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Refex Renewables & Infrastructure

531260 BSE
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Refex Renewables & Infrastructure (REFEXRENEW) share price was ₹365.10 at the 26 Oct 2026 close; market capitalisation ₹164 Cr; sector Construction. The share price fell 48.0% over the year to 26 Oct 2026 (adjusted for splits and bonuses). In the Jun 2026 quarter, revenue rose 32.6% year on year to ₹22.20 Cr and net profit was −₹3.14 Cr, against −₹7.51 Cr a year earlier (compared with Jun 2025). Promoters held 74.87% of Refex Renewables & Infrastructure in Sep 2026, unchanged from Jun 2026. Its Tapetide Score is 51/100 (Average) as of 2 Sep 2026.

Close 26 Oct 2026 ₹365.10 −318.00 −46.55% 1Y

Key Fundamentals

MicrocapCivil ConstructionConstruction
Market Cap
₹164 Cr
EBITDA
₹32.80 Cr
Return on Equity
52.72%
Debt to Equity
0
Book Value
−₹466.81
EPS (TTM)
−₹85.29
52W High
₹704.95
52W Low
₹209.05

Price-based figures as of 26 Oct 2026, 15:30 IST · EPS basis: Consolidated · TTM

Peer Comparison

Industrials › Construction › Civil Construction

L&T
₹3,804.3029.305,23,432 Cr4.631.04%14.91%16.35%3,08,675 Cr20,895 Cr
Rail Vikas Nigam
₹184.4342.7938,454 Cr3.910.94%8.87%10.98%21,603 Cr897 Cr
Kalpataru Projects International
₹1,335.0020.0622,798 Cr2.930.84%13.33%20.51%27,612 Cr1,129 Cr
Cemindia Projects
₹1,237.5035.3321,259 Cr6.010.25%24.91%40.04%10,372 Cr602 Cr
IRB Infrastructure Developers
₹16.1920.4919,554 Cr0.910.32%4.06%5.97%7,862 Cr954 Cr
NBCC
₹69.2825.2818,706 Cr6.200.21%23.09%29.73%13,132 Cr766 Cr
Engineers India
₹264.7018.9614,877 Cr4.732.00%21.99%28.08%4,197 Cr784 Cr
Refex Renewables & Infrastructure (this company)
——164 Cr—0.00%52.72%3.09%80 Cr-39 Cr
Median 8 companies₹264.7025.2820,406 Cr4.630.58%18.45%18.43%11,752 Cr841 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

51 Average
Overall score

Data confidence 86/100

Category scores

Quality Average 53
Returns, margins, earnings quality 22% weight
Valuation Average 52
Cheap vs sector & own history 24% weight
Growth Average 48
Sales & profit trajectory 9% weight
Financial Health Poor 13
Solvency, leverage, coverage 9% weight
Momentum Strong 88
Trend strength, vol-adjusted 12% weight
Ownership Average 50
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Debtor days have improved from 29.0 to 21.7 days.

Weaknesses

4
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -1.76% over past five years.
  • Contingent liabilities of Rs.160 Cr.
  • Promoters have pledged 42.7% of their holding.

Technical Indicators

Oscillators

Bearish

Bearish
5
Neutral
1
Bullish
3

Overall

Bullish

Bearish
7
Neutral
1
Bullish
11

Moving Averages

Bullish

Bearish
2
Neutral
0
Bullish
8

Growth Rate

Revenue Growth
-1.89% higher than 3Y

change over 1 year

Net Income Growth
18.13% higher than 3Y

change over 1 year

Cash Flow Change
-41.36%

change over 1 year

EBITDA Margin Change
-11.09%

change over 1 year Operating margin 53.02% · Jun 2026

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
17.17
20.56
20.55
17.81
18.01
14
15.9
20.07
16.74
14.28
16.1
19.35
22.2
Expenses
9.02
10.61
12.46
11.11
9.19
9.05
8.33
9.76
8.05
11.07
9.92
10.73
10.43
Operating Profit
8.15
9.95
8.09
6.7
8.82
4.95
7.57
10.31
8.69
3.21
6.18
8.62
11.77
OPM %
47.47%
48.39%
39.37%
37.62%
48.97%
35.36%
47.61%
51.37%
51.91%
22.48%
38.39%
44.55%
53.02%
Other Income
12.28
0.8
2.41
2.53
0.34
0.38
1.27
4.91
1.89
0.86
2.41
0.99
3.49
Interest
10.66
10.77
10.66
9.5
10.3
10.39
10.85
11.64
11.36
11.54
12.83
12.32
11.59
Depreciation
3.77
4.56
4.68
4.63
4.43
4.52
4.51
4.59
4.65
4.94
4.98
4.99
4.95
PBT
6
-4.58
-4.84
-4.9
-5.57
-9.58
-6.52
-1.01
-5.43
-12.41
-9.22
-7.7
-1.28
Tax %
142.17%
128.82%
118.39%
121.22%
52.6%
32.46%
55.98%
397.03%
38.31%
15.39%
19.63%
31.04%
145.31%
Net Profit
-2.53
-10.48
-10.57
-10.84
-8.5
-12.69
-10.17
-5.02
-7.51
-14.32
-11.03
-10.09
-3.14
EPS (₹)
-2.47
-15.61
-19.02
-17.95
-19.13
-28.31
-22.38
-10.5
-16.83
-32.67
-23.59
-22.14
-6.89
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
0
71
63
72
53
76
75
67
65
72
Expenses
0
62
74
97
60
67
42
35
38
42
Operating Profit
0
9
-11
-25
-7
9
33
32
27
30
OPM %
—
13%
-18%
-35%
-13%
11%
44%
48%
41%
41%
Other Income
0
2
2
12
11
20
18
7
6
8
Interest
0
0
6
14
20
35
42
43
48
48
Depreciation
0
0
4
15
17
16
18
18
20
20
PBT
0
11
-19
-42
-32
-23
-8
-23
-35
-31
Tax %
-20%
31%
11%
-36%
14%
33%
313%
60%
24%
—
Net Profit
0
8
-22
-27
-37
-30
-34
-36
-43
-39
EPS (₹)
-0.16
17.19
-47.6
-61.6
-72.36
-52.07
-55.03
-80.77
-93.44
-85.29
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
4
4
4
4
4
4
4
4
4
Reserves
0
8
117
182
57
33
9
-50
-85
Borrowings
0
24
109
152
334
474
419
473
487
Other Liabilities
0
38
78
51
157
90
76
88
110
Total Liabilities
5
74
308
389
551
602
509
516
517
Fixed Assets
0
13
169
171
173
172
458
453
443
CWIP
0
0
19
33
231
288
0
0
2
Investments
0
0
0
0
0
0
0
0
11
Other Assets
5
61
120
185
147
142
51
63
60
Total Assets
5
74
308
389
551
602
509
516
517
Figures in ₹ Crores

Cash Flow

Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
—
-1
-14
-46
84
-55
120
27
16
Investing
—
2
5
-62
-159
-74
-14
-40
2
Financing
—
3
4
119
74
125
-107
18
-24
Net Cash Flow
—
5
-4
10
-1
-3
-1
5
-6
Free Cash Flow
—
-1
-33
-86
-149
-127
105
14
10
CFO/OP
—
-2
112
173
-1,258
-613
376
88
61
Figures in ₹ Crores

Ratios

Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
—
70
297
334
431
305
33
32
22
Inventory Days
—
—
74
88
114
193
42
—
155
Days Payable
—
—
291
316
3,802
438
664
—
699
Cash Conversion Cycle
—
70
80
106
-3,256
60
-589
32
-522
Working Capital Days
—
-39
133
255
-439
-50
-249
-261
-373
ROCE %
—
60%
-11%
-10%
-4%
3%
5%
5%
3%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Refex Renewables & Infrastructure insights

61 extracted metrics + investor summaries across FY10–FY27.

Shareholding Pattern

Promot.74.87%Others3.85%Public21.29%As ofSep 2026

Documents

Frequently Asked Questions about Refex Renewables & Infrastructure

What does Refex Renewables & Infrastructure Ltd do?
Incorporated in 1994, Refex Renewables & Infrastructure Ltd provides EPC services in respect of ground solar power plants, solar water pumps and home systems[1]
Where is Refex Renewables & Infrastructure Ltd (REFEXRENEW) listed?
Refex Renewables & Infrastructure Ltd trades under code 531260 on the BSE.
Which sector does Refex Renewables & Infrastructure Ltd belong to?
Refex Renewables & Infrastructure Ltd is classified under the Construction sector, in the Civil Construction industry.
What is the market capitalisation of Refex Renewables & Infrastructure Ltd?
Refex Renewables & Infrastructure Ltd has a market capitalisation of ₹164.22 Cr as of 26 Oct 2026, which places it in the Small Cap band.
What is the 52-week high and low of Refex Renewables & Infrastructure Ltd?
Over the last 52 weeks Refex Renewables & Infrastructure Ltd has traded between ₹209.05 and ₹704.95 as of 26 Oct 2026.
What is the Return on Equity (ROE) of Refex Renewables & Infrastructure Ltd?
Refex Renewables & Infrastructure Ltd reported a return on equity of 52.72%. Its debt-to-equity ratio is 0.00.

Company Information

Incorporated in 1994, Refex Renewables & Infrastructure Ltd provides EPC services in respect of ground solar power plants, solar water pumps and home systems[1]

Website refexrenewables.com
CEO Mr. Kalpesh Kumar
Employees 70
Face Value ₹ 10
Shares Outstanding 44,97,835

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