Refex Industries Ltd
REFEX NSE
Refex Industries Ltd
EnergyNSE: REFEX BSE: 532884 Trading Coal
Key Fundamentals
MicrocapTrading CoalEnergyMarket Cap
₹4,117 Cr
Volatility
Moderate
P/E Ratio
16.28
EBITDA
₹383 Cr
Return on Equity
16.07%
Debt to Equity
0.15
Book Value
₹99.39
52W High
₹422
52W Low
₹188
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Refex Industries Ltd insights
57 extracted metrics + investor summaries across FY15–FY26.
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 claude-opus-4.6 11d agoAI 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 claude-opus-4.6 11d 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 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Documents
2
Shareholder Meeting / Postal Ballot-Scrutinizer"s Report
4 May - Members approved Section 186 investments and material related-party transaction with Venwind Refex Power on April 30, 2026. 4 May - Members approved Section 186 investments and material related-party transaction with Venwind Refex Power on April 30, 2026.
3
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
2 May - Disclosure under Regulation 30 of SEBI (LODR) Regulations 2015 - Allotment of 20057 equity shares of Rs.2 each in lieu of exercise of 20057 Employee … 2 May - Disclosure under Regulation 30 of SEBI (LODR) Regulations 2015 - Allotment of 20057 equity shares of Rs.2 each in lieu of exercise of 20057 Employee …
4
Intimation Of Lapse & Forfeiture Of Convertible Warrants Issued Under SEBI (Issue Of Capital And Disclosure Requirements) Regulations, 2018
7 May - 1.117 crore warrants lapsed on May 6, 2026; ₹130.69 crore upfront consideration forfeited. 7 May - 1.117 crore warrants lapsed on May 6, 2026; ₹130.69 crore upfront consideration forfeited.
5
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations 2015
28 Apr - Madras High Court quashed ₹3,567.22 lakh income tax demand for AY 2016–17. 28 Apr - Madras High Court quashed ₹3,567.22 lakh income tax demand for AY 2016–17.
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 ₹4116.58 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 16.28. 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 ₹422. 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