Felix Industries Shares up 6% as Oman Arm Lands 3-Year Hazardous Waste Contract Worth ₹60 Cr

Synopsis:- Felix Industries LLC, Oman, a subsidiary of NSE SME-listed Felix Industries Limited, has signed a three-year contract with OQ8 (Duqm Refinery and Petrochemical Industries Company L.L.C.) for end-to-end hazardous waste management a deal worth a minimum of Rs.60 crore that represents both a significant revenue addition and the company’s first refinery-sector engagement in Oman.

An environmental solutions company focused on hazardous waste management came into the spotlight on May 22, 2026, after its Oman-based subsidiary signed a contract with one of the region’s prominent petrochemical refinery operations. The order covers the full lifecycle of hazardous waste generated by refinery operations, from collection and transportation through to treatment, recycling, recovery, and environmentally compliant final disposal.

With a market capitalization of approx Rs. 356.95 crore, the shares of Felix Industries Ltd were last trading at Rs.207.45, up 5.98 percent from its previous close of Rs.195.75. It is trading at a P/E of 19.36.

Felix Industries LLC, Oman, a wholly owned subsidiary of the listed entity  has signed a contract with OQ8, the Duqm Refinery and Petrochemical Industries Company, for hazardous waste management services covering the refinery’s ongoing operations. The contract term is three years, with an estimated minimum value of OMR 26 lakh, equivalent to approximately Rs. 60 crore at prevailing exchange rates.

The revenue structure under this contract is notably dual-layered. Felix Industries LLC will earn fees for the collection, transportation, and disposal of waste generated by the refinery, and will separately generate revenue from the recovery and recycling of materials extracted from that waste stream. The filing characterises the Rs. 60 crore figure as a minimum, noting that waste volumes could increase over the contract period, with corresponding upside to the revenue recognised. No promoter, promoter group, or group company holds any interest in OQ8, and the transaction does not constitute a related party arrangement.

For a company whose consolidated revenues for FY25 stood at approximately Rs.36.8 crore, a three-year contract worth a minimum of Rs. 60 crore translates to roughly Rs.20 crore per year in incremental revenue. Placed against the existing business run-rate, this single contract has the potential to nearly double the annual top line, assuming the rest of the portfolio holds steady. The engagement with OQ8’s Duqm facility is also a credentialing moment: Duqm Refinery is one of the larger refinery projects in the Gulf Cooperation Council region, and being designated as its hazardous waste management partner gives Felix Industries LLC a reference point that could support future bid activity across the broader Gulf market.

The international nature of the work also brings a different revenue quality to the books. Refinery-generated hazardous waste tends to be continuous, volume-driven, and tied to plant throughput rather than lumpy capital expenditure cycles, which suggests a more predictable revenue stream over the three-year term than project-based engineering contracts.

Two governance metrics from the profile are worth tracking in parallel. Promoter holding has declined by 22.4 percent over the last three years, and 32 percent of the promoter’s remaining stake is currently pledged. While neither figure impinges on the contract’s commercial merits, they are signals that investors in a fast-scaling SME typically monitor alongside revenue momentum.

Business Overview

Felix Industries Limited is an NSE SME-listed environmental engineering company incorporated in 2012, operating across water and wastewater treatment, solid waste management, hydrocarbon recycling, and green hydrogen. Listed under the symbol FELIX, the company executes projects on EPC, BOOT, O&M, and PPP models. 

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