Refex Renewables & Infrastructure
Close ·
- P/E
- Not meaningful: loss-making over the last twelve months
Key Fundamentals
MicrocapConstructionIndustrialsPrice-based figures at the close · EPS basis: Consolidated · TTM
- ROCE
- 3.27%
- Debt to Equity
- Not meaningful: shareholders’ equity is negative
- EPS (TTM)
- −₹85.29
- Book Value
- −₹466.81
- Market Cap
- —
- P/E (TTM)
- Not meaningful: loss-making over the last twelve months
- P/B
- Not meaningful: book value is negative
- ROE
- Not meaningful: shareholders’ equity is negative
- Dividend Yield
- 0.00%
- EBITDA
- ₹32.80 Cr
- 52W High
- ₹703.05
- 52W Low
- ₹209.05
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 86/100
Category scores
- Quality
- 53
- Average
- Returns, margins, earnings quality 22% weight
- Valuation
- 52
- Average
- Cheap vs sector & own history 24% weight
- Growth
- 48
- Average
- Sales & profit trajectory 9% weight
- Financial Health
- 13
- Poor
- Solvency, leverage, coverage 9% weight
- Momentum
- 88
- Strong
- Trend strength, vol-adjusted 12% weight
- Ownership
- 50
- Average
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
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.
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Strong Bullish | 7 | 1 | 11 |
| Oscillators | Strong Bearish | 5 | 1 | 3 |
| Moving Averages | Strong Bullish | 2 | 0 | 8 |
Oscillators
Strong Bearish
Overall
Strong Bullish
Moving Averages
Strong Bullish
Key readings
- RSI (14)
- 86.81
- Bearish
- MACD (12,26,9)
- 17.08
- Bullish
- SMA (50)
- 300.63
- Bullish
- SMA (200)
- 416.86
- Bearish
As of
Growth Rate
From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 5Y | −2.02% |
|---|---|
| 3Y | −5.08% |
| 1Y | −2.99% |
| TTM | +7.82% |
Net profit
| 5Y | Loss widened by ₹16 Cr |
|---|---|
| 3Y | Loss widened by ₹13 Cr |
| 1Y | Loss widened by ₹7 Cr |
| TTM | Loss widened by ₹3.19 Cr |
Operating cash flow
| 5Y | Turned positive |
|---|---|
| 3Y | Turned positive |
| 1Y | −40.74% |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 5Y | +76.26 pp |
|---|---|
| 3Y | +29.70 pp |
| 1Y | −6.22 pp |
| TTM | −5.85 pp |
Revenue by year
| Mar 2018 | ₹0.00 Cr |
|---|---|
| Mar 2019 | ₹71.00 Cr |
| Mar 2020 | ₹63.00 Cr |
| Mar 2021 | ₹72.00 Cr |
| Mar 2022 | ₹53.00 Cr |
| Mar 2023 | ₹76.00 Cr |
| Mar 2024 | ₹75.00 Cr |
| Mar 2025 | ₹67.00 Cr |
| Mar 2026 | ₹65.00 Cr |
Net profit by year
| Mar 2018 | ₹0.00 Cr |
|---|---|
| Mar 2019 | ₹8.00 Cr |
| Mar 2020 | −₹22.00 Cr |
| Mar 2021 | −₹27.00 Cr |
| Mar 2022 | −₹37.00 Cr |
| Mar 2023 | −₹30.00 Cr |
| Mar 2024 | −₹34.00 Cr |
| Mar 2025 | −₹36.00 Cr |
| Mar 2026 | −₹43.00 Cr |
Quarterly Results
₹ Cr| 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 (₹) | −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
₹ Cr| 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 (₹) | −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
₹ Cr| 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
₹ Cr| 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
58 extracted metrics across FY10–FY27.
Documents
- 11 Feb 2026
- General announcements 17 Oct 2026
Frequently Asked Questions about Refex Renewables & Infrastructure
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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
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