5nance5nance
5nance5nance
HomeScreens
LOGINGET FREE ACCOUNT

Refex Industries Ltd.

•
refex.co.inBSE: 532884NSE: REFEX
Market Cap₹ 3,747 Cr.
Current Price
High / Low₹ 415 / 188
Stock P/E15.2
Book Value₹ 105
Price to Book1.90
Dividend Yield0.55 %
ROCE24.1 %
ROE20.0 %
Face Value₹ 2

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Coal & Ash Handling Business: 88.4% • Windpower: 10.4% • Service Income: 0.7%

AI Sector View

AI GENERATED

Utilities

Buy

Utilities are backed by firm electricity demand and output. Power generation grew 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), and core electricity output rose 9.0% YoY (2026-07). Sector-specific FPI flows are mildly positive at INR 148 crore over 3 months to 2026-08-31, adding to the supportive fundamental case.

Confidence
73%
View full sector analysis →

PROS

  • Company has delivered good profit growth of 48.9% CAGR over last 5 years
  • Company has a healthy return on capital (ROCE) of 26.6%
  • Company has a good return on equity (ROE) track record: 3 Years ROE 22.5%
  • Latest quarter profit grew 216.9% YoY, showing strong momentum
  • Company has consistently been profitable over the last 5 years
  • Company has delivered good sales growth of 28.1% CAGR over last 5 years

CONS

  • Receivables are growing faster than sales - a possible quality concern
  • Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.27x)
  • Free cash flow has been persistently negative
  • Equity base is being diluted - shares outstanding up 24.1%
  • Inventory has been piling up - inventory days up from 1 to 7
  • Debtor days have increased from 79 to 125

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

UtilitiesBusiness ServicesEnvironmental Services
Part ofNIFTY MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.WABAG2276.9036.0314228.710.2290.1036.93886.8020.8221.229.59
2.IONEXCHANG445.7066.656536.930.283.06-93.68700.4620.1113.464.59
3.REFEX273.0515.233747.030.5564.55216.87916.30139.0924.0611.67
4.AWHCL365.8517.771038.360.140.75-96.74260.995.5213.1114.25
5.ECORECO441.4536.02865.100.239.1713.3516.1975.2232.6156.27
6.CEWATER284.45114.07588.700.00-17.57-526.5485.35-16.656.86-18.72
7.RACE97.2822.32167.880.001.03150.00191.0621.9110.231.99
8.BANKA81.78251.2989.710.00-0.04-295.0010.55-5.29-8.2017.27
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
382352306342591428686594383427576934916
346318272301543385633534345356486775828
Operating Profit363434414843536038709016088
OPM %9.52%9.70%11.21%12.05%8.19%10.01%7.75%10.12%9.87%16.51%15.58%17.08%9.63%
25382725161156412
Interest6688645510791013
Depreciation33446233145556
Profit before Tax2930253739447068246481148101
Tax %27.18%29.36%32.95%8.78%24.87%25.66%17.02%10.68%15.89%29.13%24.63%28.38%25.88%
Net Profit0000293150482036539465
1.921.941.533.022.542.764.654.731.593.504.577.464.65

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026TTM
7838774616616331,6291,3832,2592,2772,853
7536754336095651,4551,2372,0531,9152,445
Operating Profit322285168175146206362408
OPM %3.38%5.79%2.25%6.13%7.77%10.70%10.72%10.56%9.12%15.89%14.30%
0222-14818502527
Interest1310191929183739
Depreciation111115714102021
Profit before Tax012294858156121228330394
Tax %-1612.22%13.33%45.91%-9.58%31.02%29.24%25.79%23.37%21.34%26.65%27.09%
Net Profit50132334111693180242287
EPS3.430.290.6120.4421.4119.4910.778.0412.2614.85—
Dividend Payout %0.00%0.00%0.00%0.00%0.00%7.70%3.81%6.22%0.00%10.10%—

COMPOUNDED SALES GROWTH

10 Years:
39%
5 Years:
28%
3 Years:
12%

COMPOUNDED PROFIT GROWTH

10 Years:
52%
5 Years:
44%
3 Years:
21%

STOCK PRICE CAGR

10 Years:
61%
5 Years:
54%
3 Years:
28%
1 Year:
-23%

RETURN ON EQUITY

10 Years:
42%
5 Years:
31%
3 Years:
22%
Last Year:
20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Jul 24

₹ 0.50

Rs.1.0000 per share(50%)Final Dividend

2025

Aug 19

₹ 0.25

Rs.0.5000 per share(25%)Interim Dividend

2024

Feb 20

₹ 0.05

Rs.0.5000 per share(5%)Interim Dividend

2023

Sep 14

₹ 0.20

Rs.2.0000 per share(20%)Final Dividend

2021

Sep 16

₹ 0.05

Rs.0.5000 per share(5%)Final Dividend

2021

Jan 11

₹ 0.10

Rs.1.0000 per share(10%)Interim Dividend

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital15151515152122232627
Minority Interest0000000-1-14
-6-5-427601192924421,0321,345
3736410863131186213203
Trade Payables638411014110019354172464
85412244111388344799
Total Liabilities11759971561493457507931,7862,843
151514152287147204345212
Capital Work in Progress00000039810
00000747474310
115835117776
000072930306677886
Cash & Bank011421171048352393
101437712931685061463651,265
Total Assets11759971561493457507931,7862,843

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026
-254-45112123443-249107
Cash from Investing-2-0-105-122-78-42-105-268
Cash from Financing26-34-411-5606260265
-01-1317-41023248-95

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
55.2857.1253.4953.3753.3353.3355.8055.8556.57
0.201.531.762.001.861.712.031.370.93
0.000.000.000.110.160.150.160.130.38
Government0.000.000.000.000.000.000.000.000.00
44.5241.3544.7544.5144.6644.8142.0142.6542.13

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-24
Bagging/Receiving of orders/contracts

2026-08-24 - Refex Industries Limited bags contract for loading, transportation and excavation of Fly ash

2026-08-22
Appointment

2026-08-22 - Disclosure under Regulation 30 of SEBI(LODR) Regulations, 2015 - Appointment/Designation of Mr. Prasad Jakkaraju, Vice President (ESG) in the category of ''Senior Management Personnel'' (SMP).

2026-08-22
Appointment

2026-08-22 - Disclosure under Regulation 30 of SEBI(LODR) Regulations, 2015 - Appointment/Designation of Mr. Anil S Kulkarni, Chief Business Officer(RMC Division) in the category of ''Senior Management Personnel'' (SMP).

2026-08-21
ESOP/ESOS/ESPS

2026-08-21 - Allotment of 9,100 Equity shares of ₹2/- each pursuant to Exercise of ESOPs under Refex Employee Stock Option Scheme 2021

2026-08-18
Disclosure under SEBI Takeover Regulations

2026-08-18 - Refex Holding Private  Limited has submitted to  the Exchange a copy of Disclosure Pursuant to Regulation 31(1) of the SEBI (SAST) Regulations, 2011.

2026-08-18
Bagging/Receiving of orders/contracts

2026-08-18 - Refex Industries Limited bags order for Rate contract for Transportation of Ash

2026-08-18
Bagging/Receiving of orders/contracts

2026-08-18 - Refex Industries Limited bags order for Rate Contract for Ash Transportation to Road Construction Sites.

2026-08-14
Bagging/Receiving of orders/contracts

2026-08-14 - Refex Industries Limited bags order for Rate Contract for Ash Transportation to Road Construction Sites.

2026-08-10
Credit Rating

2026-08-10 - Refex Industries Limited has informed the Exchange about Credit Rating

News

Recent coverage and analyst commentary for REFEX

Loading news…

🤖

AI Stock Analyst

Refex Industries Ltd.

🔒

Sign in to Chat with AI

Log in with your 5nance account to ask institutional questions about performance, financials, and outlook.

✨ Sign In to Chat

Free 5nance Account

5nance5nance

Stock analysis and screening tool

5nanceAI © 2020-2026

Made with ❤️ in India.

Data provided by Accord Fintech

Terms & Privacy.

Product

PremiumWhat's new?Learn

Team

About usSupport

Theme

5nance5nance

Product

PremiumWhat's new?Learn

Team

About usSupport

Theme

5nanceAI © 2020-2026

Data provided by Accord Fintech

Made with ❤️ in India.

HomeScreens
Login