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REFEX - Refex Industries

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

📢 Recent Corporate Announcements

Refex Industries Allots 20,057 Equity Shares Under ESOP 2021

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 May 2026, 12:15 PM

Refex Industries Limited has allotted 20,057 equity shares of face value ₹2 each to employees under its 2021 Employee Stock Option Scheme. The company realized a total of ₹4,67,201.60 from the exercise of these options. Following this allotment, the company's total paid-up equity share capital has increased to ₹27.44 crore. This is a routine administrative action with a negligible dilution of approximately 0.015% of the total share capital.

Allotment of 20,057 equity shares of face value ₹2 each pursuant to ESOP exercise.
Total capital raised through the exercise of options amounts to ₹4,67,201.60.
Paid-up share capital increased from 13,71,99,391 to 13,72,19,448 equity shares.
Exercise prices were set at ₹20.40 for 19,279 shares and ₹95.00 for 778 shares.
The newly allotted shares rank pari-passu with existing equity shares of the company.

💡 No action is required as this is a routine corporate event with minimal impact on share value. Investors should focus on the company's operational performance and upcoming quarterly earnings.

Refex Industries Wins Legal Battle; Madras HC Quashes ₹35.67 Crore Income Tax Demand

🟢 POSITIVE ⭐ 7/10

LEGAL 📅 28 Apr 2026, 07:29 PM

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.

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.

💡 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.

Refex Industries Subscribes to VRPL Rights Issue; Stake Dilutes to 73.28%

🟡 NEUTRAL ⭐ 6/10

M&A 📅 26 Apr 2026, 12:18 AM

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.

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.

💡 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.

Refex Industries Bags INR 32.12 Crore Order for Pond Ash Transportation

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 20 Apr 2026, 12:18 PM

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.

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

💡 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.

Refex Industries Bags INR 32.45 Crore Order for Pond Ash Transportation from Maharatna PSU

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 16 Apr 2026, 01:16 PM

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.

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

💡 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.

Refex Industries Submits Q4 FY26 SEBI Dematerialization Compliance Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Apr 2026, 06:47 PM

Refex Industries has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the quarter ended March 31, 2026. The company's Registrar and Share Transfer Agent, Cameo Corporate Services Limited, confirmed that all dematerialization requests were processed within stipulated timelines. The filing confirms that security certificates received were mutilated, cancelled, and the names of depositories were updated in the register of members. This is a standard regulatory procedure ensuring the integrity of the company's shareholding data.

Compliance confirmed for the 4th quarter ended March 31, 2026.
Registrar Cameo Corporate Services verified that dematerialized securities are listed on stock exchanges.
Security certificates were mutilated and cancelled after due verification by depository participants.
The name of depositories has been substituted in the register of members within the mandated time limit.

💡 This is a routine regulatory filing with no direct impact on stock valuation. Investors should continue to monitor the company's upcoming financial performance for the full fiscal year.

Refex Industries Increases Stake in Subsidiary VRPL to 77.77% via Loan Conversion

🟡 NEUTRAL ⭐ 6/10

M&A 📅 08 Apr 2026, 08:16 PM

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.

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

💡 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.

Refex Industries Increases Stake in Subsidiary VRPL to 77.39% via ₹43 Cr OCD Conversion

🟢 POSITIVE ⭐ 7/10

M&A 📅 30 Mar 2026, 09:22 PM

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.

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

💡 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.

Refex Industries Seeks Approval for ₹3,300 Cr Investment Limit and ₹2,010 Cr RPT

🔵 WATCH ⭐ 8/10

REGULATORY 📅 27 Mar 2026, 07:29 PM

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.

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.

💡 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.

Refex Industries to Close Trading Window from April 1, 2026, for Q4 and FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Mar 2026, 05:57 PM

Refex Industries Limited has announced the closure of its trading window for all designated persons and insiders starting April 01, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's Q4 and full-year financial results for the period ending March 31, 2026. The window will remain closed until 48 hours after the audited standalone and consolidated financial results are declared to the exchanges. The specific date for the board meeting to approve these results will be communicated separately.

Trading window closure begins on Wednesday, April 01, 2026.
Closure pertains to the consideration of audited financial results for Q4 and FY ending March 31, 2026.
Restriction applies to all designated persons and insiders as per the company's internal code.
Window to reopen 48 hours after the official declaration of financial results.

💡 This is a standard regulatory procedure and does not impact company fundamentals. Investors should monitor for the upcoming board meeting date announcement to prepare for the Q4 and FY26 earnings release.

Refex Industries Files NCLT Application for Composite Scheme of Amalgamation and Arrangement

🔵 WATCH ⭐ 8/10

M&A 📅 27 Mar 2026, 01:22 PM

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.

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.

💡 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.

Refex Industries Receives NSE and BSE No-Objection for Composite Scheme of Arrangement

🟢 POSITIVE ⭐ 8/10

M&A 📅 17 Mar 2026, 11:11 AM

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.

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.

💡 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.

Refex Industries Allots 69,859 Equity Shares Under ESOP 2021 Scheme

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Feb 2026, 10:08 PM

Refex Industries has approved the allotment of 69,859 equity shares of face value ₹2 each following the exercise of employee stock options. This allotment increases the company's total paid-up equity share capital from ₹27.42 crore to ₹27.44 crore. The company realized approximately ₹25.43 lakh from the exercise of these options. The resulting equity dilution is negligible, representing approximately 0.05% of the total share capital.

Allotment of 69,859 equity shares of ₹2 each under the Refex Employee Stock Option Scheme 2021.
Total paid-up equity share capital increased to 13,71,99,391 shares from 13,71,29,532 shares.
Total money realized by the company from this exercise amounts to ₹25,42,826.40.
Exercise prices for the shares ranged from ₹14.60 to ₹95.00 depending on the specific tranche and option type.
New shares rank pari-passu with existing equity shares of the company.

💡 No action is required as this is a routine administrative allotment with minimal impact on share value. Investors should focus on the company's operational performance and quarterly results.

SAT Grants Stay on SEBI Penalty Against Refex Industries MD Anil Jain

🟡 NEUTRAL ⭐ 6/10

LEGAL 📅 19 Feb 2026, 09:24 AM

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.

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

💡 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.

Refex Industries Clarifies IT Search Rumours; RTI Confirms No Official Press Release Issued

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 19 Feb 2026, 09:14 AM

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.

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.

💡 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.

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).