Felix Industries is an environmental engineering company built on a single, recurring idea: waste is not something to discard but a resource to recover. Founded in 2010 in Ahmedabad and listed in 2017, it has grown from a membrane-technology specialist into a diversified platform that designs, builds, and often operates the plants that turn industrial wastewater, used oil, hazardous solids, and electronic scrap back into clean water, reusable fuel, and saleable metals. Everything the company does flows from its “Zero Waste Philosophy” - recycle, reuse, recover, reduce - which means it earns revenue not just from constructing treatment facilities but from running them for a decade or more, collecting a steady fee for every litre cleaned or tonne processed. # Business segments Four engines built around a single philosophy - water treatment as the flagship, hydrocarbon and solid-waste recycling as the international growth platforms, and an early-stage metal-recovery unit - all sharing the same project-to-annuity playbook. ## 1. Water and wastewater treatment: the flagship that pays the bills **It designs and builds treatment plants for factories and cities, then stays on to operate them under decade-long contracts - turning one-off construction projects into recurring income streams.** - **End-to-end, from intake to zero discharge** - the division treats the entire water cycle: fresh-water purification for drinking and industrial use, effluent and sewage treatment, and Zero Liquid Discharge (ZLD) systems that recover every last drop so nothing leaves the plant as waste. It draws on a library of more than 450 proprietary technologies, from simple filtration to advanced membrane desalination and thermal processes. - **Built, then operated for a decade** - the company typically wins a client through an EPC (Engineering, Procurement, Construction) contract to build a plant, and then converts that relationship into a long-term O&M (Operation & Maintenance) or BOOT (Build-Own-Operate-Transfer) contract that pays an annuity for 5 to 10 years. A recent example is a 10-year, ₹140 crore BOOT contract for a 1.5 million-litre-per-day ZLD system, water treatment plant, and sewage treatment plant in Gujarat. - **Regulation is the demand engine** - India’s Liquid Waste Rules 2024 now require bulk industrial users to reuse 20% of treated wastewater by FY28 and 50% by FY31, while the Central Pollution Control Board has made ZLD mandatory for textiles, distilleries, power, chemicals, pharmaceuticals, and food & beverage. That turns compliance into a pipeline of orders across more than 15 industries, from pharma to steel to FMCG. - **Two branded products for niche demand** - RoSoft is an in-house water reclamation plant that removes hardness and silica to deliver potable water, and Aiwasun uses air-source heat-pump technology for energy-efficient water heating and cooling in commercial buildings and pools. ## 2. Hydrocarbon and waste-oil recycling: turning used oil into a Middle Eastern growth story **It collects spent industrial oil, distills and re-refines it back into lubricants and fuels, and charges a processing fee - with its main plant in Oman already running on government and refinery contracts.** - **A 100-tonne-per-day oil loop** - the Oman facility, operated through subsidiary Felix Industries LLC, runs a full chain of dehydration, distillation, sludge removal, and sludge pyrolysis to convert used oil into reusable products. The installed waste-oil restoration capacity is 40 tonnes per day, with a target of 100 tonnes per day. - **Paid per tonne, under long-term deals** - revenue comes from per-unit processing fees and multi-year contracts, and in Oman the company has already booked work from the government and large refineries. That gives the division a base of predictable, contract-backed cash flows rather than spot-market exposure. - **Organising an informal market** - India’s used-oil recycling ecosystem is highly fragmented and largely informal, which creates an opening for a technology-driven, compliant operator to consolidate volumes. The global waste-oil recycling market is growing at roughly 9.4% a year, so the opportunity extends well beyond India. ## 3. Solid and hazardous waste management: the other half of the Oman platform **It incinerates chemical waste, pyrolyses single-use plastics into fuel, and runs a municipal waste-collection contract - a multi-revenue operation housed on the same 18,000-square-metre Omani site as the oil plant.** - **Three revenue streams from one facility** - the division earns from waste-management services (collecting and treating industrial and municipal waste), from selling the recycled materials it produces, and from a dedicated 5-year contract with a semi-government body in Oman that guarantees minimum revenue of ₹40 crore. The plant can incinerate 100 tonnes per day of chemical waste in a rotary kiln and process 48 tonnes per day of single-use plastic via pyrolysis. - **Plastic-to-fuel, with a buy-and-fix approach** - the company enters plastic recycling by taking a stake in existing plants that are underperforming, then injecting technical support to streamline production. The process converts non-recyclable plastics into furnace oil, bio-oil, syngas, and carbon-rich char, creating a recurring income stream from municipal waste collection through to granule sales. - **An acid-recovery kicker** - the division also includes an acid-reclamation initiative that the company describes as a technology-driven growth opportunity with significant scalability, adding a further layer to the waste-to-value model. ## 4. Metal recycling and recovery: the early-stage bet on e-waste and industrial scrap **It extracts zinc sulphate and copper sulphate from hazardous waste streams, using a recently acquired ready-made plant and a new subsidiary that is already buying its way into production capacity.** - **A 4-tonne-per-day start** - the division operates a manufacturing unit in Mehsana, Gujarat, that can process about 4 tonnes per day of copper sulphate and zinc sulphate. The unit was acquired as a ready-made facility that had operational issues, which the company is now fixing rather than building from scratch. - **Bought, not just built** - the division sits inside Felix Prime Metal Private Limited (51% owned by Felix Industries), and in May 2026 that subsidiary signed a deal to acquire 100% of Tierra Fertilizer Private Limited, a company that already processes hazardous waste containing metal ions into ingots and metal compounds like sulphates and chlorides. That gives the division a second ready-to-operate facility and cuts the time and cost of setting up new operations. - **Fed by the group’s e-waste stream** - the company holds a 6,000-metric-tonne e-waste processing capacity, which provides a captive source of metal-bearing scrap to feed the recovery process. The India metal recycling market is growing at about 5.3% a year, providing a structural tailwind. # Group structure and partners **A parent company in Gujarat anchors a network of six subsidiaries and an associate, each with a distinct mandate - oilfield services for ONGC, branded water products for Indian buildings, salt-separation technology, a Middle Eastern waste-processing hub, a metal-recycling vehicle, and a common effluent plant under construction.** - **Rivita Solutions (51% stake)** - operates exclusively for ONGC, India’s largest oil PSU, running five active plants with a sixth being commissioned; it provides stable, sovereign-backed annuity revenue from turnkey water-infrastructure and oil-technology services. - **Felix WMC (55% stake)** - targets the domestic commercial and residential water market with the RoSoft and Aiwasun product lines, serving large buildings, luxury hotels, and hospitals from a 3,500-square-foot factory in Changodar, near Ahmedabad. - **Enovation Aquaprocess (85% stake)** - an R&D and manufacturing subsidiary incorporated in May 2024 that holds a proprietary process for separating mixed salts into multiple distinct salts, serving common effluent treatment plants and large industrial facilities. - **Felix Industries LLC, Oman (76.5% stake)** - the group’s international growth engine, operating an 18,000-square-metre facility that houses oil processing, plastic pyrolysis, chemical-waste incineration, and wastewater treatment; it commenced operations in January 2025 and is fully licensed across nine waste and environmental service categories. - **Felix Prime Metal (51% stake)** - the metal-recycling subsidiary incorporated in November 2025; in May 2026 it agreed to acquire 100% of Tierra Fertilizer, making it a step-down subsidiary that processes hazardous waste into metal ingots and compounds. - **Eco-Vision Aqua Care (18.75% associate)** - is building a 4-million-litre-per-day Common Effluent Treatment Plant with ZLD at Changodar, Ahmedabad, with land and Gujarat Pollution Control Board permission already secured and an estimated project cost of about ₹70 crore.