📅 Refex Industries Limited Seasonality
Refex Industries Limited (REFEX) has ended October higher in 8 of the last 16 years (50%), with an average October move of -1.1%. The strongest October was 2016 (+17.3%) and the weakest was 2019 (-27.4%).
REFEX · data since 2010 (17 yrs)
Prices through 16 Oct 2026
8/16
Octobers closed higher
-1.1%
Avg October move
-3.3%
October so far
November
Best month · avg +16.4%
August
Weakest month · avg -8.9%
17
Years of history
Current month: October 2026
historically up 50% of years (8/16)
avg -1.1%
best 2016 +17.3%
worst 2019 -27.4%
so far -3.3%
Refex Industries Limited's historically strongest month is November — up in 8 of 16 years (50%) with an average gain of +16.4%. The weakest month has been August, averaging -8.9% with gains in only 4 of 17 years. The most consistent month by hit rate is April (12/17 years positive).
📊 Average return by month
Bars above the zero line are months REFEX typically gained; hover for hit rates.
🗓️ Month-by-month returns (2010–2026)
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Avg | -2.3 | -3.9 | +4.8 | +15.1 | +3.5 | +15.2 | +4.8 | -8.9 | +10.9 | -1.1 | +16.4 | +1.1 |
| Up % | 29% | 29% | 47% | 71% | 41% | 65% | 41% | 24% | 53% | 50% | 50% | 38% |
| 2026 | -13.4 | -2.0 | -14.1 | +39.2 | +24.4 | +8.5 | -15.0 | -6.7 | -6.1 | -3.3 | · | · |
| 2025 | -2.2 | -16.7 | -3.3 | +7.3 | +11.7 | +0.9 | -5.5 | -15.3 | -2.7 | +3.3 | -5.9 | -24.9 |
| 2024 | +15.4 | -6.8 | +3.7 | +23.6 | -18.6 | +15.5 | +70.9 | +16.4 | +81.5 | -13.4 | +6.5 | -7.3 |
| 2023 | -7.3 | +0.4 | -8.2 | +36.3 | +67.8 | +0.4 | +54.9 | -20.4 | -5.5 | -12.7 | -4.6 | +13.5 |
| 2022 | -4.3 | -8.4 | -3.9 | +4.6 | -4.5 | -6.5 | +7.0 | +19.2 | +15.3 | -5.6 | +101.1 | -10.5 |
| 2021 | -3.2 | -6.8 | +5.5 | +36.0 | +14.7 | +8.4 | -11.0 | +7.4 | -3.7 | -12.2 | -3.8 | +15.4 |
| 2020 | -3.3 | +17.6 | -45.2 | +81.7 | -18.9 | +40.9 | -24.9 | -7.8 | -2.1 | +1.2 | +89.8 | +11.0 |
| 2019 | -0.3 | +65.6 | +19.2 | -4.9 | +55.3 | +33.3 | +20.8 | -40.6 | +18.6 | -27.4 | +28.1 | -12.6 |
| 2018 | -18.1 | -10.2 | -12.8 | +2.7 | -11.3 | -12.0 | +13.2 | +20.0 | +11.3 | -10.7 | +27.8 | -3.2 |
| 2017 | +1.0 | -9.2 | +33.8 | -1.6 | -16.1 | +2.2 | -7.1 | -11.6 | +60.2 | +14.3 | +6.2 | -7.4 |
| 2016 | +5.8 | -15.9 | -2.0 | +6.0 | +6.9 | +44.1 | +33.5 | -21.7 | +10.9 | +17.3 | -2.7 | -3.4 |
| 2015 | +40.2 | +17.8 | +2.8 | -20.5 | -12.4 | +121.8 | -25.4 | -30.6 | -4.5 | +12.9 | -10.9 | +0.0 |
| 2014 | -28.2 | +2.4 | +96.5 | -11.2 | -18.0 | +16.3 | -9.8 | -5.4 | +15.6 | -8.5 | -5.4 | +8.2 |
| 2013 | -17.2 | -13.2 | +23.9 | +31.6 | +6.7 | -5.0 | -3.9 | -8.2 | -4.5 | +4.7 | +34.3 | +30.0 |
| 2012 | -12.3 | -24.8 | -35.6 | +23.7 | -20.2 | -4.0 | -9.7 | -6.2 | +3.3 | -4.8 | -21.7 | +36.2 |
| 2011 | +11.3 | -42.2 | +26.3 | -15.5 | +0.0 | -6.0 | -15.1 | -27.6 | -19.0 | +12.4 | -26.2 | -13.9 |
| 2010 | -3.6 | -13.5 | -5.4 | +17.2 | -8.8 | +0.0 | +8.7 | -12.1 | +16.4 | +11.7 | +49.8 | -13.4 |
🏆 Top 25 seasonal picks — October 2026
| # | Stock | Record | Win % | Avg return | So far |
|---|---|---|---|---|---|
| 1 | MUTHOOTFIN Muthoot Finance Limited | 13/15 yrs up | 87% | +4.4% | -5.1% |
| 2 | POKARNA Pokarna Limited | 9/10 yrs up | 90% | +9.7% | +1.2% |
| 3 | STYRENIX Styrenix Performance Materials Limited | 18/22 yrs up | 82% | +3.7% | +2.3% |
| 4 | TBZ Tribhovandas Bhimji Zaveri Limited | 12/14 yrs up | 86% | +12.3% | +19.5% |
| 5 | RAMCOCEM The Ramco Cements Limited | 17/22 yrs up | 77% | +0.6% | -4.8% |
| 6 | OBEROIRLTY Oberoi Realty Limited | 12/15 yrs up | 80% | +6.1% | -3.5% |
| 7 | PDSL PDS Limited | 9/11 yrs up | 82% | +9.4% | -2.8% |
| 8 | MCX Multi Comm. Exc. | 11/14 yrs up | 79% | +8.9% | -4.2% |
| 9 | INDOTECH Indo Tech Transformers Limited | 15/20 yrs up | 75% | +6.7% | -3.8% |
| 10 | SUZLON Suzlon Energy Limited | 15/20 yrs up | 75% | +4.8% | +6.4% |
| 11 | RSYSTEMS R Systems International Limited | 15/20 yrs up | 75% | +4.2% | -6.6% |
| 12 | IFBAGRO IFB Agro Industries Limited | 16/22 yrs up | 73% | +11.7% | -3.1% |
| 13 | GMDCLTD Gujarat Mineral Development Corporation Limited | 16/22 yrs up | 73% | +8.5% | -7.2% |
| 14 | USHAMART Usha Martin Limited | 16/22 yrs up | 73% | +6.0% | -1.5% |
| 15 | GSFC Gujarat State Fertilizers & Chemicals Limited | 16/22 yrs up | 73% | +4.6% | -1.3% |
| 16 | ICICIBANK ICICI Bank Limited | 16/22 yrs up | 73% | +4.5% | +5.7% |
| 17 | SHRIRAMFIN Shriram Finance Limited | 16/22 yrs up | 73% | +2.8% | -4.3% |
| 18 | KABRAEXTRU Kabra Extrusion Technik Limited | 16/22 yrs up | 73% | +2.2% | +0.4% |
| 19 | HIRECT Hind Rectifiers Limited | 14/19 yrs up | 74% | +4.7% | -2.7% |
| 20 | TI Tilaknagar Industries Limited | 12/16 yrs up | 75% | +9.5% | +2.0% |
| 21 | KECL Kirloskar Electric Company Limited | 12/16 yrs up | 75% | +8.0% | -1.9% |
| 22 | IMFA Indian Metals & Ferro Alloys Limited | 12/16 yrs up | 75% | +8.0% | -0.9% |
| 23 | DBREALTY Valor Estate Limited | 12/16 yrs up | 75% | +7.4% | -9.7% |
| 24 | ATULAUTO Atul Auto Limited | 10/13 yrs up | 77% | +8.3% | -5.6% |
| 25 | MINDTECK Mindteck (India) Limited | 8/10 yrs up | 80% | +5.1% | -2.8% |
“So far” = return in the current (incomplete) period. Full methodology and the
past-performance record of these lists: Seasonality hub →
Current quarter: Q4 2026
historically up 56% of years (9/16)
avg +15.2%
so far -3.3%
By quarter, Q2 (Apr–Jun) has been the strongest for REFEX: up in 11 of 17 years, averaging +35.5%. Q1 (Jan–Mar) has been the softest (-1.9% on average). The current quarter (Q4) has historically closed higher 56% of the time.
📊 Average return by quarter
Calendar quarters, close-to-close. Hover for hit rates.
🗓️ Quarter-by-quarter returns
| Year | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
| Avg | -1.9 | +35.5 | +11.8 | +15.2 |
| Up % | 29% | 65% | 41% | 56% |
| 2026 | -27.1 | +88.0 | -25.5 | -3.3 |
| 2025 | -21.2 | +21.0 | -22.2 | -27.1 |
| 2024 | +11.5 | +16.2 | +260.9 | -14.6 |
| 2023 | -14.6 | +129.5 | +16.6 | -5.4 |
| 2022 | -15.7 | -6.6 | +47.1 | +69.8 |
| 2021 | -4.8 | +69.0 | -8.0 | -2.6 |
| 2020 | -37.7 | +107.6 | -32.3 | +113.1 |
| 2019 | +96.9 | +96.9 | -14.8 | -18.7 |
| 2018 | -35.9 | -19.9 | +51.3 | +10.5 |
| 2017 | +22.7 | -15.6 | +31.5 | +12.4 |
| 2016 | -12.8 | +63.3 | +15.9 | +10.2 |
| 2015 | +69.7 | +54.5 | -50.6 | +0.6 |
| 2014 | +44.4 | -15.4 | -1.4 | -6.4 |
| 2013 | -10.9 | +33.3 | -15.8 | +82.8 |
| 2012 | -57.5 | -5.3 | -12.5 | +1.6 |
| 2011 | -18.8 | -20.5 | -50.2 | -28.7 |
| 2010 | -21.2 | +6.8 | +11.1 | +44.9 |
🏆 Top 25 seasonal picks — Q4 2026
| # | Stock | Record | Win % | Avg return | So far |
|---|---|---|---|---|---|
| 1 | RHIM RHI MAGNESITA INDIA LIMITED | 13/14 yrs up | 93% | +14.0% | -3.8% |
| 2 | APOLLOHOSP Apollo Hospitals Enterprise Limited | 19/22 yrs up | 86% | +6.2% | -3.4% |
| 3 | RSYSTEMS R Systems International Limited | 17/20 yrs up | 85% | +24.7% | -6.6% |
| 4 | STAR Strides Pharma Science Limited | 18/22 yrs up | 82% | +6.3% | -6.7% |
| 5 | DRREDDY Dr. Reddy's Laboratories Limited | 18/22 yrs up | 82% | +4.5% | +0.0% |
| 6 | PROZONER Prozone Realty Limited | 12/14 yrs up | 86% | +19.8% | -3.9% |
| 7 | POLYMED Poly Medicure Limited | 12/14 yrs up | 86% | +9.2% | -4.8% |
| 8 | INDOTECH Indo Tech Transformers Limited | 16/20 yrs up | 80% | +23.2% | -3.8% |
| 9 | TI Tilaknagar Industries Limited | 13/16 yrs up | 81% | +22.7% | +2.0% |
| 10 | FIEMIND Fiem Industries Limited | 15/19 yrs up | 79% | +14.2% | +2.2% |
| 11 | BSOFT BIRLASOFT LIMITED | 17/22 yrs up | 77% | +21.8% | +17.1% |
| 12 | SONATSOFTW Sonata Software Limited | 17/22 yrs up | 77% | +20.2% | -4.0% |
| 13 | FACT Fertilizers and Chemicals Travancore Limited | 17/22 yrs up | 77% | +20.1% | -3.3% |
| 14 | TVSHLTD TVS Holdings Limited | 17/22 yrs up | 77% | +15.4% | -5.0% |
| 15 | APARINDS Apar Industries Limited | 17/22 yrs up | 77% | +15.1% | -7.8% |
| 16 | STYRENIX Styrenix Performance Materials Limited | 17/22 yrs up | 77% | +11.0% | +2.3% |
| 17 | EPL EPL Limited | 17/22 yrs up | 77% | +10.4% | -2.1% |
| 18 | TORNTPHARM Torrent Pharmaceuticals Limited | 17/22 yrs up | 77% | +8.5% | -5.0% |
| 19 | WIPRO Wipro Limited | 17/22 yrs up | 77% | +8.4% | +16.3% |
| 20 | HINDALCO Hindalco Industries Limited | 17/22 yrs up | 77% | +7.6% | -3.6% |
| 21 | VTL Vardhman Textiles Limited | 17/22 yrs up | 77% | +7.4% | -0.5% |
| 22 | HDFCBANK HDFC Bank Limited | 17/22 yrs up | 77% | +6.2% | +2.8% |
| 23 | COROMANDEL Coromandel International Limited | 17/22 yrs up | 77% | +5.9% | +0.0% |
| 24 | ASIANPAINT Asian Paints Limited | 17/22 yrs up | 77% | +4.3% | -2.9% |
| 25 | JPOLYINVST Jindal Poly Investment and Finance Company Limited | 10/12 yrs up | 83% | +34.9% | +2.1% |
“So far” = return in the current (incomplete) period. Full methodology and the
past-performance record of these lists: Seasonality hub →
❓ REFEX seasonality — FAQ
How often does Refex Industries Limited rise in October?
Historically REFEX has closed October with a gain in 8 out of 16 years — a 50% hit rate — averaging -1.1% for the month (data since 2010).
Which is the best month to buy Refex Industries Limited historically?
Based on 16 years of data, November has been REFEX's strongest month: positive in 50% of years with an average return of +16.4%. Past seasonality does not guarantee future results.
Which is the weakest month for Refex Industries Limited?
August has historically been the weakest month for REFEX, with an average move of -8.9% and gains in just 4 of 17 years.
Which quarter is historically strongest for Refex Industries Limited?
Q2 (Apr–Jun) — positive in 11 of 17 years with an average return of +35.5%.
Does seasonality guarantee future returns?
No. Seasonality is a historical tendency, not a prediction. It reflects how a stock happened to trade in past calendar periods and can break at any time. Use it as one research input alongside fundamentals and technicals, and consult a SEBI-registered adviser before investing.
Methodology: returns are close-to-close over calendar months and quarters, computed from adjusted daily prices since 2010. A period's return is only counted when the immediately preceding period also traded. Statistics cover completed periods; the current period is shown separately as “so far”. Seasonality is a historical tendency, not a prediction or investment advice. Consult a SEBI-registered adviser before investing.
