational. I think I believe it will be operational by end of this calendar year the way things are.”
Madhu Sudhan Bhageria, page 11 of the filed PDF · View the filing
Brownfield project top line — INR 500 crores
stated firmly by Madhu Sudhan Bhageria
p. 12
“See, we would be doing around INR 500 crores top line from the Brownfield and around INR 350 crores to INR 400 crores in the Greenfield of recycling.”
Madhu Sudhan Bhageria, page 12 of the filed PDF · View the filing
Revenue — INR 4,500 crores · FY27
stated conditionally by Madhu Sudhan Bhageria
p. 14
“In this FY27 only six months we will get for the new production. So, it will maybe around INR 4,500 crores in this year and in FY28 it could be around INR 4,800 crores in Filatex and another INR 400 crores from Ecosis.”
Madhu Sudhan Bhageria, page 14 of the filed PDF · View the filing
EBITDA margin — double digit
stated as an aspiration by Madhu Sudhan Bhageria
p. 14
“I think steady state we should do something about double digit in Filatex.”
Madhu Sudhan Bhageria, page 14 of the filed PDF · View the filing
Texfil EBITDA margin — 30% minimum
stated as an aspiration by Madhu Sudhan Bhageria
p. 14
“Of course in Texfil the EBITDA margins would be around 30% minimum.”
Madhu Sudhan Bhageria, page 14 of the filed PDF · View the filing
EBITDA margin — above 10%
stated conditionally by Madhu Sudhan Bhageria
p. 15
“Above 10% is a very, very easily achievable at least once the things are normalized.”
Madhu Sudhan Bhageria, page 15 of the filed PDF · View the filing
Additional EBITDA from initiatives — INR 70 crores additional EBITDA · this year
stated conditionally by Madhu Sudhan Bhageria
p. 15
“So, if you leave that so we should be able to get at least INR 140 crores means INR 70 crores additional EBITDA in this year from the other operations.”
Madhu Sudhan Bhageria, page 15 of the filed PDF · View the filing
Ecosis capacity utilization — 70% or 65% for six months, then near full capacity · first year
stated conditionally by Madhu Sudhan Bhageria
p. 13
“For six months I do not feel that we would be able to utilize fully, maybe around 70% or 65%, but then next six months we should be almost in full capacity.”
Madhu Sudhan Bhageria, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Production will be lower than 1 lakh tons per quarter, by an estimated 20-25%
Answered by Madhu Sudhan Bhageria
Asked by Surya Narayan Nayak: Will Filatex sub-optimally use capacity in H1 given rising volatility?
p. 7
“So, yes, definitely, we will not be producing full 1 lakh tons in this quarter. It could be lower by anything from 20% to 25% minimum as of now.”
Madhu Sudhan Bhageria, page 7 of the filed PDF · View the filing
Company will hedge more but hedging carries its own cost of roughly INR 17.5-20 crores per year
Answered by Madhu Sudhan Bhageria
Asked by Surya Narayan Nayak: How will forex fluctuation risk be mitigated given import dependence on PTA/MEG?
p. 7
“So, in any case, even if you hedge, then also you lose around INR 17.5 crores to INR 20 crores every year in the hedging cost.”
Madhu Sudhan Bhageria, page 7 of the filed PDF · View the filing
Raw material is available but prices have risen sharply and demand is weak because downstream buyers are cautious
Answered by Madhu Sudhan Bhageria
Asked by Niraj Mansingka: Is the difficult scenario due to volume or raw material availability issues?
p. 8
“Raw material is not an issue. The problem is the prices have gone up very high and we are not able to pass on the full price and demand is also low because the downstream does not want to buy at higher prices”
Madhu Sudhan Bhageria, page 8 of the filed PDF · View the filing
March would be nearly EBITDA-neutral if using current-day raw material and sales prices
Answered by Madhu Sudhan Bhageria
Asked by Niraj Mansingka: What was the March EBITDA per kg profitability versus Q3?
p. 9
“If I take March independently I think we would be EBITDA-neutral, there would be hardly any EBITDA in March if we take prices of the raw material on the current day and the sales on the current day.”
Madhu Sudhan Bhageria, page 9 of the filed PDF · View the filing
Yes, it led to a surge of Chinese imports which pressured margins in January and February
Answered by Madhu Sudhan Bhageria
Asked by Saloni Munshi: Did the QCO revocation affect Q4 performance?
p. 10
“Yes, after the QCO revocation there was a lot of imports from China, so that is why we also had some margin pressure in January and February.”
Madhu Sudhan Bhageria, page 10 of the filed PDF · View the filing
No, remaining will come from internal accruals
Answered by Madhu Sudhan Bhageria
Asked by Hitaindra Pradhan: Will the INR 690 crore capex require external fundraising beyond the debt portion?
p. 14
“No, all internal accruals.”
Madhu Sudhan Bhageria, page 14 of the filed PDF · View the filing
Reliance produces 4.2-4.4 million tons, Indian Oil around 0.7 million tons, GAIL is entering for the first time
Answered by Madhu Sudhan Bhageria
Asked by Sagar: What is the current PTA capacity of Reliance, Indian Oil and GAIL?
p. 12
“Right now, Reliance produces around 4.2 to 4.4 million tons. Indian Oil produces around 0.7 million tons and for GAIL this is the first venture.”
Madhu Sudhan Bhageria, page 12 of the filed PDF · View the filing
No immediate savings since landed cost pricing continues; savings will come once PTA becomes surplus in India
Answered by Madhu Sudhan Bhageria
Asked by Anuj Haria: Will the new PTA plants generate immediate cost savings on freight/import costs?
p. 16
“See, even India they are not leaving anything. Whatever is the landed cost of the imported they are charging at the same price. So, there will be no saving.”
Madhu Sudhan Bhageria, page 16 of the filed PDF · View the filing
Risks flagged
Sharp crude-linked petrochemical input cost surge disrupting the polyester value chain
p. 4
“A sharp surge of 40-45% in petrochemical input costs driven by crude-linked volatility, both in terms of price as well as availability, placed significant pressure on the polyester value chain.”
Madhu Sudhan Bhageria, page 4 of the filed PDF · View the filing
India's structural dependence on imports for MEG
p. 5
“India’s dependence on imports, especially for MEG, continues to remain a structural concern.”
Madhu Sudhan Bhageria, page 5 of the filed PDF · View the filing
Migrant labor shortages affecting operational continuity
p. 5
“Workforce availability has also emerged as a challenge with migrant labor shortages affecting operational continuity in several regions.”
Madhu Sudhan Bhageria, page 5 of the filed PDF · View the filing
Foreign exchange exposure from PTA and MEG import dependence
p. 7
“We at any given time have exposure of around INR 500 crores to INR 550 crores.”
Madhu Sudhan Bhageria, page 7 of the filed PDF · View the filing
Weak downstream demand due to fear of raw material price correction
p. 8
“Everybody is afraid if the war stops, there will be a sudden drop in the raw material prices.”
Madhu Sudhan Bhageria, page 8 of the filed PDF · View the filing
Labor migration disruption due to LPG cylinder cost increases and elections
p. 8
“So, labor has been going back to their native places in huge volumes and this West Bengal elections also and the elections in the other places also supported this.”
Madhu Sudhan Bhageria, page 8 of the filed PDF · View the filing
Elevated finished goods inventory among customers due to weak sales
p. 9
“Finished inventories are little higher because everybody has sales problem.”
Madhu Sudhan Bhageria, page 9 of the filed PDF · View the filing
Turbine delivery delay affecting steam project timeline
p. 11
“Yes, it was supposed to be online in June, but we are facing some delivery issue in the turbine.”
Madhu Sudhan Bhageria, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.