Felix Industries H1 review relies on management-certified results

Felix Industries Limited’s consolidated results for the half year ended September 30, 2026 included management-certified, unreviewed information from six subsidiaries and one associate; the six subsidiaries reported Rs 127.36 crore of assets. The limited-review auditor said nothing came to its attention indicating a material misstatement in the consolidated statement.

Which Felix Industries entities had unreviewed H1 results?

Felix Industries included six subsidiaries and one associate whose interim results had not been reviewed by their respective auditors for the half year ended September 30, 2026. The subsidiaries were Felix Industries LLC in Oman, Rivita Solutions Private Limited, Felix WMC Private Limited, Enovation Aquaprocess Private Limited, Felix Prime Metals Private Limited and Tierra Fertilizers Private Limited, which was included up to September 30, 2026.

Felix Industries also included the unaudited and unreviewed share of loss of Eco Vision Aqua Care Private Limited, together with its effect on the value of the investment in that associate. The group’s consolidated-results note, approved by the board on November 13, 2026, separately identifies the same six subsidiaries and associate as entities without auditor reviews.

The auditor described the six subsidiary results as management-certified financial results that had not been reviewed by the entities’ independent auditors. For the associate, the auditor said its conclusion on the share of loss was based solely on unaudited financial information certified and approved by the holding company’s management for the April 1, 2026 to September 30, 2026 period.

How large was the unreviewed subsidiary information in H1?

The six subsidiaries covered by the disclosure had total assets of Rs 127.36 crore at September 30, 2026. They reported revenue of Rs 13.92 crore for the quarter ended September 30, 2026 and Rs 22.21 crore for the half year ended on that date.

The auditor also disclosed that the subsidiaries’ share of total profit before tax was Rs 7.37 lakh for the September 2026 quarter. The filing’s text does not clearly state a combined half-year profit-before-tax figure for these entities or individual revenue and asset figures for each subsidiary, so those amounts cannot be reliably separated from the disclosure.

Felix Industries reported total consolidated assets of Rs 278.43 crore at September 30, 2026, compared with Rs 245.46 crore at March 31, 2026. The filing does not provide a complete audited-versus-unreviewed asset breakdown, but it does identify the Rs 127.36 crore asset figure for the six subsidiaries in the auditor’s other-matters disclosure.

What did the Felix Industries auditor conclude?

The auditor issued a limited review report dated November 13, 2026, not an audit opinion, on Felix Industries’ September 2026 consolidated results. It concluded that nothing had come to its attention that caused it to believe the statement failed to comply with applicable accounting standards, required disclosures or the requirements of Regulation 33 of the Securities and Exchange Board of India listing regulations.

The review was performed under Standard on Review Engagements 2410, or SRE 2410, of the Institute of Chartered Accountants of India. The report says this work primarily involves inquiries of company personnel and analytical procedures, provides moderate assurance, and is less extensive than an audit under the Standards on Auditing.

The report does not state that the auditor found an error in the six subsidiaries’ or associate’s figures. Instead, it says the conclusion for the quarter ended September 30, 2026 and the April-to-September 2026 results, insofar as they concern those entities, rests solely on financial information certified and approved by Felix Industries’ management.

How did Felix Industries’ reported H1 performance change?

Felix Industries reported consolidated total revenue of Rs 62.18 crore for the half year ended September 30, 2026, compared with Rs 39.35 crore in the corresponding half year ended September 30, 2025. Net profit for the period after minority interest rose to Rs 12.27 crore from Rs 8.48 crore.

For the quarter ended September 30, 2026, consolidated total revenue was Rs 33.21 crore, compared with Rs 28.97 crore in the June 2026 quarter and Rs 18.33 crore in the September 2025 quarter. Net profit after minority interest for the September 2026 quarter was Rs 6.59 crore, while profit before tax was Rs 10.84 crore.

The reported increase in H1 revenue and profit includes the unreviewed information identified in the auditor’s report. Felix Industries also recorded a Rs 7.70 lakh share of loss from associates in H1 2026, compared with a Rs 10.40 lakh share of loss in H1 2025, within its consolidated results.

How did India and Oman contribute to Felix Industries H1 revenue?

India generated customer revenue of Rs 38.83 crore for Felix Industries in H1 ended September 30, 2026, compared with Rs 30.12 crore a year earlier. Oman generated Rs 21.06 crore, compared with Rs 7.88 crore in H1 ended September 30, 2025.

Felix Industries identifies India and Oman as separate geographical reporting segments because the territories have different economic and political conditions, locations of assets and customers, exchange regulations, and risk-and-return characteristics. Felix Industries LLC, the Oman foreign subsidiary included in the unreviewed-entity list, is therefore relevant to the Rs 21.06 crore Oman revenue disclosed for H1 2026.

Non-current assets in India were Rs 56.03 crore at September 30, 2026, versus Rs 37.41 crore a year earlier, while Oman non-current assets were Rs 55.31 crore, versus Rs 55.73 crore. The filing does not allocate the six unreviewed subsidiaries’ Rs 127.36 crore of assets between the India and Oman segments.

Conclusion

Felix Industries’ H1 2026 consolidated revenue increased to Rs 62.18 crore and net profit after minority interest increased to Rs 12.27 crore, but the reported figures include management-certified interim information from six subsidiaries and an associate. The disclosed subsidiaries had Rs 127.36 crore of assets at September 30, 2026, while the auditor’s limited-review conclusion did not identify a material misstatement.

The next disclosure to watch is the treatment of Tierra Fertilizers Private Limited, which the filing says was included only up to September 30, 2026. Later consolidated results may also show whether the India and Oman revenue split, which was Rs 38.83 crore and Rs 21.06 crore respectively in H1 2026, changes alongside the group structure.