Refex Renewables & Infrastructure Ltd (531260)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Refex Renewables' revenue was ₹22.2 Cr (+30.6% year on year, +16.8% on the previous quarter), and net profit ₹-3.1 Cr (a smaller loss than a year earlier); the operating margin was 53.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹22.2 | +30.6% | +16.8% |
| Operating profit | ₹11.8 | +30.8% | +30.8% |
| Net profit | ₹-3.1 | loss narrowed | loss narrowed |
| EPS (₹) | -6.99 | loss narrowed | loss narrowed |
| Operating margin | 53.0% | — | — |
📢 Recent Corporate Announcements
Refex Renewables & Infrastructure has scheduled a Board of Directors meeting on October 17, 2026, to consider raising funds via a preferential issue of equity shares on a private placement basis. The company has a market cap of ₹154 Cr but operates with negative net worth (-₹65 Cr) and ₹83 Cr of debt following TTM net losses of ₹38 Cr. Fresh capital could help shore up liquidity to support its planned 100 MW NTPC solar project and CBG pipeline. The quantum, pricing, and allottees of the proposed issue have not been disclosed.
- Board meeting scheduled for October 17, 2026, to evaluate equity fundraise via preferential issue
- Mode of fundraise proposed as private placement of equity shares, subject to approvals
- Trading window closed from October 01, 2026, until 48 hours post Q2 FY27 results declaration
Refex Renewables & Infrastructure's step-down subsidiary, Refex CBG Kolhapur Limited, is facing a severe operational halt at its Kolhapur CBG plant due to an ongoing dispute with Warana Sugar Limited. Warana Sugar has restricted site access and cut utility supplies (electricity and water), alleging outstanding dues of ₹18.48 crore. The disputed claim represents approximately 26% of Refex's TTM revenue of ₹71 crore, posing a material risk to a company already reporting negative net worth (-₹65 crore). Refex disputes the claim, stating it was fully settled during its August 2025 acquisition, and both parties have initiated legal proceedings in the District Civil Court, Kolhapur.
- Warana Sugar claims alleged outstanding dues of ₹18,48,34,643 against step-down subsidiary Refex CBG Kolhapur.
- Operations severely impacted as plant access and electricity/water supplies have been restricted.
- Refex states dues were settled during the August 2025 acquisition by Refex Sustainability Solutions.
- Both parties have initiated legal proceedings in the District Civil Court, Kolhapur.
Refex Renewables & Infrastructure's wholly-owned subsidiary, Refex Green Power Limited, has acquired equity stakes in three entities from promoter firm Refex Holding Private Limited for a total cash consideration of ₹5.09 Cr on September 25, 2026. The acquired companies include 100% of Refex Vayu SPV 1 (₹2.55 Cr), 49% of Refex Vayu SPV 2 (₹2.53 Cr), and 100% of Grey To Green Transition (₹0.01 Cr). All target entities have zero turnover and are being acquired as ready corporate vehicles to execute wind power projects won in recent tenders. The total transaction size of ~₹5.09 Cr represents roughly 7.2% of the company's TTM revenue of ₹71 Cr.
- Acquisition of 100% stake in Refex Vayu SPV 1 Private Limited for ₹2,55,20,000
- Acquisition of 49% stake in Refex Vayu SPV 2 Private Limited for ₹2,52,84,000
- Acquisition of 100% stake in Grey To Green Transition Private Limited for ₹1,00,000
- Target entities had Nil turnover in FY26 and are pre-operational wind power development SPVs
- All acquisitions executed as related-party transactions with promoter entity Refex Holding Private Limited on September 25, 2026
Refex Renewables & Infrastructure Limited has issued the notice for its 32nd Annual General Meeting (AGM), scheduled for September 18, 2026, via video conferencing. The cut-off date for voting eligibility is September 11, 2026, with remote e-voting running from September 15 to September 17, 2026. Key agenda items include adopting the FY26 financial statements and seeking shareholder approval to revise Managing Director Kalpesh Kumar's remuneration up to ₹1.20 crore per annum (₹80 lakh basic salary plus ₹40 lakh allowances) plus up to 1% ESOPs through September 30, 2027.
- 32nd AGM scheduled for Friday, September 18, 2026, at 11:00 AM IST via VC/OAVM
- Voting cut-off date set as September 11, 2026; remote e-voting open September 15 to September 17, 2026
- Special resolution proposed to cap MD Kalpesh Kumar's remuneration at ₹80 Lakh basic salary and ₹40 Lakh allowances per annum
- MD is also eligible for ESOPs up to a maximum of 1% of total issued and paid-up share capital during tenure
Refex Renewables & Infrastructure Limited has submitted its Annual Report and Notice of the 32nd Annual General Meeting (AGM) for FY 2025-26 under Regulation 34(1). The AGM will be held on Friday, September 18, 2026, via Video Conferencing. Remote e-voting will run from September 15 to September 17, 2026, with the record/cut-off date set as September 11, 2026. The company reported operational clean energy presence across nearly 89 sites in 11 states, continuing its focus on solar EPC/IPP and expanding into compressed biogas (CBG).
- 32nd Annual General Meeting scheduled for Friday, September 18, 2026, at 11:00 AM IST via Video Conferencing.
- Remote e-voting window set from 09:00 AM IST on September 15, 2026, to 05:00 PM IST on September 17, 2026.
- Cut-off date for shareholder e-voting eligibility fixed as September 11, 2026.
- Company highlights operations spanning nearly 89 sites across 11 Indian states.
Refex Renewables & Infrastructure Limited's Board has approved the request from Avyan Pashupathy Capital Advisors Private Limited to be reclassified from 'Promoter' to 'Public' category under SEBI LODR Regulation 31A. This follows an inter-se promoter transfer on August 14, 2026, wherein Avyan Pashupathy transferred its entire 13,91,869 equity shares (30.94% stake) to Refex Holding Private Limited. Post-transfer, Avyan Pashupathy holds 0% voting rights, leaving total promoter group shareholding unchanged at 74.87% (33,67,425 shares) held via Refex Holding Private Limited. The reclassification is subject to approval/no-objection from BSE Limited.
- Board approved re-classification of Avyan Pashupathy Capital Advisors from 'Promoter' to 'Public'
- Avyan Pashupathy transferred its entire 30.94% stake (13,91,869 shares) to Refex Holding Private Limited on August 14, 2026
- Outgoing promoter now holds nil (0%) equity shares and voting rights in the company
- Total promoter holding remains constant at 74.87% (33,67,425 shares), fully held by Refex Holding Private Limited
- Reclassification application to be submitted to BSE Limited; shareholder resolution exempted as stake is nil
Refex Renewables & Infrastructure Limited has submitted an application to BSE Limited on August 20, 2026, seeking approval to reclassify promoter entity Avyan Pashupathy Capital Advisors Private Limited to the 'public' category. The Board of Directors approved the reclassification request during its meeting on August 20, 2026, finding it compliant with Regulation 31A of SEBI LODR Regulations. Current total promoter holding stands at 74.87% as of June 2026. The reclassification remains subject to final approval and no-objection from BSE.
- Application submitted to BSE Limited on August 20, 2026, under Regulation 31A of SEBI LODR Regulations
- Avyan Pashupathy Capital Advisors Private Limited requested reclassification from 'promoter' to 'public' category
- Board approved the reclassification after confirming compliance with SEBI LODR conditions on August 20, 2026
- Total promoter holding stood at 74.87% in the June 2026 quarter prior to this filing
Refex Renewables & Infrastructure's Board has approved a request from Avyan Pashupathy Capital Advisors Private Limited to re-classify from 'Promoter' to 'Public' category under Regulation 31A of SEBI LODR Regulations. This follows an inter-se promoter transfer on August 14, 2026, wherein Avyan Pashupathy transferred its entire 13,91,869 shares (30.94% stake) to Refex Holding Private Limited. Following the transfer, the outgoing promoter holds 0% equity, while Refex Holding's stake stands at 74.87% (33,67,425 shares), leaving aggregate promoter holding unchanged at 74.87%. The reclassification is now subject to receipt of no-objection from BSE Limited.
- Avyan Pashupathy transferred its entire holding of 13,91,869 equity shares (30.94%) to Refex Holding on August 14, 2026
- Outgoing promoter holding reduced to 0 shares (0.00%), qualifying for reclassification to Public category
- Refex Holding Private Limited now holds 33,67,425 equity shares (74.87%), keeping total promoter holding at 74.87%
- Shareholder resolution exempted under SEBI LODR Regulation 31A; process pending BSE no-objection
Refex Renewables & Infrastructure's Board has approved a request from Avyan Pashupathy Capital Advisors Private Limited to reclassify from 'Promoter' to 'Public' category under SEBI LODR Regulation 31A. This follows an inter-se transfer on August 14, 2026, wherein Avyan Pashupathy transferred its entire 13,91,869 equity shares (30.94% stake) to Refex Holding Private Limited. As a result, Avyan Pashupathy holds 0% voting rights, and total promoter group holding remains unchanged at 74.87% (33,67,425 shares). The reclassification is subject to BSE's no-objection, with shareholder approval exempted under SEBI regulations.
- Avyan Pashupathy transferred its entire 13,91,869 shares (30.94% stake) to Refex Holding on August 14, 2026
- Outgoing promoter now holds 0 shares (0.0% voting rights)
- Total promoter group holding remains unchanged at 74.87% (33,67,425 shares)
- Board approved filing for BSE no-objection; shareholder approval exempted under Regulation 31A
Refex Renewables & Infrastructure Limited announced that the Hon'ble NCLT Chennai Bench, vide order dated August 17, 2026 (received August 19, 2026), has disposed of and allowed the withdrawal of the Section 7 insolvency petition filed by SILRES Energy Solutions against its step-down subsidiary Sherisha Solar LLP. This follows a binding MoU signed on August 07, 2026, and definitive settlement agreements executed on August 14, 2026. In tandem, the Section 65 IBC application by Sherisha Solar and the Oppression & Mismanagement petition filed by the company under Sections 241-242 against SILRES were also formally withdrawn, completely closing disputes between the parties.
- NCLT Chennai disposed of the Section 7 CIRP petition CP/IB/338(CHE)/2025 against Sherisha Solar LLP via order dated August 17, 2026
- Binding MoU entered on August 07, 2026, followed by execution of definitive settlement agreements on August 14, 2026
- Oppression and Mismanagement petition CP/(CA)/129(CHE)/2025 under Sections 241 & 242 filed by Refex Renewables against SILRES stands withdrawn
- Application under Section 65 of IBC filed by Sherisha Solar LLP against SILRES also disposed of
Refex Renewables & Infrastructure has finalized a comprehensive settlement agreement with SILRES Energy Solutions, resolving pending insolvency (IBC Section 7) and cross-litigation proceedings against its step-down subsidiary, Sherisha Solar LLP (SS-LLP). Under the terms, SS-LLP settled a loan liability of ₹33.39 Cr for a full and final payment of ₹16.51 Cr (~50.5% haircut). Additionally, the company transferred wholly-owned subsidiary Ishaan Solar Power Pvt Ltd (including step-down unit SEI Tejas) to SILRES for ₹3.93 Cr and sold the dormant 'SUNEDISON' trademarks for ₹1.00 Cr. All mutual insolvency and Oppression & Mismanagement petitions before the NCLT Chennai bench are to be formally withdrawn.
- SS-LLP settled an outstanding loan liability of ₹33,39,39,339 by paying ₹16,51,26,975 in full and final settlement.
- SILRES to withdraw Section 7 IBC petition; company and SS-LLP to withdraw Section 65 IBC and Section 241-242 petitions.
- Divested 100% equity stake in Ishaan Solar Power Private Limited (and step-down unit SEI Tejas) for ₹3,92,58,420.
- Transferred unused 'SUNEDISON' trademarks to SILRES for ₹1,00,00,000 and 0.064% stake in SILRES for ₹10,00,000.
Refex Holding Private Limited (RHPL) has acquired 13,91,869 equity shares representing a 30.94% stake in Refex Renewables & Infrastructure Limited via an inter-se transfer from promoter Avyan Pashupathy Capital Advisors Private Limited. Following this transfer, RHPL's stake increased from 43.92% to 74.87%, officially making the company a subsidiary of RHPL under Section 2(87) of the Companies Act, 2013, effective August 14, 2026. Concurrently, Avyan Pashupathy Capital Advisors has submitted a request for reclassification to the 'Public' category under Regulation 31A of SEBI LODR. Total promoter group holding remains essentially unchanged at 74.87%.
- RHPL acquired 13,91,869 shares (30.94% equity stake) through an inter-se promoter transfer.
- RHPL's total shareholding in the company expanded from 43.92% to 74.87%.
- Company became a subsidiary of Refex Holding Private Limited effective August 14, 2026.
- Avyan Pashupathy Capital Advisors sought reclassification to the public category after fully exiting its 30.94% holding.
Refex Holding Private Limited (RHPL) has acquired 13,91,869 equity shares (a 30.94% stake) in Refex Renewables & Infrastructure Limited via an inter-se transfer from promoter entity Avyan Pashupathy Capital Advisors Private Limited. Following this transaction, RHPL's direct holding increased from 43.92% to 74.87% of the paid-up share capital. Consequently, Refex Renewables became a subsidiary of RHPL effective August 14, 2026, under Section 2(87) of the Companies Act, 2013. Overall promoter group ownership remains unchanged at 74.87%.
- Acquisition of 13,91,869 equity shares (30.94% stake) by Refex Holding Private Limited.
- Shares acquired via inter-se promoter transfer from Avyan Pashupathy Capital Advisors Private Limited.
- RHPL's total stake rises from 43.92% to 74.87%, making the company a subsidiary effective August 14, 2026.
- Overall promoter group holding remains constant at 74.87% with no change in public float.
Refex Holding Private Limited has acquired 13,91,869 equity shares, representing a 30.94% stake in Refex Renewables & Infrastructure Ltd, from another promoter entity, Avyan Pashupathy Capital Advisors. The transaction was executed as an internal restructuring at a price of ₹142.47 per share, which is significantly lower than the current market price of ₹327.5. Total promoter group holding remains unchanged at 74.86%, meaning there is no change in overall control. The company remains financially stressed with a negative net worth of ₹81 Cr and TTM losses of ₹38 Cr.
- Acquisition of 13,91,869 equity shares representing 30.94% of the paid-up capital.
- Inter-se transfer price fixed at ₹142.47 per share.
- Refex Holding Private Limited's direct stake increases from 43.92% to 74.86%.
- Total promoter and promoter group holding remains constant at 74.86% post-transaction.
- Transaction conducted under SEBI (SAST) Regulation 10(1)(a)(ii) for internal restructuring.
Refex Holding Private Limited (RHPL) has acquired 13,91,869 equity shares, representing a 30.94% stake in the company, from another promoter entity, Avyan Pashupathy Capital Advisors Private Limited. This transaction was conducted as an inter-se transfer, meaning the total promoter group holding remains unchanged at 74.86%. RHPL's individual stake has increased from 43.92% to 74.86%. The company continues to operate under significant financial stress with a negative net worth of ‑Rs 81 Cr and TTM losses of Rs 38 Cr.
- Acquisition of 13,91,869 equity shares representing 30.94% of the total voting capital
- Refex Holding Private Limited's individual stake increased from 43.92% to 74.86%
- Total promoter and promoter group holding remains constant at 74.86% post-transaction
- Transaction executed via inter-se transfer on August 14, 2026
- Company reported a net loss of Rs 3.14 Cr for the quarter ended June 2026
Financial Performance
Revenue Growth by Segment
Consolidated revenue declined 10.65% YoY from INR 76.09 Cr in FY24 to INR 67.99 Cr in FY25. The Commercial & Industrial (C&I) segment, which contributes 95% of total revenue, saw a 2% decline to INR 64.62 Cr. The newly added Compressed Bio-Gas (CBG) segment generated initial revenue of INR 0.02 Cr (INR 2 lakh).
Geographic Revenue Split
Not disclosed in available documents, though operations are centered in India (Tamil Nadu, Andhra Pradesh, Maharashtra) with a new subsidiary incorporated in August 2024 for expansion into Sri Lanka.
Profitability Margins
The company is currently loss-making. Consolidated Loss before Tax widened by 172.6% from INR 8.32 Cr in FY24 to INR 22.69 Cr in FY25. Standalone losses also increased from INR 7.13 Cr to INR 9.15 Cr due to higher operational expenditures relative to declining revenue.
EBITDA Margin
Negative EBITDA worsened by 60.5%, moving from INR -2.78 Cr in FY24 to INR -4.46 Cr in FY25. This decline is attributed to increased borrowings and higher operational costs during the transition into new business segments like CBG.
Capital Expenditure
Planned capital expenditure includes the development of a 100 MW Solar Power Project for NTPC and a 100 MW Open Access solar project. While specific total INR Cr for these is not explicitly totaled, the company is leveraging subsidies like the MNRE CFA of INR 4 Cr per 4,800 kg of CBG capacity for its bio-gas expansion.
Credit Rating & Borrowing
Total debt increased 42.3% from INR 43.20 Cr in FY24 to INR 61.49 Cr in FY25. The Debt-Equity ratio moved from -0.97 to -1.16, reflecting increased leverage against a negative equity base of INR -52.94 Cr.
Operational Drivers
Raw Materials
Solar modules (for repowering and EPC), solar water pumps, biomass (agri-residues, cattle dung), and Municipal Solid Waste (MSW) for CBG production.
Import Sources
Not specifically disclosed, though the company is targeting domestic municipal waste from Salem, Coimbatore, and Madurai for its CBG plants.
Key Suppliers
Not specifically named; however, the company procures solar modules for its supply-and-installation contracts and biomass from local municipal and agricultural sources.
Capacity Expansion
Current Solar O&M capacity is 127.5 MWp across 88 sites (up 2% from 124.9 MWp). Planned expansion includes a 100 MW Solar Project for NTPC (24-month timeline from PPA) and 700 TPD (Tonnes Per Day) of CBG processing capacity across three new plants in Tamil Nadu.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but the company is exposed to price volatility in solar modules and biomass aggregation costs, which are partially mitigated by government subsidies of up to 50% for biomass machinery (max INR 90 lakh).
Manufacturing Efficiency
Solar O&M efficiency is managed across 88 sites. CBG efficiency is targeted at 850 kg/day for the Vyzag plant and 200-250 TPD processing for new municipal projects.
Logistics & Distribution
Not disclosed as a specific percentage; however, CBG distribution is supported by the Ministry of Petroleum and Natural Gas schemes for biomass aggregation.
Strategic Growth
Growth Strategy
The company is pursuing a multi-pronged strategy: 1) Foraying into Utility-Scale Solar and BESS with a 100 MW NTPC project; 2) Expanding the CBG footprint through the acquisition of Vyzag Bio-Energy and Spectrum Renewable Energy (SREPL); 3) Developing a 100 MW Open Access solar project for C&I clients; and 4) International expansion into Sri Lanka.
Products & Services
Solar modules, solar water pumps, solar home systems, EPC services, Operation & Maintenance (O&M) services, Compressed Bio-Gas (CBG), and Organic Manure.
Brand Portfolio
Refex, Refex Renewables, Refex Green Power, Refex Sustainability Solutions.
New Products/Services
Compressed Bio-Gas (CBG) and Organic Manure from press-mud and biodegradable waste; Battery Energy Storage Systems (BESS) are also being targeted in future tenders.
Market Expansion
Targeting the Sri Lankan market via Refex Renewables SL (Private) Limited and expanding municipal waste-to-energy projects in Tamil Nadu (Salem, Coimbatore, Madurai).
Market Share & Ranking
Not disclosed; however, India is the 4th largest producer of renewable power globally, and Refex is positioning itself within the 500 GW national target.
Strategic Alliances
25-year Power Purchase Agreement (PPA) with NTPC Limited for a 100 MW Solar Project; PPP mode agreements with municipal corporations for CBG plants.
External Factors
Industry Trends
The industry is shifting toward 'Green Hydrogen' and 'CBG' integration. India added a record 25 GW of renewable capacity in 2024 (34.63% increase). Refex is evolving from a pure-play solar O&M/EPC firm into a diversified renewable energy and waste-to-fuel company.
Competitive Landscape
Competes with other renewable EPC and O&M players in the C&I space; however, the shift to CBV and Utility-scale solar with PSUs like NTPC differentiates its portfolio.
Competitive Moat
The company's moat is built on its early entry into the Municipal Solid Waste-to-CBG segment under PPP models, which creates high entry barriers due to 20-year DBFOT contracts and specialized waste-processing requirements.
Macro Economic Sensitivity
Highly sensitive to government fiscal policy; the 53.48% increase in the MNRE budget (to INR 26,549 Cr) directly supports the company's project pipeline.
Consumer Behavior
Increasing demand from C&I customers for 'Open Access' solar to meet ESG goals and reduce power costs.
Geopolitical Risks
Trade barriers on solar components could impact EPC costs; however, national targets for 500 GW non-fossil capacity by 2030 provide a stable domestic policy environment.
Regulatory & Governance
Industry Regulations
Compliance with MNRE guidelines for Central Financial Assistance (CFA) and Ministry of Petroleum and Natural Gas (MoPNG) schemes for biomass procurement. Adherence to Ind AS 115 for revenue recognition from contracts.
Environmental Compliance
Operations are centered on ESG-positive activities (carbon footprint reduction); CBG projects are governed by the Fertilizer Control Order (FCO) 1985 for bio-slurry and manure.
Taxation Policy Impact
The company provided for deferred tax of INR 13.15 Cr in FY25 compared to INR 25.19 Cr in FY24.
Legal Contingencies
Pending litigations are disclosed in Note 34 of the financial statements; the company's auditors noted these impact the financial position, though specific INR values were not detailed in the summary.
Risk Analysis
Key Uncertainties
The primary risk is the company's ability to continue as a 'going concern' given the negative equity of INR 52.94 Cr and widening losses. Project execution risk for the 100 MW NTPC project (24-month SCD) is also critical.
Geographic Concentration Risk
High concentration in India, specifically Tamil Nadu for new CBG projects, making it sensitive to state-level policy changes.
Third Party Dependencies
High dependency on municipal corporations for waste feedstock and NTPC for long-term revenue realization.
Technology Obsolescence Risk
Risk of solar module efficiency improvements making older O&M sites less competitive; mitigated by the company's foray into BESS and CBG.
Credit & Counterparty Risk
The current ratio of 0.98 indicates tight liquidity, though it improved from 0.44 due to short-term loans. Receivables quality is a key monitorable given the 10% decline in total operations revenue.
