Refex Industries Limited (REFEX)
₹226.55 -3.78% last close, 23 Oct
Q2 FY27 results
📅 Next results: 28 Oct 2026 (board meeting)Refex Industries Limited's board meets on 28 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Refex Industries' revenue was ₹916 Cr (+139.1% year on year, -1.9% on the previous quarter), and net profit ₹74.5 Cr (+262.8% year on year); the operating margin was 11.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹916 | +139.1% | -1.9% |
| Operating profit | ₹107 | +182.6% | -33.2% |
| Net profit | ₹74.5 | +262.8% | -20.7% |
| EPS (₹) | 5.38 | +238.4% | -18.7% |
| Operating margin | 11.7% | — | — |
REFEX delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 48.77% of the REFEX shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.25%. That is close to its usual level.
Delivery in the last 5 sessions: 62.1% · 49.6% · 46.1% · 36.1% · 48.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Refex Industries Limited has secured a Slab-wise Rate Contract for ash transportation to road projects (NHAI, Central/State authorities, PMGSY) from a Maharashtra-based entity. The cumulative maximum award value is Rs 31.13 Cr (inclusive of GST). The contract has an execution period of one year, extendable by an additional six months. Relative to Refex's TTM revenue of Rs 2,853 Cr, the contract represents approximately 1.1%, reflecting a routine incremental addition to its core ash handling business.
- Cumulative maximum contract value of Rs 31,13,05,500 (incl. GST)
- Contract duration is 1 year, extendable by a further period of 6 months
- Scope covers ash transportation to NHAI and Central/State road construction sites
- Order awarded by a domestic entity based out of Maharashtra with no promoter interest
Refex Industries Limited has secured a domestic rate contract for ash transportation from a Maharatna Public Sector Undertaking under the Ministry of Power. The contract carries a cumulative maximum award value of Rs 32.45 crore (including GST). The execution period is set for one year, extendable by an additional six months. Relative to Refex's TTM revenue of Rs 2,853 crore, this order represents approximately 1.1%, reflecting a standard operational contract win.
- Cumulative maximum award value of Rs 32,44,50,000 (Rs 32.45 cr, inclusive of GST)
- Contract duration is 1 year, extendable by a further period of 6 months
- Scope includes ash excavation, loading, transportation, and unloading from dykes
- Awarded by a domestic Maharatna PSU under the Ministry of Power
Refex Industries has received an Order-in-Appeal dated October 13, 2026, from the Commissioner (Appeals), Bhopal, setting aside a total GST demand and penalty of ₹29.32 crore along with interest. The demand was previously confirmed in March 2025 regarding alleged wrongful Input Tax Credit (ITC) availment of ₹14.66 crore on coal and ash handling between April 2018 and March 2021. With the appeal allowed, Refex is now eligible for a refund or re-credit of ₹5.87 crore previously paid under protest, though the department retains a right to appeal before GSTAT.
- Total tax and penalty demand of ₹29,31,92,582 (along with associated interest) vacated by Commissioner (Appeals)
- Original demand consisted of ₹14,65,96,291 ITC and ₹14,65,96,291 penalty under CGST Act
- Company becomes eligible for refund or re-credit of ₹5,86,92,809 previously deposited under protest
- Vacated demand of ₹29.32 crore represents ~10.7% of TTM PAT (₹275 crore)
Refex Industries received an order from the Commissioner of Income Tax (Appeals)-20, Chennai, partly allowing its appeal for Assessment Year 2014-15. The CIT(A) fully deleted a depreciation disallowance of Rs 36.39 lakh and set aside a Long-Term Capital Gains addition of Rs 17.48 crore, remanding it to the Assessing Officer for fresh valuation. The original tax and interest demand, which stood rectified at Rs 7.51 crore against an assessed income of Rs 17.84 crore, is now subject to fresh quantification. The disputed demand represents a modest ~2.7% of TTM PAT (Rs 275 crore), making the financial risk limited.
- CIT(A) partly allowed appeal against reassessment order for AY 2014-15 dated March 31, 2022
- Completely deleted excess depreciation disallowance of Rs 36,39,505
- Set aside Long-Term Capital Gains addition of Rs 17,47,79,079 and remanded matter back to AO for fresh valuation
- Contested rectified tax demand stood at Rs 7,51,16,883 (reduced from Rs 8,21,12,856)
Refex Industries Limited has submitted the compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from the Registrar and Share Transfer Agent, Cameo Corporate Services Limited, confirms that securities received for dematerialisation during the period were processed and listed on stock exchanges within stipulated timelines. Physical certificates were verified, mutilated, and cancelled as per standard statutory procedures. This is a recurring administrative disclosure with no financial impact.
- Regulation 74(5) compliance confirmed for the 2nd Quarter ended September 30, 2026
- Issued by Registrar and Share Transfer Agent Cameo Corporate Services Limited on October 05, 2026
- Company Secretary Ankit Poddar signed and submitted the filing on October 12, 2026
Refex Industries Limited has commenced commercial operations of its Ready-Mix Concrete (RMC) business effective September 25, 2026. This forward-integration initiative operates under its Coal & Ash Handling business unit, utilizing an asset-light, lease-based model to target residential, commercial, industrial, and infrastructure segments. The first operational plant is situated at Wadmukhwadi, Pune, Maharashtra, led by Mr. Anil Kulkarni as Chief Business Officer. Plant capacity and financial capital outlay for the project were not disclosed in the filing.
- Commercial operations commenced on September 25, 2026
- First plant operational at Wadmukhwadi, Pune, Maharashtra
- Operated via a lease-based, asset-light model under the Coal & Ash Handling division
- Capacity, capex, and targeted revenue contributions were not disclosed
Refex Industries has secured a contract valued at approximately ₹160 crore for lifting 10 lakh metric tonnes of pond ash and fly ash under the Road-cum-Rail (RCR) mode. The order was awarded by a domestic Public Sector Undertaking in Madhya Pradesh and has an execution tenure of 18 months, extendable with mutual consent. The order value represents roughly 5.6% of Refex's TTM revenue of ₹2,853 crore. This disclosure serves as a corrigendum correcting a typographical error in an earlier filing that erroneously stated the volume as 10 metric tonnes instead of 10 lakh metric tonnes.
- Order value is approximately INR 160 crores, representing ~5.6% of TTM revenue
- Contract scope covers lifting 10 lakh metric tonnes of Pond Ash and Fly Ash under RCR mode
- Execution timeline is set at 18 months, extendable with mutual consent
- Awarded by a domestic Public Sector Undertaking located in Madhya Pradesh
- Corrects an earlier typographical filing error that stated 10 MT instead of 10 lakh MT
Refex Industries Limited has announced that company officials will participate in an institutional investor conference on September 22, 2026. The meeting will be a group interaction at the Anand Rathi Annual Flagship Conference G-200 Summit 2026, held at Taj Santacruz, Mumbai starting at 09:00 AM. The company confirmed that only publicly available information will be discussed and no unpublished price sensitive information (UPSI) will be shared. This represents a standard procedural disclosure under SEBI Regulation 30.
- Meeting scheduled for September 22, 2026, at 09:00 AM
- Format: Group Meeting at Anand Rathi Annual Flagship Conference G-200 Summit 2026
- Venue: Taj Santacruz, Mumbai
- Company confirmed discussions will be strictly based on publicly available information with no UPSI
Refex Industries Limited has secured two domestic contracts totaling ₹33.70 crore for fly ash loading, transportation, and excavation from an entity based in Telangana. The primary contract for loading and transportation is valued at ~₹32.78 crore (incl. GST), while the excavation contract accounts for ~₹0.91 crore (incl. GST). Both contracts have a short execution timeline of 120 days. The total order value represents approximately 1.18% of the company's TTM revenue of ₹2,853 crore.
- Bagged two fly ash contracts aggregating to ₹33.70 crore
- Contract 1 for loading and transportation valued at ~₹32.78 crore (incl. GST)
- Contract 2 for fly ash excavation valued at ~₹0.91 crore (incl. GST)
- Execution timeline set at 120 days for both domestic contracts
- No promoter interest or related-party transaction involved
Refex Industries Limited has approved the appointment and designation of two Senior Management Personnel (SMP) effective August 22, 2026. Mr. Anil S. Kulkarni has been appointed as Chief Business Officer – Ready-Mix Concrete (RMC) Division under the Ash & Coal Handling Business Unit, bringing over 29 years of industry experience. Additionally, Mr. Prasad Jakkaraju, with over 22 years of experience in sustainability and regulatory compliance, has been designated as Vice President / Head – ESG. These appointments support the operational oversight of the company's core ash handling and materials divisions.
- Mr. Anil S. Kulkarni appointed as Chief Business Officer – RMC Division (Ash & Coal Handling BU) effective August 22, 2026
- Mr. Anil S. Kulkarni brings over 29 years of experience in the Ready-Mix Concrete, concrete, and building materials industry
- Mr. Prasad Jakkaraju designated as Vice President / Head – ESG with over 22 years of sustainability and EHS experience
- Appointments approved by the Board of Directors via circular resolution on August 22, 2026
Refex Industries Limited has allotted 9,100 equity shares of face value ₹2 each pursuant to the exercise of vested options under the Refex Employee Stock Option Scheme 2021. Following the allotment, the company's paid-up equity share capital increased from ₹27,44,38,896 (13,72,19,448 shares) to ₹27,44,57,096 (13,72,28,548 shares). The total scheme size covers 1,00,00,000 equity shares. The resulting equity dilution from this exercise is negligible at less than 0.01%.
- Allotment of 9,100 equity shares of face value ₹2 each upon ESOP exercise
- Paid-up equity share capital increased from ₹27,44,38,896 to ₹27,44,57,096
- Total shares covered under Refex Employee Stock Option Scheme 2021 stand at 1,00,00,000
- Total share count increased from 13,72,19,448 to 13,72,28,548 equity shares
Promoter entity Refex Holding Private Limited has disclosed the creation of a pledge over equity shares held in Refex Industries Limited pursuant to Regulation 31(1) of SEBI (SAST) Regulations, 2011. The submission was filed on August 18, 2026, with specific share counts referenced in attached annexures. Investors should review full shareholding encumbrance details to assess any change in overall promoter leverage.
- Disclosure filed under Regulation 31(1) of SEBI (SAST) Regulations, 2011 on August 18, 2026.
- Pledge created on equity shares by promoter entity Refex Holding Private Limited.
- Detailed share quantity and encumbrance percentage referenced in Annexures I & II (not disclosed in text excerpt).
Refex Industries Limited has secured a slab-wise rate contract for the transportation of ash from a domestic entity based in Maharashtra. The contract is valued at approximately ₹40.42 crore (including GST) and is scheduled for execution over a 12-month period. Relative to Refex's TTM revenue of ₹2,853 crore, this order represents about 1.4% of annual revenue, making it an incremental business addition. The contract is on an arm's-length basis with no promoter interest in the awarding entity.
- Bagged slab-wise rate contract for ash transportation valued at ~INR 40.42 crore (inclusive of GST)
- Contract is scheduled to be executed over a period of 12 months
- Awarded by a domestic entity based in Maharashtra with no promoter or related-party interest
- Contract size accounts for ~1.4% of TTM revenue of ₹2,853 crore
Refex Industries Limited has secured a 12-month rate contract valued at approximately ₹27.48 crore (including GST) from a domestic Maharatna Central Public Sector Enterprise. The scope involves excavation, covered transportation, and disposal of pond ash to NHAI and government road construction projects. Relative to the company's TTM revenue of ₹2,853 crore, this order represents ~0.96%, providing steady operational volume for its ash handling segment.
- Secured slab-wise rate contract valued at ~₹27.475 crore (including GST)
- Awarded by a domestic Maharatna Central Public Sector Enterprise (CPSE) power producer
- Contract execution duration is 12 months
- Contract value represents approximately 0.96% of TTM revenue of ₹2,853 crore
Refex Industries has secured a slab-wise rate contract worth approximately ₹40.83 crore (including GST) for ash transportation. The contract, awarded by a Maharatna Central Public Sector Enterprise, involves transporting pond ash to NHAI and other government road construction sites over a 12-month period. While the order value represents a modest 1.43% of the company's TTM revenue of ₹2,853 crore, it reinforces the company's core ash handling vertical. This win aligns with management's stated strategy to expand daily ash handling capacity by 60-65% over the next three years.
- Order value of approximately ₹40.83 Crore including GST
- Execution timeline set for 12 months from the award date
- Contract awarded by a Maharatna Company (Major Power Producer)
- Scope includes excavation, loading, and transportation of pond ash to NHAI and PMGSY road projects
- Order represents ~1.43% of the company's TTM revenue of ₹2,853 Crore
Financial Performance
Revenue Growth by Segment
Refex Industries Limited (RIL) consolidated revenue grew 78.4% to INR 2,467.66 Cr in FY25 from INR 1,383.43 Cr in FY24, primarily driven by the ash handling and coal trading segments which contribute over 96% of total revenue. The Refex group overall estimated FY25 revenue at INR 3,371.80 Cr, a 275% increase from INR 899.17 Cr in FY24 due to RIL becoming a subsidiary.
Geographic Revenue Split
Not disclosed in available documents, though the company maintains a diversified geographical coverage across India with key operations mentioned in Chennai, Tamil Nadu and Raipur, Chhattisgarh.
Profitability Margins
RIL operating margins moderated to 8.54% in FY25 compared to 10.61% in FY24. The group's PAT margin deteriorated to 17.74% in FY24 from 28.00% in FY23, while RIL's consolidated PAT margin declined slightly to 6.42% in FY24 from 6.72% in FY23.
EBITDA Margin
In Q2 FY26, EBITDA nearly doubled sequentially to INR 74 Cr from the previous quarter, representing an EBITDA margin of approximately 17.1% on revenue of INR 431 Cr. Historical operating margins for RIL have ranged between 10.75% and 13.08%.
Capital Expenditure
The company is undergoing significant capital expansion supported by an equity infusion of INR 1,147.81 Cr between FY24 and FY26 via preferential issues to promoters and non-promoters, with INR 513.38 Cr realized during FY25 to fund growth in ash handling and green energy verticals.
Credit Rating & Borrowing
Acuité upgraded the long-term rating to 'ACUITE A-' (Stable) and short-term rating to 'ACUITE A2+' for INR 105 Cr bank facilities. The group's interest coverage ratio (ICR) stood at 3.13 times in FY24, down from 5.24 times in FY23.
Operational Drivers
Raw Materials
Coal (for trading) and Refrigerant gases (for refilling/refillery services) are the primary materials, with coal trading and handling representing the bulk of operational costs.
Import Sources
Coal is sourced domestically and imported under the Open General License (OGL) policy, allowing for free import based on commercial prudence; specific countries of origin are not disclosed.
Key Suppliers
Not disclosed in available documents, though the company maintains long-standing relationships with key suppliers to support its coal and refrigerant gas segments.
Capacity Expansion
Ash handling capacity is being ramped up to 90,000 metric tons by the end of FY26. Management targets a 60-65% growth in daily handling capacity over the next three years to meet rising demand from power plants.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but intense competition in the coal sector, driven by the Open General License policy, has led to low profitability margins in the trading segment.
Strategic Growth
Expected Growth Rate
60-65%
Growth Strategy
Growth will be achieved by expanding daily ash handling capacity by 60-65% over three years, executing a healthy order book of INR 1,921.40 Cr (as of Sept 2024), and diversifying into green mobility and wind energy (Venwind). The company is also exiting the low-margin power trading business to focus on core high-growth verticals.
Products & Services
Coal trading, ash handling services for thermal power plants, refilling of refrigerant gases, solar power project execution (153.7 MW and 100 MW orders), and wind energy services.
Brand Portfolio
Refex, Venwind (Wind vertical), Refex Mobility (Green mobility vertical).
New Products/Services
Expansion into solar power projects with a 153.7 MW order valued at INR 750 Cr and a ~100 MW order valued at INR 475 Cr.
Market Expansion
The company is hiving off its Refex Mobility vertical into a separate listed entity to unlock value and is expanding its presence in the renewable energy sector through solar and wind projects.
Market Share & Ranking
Management indicates they are among the largest players in ash handling, though their current market share is estimated at approximately 1% of the total addressable market.
External Factors
Industry Trends
The industry is shifting toward mandatory ash handling and environmental compliance for power plants, growing at a steady pace. Refex is positioning itself by expanding handling capacity and diversifying into green energy to align with sustainability trends.
Competitive Landscape
Intense competition in coal trading due to the Open General License; competition in renewable energy from players like Suzlon and Inox Wind in the broader market.
Competitive Moat
Moat is built on the promoter's 23+ years of experience and established relationships with state power utilities. This provides a competitive advantage in securing rotating orders, though it is challenged by low entry barriers in coal trading.
Macro Economic Sensitivity
Highly sensitive to power sector demand and environmental regulations regarding ash disposal at thermal power plants.
Consumer Behavior
Shift toward green energy and sustainable mobility is driving the company's diversification into solar, wind, and electric mobility.
Geopolitical Risks
Vulnerable to changes in international coal trade policies and domestic import regulations under the Open General License.
Regulatory & Governance
Industry Regulations
Coal can be freely imported under the Open General License (OGL). Ash handling is governed by environmental pollution control norms for thermal power plants.
Environmental Compliance
Operations are tied to environmental norms for ash handling and disposal; the company is pioneering sustainability through its core service offerings.
Taxation Policy Impact
The company is subject to standard corporate tax rates; however, it faces specific fiscal impacts from GST disputes.
Legal Contingencies
The company received a demand order from the Joint Commissioner, CGST Raipur Commissionerate for FY 2018-19 and 2019-20 totaling INR 10,06,91,418 (including tax and penalty).
Risk Analysis
Key Uncertainties
Regulatory changes in coal import policies and seasonal monsoon impacts on site operations could fluctuate quarterly revenues by 10-15%.
Geographic Concentration Risk
Significant operations are concentrated in India, particularly serving power plants in regions like Chhattisgarh and Tamil Nadu.
Third Party Dependencies
Dependency on power plants for ash handling contracts and on the government's coal import policy.
Technology Obsolescence Risk
The shift from thermal to renewable energy is a long-term risk, which the company is mitigating by foraying into solar and wind energy.
Credit & Counterparty Risk
High counterparty risk noted with an elongation of the debtor collection period to 192 days in FY24.
