5
Refex Renewables & Infrastructure
SUNEDISONINFRASTRUCTURELTD NSE
Refex Renewables & Infrastructure
IndustrialsNSE: SUNEDISONINFRASTRUCTURELTD BSE: 531260 Construction
Key Fundamentals
MicrocapCivil ConstructionConstructionMarket Cap
₹153 Cr
P/E Ratio
-3.9
EBITDA
₹32.80 Cr
Return on Equity
52.72%
Debt to Equity
0
Book Value
₹-467.23
52W High
₹798
52W Low
₹209.05
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Debtor days have improved from 29.0 to 21.7 days.
Weaknesses
4- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -1.76% over past five years.
- Contingent liabilities of Rs.160 Cr.
- Promoters have pledged 42.7% of their holding.
Growth Rate
Revenue Growth
-1.89% higher than
3Y
Net Income Growth
18.13% higher than
3Y
Cash Flow Change
-41.36% higher than
3Y
ROE
-32% higher than
3Y
ROCE
-32.83% higher than
3Y
EBITDA Margin (Avg.)
-11.09% lower than
3Y
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 17.17 | 20.56 | 20.55 | 17.81 | 18.01 | 14 | 15.9 | 20.07 | 16.74 | 14.28 | 16.1 | 19.35 | 22.2 |
| Expenses | 9.02 | 10.61 | 12.46 | 11.11 | 9.19 | 9.05 | 8.33 | 9.76 | 8.05 | 11.07 | 9.92 | 10.73 | 10.43 |
| Operating Profit | 8.15 | 9.95 | 8.09 | 6.7 | 8.82 | 4.95 | 7.57 | 10.31 | 8.69 | 3.21 | 6.18 | 8.62 | 11.77 |
| OPM % | 47.47% | 48.39% | 39.37% | 37.62% | 48.97% | 35.36% | 47.61% | 51.37% | 51.91% | 22.48% | 38.39% | 44.55% | 53.02% |
| Other Income | 12.28 | 0.8 | 2.41 | 2.53 | 0.34 | 0.38 | 1.27 | 4.91 | 1.89 | 0.86 | 2.41 | 0.99 | 3.49 |
| Interest | 10.66 | 10.77 | 10.66 | 9.5 | 10.3 | 10.39 | 10.85 | 11.64 | 11.36 | 11.54 | 12.83 | 12.32 | 11.59 |
| Depreciation | 3.77 | 4.56 | 4.68 | 4.63 | 4.43 | 4.52 | 4.51 | 4.59 | 4.65 | 4.94 | 4.98 | 4.99 | 4.95 |
| PBT | 6 | -4.58 | -4.84 | -4.9 | -5.57 | -9.58 | -6.52 | -1.01 | -5.43 | -12.41 | -9.22 | -7.7 | -1.28 |
| Tax % | 142.17% | 128.82% | 118.39% | 121.22% | 52.6% | 32.46% | 55.98% | 397.03% | 38.31% | 15.39% | 19.63% | 31.04% | 145.31% |
| Net Profit | -2.53 | -10.48 | -10.57 | -10.84 | -8.5 | -12.69 | -10.17 | -5.02 | -7.51 | -14.32 | -11.03 | -10.09 | -3.14 |
| EPS in Rs | -2.47 | -15.61 | -19.02 | -17.95 | -19.13 | -28.31 | -22.38 | -10.5 | -16.83 | -32.67 | -23.59 | -22.14 | -6.89 |
Profit & Loss
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 0 | 71 | 63 | 72 | 53 | 76 | 75 | 67 | 65 | 72 |
| Expenses | 0 | 62 | 74 | 97 | 60 | 67 | 42 | 35 | 38 | 42 |
| Operating Profit | 0 | 9 | -11 | -25 | -7 | 9 | 33 | 32 | 27 | 30 |
| OPM % | — | 13% | -18% | -35% | -13% | 11% | 44% | 48% | 41% | 41% |
| Other Income | 0 | 2 | 2 | 12 | 11 | 20 | 18 | 7 | 6 | 8 |
| Interest | 0 | 0 | 6 | 14 | 20 | 35 | 42 | 43 | 48 | 48 |
| Depreciation | 0 | 0 | 4 | 15 | 17 | 16 | 18 | 18 | 20 | 20 |
| PBT | 0 | 11 | -19 | -42 | -32 | -23 | -8 | -23 | -35 | -31 |
| Tax % | -20% | 31% | 11% | -36% | 14% | 33% | 313% | 60% | 24% | — |
| Net Profit | 0 | 8 | -22 | -27 | -37 | -30 | -34 | -36 | -43 | -39 |
| EPS in Rs | -0.16 | 17.19 | -47.6 | -61.6 | -72.36 | -52.07 | -55.03 | -80.77 | -93.44 | -85.29 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Reserves | 0 | 8 | 117 | 182 | 57 | 33 | 9 | -50 | -85 |
| Borrowings | 0 | 24 | 109 | 152 | 334 | 474 | 419 | 473 | 487 |
| Other Liabilities | 0 | 38 | 78 | 51 | 157 | 90 | 76 | 88 | 110 |
| Total Liabilities | 5 | 74 | 308 | 389 | 551 | 602 | 509 | 516 | 517 |
| Fixed Assets | 0 | 13 | 169 | 171 | 173 | 172 | 458 | 453 | 443 |
| CWIP | 0 | 0 | 19 | 33 | 231 | 288 | 0 | 0 | 2 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11 |
| Other Assets | 5 | 61 | 120 | 185 | 147 | 142 | 51 | 63 | 60 |
| Total Assets | 5 | 74 | 308 | 389 | 551 | 602 | 509 | 516 | 517 |
Cash Flow
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Operating | — | -1 | -14 | -46 | 84 | -55 | 120 | 27 | 16 |
| Investing | — | 2 | 5 | -62 | -159 | -74 | -14 | -40 | 2 |
| Financing | — | 3 | 4 | 119 | 74 | 125 | -107 | 18 | -24 |
| Net Cash Flow | — | 5 | -4 | 10 | -1 | -3 | -1 | 5 | -6 |
| Free Cash Flow | — | -1 | -33 | -86 | -149 | -127 | 105 | 14 | 10 |
| CFO/OP | — | -2 | 112 | 173 | -1,258 | -613 | 376 | 88 | 61 |
Ratios
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | — | 70 | 297 | 334 | 431 | 305 | 33 | 32 | 22 |
| Inventory Days | — | — | 74 | 88 | 114 | 193 | 42 | — | 155 |
| Days Payable | — | — | 291 | 316 | 3,802 | 438 | 664 | — | 699 |
| Cash Conversion Cycle | — | 70 | 80 | 106 | -3,256 | 60 | -589 | 32 | -522 |
| Working Capital Days | — | -39 | 133 | 255 | -439 | -50 | -249 | -261 | -373 |
| ROCE % | — | 60% | -11% | -10% | -4% | 3% | 5% | 5% | 3% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Refex Renewables & Infrastructure insights
60 extracted metrics + investor summaries across FY10–FY26.
Documents
1
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
29 Apr - Refex Renewables says it is not a Large Corporate; borrowings were ₹5.55 crore as of March 31, 2026. 29 Apr - Refex Renewables says it is not a Large Corporate; borrowings were ₹5.55 crore as of March 31, 2026.
2
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
29 Apr - Refex Renewables says it is not a Large Corporate; borrowings were ₹5.55 crore as of March 31, 2026. 29 Apr - Refex Renewables says it is not a Large Corporate; borrowings were ₹5.55 crore as of March 31, 2026.
3
Announcement under Regulation 30 (LODR)-Change in Management
28 Apr - Rajeev Vaze named COO for CBG business; payroll shifts to RSSL from May 1, 2026. 28 Apr - Rajeev Vaze named COO for CBG business; payroll shifts to RSSL from May 1, 2026.
4
Announcement under Regulation 30 (LODR)-Change in Management
28 Apr - Rajeev Vaze named COO for CBG business; payroll shifts to RSSL from May 1, 2026. 28 Apr - Rajeev Vaze named COO for CBG business; payroll shifts to RSSL from May 1, 2026.
5
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
2 Apr - Certificate has been received for dematerialization during the quarter ended March 31, 2026. 2 Apr - Certificate has been received for dematerialization during the quarter ended March 31, 2026.
4
Notice Convening 32Nd Annual General Meeting Of Refex Renewables & Infrastructure Limited 25 Aug 2026
Intimation
Frequently Asked Questions about Refex Renewables & Infrastructure
What does Refex Renewables & Infrastructure Ltd do?
Incorporated in 1994, Refex Renewables & Infrastructure Ltd provides EPC services
in respect of ground solar power plants,
solar water pumps and home systems[1]
Where is Refex Renewables & Infrastructure Ltd (531260) listed?
Refex Renewables & Infrastructure Ltd trades as SUNEDISONINFRASTRUCTURELTD on the NSE and under code 531260 on the BSE.
Which sector does Refex Renewables & Infrastructure Ltd belong to?
Refex Renewables & Infrastructure Ltd is classified under the Industrials sector, in the Construction industry.
What is the market capitalisation of Refex Renewables & Infrastructure Ltd?
Refex Renewables & Infrastructure Ltd has a market capitalisation of ₹153.21 Cr, which places it in the Small Cap band.
What is the PE ratio of Refex Renewables & Infrastructure Ltd?
Refex Renewables & Infrastructure Ltd trades at a PE ratio of -3.90, against a book value of ₹-467.23 per share.
What is the 52-week high and low of Refex Renewables & Infrastructure Ltd?
Over the last 52 weeks Refex Renewables & Infrastructure Ltd has traded between ₹209.05 and ₹798.
What is the Return on Equity (ROE) of Refex Renewables & Infrastructure Ltd?
Refex Renewables & Infrastructure Ltd reported a return on equity of 52.72%. Its debt-to-equity ratio is 0.00.
Company Information
Incorporated in 1994, Refex Renewables & Infrastructure Ltd provides EPC services in respect of ground solar power plants, solar water pumps and home systems[1]
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