Filatex India Ltd(FILATEX)

NSE: FILATEXBSE: 526227

₹ 91.6-5.52%refreshed 23 Oct, 03:55 pm ISTMarket cap: ₹ 4,068 crWebsite: www.filatex.comUpdated: 24 Oct 2026

About

Filatex India Ltd is an Indian manufacturer of polyester filament yarn (PFY), producing FDY, POY, and DTY grades at its plant in Dahej, Gujarat. In FY26 the company generated revenue of ₹4,160 Cr with installed capacity of 4,17,240 TPA and ran at above 90% utilisation. Through its subsidiary Ecosis it is commissioning India's first textile-to-textile recycled polyester plant at Dahej, targeting 26,750 TPA of recycled chips and yarn.^[1][2][3]

Products

Filatex manufactures polyester filament yarn in three grades: fully drawn yarn (FDY), partially oriented yarn (POY), and draw-textured yarn (DTY), sold to weavers, knitters and downstream textile manufacturers.^[4][2]
Through subsidiary Ecosis, the company is adding a textile-to-textile (T2T) recycled polyester product - recycled chips and yarn - made from post-consumer textile waste, targeting brands facing EPR mandates.^[5][1]
Semi-dull FDY and bright FDY are the two main sub-grades; after the BIS/QCO withdrawal in November 2025, Chinese semi-dull FDY imports surged and semi-dull margins fell 6 - 7% while bright FDY margins fell 2 - 3% in Q3 FY26.^[2]

Operations and capacity

Installed PFY capacity stands at 4,17,240 TPA as of FY26, located at the Dahej manufacturing complex in Gujarat.^[2]
Capacity utilisation was above 90% for FY26 and 9M FY26; during the crude/RM price spike in Q1 FY27, management deliberately cut production and utilisation fell - output was 84,076 MT in Q1 FY27 vs 94,996 MT in Q1 FY26.^[1][4]
Production in FY26 was 3,89,027 MT, down 0.5% from 3,91,303 MT in FY25.^[1]
A ₹40 Cr post-winding automation project (FDY/POY doffing and packing) was underway as of Q2 FY26, targeting a reduction in workforce dependency of 160 - 180 people from a base of ~2,500.^[5]

Key operating numbers

Sales volume in Q1 FY27 was 89,872 MT (flat vs 89,841 MT in Q4 FY26), down from 97,263 MT in Q1 FY26; revenue rose 16.22% QoQ to ₹1,145 Cr driven by higher RM-linked realisations, not volume growth.^[4]
EBITDA margin was 8.33% in FY26 (up 227 bps from 6.06% in FY25), 8.75% in Q4 FY26, and 6.80% in Q1 FY27 (down 195 bps QoQ and 61 bps YoY).^[1][4]
ROCE was 14.90% and ROE was 12.96% in FY26, up from 10.62% ROE in FY25.^[1]
In March 2026, geopolitical disruptions drove petrochemical input costs up 40 - 45%, compressing per-kg profitability to near-zero for that month.^[1]
Indian PFY prices were ₹10 - 15/kg below Chinese landed prices as of Q4 FY26, reflecting weak domestic demand and inter-company competition.^[1]

Customers and distribution

Ecosis signed MoUs with Decathlon India (Indeca Sporting Goods Pvt. Ltd.) for trials of recycled polyester chips and yarn across Indian manufacturing partners, and with American & Efird Global LLC for industrial thread applications and global co-branding.^[2][1][4]
Decathlon and one undisclosed customer together represent ~15 - 20% committed offtake of the Ecosis plant's output as of Q1 FY27.^[4]
India's US textile/apparel tariff is 18% vs 34% for China (a 16 percentage-point structural advantage), and the India-EU FTA signed January 2026 is expected to reduce EU import duties from 5 - 12% to near-zero, improving export competitiveness.^[2][1]

Expansion and capex

PFY brownfield expansion: ₹235 Cr investment adding ~55,000 TPA of FDY/POY/DTY capacity at Dahej; 50% commissioning targeted by September 2026, balance 50% by October 2026; expected to add ~₹400 Cr to full-year topline at steady state.^[4]
Ecosis T2T recycling plant: 26,750 TPA capacity at Dahej; commissioning revised to end-October/early November 2026 (slipped from September 2026); 3 - 5 months stabilisation expected, with steady state by end-FY27.^[4]
Steam distribution project: ₹85 Cr investment; commercialisation delayed to September 2026 (from July - August 2026); 60% of capacity already tied up under offtake discussions as of Q1 FY27; incremental EBITDA ~₹60 Cr in a full year.^[5][4]
Torrent Power hybrid renewable energy initiative (20+ MW): delayed to October - November 2026; annual energy cost saving of ₹18 - 20 Cr once operational.^[2]
Total capex programme of ₹690 Cr across five projects - T2T recycling, PFY expansion, renewable energy, steam distribution, and automation - was at advanced construction/installation stage as of Q4 FY26.^[1]
Peak net debt by end-FY27 is guided at ₹150 - 200 Cr (revised down from ₹350 - 360 Cr guided a quarter earlier); gross debt expected ~₹350 - 370 Cr.^[4]
Long-term recycling scale-up plan: at least two additional plants of 1,50,000 MT each over the next 2 - 3 years - one in India, one outside India - at minimum 30% EBITDA margin.^[4]

Recent developments

Ecosis incorporated an entity in Spain (as of Q1 FY27) to participate in European circular-economy policy forums and EPR policymaking bodies, access to which requires a European legal presence.^[4]
The Ministry of Finance did not accept the DGTR recommendation for anti-dumping duty on MEG (announced in Q3 FY26), removing a significant cost overhang for the polyester value chain.^[2]
BIS/QCO on FDY was withdrawn in November 2025, triggering a surge of Chinese FDY imports and margin pressure, particularly in semi-dull FDY, from Q3 FY26 onwards.^[2]
GAIL's Bangalore PTA plant was almost ready for trial production by August - September 2026; IOC's Paradip PTA project expected commissioned by March 2027; combined 2.4 MT of new domestic PTA capacity expected to reduce import dependence.^[4]

Market Cap

₹4,068 Cr

High / Low

₹114 / 37

Stock P/E

21.3

Price / Book

2.7

Book Value

₹34

EPS

₹4.1

No. of Shares

44.41 Cr

ROCE

19.0%

ROE

12.9%

OPM

7.1%

Debt / Equity

0.09

Sales

₹4,161 Cr

Net Profit

₹183 Cr

Promoter holding

65.5%

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