Refex Industries Ltd logo

Refex Industries Ltd

REFEX NSE

Key Fundamentals

MicrocapTrading CoalEnergy
Market Cap
₹4,038 Cr
Volatility
Moderate
P/E Ratio
15.83
EBITDA
₹383 Cr
Return on Equity
16.07%
Debt to Equity
0.15
Book Value
₹99.39
52W High
₹415
52W Low
₹188

Insights

Beta

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

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57 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

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

Technical Indicators

Key Insights

Strengths

4
  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 42.7% CAGR over last 5 years
  • Company's median sales growth is 22.0% of last 10 years

Weaknesses

2
  • Promoters have pledged 43.5% of their holding.
  • Debtor days have increased from 111 to 142 days.

Growth Rate

Revenue Growth
-0.31% ↗
Net Income Growth
34.89% ↗
Cash Flow Change
143.11% ↗
ROE
8.43% ↗
ROCE
29.29% ↗
EBITDA Margin (Avg.)
49.86% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 24d ago
AI opinion · based on fundamentals
Risk high

Refex Industries Ltd operates in the energy sector with a market cap of ₹4,160 Cr, trading at a PE of 16.5x with strong historical profit growth of 43% CAGR over 5 years, but the stock has declined 31% over the past year and promoters have pledged 43.5% of their holdings.

Bull Case 8
  • Strong 5-year compounded profit growth of 43% CAGR, indicating consistent earnings expansion
  • TTM sales growth of 38% demonstrates accelerating revenue momentum compared to the 3-year CAGR of 12%
  • TTM profit growth of 56% significantly outpaces revenue growth, suggesting improving margins or operating leverage
  • PE ratio of 16.5x is moderate relative to the company's 5-year profit CAGR of 43%, implying a PEG well below 1
  • Company has reduced debt levels, improving balance sheet strength and financial flexibility
  • 3-year ROE of 19% and last year ROE of 18% indicate consistent and healthy return on shareholder equity
  • 10-year compounded sales growth of 40% and median sales growth of 22% reflect a long track record of revenue scaling
  • 5-year stock CAGR of 60% demonstrates significant long-term wealth creation despite recent correction
Bear Case 8
  • Promoters have pledged 43.5% of their holding, creating risk of forced selling or margin calls in a downturn
  • Stock has declined 31% over the past 1 year, reflecting significant negative sentiment or de-rating
  • Debtor days have increased from 111 to 142 days, indicating deteriorating working capital efficiency and potential collection issues
  • 52-week high and low data unavailable (reported as 0), limiting visibility on trading range and volatility assessment
  • Dividend yield of only 0.5% provides minimal income cushion for investors during periods of capital depreciation
  • 3-year sales CAGR of only 12% compared to 5-year CAGR of 29% suggests a period of revenue growth deceleration before the recent TTM pickup
  • Key financial metrics such as debt-to-equity ratio and EPS are unavailable, limiting comprehensive fundamental assessment
  • Price-to-book ratio of 3.01x means the stock trades at a meaningful premium to book value, leaving limited margin of safety

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 24d ago
Headwinds 1
  • Promoter pledges 2.55% stake Jul 7

    Refex Holding pledged 35 lakh shares (2.55% of total capital) to Axis Securities for margin trading funding, disclosed on July 6, 2026.

Positives 3
  • Q1FY27 profit surges 122% YoY Jul 30

    Standalone net profit rose 122% YoY to ₹73.39 crore for Q1FY27, driven by strong Ash & Coal Handling segment performance. Consolidated profit up 35% to ₹247.2 crore with wind turbine deliveries contributing.

  • ₹279 Cr new ash handling orders Jul 30

    Refex secured ₹279 crore in new ash handling orders during Q1FY27, reinforcing order book momentum on top of existing ₹341.73 crore disclosed backlog.

  • Promoter raises stake to 56.57% Jul 1

    Refex Holding acquired 10 lakh shares (0.73%) via open market between June 25-30, 2026, increasing promoter holding to 56.57% — signalling confidence.

Neutral 5
  • ₹22.75 Cr mobilisation order received Jul 30

    Received ₹22.75 crore LNTP (advance engineering cost) from a Maharatna CPSE for ash transportation; not a full contract award yet.

  • ₹20.94 Cr ash transport order Jul 7

    Won a 12-month, ₹20.94 crore ash transportation contract for PMGSY and government road projects from a Maharashtra-based entity.

  • Amalgamation scheme vote Aug 5 Jul 3

    Shareholder meeting scheduled for August 5, 2026 to approve composite amalgamation of Refex Green Mobility and Refex Mobility into the company.

  • BRSR filed for FY26 Jul 8

    Filed Business Responsibility and Sustainability Report disclosing ₹2,302 crore revenue and zero fatalities for FY 2025-26.

  • Q1 earnings call on Jul 30 Jul 24

    Announced Q1 earnings call for July 30 at 11:30 AM to update investors on quarterly performance.

TL;DR: Refex Industries delivered a strong Q1FY27 with 122% standalone profit growth and robust order inflows of ₹279 crore in ash handling. The promoter increasing stake is a positive signal, though the share pledge for margin funding warrants monitoring. With a growing backlog exceeding ₹341 crore and diversification into wind energy, the trend is clearly improving with no material operational headwinds visible.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
382
352
306
342
591
428
686
594
352
415
576
934
916
Expenses
346
318
272
301
543
385
633
534
315
344
486
775
809
Operating Profit
36
34
34
41
48
43
53
60
37
71
90
160
107
OPM %
10%
10%
11%
12%
8%
10%
8%
10%
10%
17%
16%
17%
12%
Other Income
2
5
3
8
2
5
16
3
2
-4
-3
-8
2
Interest
6
6
8
8
6
4
5
5
6
7
9
10
13
Depreciation
3
3
4
4
6
2
3
3
5
5
5
5
6
PBT
29
30
25
37
39
42
62
55
28
55
73
136
91
Tax %
27%
29%
33%
9%
25%
27%
19%
13%
26%
34%
28%
31%
29%
Net Profit
21
21
17
33
29
31
50
48
20
36
53
94
65
EPS in Rs
1.92
1.94
1.53
2.96
2.6
2.57
3.88
3.74
1.64
2.9
3.93
6.62
4.65
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
85
78
38
77
461
661
633
1,629
1,383
2,259
2,277
2,841
Expenses
79
75
36
75
433
609
565
1,454
1,237
2,053
1,915
2,414
Operating Profit
6
3
2
2
28
51
68
175
146
206
362
427
OPM %
7%
3.4%
6%
2.3%
6%
8%
11%
11%
11%
9%
16%
15%
Other Income
0
0
2
2
2
-1
4
8
18
29
-13
-12
Interest
0
1
3
1
0
1
9
19
29
18
37
39
Depreciation
2
1
1
1
1
1
5
7
14
10
20
21
PBT
3
0
1
2
29
48
58
156
121
207
292
355
Tax %
0%
-1613%
13%
46%
-10%
31%
29%
26%
23%
24%
30%
—
Net Profit
3
5
0
1
32
33
41
116
93
158
204
248
EPS in Rs
0.29
0.51
0.04
0.09
3.01
3.16
3.9
10.5
8.11
12.29
14.82
18.1
Div. Payout %
0%
0%
0%
0%
0%
0%
8%
4%
6%
4%
7%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
15
15
15
15
15
15
21
22
23
26
27
Reserves
-11
-6
-5
-4
27
60
119
292
442
1,187
1,477
Borrowings
9
37
35
41
0
9
74
149
215
286
225
Other Liabilities
56
71
15
45
115
53
128
288
118
300
1,113
Total Liabilities
70
118
60
97
159
138
341
752
798
1,799
2,843
Fixed Assets
16
15
15
14
15
22
87
147
204
345
212
CWIP
0
0
0
0
0
0
0
3
9
17
18
Investments
0
0
0
0
0
0
74
74
74
31
0
Other Assets
54
103
45
83
143
116
181
529
512
1,406
2,613
Total Assets
70
118
60
97
159
138
341
752
798
1,799
2,843
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-3
-25
4
-4
44
12
123
28
3
-248
107
Investing
4
-2
0
-1
0
5
-122
-78
-42
-105
-268
Financing
-2
26
-3
4
-41
1
-5
60
62
602
65
Net Cash Flow
-1
0
1
-1
3
17
-4
10
23
248
-95
Free Cash Flow
-4
-25
4
-5
42
12
118
-44
-43
-414
47
CFO/OP
-56
-930
190
-248
180
47
182
25
18
-90
35
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
215
376
87
173
69
40
54
55
81
109
142
Inventory Days
4
7
22
33
7
2
4
3
3
1
15
Days Payable
281
382
156
264
92
27
70
49
20
31
92
Cash Conversion Cycle
-63
1
-47
-57
-15
15
-12
8
63
79
65
Working Capital Days
-34
-40
255
159
9
20
14
41
69
102
144
ROCE %
—
6%
7%
6%
61%
85%
45%
—
26%
23%
23%

Shareholding Pattern

As of Jun 2026
Promoters 56.57%
Public 32.55%
Others 9.57%
FIIs 0.93%
DIIs 0.38%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Oct 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Jul 2024Sep 2024Nov 2024Dec 2024Mar 2025Jun 2025Sep 2025Oct 2025Dec 2025Mar 2026May 2026Jun 2026
Promoters
49.72%
49.72%
49.72%
49.72%
50.21%
50.21%
50.21%
52.70%
52.70%
52.70%
52.70%
53.33%
53.27%
55.28%
55.28%
57.13%
57.12%
53.49%
53.49%
53.37%
53.33%
53.33%
55.92%
55.80%
55.85%
55.85%
56.57%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.41%
0.20%
0.22%
0.20%
0.29%
1.53%
1.48%
1.76%
2.00%
1.86%
1.71%
1.60%
2.03%
1.37%
1.65%
0.93%
DIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.15%
0.10%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.11%
0.16%
0.15%
0.14%
0.16%
0.13%
0.14%
0.38%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
41.62%
42.01%
42.47%
41.67%
41.70%
42.17%
40.91%
39.01%
39.47%
39.33%
38.36%
38.07%
38.49%
36.32%
36.57%
34.98%
33.62%
34.76%
34.65%
34.36%
34.72%
35.04%
33.10%
32.84%
33.17%
32.78%
32.55%
Others
8.66%
8.26%
7.81%
8.61%
8.09%
7.62%
8.88%
8.29%
7.83%
7.97%
8.79%
8.10%
8.04%
8.19%
7.95%
7.59%
7.73%
10.27%
10.10%
10.15%
9.94%
9.77%
9.25%
9.17%
9.49%
9.59%
9.57%
No. of Shareholders
21,155
25,584
27,122
27,298
27,135
27,242
25,865
25,912
28,287
28,340
33,612
39,568
42,589
47,360
57,639
69,650
81,302
85,136
81,857
81,739
85,429
89,568
89,600
97,015
94,159
93,023
91,033

Documents

Frequently Asked Questions about Refex Industries Ltd

What does Refex Industries Ltd do?
Refex Industries Limited specializes in trading eco-friendly refrigerant gases and providing comprehensive solutions for responsible coal procurement and ash disposal.[1]
Where is Refex Industries Ltd (REFEX) listed?
Refex Industries Ltd is listed on the Indian stock exchanges. It is listed on NSE: REFEX and BSE: 532884. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Refex Industries Ltd belong to?
Refex Industries Ltd operates in the Energy sector within the Trading Coal industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Refex Industries Ltd?
Refex Industries Ltd has a market capitalisation of approximately ₹4038.37 Cr. Based on this, it is classified as a Small Cap stock.
What is the PE ratio of Refex Industries Ltd?
The Price-to-Earnings (PE) ratio of Refex Industries Ltd is 15.83. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Refex Industries Ltd?
Over the past 52 weeks, Refex Industries Ltd has traded between a low of ₹188 and a high of ₹415. This range helps investors understand the stock's price volatility and recent trading levels.
Does Refex Industries Ltd pay dividends?
Yes, Refex Industries Ltd has a dividend yield of 0.51%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Refex Industries Ltd?
Refex Industries Ltd has a Return on Equity (ROE) of 16.07%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Refex Industries Ltd on Tapetide?
On Tapetide, you can view Refex Industries Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Refex Industries Limited specializes in trading eco-friendly refrigerant gases and providing comprehensive solutions for responsible coal procurement and ash disposal.[1]

Website refex.co.in
CEO Mr. T. Anil Jain
Employees 295
Listed 2007-08-20
Face Value ₹ 2
Issued Size 13,71,29,532

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