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Refex Industries Wins Legal Battle; Madras HC Quashes ₹35.67 Crore Income Tax Demand
Refex Industries Limited has received a favorable ruling from the Madras High Court regarding a tax dispute for Assessment Year 2016-17. The court has set aside an assessment order dated May 31, 2023, which had raised a significant tax demand of ₹3,567.22 lakh. The demand was nullified on procedural grounds, specifically the lack of a reasonable opportunity for the company to be heard and improper notice approvals. This ruling effectively removes a major contingent liability from the company's books, strengthening its financial outlook.
Key Highlights
Madras High Court quashed an Income Tax demand totaling ₹3,567.22 lakh for AY 2016-17.
The court set aside the previous assessment order dated May 31, 2023, issued by the DCIT Chennai.
The ruling was based on violations of Section 144A of the Income Tax Act regarding fair hearing opportunities.
The entire tax demand of approximately ₹35.67 crore now stands nullified as of April 28, 2026.
💼 Action for Investors
Investors should view this as a positive development that eliminates a significant financial and legal overhang. The removal of this ₹35.67 crore liability improves the company's risk profile and balance sheet clarity.
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Refex Industries Subscribes to VRPL Rights Issue; Stake Dilutes to 73.28%
Refex Industries has participated in a rights issue for its subsidiary, Venwind Refex Power Limited (VRPL), to support its expansion in the wind energy sector. The company acquired 1,712 shares at a significant premium of ₹17,513 per share, totaling a rights issue size of approximately ₹3 crore. Despite the investment, Refex's total shareholding in VRPL decreased from 77.77% to 73.28% due to the conversion of Optional Convertible Debentures (OCDs) by other parties. VRPL is a newly incorporated entity (December 2024) with no revenue as of FY25, indicating a long-term gestation period for this investment.
Key Highlights
Acquired 1,712 equity shares at a price of ₹17,523 per share (including ₹17,513 premium).
Total Rights Issue size of ₹2,99,99,376 aimed at augmenting VRPL's capital base for wind power projects.
Refex's stake in the subsidiary diluted from 77.77% to 73.28% following OCD conversions by third parties.
VRPL reported zero turnover for FY2024-25, reflecting its early-stage status in the energy industry.
💼 Action for Investors
Investors should treat this as a long-term capital allocation toward the renewable energy sector and monitor VRPL's project execution. The dilution indicates participation from other stakeholders, which helps share the funding burden for the new subsidiary.
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Refex Industries Bags INR 32.12 Crore Order for Pond Ash Transportation
Refex Industries Limited has secured a new domestic contract valued at approximately INR 32.12 crore, including GST. The order involves the transportation of pond ash to NHAI PWD Road construction sites from an entity based in Maharashtra. The contract is scheduled to be executed over a period of one year, with a provision for an extension of up to six months. This development strengthens the company's order book in its ash handling and logistics business segment.
Key Highlights
Total order value is approximately INR 32.12 crore inclusive of GST
Contract involves transportation of pond ash for NHAI PWD Road construction projects
Execution timeline is set for 1 year, extendable by an additional 6 months
The order was awarded by a domestic entity based in Maharashtra
The transaction does not involve any promoter interest or related party transactions
💼 Action for Investors
Investors should view this as a positive development for revenue visibility in the logistics segment. Monitor the company's ability to maintain margins on this contract during the execution phase over the next 12-18 months.
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Refex Industries Bags INR 32.45 Crore Order for Pond Ash Transportation from Maharatna PSU
Refex Industries Limited (RIL) has secured a significant domestic contract valued at approximately INR 32.45 crore, including GST. The order, awarded by a Maharatna Public Sector Undertaking (PSU), involves the transportation of pond ash to NHAI PWD Road Construction Sites. The contract is scheduled for execution over a period of one year, with a provision for a six-month extension. This development highlights the company's continued focus on environmental logistics and ash management services.
Key Highlights
Total contract value is approximately INR 32.45 crore inclusive of GST
Order awarded by a domestic Maharatna Public Sector Undertaking (PSU)
Execution timeline set for 1 year, extendable by an additional 6 months
Scope involves transportation of pond ash to NHAI PWD Road Construction Sites
The transaction does not involve any related party interests or promoter group influence
💼 Action for Investors
Investors should view this as a positive development for the company's logistics segment and monitor the impact on quarterly revenue over the next year. The ability to secure orders from Maharatna PSUs reflects well on the company's operational credibility.
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Refex Industries Increases Stake in Subsidiary VRPL to 77.77% via Loan Conversion
Refex Industries has increased its equity stake in its subsidiary, Venwind Refex Power Limited (VRPL), from 77.39% to 77.77%. This was achieved by converting an outstanding loan of ₹4.85 crore into 2,768 equity shares at a premium price of ₹17,523 per share. Additionally, the subsidiary redeemed Optional Convertible Debentures (OCDs) worth ₹3 crore held by Refex. The transaction aims to strengthen the subsidiary's capital structure and improve its debt-equity ratio for future expansion in the wind power sector.
Key Highlights
Equity stake in Venwind Refex Power Limited increased by 0.38% to reach 77.77%
Conversion of ₹4.85 crore outstanding loan into 2,768 equity shares at ₹17,523 per share
Redemption of ₹3 crore worth of Optional Convertible Debentures (OCDs) by the subsidiary
VRPL is a new entity (incorporated Dec 2024) with zero turnover in FY25, focusing on wind power
Transaction involves no fresh cash outflow as it is a conversion of existing debt into equity
💼 Action for Investors
Investors should view this as a routine balance sheet optimization for a subsidiary. Monitor VRPL's operational progress in the wind energy sector, as it is currently in a pre-revenue stage.
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Refex Industries Increases Stake in Subsidiary VRPL to 77.39% via ₹43 Cr OCD Conversion
Refex Industries has increased its shareholding in its subsidiary, Venwind Refex Power Limited (VRPL), from 73.28% to 77.39%. This 4.11% stake increase resulted from the conversion of Class B Optional Convertible Debentures (OCDs) worth ₹43 crore into 24,866 equity shares. The conversion was executed at a fair valuation premium of ₹17,283 per share. VRPL is a recently incorporated entity (December 2024) focused on the wind power sector and currently reports nil turnover as it scales operations.
Key Highlights
Stake in subsidiary Venwind Refex Power Limited increased by 4.11% to a total of 77.39%
Converted Class B OCDs worth ₹43 crore plus accrued interest into equity shares
Allotted 24,866 equity shares at a significant premium of ₹17,283 per share
Move strengthens VRPL's capital structure and optimizes its debt-equity ratio for future growth
VRPL is focused on wind power and energy, aligning with Refex's expansion in green energy
💼 Action for Investors
Investors should view this as a positive consolidation of the company's renewable energy interests, though immediate earnings impact is limited as the subsidiary is in its early stages. Monitor VRPL's project execution and future revenue generation in the wind power segment.
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Refex Industries Seeks Approval for ₹3,300 Cr Investment Limit and ₹2,010 Cr RPT
Refex Industries has issued a postal ballot notice to seek shareholder approval for significant financial authorizations. The company is proposing to increase its limit for making investments, giving loans, and providing guarantees up to ₹3,300 Crore. Additionally, it seeks approval for material related party transactions with its subsidiary, Venwind Refex Power Limited, for an aggregate value not exceeding ₹2,010 Crore during FY27. These resolutions indicate a major planned expansion or capital deployment strategy for the upcoming fiscal year.
Key Highlights
Proposed increase in investment, loan, and guarantee limits under Section 186 to a total of ₹3,300 Crore.
Seeking approval for Material Related Party Transactions with subsidiary Venwind Refex Power Limited up to ₹2,010 Crore for FY27.
The ₹3,300 Crore limit is significantly above the standard statutory limits of 60% of paid-up capital and reserves.
Remote e-voting for shareholders is scheduled to take place from April 1, 2026, to April 30, 2026.
The company has appointed a scrutinizer to ensure a transparent voting process for these special and ordinary resolutions.
💼 Action for Investors
Investors should closely monitor the specific projects or acquisitions intended for the ₹3,300 Crore capital limit and evaluate the terms of the ₹2,010 Crore transaction with the subsidiary. The scale of these approvals suggests a significant shift in the company's operational size, requiring careful assessment of execution risk.
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Refex Industries Files NCLT Application for Composite Scheme of Amalgamation and Arrangement
Refex Industries Limited has moved forward with its corporate restructuring by filing a Company Application before the NCLT, Chennai Bench on March 26, 2026. The proposed Composite Scheme involves the amalgamation of Refex Green Mobility Limited into Refex Industries and a subsequent arrangement with Refex Mobility Limited. This move follows previous board intimations from September 2025 and March 2026. The restructuring aims to streamline the company's mobility and industrial business segments under a unified legal framework.
Key Highlights
Filed Company Application with NCLT Chennai Bench on March 26, 2026, for a Composite Scheme of Amalgamation and Arrangement.
Involves three key entities: Refex Green Mobility Limited, Refex Industries Limited, and Refex Mobility Limited.
The scheme is being executed under Sections 230 to 232 of the Companies Act, 2013.
Follows a series of strategic disclosures initiated on September 22, 2025, and updated on March 17, 2026.
💼 Action for Investors
Investors should monitor the NCLT's approval process and the eventual disclosure of share swap ratios or demerger terms. This restructuring could potentially unlock value by separating the green mobility business from core operations.
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Refex Industries Receives NSE and BSE No-Objection for Composite Scheme of Arrangement
Refex Industries Limited has received 'No Adverse Observation' letters from both BSE and NSE regarding its proposed Composite Scheme of Amalgamation and Arrangement. The scheme involves the merger of Refex Green Mobility Limited into Refex Industries and the creation of a resulting entity, Refex Mobility Limited. This regulatory clearance is a critical step, allowing the company to now approach the National Company Law Tribunal (NCLT) for final approval. The observation letters are valid for six months from March 16, 2026, within which the NCLT petition must be filed.
Key Highlights
Received 'No Objection' letters from BSE and NSE on March 16, 2026, for the proposed restructuring.
Scheme involves three entities: Refex Green Mobility (Transferor), Refex Industries (Transferee), and Refex Mobility (Resulting).
The company is mandated to file the scheme with the NCLT within 6 months to maintain the validity of the exchange observations.
Refex Mobility Limited's future listing is subject to SEBI relaxation under Rule 19(2)(b) and exchange discretion.
Required to disclose detailed pre and post-scheme financials, including assets, liabilities, and revenue impact to shareholders.
💼 Action for Investors
Investors should track the upcoming NCLT filing and the specific valuation/share exchange ratios that will be detailed in the shareholder notice. This restructuring likely aims to unlock value by segregating the mobility business into a separate listed entity.
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SAT Grants Stay on SEBI Penalty Against Refex Industries MD Anil Jain
The Securities Appellate Tribunal (SAT) has granted a stay on the recovery of a penalty imposed by SEBI on Mr. Anil Jain, the Promoter, Chairman, and Managing Director of Refex Industries. The penalty was originally levied on December 12, 2025, regarding alleged insider trading activities. As a condition for the stay, Mr. Jain is required to deposit 50% of the penalty amount within four weeks. The company has clarified that this legal development has no direct financial or operational impact on the listed entity itself.
Key Highlights
SAT order dated February 13, 2026, stays the recovery of SEBI's penalty against MD Anil Jain
Stay is conditional upon depositing 50% of the penalty amount within a 4-week window
The underlying matter involves alleged insider trading activities in the scrip of Refex Industries
Company confirms zero financial, operational, or monetary impact on Refex Industries Limited
💼 Action for Investors
Investors should monitor the final verdict from the SAT regarding the promoter's legal case. While the company's operations are unaffected, the final resolution of insider trading allegations against the Chairman is important for corporate governance assessment.
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Refex Industries Clarifies IT Search Rumours; RTI Confirms No Official Press Release Issued
Refex Industries Limited has provided a formal clarification regarding speculative media reports about Income Tax search operations conducted in December 2025. The company filed an RTI application which resulted in a confirmation from the Income Tax Department that no official press release or public statement was ever issued regarding the search outcome. This clarification is intended to debunk unverified media claims that suggested negative findings based on alleged official statements. The company maintains its stance as a law-abiding entity and continues to cooperate with the authorities.
Key Highlights
Income Tax Department confirmed via RTI that 'No' official press release was issued regarding the search outcome.
The search and seizure operations were conducted at Refex Group entities from December 9 to December 13, 2025.
The RTI order was passed on February 10, 2026, and received by the company on February 18, 2026.
The disclosure aims to address and nullify speculative news that circulated in electronic media following the searches.
💼 Action for Investors
Investors should view this as a positive step in reputation management, as it clarifies that previous negative media reports lacked official backing. Continue to monitor for any final assessment orders from the tax department which would be the next material milestone.
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Refex Industries Secures INR 49.22 Crore Order for Material Handling
Refex Industries Limited (RIL) has successfully bagged a domestic order valued at INR 49.22 Crore for material handling and transit operations. The contract was awarded by a Mini Ratna PSU, highlighting the company's capability to serve large government-owned entities. The execution period for this contract is three years, which provides steady revenue visibility for the company's industrial services segment. This transaction is conducted at arm's length with no promoter interest involved.
Key Highlights
Total order value is approximately INR 49.22 Crore
Contract execution period spans 3 years
Awarded by a domestic Mini Ratna Company for bulk commodity material handling
Strengthens the company's order book in the logistics and transit operations sector
💼 Action for Investors
Investors should view this as a positive development for revenue growth and monitor the company's ability to maintain margins during the 3-year execution phase.
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Refex Industries Q3 FY26 PAT Rises 29% QoQ to ₹67 Cr; Total Order Book Hits ₹3,360 Cr
Refex Industries reported a strong sequential recovery in Q3 FY2026, with revenue growing 38% QoQ to ₹583 crore and PAT increasing 29% to ₹67 crore. The company is strategically exiting low-margin power trading and refrigerant gas businesses to focus on high-margin ash handling and its new wind energy segment. The total order book is robust at ₹3,360 crore, comprising ₹1,860 crore in wind supply and ₹1,500 crore in ash/coal handling. Management expects the demerger of the mobility business to be completed by April 2026, providing enhanced financial flexibility.
Key Highlights
Revenue increased 38% QoQ to ₹583 crore, driven by normalization of ash and coal handling activities.
Profit After Tax (PAT) grew 29% sequentially to ₹67 crore despite exiting low-margin trading segments.
Combined order book stands at ₹3,360 crore, with the wind segment securing ₹1,860 crore in cumulative orders.
Strategic exit from power trading and refrigerant gas businesses to redeploy capital into core high-margin operations.
Refex Green Mobility demerger is progressing with an expected completion timeline of April 2026.
💼 Action for Investors
Investors should focus on the execution of the large wind energy order book and the margin improvements resulting from the exit of low-margin businesses. The upcoming demerger of the mobility business remains a key catalyst for value unlocking.
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Refex Industries Q3 FY26 Net Profit Rises 13% YoY to ₹66.91 Cr; EBITDA Margins Double YoY
Refex Industries reported a strong sequential recovery in Q3 FY26 with total income from continuing operations reaching ₹590.29 crore, a 38% increase over Q2 FY26. While revenue declined year-on-year from ₹733.48 crore, EBITDA grew significantly to ₹93.91 crore compared to ₹53.28 crore in Q3 FY25, with margins expanding from 7.52% to 16.10%. Net profit for the quarter stood at ₹66.91 crore, up from ₹59.04 crore in the same period last year. The company also announced a strategic exit from its Power Trading and Refrigerant Gas businesses to focus on core Ash and Coal handling operations.
Key Highlights
Total Income from continuing operations grew 38% QoQ to ₹590.29 crore.
EBITDA surged 76% YoY to ₹93.91 crore, with margins doubling to 16.10% from 7.52% YoY.
Net Profit increased to ₹66.91 crore in Q3 FY26 from ₹59.04 crore in Q3 FY25.
Strategic exit from Power Trading and Refrigerant Gas segments to focus on high-return Ash & Coal handling.
Earnings Per Share (EPS) improved to ₹4.95 for the quarter compared to ₹4.03 in the previous quarter.
💼 Action for Investors
Investors should monitor the execution of the new ash handling projects and the impact of the strategic exit from non-core segments on long-term capital efficiency. The significant margin expansion suggests improved operational health in the core business.
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Refex Industries Q3 FY26 Net Profit at ₹66.91 Cr; 9M EBITDA Grows 35.3% YoY
Refex Industries reported a robust performance for Q3 FY26, with standalone revenue reaching ₹590.29 crore and a net profit of ₹66.91 crore. The company's 9M FY26 EBITDA witnessed a significant growth of 35.3% year-on-year, climbing to ₹207.3 crore from ₹153.21 crore. The core Ash Handling segment continues to dominate with a strong order book of ₹1,500 crore and a daily handling capacity exceeding 70,000 MT. Furthermore, the Green Mobility division is scaling up with a fleet of over 1,600 electric vehicles, reinforcing the company's sustainability focus.
Key Highlights
Standalone Q3 FY26 Revenue reached ₹590.29 crore with an EBITDA of ₹93.91 crore.
9M FY26 EBITDA grew by 35.3% YoY to ₹207.3 crore, reflecting improved operational efficiency.
Ash Handling division maintains a robust order book of ₹1,500 crore across 40+ thermal power plants.
Green Mobility fleet expanded to 1,600+ vehicles, abating over 48.5 lakh KGs of CO2 to date.
Reported FY25 Return on Equity (ROE) of 15.15% and Return on Capital Employed (ROCE) of 14.64%.
💼 Action for Investors
Investors should focus on the company's ability to execute its ₹1,500 crore ash handling order book and the margin trajectory of the expanding Green Mobility segment. The strong 35% EBITDA growth indicates a healthy scaling of operations in the organized waste management sector.
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Refex Industries Q3 Net Profit Rises 13% to ₹66.9 Cr; Discontinues Refrigerant Gas Business
Refex Industries reported a 13.3% YoY increase in total net profit to ₹66.90 crore for Q3 FY26, despite a decline in revenue from continuing operations to ₹576 crore. The company has strategically decided to discontinue its Refrigerant Gas business segment, which recorded a loss of ₹1.1 crore this quarter, to focus on its core Ash & Coal handling business. This core segment remains the primary driver, contributing over 98% of the revenue from continuing operations. The restructuring aims to improve capital efficiency by exiting low-margin or loss-making non-core segments including Power Trading and Green Mobility.
Key Highlights
Total Net Profit increased to ₹6,690.64 lakhs in Q3 FY26 from ₹5,903.61 lakhs in Q3 FY25.
Revenue from continuing operations stood at ₹57,601.22 lakhs, compared to ₹68,604.17 lakhs in the same quarter last year.
Ash & Coal Handling segment remains the dominant business with a revenue of ₹56,630.50 lakhs.
Refrigerant Gas segment reported a loss of ₹110.84 lakhs on revenue of ₹720.40 lakhs before being discontinued.
The Board approved amendments to the Policy on Related Party Transactions alongside the restructuring.
💼 Action for Investors
Investors should favor the management's decision to exit loss-making non-core segments to focus on the high-performing Ash & Coal handling business. Monitor the scalability of the core segment as it now represents the vast majority of the company's value.
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Refex Industries Q3 Net Profit Rises 14.5% YoY to ₹67.77 Cr; Discontinues Refrigerant Gas Segment
Refex Industries reported a standalone net profit of ₹67.77 crore for Q3 FY26, marking a 14.5% increase from ₹59.16 crore in the corresponding quarter last year. Although revenue from continuing operations declined to ₹576.01 crore from ₹686.04 crore YoY, the company saw improved profitability in its core Ash & Coal Handling segment. Strategically, the board has approved the discontinuation of the Refrigerant Gas business to reallocate capital toward higher-growth segments. For the nine-month period ended December 2025, total net profit reached ₹152.11 crore compared to ₹132.32 crore in the previous year.
Key Highlights
Standalone Net Profit for Q3 FY26 increased 14.5% YoY to ₹67.77 crore.
Revenue from continuing operations stood at ₹576.01 crore, a decline from ₹686.04 crore in Q3 FY25.
Ash & Coal Handling segment remains the dominant profit driver with segment results of ₹96.75 crore.
Strategic exit from the Refrigerant Gas business segment to improve capital efficiency and long-term value.
9M FY26 Net Profit grew to ₹152.11 crore, up from ₹132.32 crore in 9M FY25.
💼 Action for Investors
Investors should view the exit from the low-margin Refrigerant Gas business as a positive move toward capital discipline. Focus should remain on the scalability and margin sustainability of the Ash & Coal Handling and Solar Power segments.
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Refex Q3 Net Profit Rises 13% YoY to ₹66.9 Cr; Discontinues Refrigerant Gas Business
Refex Industries reported a 13.3% YoY increase in total net profit to ₹66.91 crore for Q3 FY26, despite a decline in revenue from continuing operations to ₹576 crore. The company's core Ash & Coal Handling business remains the primary driver, contributing ₹566.3 crore to the top line. Strategically, the Board approved the discontinuation of the Refrigerant Gas business segment, which was loss-making this quarter, to reallocate capital toward higher-growth areas. This follows previous discontinuations of Power Trading and Green Mobility segments as the company streamlines its portfolio.
Key Highlights
Total Net Profit for Q3 FY26 grew to ₹66.91 crore from ₹59.04 crore in the same quarter last year.
Revenue from continuing operations stood at ₹576.01 crore, a significant sequential increase from ₹411.05 crore in Q2 FY26.
The Ash & Coal Handling segment remains the dominant business, contributing 98% of total revenue at ₹566.31 crore.
Board approved exiting the Refrigerant Gas segment, which recorded a segment loss of ₹1.11 crore in Q3 FY26.
Nine-month (9M FY26) net profit reached ₹151.91 crore, up from ₹132.32 crore in the previous year's corresponding period.
💼 Action for Investors
The exit from non-core, loss-making segments like Refrigerant Gas is a positive move for long-term capital efficiency. Investors should focus on the growth and margin sustainability of the Ash & Coal Handling business, which is now the company's primary earnings driver.
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Refex Industries Reaffirms Credit Ratings of 'ACUITE A-' and 'A2+' for Rs 300 Cr Facilities
Acuité Ratings has reaffirmed Refex Industries' long-term rating at 'ACUITE A-' with a stable outlook and short-term rating at 'A2+' for bank facilities totaling Rs 300 crore. The company demonstrated significant revenue growth in FY25, reaching Rs 2,467.66 crore compared to Rs 1,383.43 crore in FY24, primarily driven by its ash and coal handling segments. While the financial risk profile is healthy with a low gearing of 0.24x, the rating agency highlighted concerns regarding working capital intensity and recent income tax search operations.
Key Highlights
Reaffirmed long-term rating of 'ACUITE A-' and short-term rating of 'ACUITE A2+' for Rs 300 Cr bank facilities.
Consolidated revenue grew 78% YoY to Rs 2,467.66 Cr in FY25, with a strong unexecuted order book of Rs 2,524.60 Cr as of Nov 2025.
Tangible net worth improved significantly to Rs 1,192.43 Cr in FY25 from Rs 462.86 Cr in FY24 following a preferential issue.
Debt-to-equity ratio improved to 0.24x in FY25 from 0.46x in FY24, with a robust Interest Coverage Ratio of 9.39x.
Gross Current Assets (GCA) elongated to 204 days in FY25 from 132 days in FY24, indicating increased working capital intensity.
💼 Action for Investors
Investors should view the rating reaffirmation as a sign of financial stability, but must monitor the impact of the recent Income Tax searches and the upcoming demerger of the Green Mobility business. The stock remains a watch for those tracking the ash handling and renewable energy logistics sectors.
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Refex Industries Bags INR 34.61 Crore Order for Pond Ash Transportation to NHAI Projects
Refex Industries Limited (RIL) has secured a domestic contract valued at approximately INR 34.61 Crore for the excavation, loading, and transportation of pond ash. The project is designated for NHAI road projects and was awarded by a domestic entity based in Maharashtra. The contract features a rapid execution timeline of just 4 months, indicating an immediate impact on the company's revenue. This win reinforces Refex's specialized logistics and ash management business segment.
Key Highlights
Awarded a domestic contract worth approximately INR 34.61 Crore
Scope involves excavation, loading, and transportation of pond ash for NHAI road projects
Project execution period is set for a short duration of 4 months
Contract awarded by a Maharashtra-based domestic entity with no promoter interest involved
💼 Action for Investors
Investors should view this as a positive development for the company's logistics vertical, providing a quick revenue boost over the next two quarters. Monitor the company's ability to maintain margins on this short-term contract while seeking further NHAI-related opportunities.