Refex Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Coal & Ash Handling Business: 88.4% • Windpower: 10.4% • Service Income: 0.7%
AI Sector View
AI GENERATEDUtilities
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| WABAG | 2276.90 | 36.03 | 14228.71 | 0.22 | 90.10 | 36.93 | 886.80 | 20.82 | 21.22 | 9.59 |
| IONEXCHANG | 445.70 | 66.65 | 6536.93 | 0.28 | 3.06 | -93.68 | 700.46 | 20.11 | 13.46 | 4.59 |
| REFEX | 273.05 | 15.23 | 3747.03 | 0.55 | 64.55 | 216.87 | 916.30 | 139.09 | 24.06 | 11.67 |
| AWHCL | 365.85 | 17.77 | 1038.36 | 0.14 | 0.75 | -96.74 | 260.99 | 5.52 | 13.11 | 14.25 |
| ECORECO | 441.45 | 36.02 | 865.10 | 0.23 | 9.17 | 13.35 | 16.19 | 75.22 | 32.61 | 56.27 |
| CEWATER | 284.45 | 114.07 | 588.70 | 0.00 | -17.57 | -526.54 | 85.35 | -16.65 | 6.86 | -18.72 |
| RACE | 97.28 | 22.32 | 167.88 | 0.00 | 1.03 | 150.00 | 191.06 | 21.91 | 10.23 | 1.99 |
| BANKA | 81.78 | 251.29 | 89.71 | 0.00 | -0.04 | -295.00 | 10.55 | -5.29 | -8.20 | 17.27 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 382 | 352 | 306 | 342 | 591 | 428 | 686 | 594 | 383 | 427 | 576 | 934 | 916 | |
| 346 | 318 | 272 | 301 | 543 | 385 | 633 | 534 | 345 | 356 | 486 | 775 | 828 | |
| Operating Profit | 36 | 34 | 34 | 41 | 48 | 43 | 53 | 60 | 38 | 70 | 90 | 160 | 88 |
| 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% |
| 2 | 5 | 3 | 8 | 2 | 7 | 25 | 16 | 11 | 5 | 6 | 4 | 12 | |
| Interest | 6 | 6 | 8 | 8 | 6 | 4 | 5 | 5 | 10 | 7 | 9 | 10 | 13 |
| Depreciation | 3 | 3 | 4 | 4 | 6 | 2 | 3 | 3 | 14 | 5 | 5 | 5 | 6 |
| Profit before Tax | 29 | 30 | 25 | 37 | 39 | 44 | 70 | 68 | 24 | 64 | 81 | 148 | 101 |
| 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 Profit | 0 | 0 | 0 | 0 | 29 | 31 | 50 | 48 | 20 | 36 | 53 | 94 | 65 |
| 1.92 | 1.94 | 1.53 | 3.02 | 2.54 | 2.76 | 4.65 | 4.73 | 1.59 | 3.50 | 4.57 | 7.46 | 4.65 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 78 | 38 | 77 | 461 | 661 | 633 | 1,629 | 1,383 | 2,259 | 2,277 | 2,853 | |
| 75 | 36 | 75 | 433 | 609 | 565 | 1,455 | 1,237 | 2,053 | 1,915 | 2,445 | |
| Operating Profit | 3 | 2 | 2 | 28 | 51 | 68 | 175 | 146 | 206 | 362 | 408 |
| OPM % | 3.38% | 5.79% | 2.25% | 6.13% | 7.77% | 10.70% | 10.72% | 10.56% | 9.12% | 15.89% | 14.30% |
| 0 | 2 | 2 | 2 | -1 | 4 | 8 | 18 | 50 | 25 | 27 | |
| Interest | 1 | 3 | 1 | 0 | 1 | 9 | 19 | 29 | 18 | 37 | 39 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 5 | 7 | 14 | 10 | 20 | 21 |
| Profit before Tax | 0 | 1 | 2 | 29 | 48 | 58 | 156 | 121 | 228 | 330 | 394 |
| Tax % | -1612.22% | 13.33% | 45.91% | -9.58% | 31.02% | 29.24% | 25.79% | 23.37% | 21.34% | 26.65% | 27.09% |
| Net Profit | 5 | 0 | 1 | 32 | 33 | 41 | 116 | 93 | 180 | 242 | 287 |
| EPS | 3.43 | 0.29 | 0.61 | 20.44 | 21.41 | 19.49 | 10.77 | 8.04 | 12.26 | 14.85 | — |
| 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
| 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 | 21 | 22 | 23 | 26 | 27 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | -1 | 4 |
| -6 | -5 | -4 | 27 | 60 | 119 | 292 | 442 | 1,032 | 1,345 | |
| 37 | 36 | 41 | 0 | 8 | 63 | 131 | 186 | 213 | 203 | |
| Trade Payables | 63 | 8 | 41 | 101 | 41 | 100 | 193 | 54 | 172 | 464 |
| 8 | 5 | 4 | 12 | 24 | 41 | 113 | 88 | 344 | 799 | |
| Total Liabilities | 117 | 59 | 97 | 156 | 149 | 345 | 750 | 793 | 1,786 | 2,843 |
| 15 | 15 | 14 | 15 | 22 | 87 | 147 | 204 | 345 | 212 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 9 | 8 | 10 |
| 0 | 0 | 0 | 0 | 0 | 74 | 74 | 74 | 31 | 0 | |
| 1 | 1 | 5 | 8 | 3 | 5 | 11 | 7 | 7 | 76 | |
| 0 | 0 | 0 | 0 | 72 | 93 | 0 | 306 | 677 | 886 | |
| Cash & Bank | 0 | 1 | 1 | 4 | 21 | 17 | 10 | 48 | 352 | 393 |
| 101 | 43 | 77 | 129 | 31 | 68 | 506 | 146 | 365 | 1,265 | |
| Total Assets | 117 | 59 | 97 | 156 | 149 | 345 | 750 | 793 | 1,786 | 2,843 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -25 | 4 | -4 | 51 | 12 | 123 | 44 | 3 | -249 | 107 | |
| Cash from Investing | -2 | -0 | -1 | 0 | 5 | -122 | -78 | -42 | -105 | -268 |
| Cash from Financing | 26 | -3 | 4 | -41 | 1 | -5 | 60 | 62 | 602 | 65 |
| -0 | 1 | -1 | 3 | 17 | -4 | 10 | 23 | 248 | -95 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-24 - Refex Industries Limited bags contract for loading, transportation and excavation of Fly ash
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 - 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 - Allotment of 9,100 Equity shares of ₹2/- each pursuant to Exercise of ESOPs under Refex Employee Stock Option Scheme 2021
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 - Refex Industries Limited bags order for Rate contract for Transportation of Ash
2026-08-18 - Refex Industries Limited bags order for Rate Contract for Ash Transportation to Road Construction Sites.
2026-08-14 - Refex Industries Limited bags order for Rate Contract for Ash Transportation to Road Construction Sites.
2026-08-10 - Refex Industries Limited has informed the Exchange about Credit Rating
News
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