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Refex Industries Ltd.

•
refex.co.inBSE: 532884NSE: REFEX
Market Cap₹ 3,748 Cr.
Current Price
High / Low₹ 415 / 188
Stock P/E13.1
Book Value₹ 110
Price to Book1.81
Dividend Yield0.55 %
ROCE23.8 %
ROE19.5 %
Face Value₹ 2

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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 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 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

UtilitiesBusiness ServicesEnvironmental Services
Part ofNIFTY MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.WABAG2131.3533.7313319.140.2390.1036.93886.8020.8221.229.59
2.IONEXCHANG438.5565.586432.060.283.06-93.68700.4620.1113.464.59
3.REFEX273.1515.243748.400.5564.55216.87916.30139.0924.0611.67
4.AWHCL376.9518.311069.860.130.75-96.74260.995.5213.1114.25
5.ECORECO445.3536.33872.740.009.1713.3516.1975.2234.2456.27
6.CEWATER280.20112.36579.910.00-17.57-526.5485.35-16.656.86-18.72
7.RACE97.0022.25167.390.001.03150.00191.0621.9110.231.99
8.BANKA77.56238.3385.080.00-0.04-295.0010.55-5.29-8.2017.27
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
381350302337585428686594365423576701619
345315268294533385633533325349481560529
Operating Profit373534445243536240749514190
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%
2538282517118748
Interest667744556681011
Depreciation2222223344444
Profit before Tax303227434845717042719013198
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 Profit22232036363459563352689473
1.992.121.793.233.112.824.714.352.564.034.956.835.35

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
38774616616334441,6291,3712,2592,0392,320
36754336095653831,4551,2222,0521,6871,919
Operating Profit2228516861175149208352400
OPM %5.81%2.25%6.13%7.77%10.70%13.71%10.72%10.84%9.20%17.26%17.25%
222-1418818523027
Interest31019131926183235
Depreciation11115679101516
Profit before Tax1229485861156132233335391
Tax %13.15%45.77%-9.58%31.01%29.23%25.57%25.79%23.35%21.17%26.14%26.51%
Net Profit0132334145116101184247287
EPS0.300.6120.4421.4121.7421.6110.778.7314.2118.02—
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

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 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital15151515212122232627
-5-427601191632924491,0691,413
3641086380130149120200
Trade Payables841101411007719352167334
541224414413086297448
Total Liabilities59981561493453867677601,6802,422
151415228785147144199192
Capital Work in Progress0000003961
000074747481114106
158357117710
00072000305674737
Cash & Bank114211701048311241
4377129311612195221663701,134
Total Assets59981561493453867677601,6802,422

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
4-45112123-144410-25431
Cash from Investing-0105-122-5-78-30-82-216
Cash from Financing-34-411-526043568102
1-0317-4-171023231-83

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 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

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