Refex Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Coal & Ash Handlina Business: 97.0% • Refrigerant Gases: 1.7% • 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 43.3% CAGR over last 5 years
- Company has a healthy return on capital (ROCE) of 27.6%
- Company has a good return on equity (ROE) track record: 3 Years ROE 22.9%
- Latest quarter profit grew 121.5% YoY, showing strong momentum
- Company has delivered good sales growth of 26.4% CAGR over last 5 years
- Operating margins have improved to 17.3% from 11.2%
CONS
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.40x)
- Free cash flow has been persistently negative
- Total debt has risen sharply - up 64.1% year on year
- Equity base is being diluted - shares outstanding up 24.1%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| WABAG | 2131.35 | 33.73 | 13319.14 | 0.23 | 90.10 | 36.93 | 886.80 | 20.82 | 21.22 | 9.59 |
| IONEXCHANG | 438.55 | 65.58 | 6432.06 | 0.28 | 3.06 | -93.68 | 700.46 | 20.11 | 13.46 | 4.59 |
| REFEX | 273.15 | 15.24 | 3748.40 | 0.55 | 64.55 | 216.87 | 916.30 | 139.09 | 24.06 | 11.67 |
| AWHCL | 376.95 | 18.31 | 1069.86 | 0.13 | 0.75 | -96.74 | 260.99 | 5.52 | 13.11 | 14.25 |
| ECORECO | 445.35 | 36.33 | 872.74 | 0.00 | 9.17 | 13.35 | 16.19 | 75.22 | 34.24 | 56.27 |
| CEWATER | 280.20 | 112.36 | 579.91 | 0.00 | -17.57 | -526.54 | 85.35 | -16.65 | 6.86 | -18.72 |
| RACE | 97.00 | 22.25 | 167.39 | 0.00 | 1.03 | 150.00 | 191.06 | 21.91 | 10.23 | 1.99 |
| BANKA | 77.56 | 238.33 | 85.08 | 0.00 | -0.04 | -295.00 | 10.55 | -5.29 | -8.20 | 17.27 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 381 | 350 | 302 | 337 | 585 | 428 | 686 | 594 | 365 | 423 | 576 | 701 | 619 | |
| 345 | 315 | 268 | 294 | 533 | 385 | 633 | 533 | 325 | 349 | 481 | 560 | 529 | |
| Operating Profit | 37 | 35 | 34 | 44 | 52 | 43 | 53 | 62 | 40 | 74 | 95 | 141 | 90 |
| OPM % | 9.59% | 10.00% | 11.16% | 12.89% | 8.92% | 10.01% | 7.76% | 10.38% | 10.94% | 17.44% | 16.47% | 20.13% | 14.59% |
| 2 | 5 | 3 | 8 | 2 | 8 | 25 | 17 | 11 | 8 | 7 | 4 | 8 | |
| Interest | 6 | 6 | 7 | 7 | 4 | 4 | 5 | 5 | 6 | 6 | 8 | 10 | 11 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 4 | 4 | 4 | 4 | 4 |
| Profit before Tax | 30 | 32 | 27 | 43 | 48 | 45 | 71 | 70 | 42 | 71 | 90 | 131 | 98 |
| Tax % | 26.46% | 26.64% | 27.69% | 15.92% | 25.17% | 25.26% | 16.84% | 20.33% | 20.28% | 27.08% | 24.54% | 28.58% | 25.13% |
| Net Profit | 22 | 23 | 20 | 36 | 36 | 34 | 59 | 56 | 33 | 52 | 68 | 94 | 73 |
| 1.99 | 2.12 | 1.79 | 3.23 | 3.11 | 2.82 | 4.71 | 4.35 | 2.56 | 4.03 | 4.95 | 6.83 | 5.35 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 38 | 77 | 461 | 661 | 633 | 444 | 1,629 | 1,371 | 2,259 | 2,039 | 2,320 | |
| 36 | 75 | 433 | 609 | 565 | 383 | 1,455 | 1,222 | 2,052 | 1,687 | 1,919 | |
| Operating Profit | 2 | 2 | 28 | 51 | 68 | 61 | 175 | 149 | 208 | 352 | 400 |
| OPM % | 5.81% | 2.25% | 6.13% | 7.77% | 10.70% | 13.71% | 10.72% | 10.84% | 9.20% | 17.26% | 17.25% |
| 2 | 2 | 2 | -1 | 4 | 18 | 8 | 18 | 52 | 30 | 27 | |
| Interest | 3 | 1 | 0 | 1 | 9 | 13 | 19 | 26 | 18 | 32 | 35 |
| Depreciation | 1 | 1 | 1 | 1 | 5 | 6 | 7 | 9 | 10 | 15 | 16 |
| Profit before Tax | 1 | 2 | 29 | 48 | 58 | 61 | 156 | 132 | 233 | 335 | 391 |
| Tax % | 13.15% | 45.77% | -9.58% | 31.01% | 29.23% | 25.57% | 25.79% | 23.35% | 21.17% | 26.14% | 26.51% |
| Net Profit | 0 | 1 | 32 | 33 | 41 | 45 | 116 | 101 | 184 | 247 | 287 |
| EPS | 0.30 | 0.61 | 20.44 | 21.41 | 21.74 | 21.61 | 10.77 | 8.73 | 14.21 | 18.02 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 7.69% | 0.00% | 3.81% | 5.73% | 0.00% | 8.33% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 39%
- 5 Years:
- 26%
- 3 Years:
- 8%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 47%
- 5 Years:
- 43%
- 3 Years:
- 28%
STOCK PRICE CAGR
- 10 Years:
- 61%
- 5 Years:
- 53%
- 3 Years:
- 26%
- 1 Year:
- -24%
RETURN ON EQUITY
- 10 Years:
- 37%
- 5 Years:
- 29%
- 3 Years:
- 23%
- Last Year:
- 20%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 15 | 15 | 21 | 21 | 22 | 23 | 26 | 27 |
| -5 | -4 | 27 | 60 | 119 | 163 | 292 | 449 | 1,069 | 1,413 | |
| 36 | 41 | 0 | 8 | 63 | 80 | 130 | 149 | 120 | 200 | |
| Trade Payables | 8 | 41 | 101 | 41 | 100 | 77 | 193 | 52 | 167 | 334 |
| 5 | 4 | 12 | 24 | 41 | 44 | 130 | 86 | 297 | 448 | |
| Total Liabilities | 59 | 98 | 156 | 149 | 345 | 386 | 767 | 760 | 1,680 | 2,422 |
| 15 | 14 | 15 | 22 | 87 | 85 | 147 | 144 | 199 | 192 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 9 | 6 | 1 |
| 0 | 0 | 0 | 0 | 74 | 74 | 74 | 81 | 114 | 106 | |
| 1 | 5 | 8 | 3 | 5 | 7 | 11 | 7 | 7 | 10 | |
| 0 | 0 | 0 | 72 | 0 | 0 | 0 | 305 | 674 | 737 | |
| Cash & Bank | 1 | 1 | 4 | 21 | 17 | 0 | 10 | 48 | 311 | 241 |
| 43 | 77 | 129 | 31 | 161 | 219 | 522 | 166 | 370 | 1,134 | |
| Total Assets | 59 | 98 | 156 | 149 | 345 | 386 | 767 | 760 | 1,680 | 2,422 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 4 | -4 | 51 | 12 | 123 | -14 | 44 | 10 | -254 | 31 | |
| Cash from Investing | -0 | 1 | 0 | 5 | -122 | -5 | -78 | -30 | -82 | -216 |
| Cash from Financing | -3 | 4 | -41 | 1 | -5 | 2 | 60 | 43 | 568 | 102 |
| 1 | -0 | 3 | 17 | -4 | -17 | 10 | 23 | 231 | -83 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | 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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