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Refex Industries Limited (REFEX)

📊 NSE: REFEX 🏢 Trading 📅 Last Updated: 12/14/2025 11:45

📢 Recent Corporate Announcements

Refex Industries Bags Two Fly Ash Contracts Worth ₹33.70 Crore in Telangana

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 24 Aug 2026, 07:48 PM

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

💡 Track quarterly revenue contribution over the next two quarters given the 120-day execution window, alongside working capital and debtor cycle management.

Refex Industries Designates Anil S. Kulkarni as CBO (RMC) and Prasad Jakkaraju as Head-ESG

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 22 Aug 2026, 05:31 PM

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

💡 Track subsequent execution in the RMC and Ash Handling segments in upcoming quarterly operational updates.

Refex Industries Allots 9,100 Equity Shares Under ESOP 2021 Scheme

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Aug 2026, 07:54 PM

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

💡 No action is required as this is a routine administrative share allotment with negligible dilution. Track standard quarterly shareholding filings for ongoing share count updates.

Refex Holding Creates Pledge on Refex Industries Shares Under SEBI SAST

🔵 WATCH ⭐ 4/10

REGULATORY 📅 18 Aug 2026, 06:44 PM

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).

💡 Check detailed exchange filings for the exact percentage of promoter holding pledged to assess any margin-call or leverage risks.

Refex Industries Wins ~₹40.42 Cr Ash Transportation Contract in Maharashtra

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 18 Aug 2026, 04:22 PM

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

💡 Track execution progress and quarterly ash handling volume trends over the 12-month contract period, as well as working capital cycle stability.

Refex Bags ₹27.48 Cr Ash Transportation Contract from Maharatna CPSE

🟢 POSITIVE ⭐ 5/10

OTHER 📅 18 Aug 2026, 11:57 AM

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

💡 Monitor execution milestones and operating margins in the ash handling segment in upcoming quarterly earnings.

₹40.83 Cr Order Win for Ash Transportation from Maharatna PSU

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 14 Aug 2026, 12:42 PM

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

💡 Investors should monitor the execution timeline and the impact on operating margins, as the ash handling segment is a key growth driver. Watch for updates on the company's progress toward its goal of reaching 90,000 metric tons of ash handling capacity by the end of FY26.

Refex Industries: Credit Rating Upgraded to 'A' for Rs 660 Cr Bank Facilities

🟢 POSITIVE ⭐ 9/10

REGULATORY 📅 10 Aug 2026, 06:34 PM

Acuité Ratings & Research has upgraded Refex Industries' long-term credit rating to 'ACUITE A' with a stable outlook and its short-term rating to 'ACUITE A1'. The rating action covers total bank facilities of Rs 660 crore, which includes an upgrade for Rs 450 crore in existing facilities and new assignments for Rs 210 crore. This upgrade reflects the company's strengthened financial profile, supported by a low Debt-to-Equity ratio of 0.14 and a TTM PAT of Rs 221 crore. The expanded credit limits provide significant headroom for the company's targeted 60-65% expansion in ash handling capacity.

Long-term rating upgraded to ACUITE A
Stable from ACUITE A-
Short-term rating upgraded to ACUITE A1 from ACUITE A2+
Total bank facilities rated at Rs 660.00 Cr, representing ~28.4% of TTM revenue
New credit ratings assigned for facilities totaling Rs 210.00 Cr
Specific upgrades include a Rs 170 Cr Letter of Credit and a Rs 150 Cr Bank Guarantee

💡 Investors should monitor the impact of this upgrade on interest expenses in future quarters and track the utilization of the newly assigned Rs 210 Cr limits for the company's solar and ash handling expansion projects.

Refex Industries to Attend Emkay Global Investor Conference on August 12, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Aug 2026, 06:24 PM

Refex Industries has announced its participation in the Emkay Global Investor Conference scheduled for August 12, 2026, in Mumbai. The company, which operates in coal trading and ash handling with a TTM revenue of ₹2,320 Cr, will engage with institutional investors using publicly available information. This meeting comes as the company targets a 60-65% growth in ash handling capacity over the next three years. No unpublished price sensitive information (UPSI) is expected to be disclosed during the session.

Investor meeting scheduled for August 12, 2026, at 11:00 AM IST
Participation in the Emkay Global Conference at Grand Hyatt, Mumbai
Company maintains a healthy order book of ₹1,921.40 Cr as of September 2024
TTM revenue stands at ₹2,320 Cr with an operating profit margin of 15.4%

💡 Investors should monitor the exchange filings after August 12 for any investor presentations or transcripts that may provide updates on the execution of the ₹1,921.40 Cr order book.

100% Approval from Unsecured Creditors for Refex Industries' Demerger and Amalgamation Scheme

🟢 POSITIVE ⭐ 7/10

M&A 📅 07 Aug 2026, 06:08 PM

Refex Industries has received unanimous approval from its unsecured creditors for a Composite Scheme of Amalgamation and Arrangement. The scheme involves merging Refex Green Mobility Limited into the company and demerging the Refex Mobility vertical into a separate entity, Refex Mobility Limited. In the court-convened meeting on August 05, 2026, 37 unsecured creditors representing ₹21.51 crore in debt voted 100% in favor. This restructuring is a critical step in the company's strategy to hive off its mobility business and unlock shareholder value.

100% unanimous approval received from 37 unsecured creditors present and voting at the meeting.
Total outstanding unsecured debt of the company stood at ₹347.68 crore across 379 creditors as of March 31, 2026.
The value of votes cast in favor by unsecured creditors totaled ₹21.51 crore.
The scheme involves three entities: Refex Green Mobility (Transferor), Refex Industries (Transferee/Demerged), and Refex Mobility (Resulting).
Restructuring aims to separate the mobility vertical into a distinct listed entity to focus on core ash handling and green energy.

💡 Investors should monitor the timeline for final NCLT approval and the subsequent listing of Refex Mobility Limited to evaluate the potential value unlocking from the demerger.

Refex Industries Convenes NCLT Meetings to Approve Demerger of Mobility Vertical

🟢 POSITIVE ⭐ 9/10

M&A 📅 05 Aug 2026, 11:06 PM

Refex Industries held NCLT-convened meetings on August 5, 2026, for equity shareholders, secured creditors, and unsecured creditors to approve a Composite Scheme of Amalgamation and Arrangement. The scheme involves merging Refex Green Mobility Limited into the company and hiving off the Refex Mobility vertical into a separate entity, Refex Mobility Limited (RML). RML is proposed to be listed on both BSE and NSE to unlock value for shareholders. Approval requires a 75% majority by value from stakeholders voting as of the July 31, 2026, cut-off date.

Meetings held on August 5, 2026, for three stakeholder groups to approve the composite scheme of arrangement.
Voting eligibility was determined based on a cut-off date of July 31, 2026.
The scheme requires approval from a majority in number representing 75% in value of those casting votes.
Refex Mobility Limited, the resulting entity, is proposed to be listed on BSE and NSE.
Chairperson's report to be submitted to the NCLT within 3 days of the meeting conclusion.

💡 Monitor the upcoming disclosure of voting results to confirm stakeholder approval and track the NCLT's final hearing date for the formal sanction of the scheme.

Refex Q1 FY27 PAT Jumps 123% to ₹73.6 Cr; Revenue Grows 76% YoY

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 04 Aug 2026, 08:18 PM

Refex Industries delivered a strong Q1 FY27 performance with revenue rising 76% YoY to ₹619 Cr and PAT increasing 123% to ₹73.6 Cr. The core ash and coal handling segment remains the primary driver, maintaining daily volumes of 65,000-70,000 tons despite diesel supply constraints. Management is aggressively pursuing localization in the wind energy segment, aiming for 85% local components within 12 months to improve margins. The demerger of the Refex Mobility vertical is on track with NCLT-mandated shareholder meetings scheduled for next month.

Revenue for Q1 FY27 stood at ₹619 Cr, a 76% increase from ₹351 Cr in Q1 FY26.
Profit After Tax (PAT) grew by 123% YoY to ₹73.6 Cr, with EBITDA margins improving to 17%.
Ash handling volumes reached a run rate of 65,000 to 70,000 tons per day.
Wind energy segment successfully erected India's first 5.3 MW wind turbine at a project site in Karnataka.
Targeting 85% localization of wind turbine components within 12 months to reach 18-20% EBITDA margins in 2 years.

💡 Watch for the successful completion of the mobility business demerger and the subsequent listing of the new entity. Monitor the execution of the wind energy order book and the impact of localization on segment-level profitability over the next 4 quarters.

Refex Shareholders Approve ₹19.07 Cr Fund Re-allocation and FY26 Financials at 24th AGM

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 31 Jul 2026, 07:05 PM

Refex Industries concluded its 24th Annual General Meeting on July 31, 2026, where shareholders approved all five resolutions with over 99.9% majority. Key approvals included the adoption of FY26 audited financial statements and the declaration of a final dividend. A significant special resolution was passed to vary the utilization of ₹19.07 crore from a previous ₹219.69 crore preferential issue. The company continues to target an ash handling capacity of 90,000 metric tons by the end of FY26.

Shareholders approved the re-allocation of ₹19.07 crore from the ₹219.69 crore preferential issue originally approved in March 2024
Total of 92,880 shareholders were on record as of the July 24, 2026, cut-off date for voting
Resolution for adoption of FY26 financial statements passed with 99.98% majority (7.90 crore votes in favor)
Re-appointment of Mr. Anil Jain as Director approved with 99.94% majority
Company is targeting a 60-65% growth in daily ash handling capacity over the next three years

💡 Monitor future quarterly filings for specific details on the new deployment strategy for the re-allocated ₹19.07 crore. Track the progress of the ash handling capacity expansion toward the 90,000 metric ton target by FY26-end.

Q1 FY27: Refex Industries Releases Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Jul 2026, 09:01 AM

Refex Industries has released the audio recording of its earnings call for the first quarter of FY27, which ended June 30, 2026. The call, held on June 30, 2026, provides management's perspective on the company's performance following a fiscal year (FY26) where revenue reached Rs 2,320 Cr. Investors can access the recording on the company's website to evaluate progress on the stated 60-65% growth target for ash handling capacity. The company currently maintains a healthy ROCE of 23.0% and a relatively low debt-to-equity ratio of 0.14.

Earnings call conducted for the 1st quarter ended June 30, 2026.
Audio recording made available to the public on July 31, 2026, via the company website.
Company is executing against a TTM revenue base of Rs 2,320 Cr and PAT of Rs 221 Cr.
Management previously targeted a 60-65% growth in daily ash handling capacity over three years.

💡 Investors should listen to the recording specifically for updates on the Refex Mobility vertical hive-off and management's plan to address the high debtor collection period, which was 192 days in FY24.

₹22.75 Cr Ash Transportation Order Secured from Maharatna CPSE

🟡 NEUTRAL ⭐ 5/10

ROUTINE 📅 30 Jul 2026, 04:32 PM

Refex Industries Limited has bagged a rate contract worth approximately ₹22.75 crore for the transportation of ash to road construction sites. The order was awarded by a domestic Maharatna Central Public Sector Enterprise (CPSE) and is scheduled for execution over a 12-month period. While the contract value is relatively small, representing about 0.98% of the company's TTM revenue of ₹2,320 crore, it aligns with Refex's core ash handling business. This win reinforces the company's presence in the ash management segment, where it aims to reach a handling capacity of 90,000 metric tons by the end of FY26.

Order value of approximately ₹22.75 crore for ash transportation services.
Execution timeline set for approximately 12 months from the award date.
Contract awarded by a major domestic Maharatna CPSE power producer.
Order size represents ~0.98% of the company's TTM revenue of ₹2,320 crore.
Supports the company's strategy to expand daily ash handling capacity by 60-65% over three years.

💡 Investors should monitor the company's progress toward its FY26 ash handling capacity target of 90,000 metric tons and track the impact of monsoon-related disruptions on site activity in upcoming quarterly results.

View All REFEX Announcements on Live Market Tracking →

💰 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).