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Refex Industries

REFEX NSE
₹222.36 +4.40 (+2.02%)
P/E
12.29
View as Markdown
MCP
Close 4 Nov 2026 ₹222.36 −146.49 −39.7% 1Y
Start ₹368.85

Key Fundamentals

MicrocapOther UtilitiesUtilities

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
22.70%
Debt to Equity
0.15
EPS (TTM)
₹18.10
Book Value
₹116.88
Market Cap
—
P/E (TTM)
12.29
P/B
1.90
ROE
17.80%
Dividend Yield
0.69%
EBITDA
₹383 Cr
52W High
₹382.00
52W Low
₹188.00
Day Range
₹215.35 – ₹223.40
Volume
2,57,414

Peer Comparison

Utilities › Energy › Trading Coal › Waste Management

Refex Industries peer comparison
Refex Industries (this company)
₹222.3612.29₹3,025 Cr1.900.69%17.80%22.70%₹2,841 Cr₹248 Cr
EMS
₹304.7024.81₹1,635 Cr1.600.52%8.91%12.80%₹652 Cr₹68 Cr
Antony Waste Handling Cell
₹306.6014.89₹838 Cr1.180.17%10.90%11.20%₹1,067 Cr₹70 Cr
Effwa Infra & Research
₹330.50—₹762 Cr6.190.31%26.20%29.30%——
Namo eWaste Management
₹336.50129.42₹753 Cr7.460.00%14.90%21.30%₹66 Cr₹4 Cr
Z-Tech India
₹362.5014.20₹552 Cr2.560.00%18.30%20.00%₹164 Cr₹37 Cr
Median 6 companies₹318.5514.89₹800 Cr2.230.24%16.35%20.65%₹652 Cr₹68 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company. 1 company is not shown because they are not listed on an exchange we cover.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

53 Average

Data confidence 98/100

pledge:44%

Category scores

Quality
58
Good
Returns, margins, earnings quality 22% weight
Valuation
62
Good
Cheap vs sector & own history 24% weight
Growth
94
Strong
Sales & profit trajectory 9% weight
Financial Health
56
Good
Solvency, leverage, coverage 9% weight
Momentum
19
Poor
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

4
  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 42.7% CAGR over last 5 years
  • Company's median sales growth is 22.0% of last 10 years

Weaknesses

2
  • Promoters have pledged 43.5% of their holding.
  • Debtor days have increased from 111 to 142 days.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1252
OscillatorsNeutral252
Moving AveragesStrong Bearish1000

Key readings

RSI (14)
34.70
Neutral
MACD (12,26,9)
−14.32
Bearish
SMA (50)
262.90
Bearish
SMA (200)
267.79
Bearish

As of

Growth Rate

From the financial statements below. 10Y, 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

Revenue growth by window
10Y+40.13%
5Y+29.18%
3Y+11.81%
1Y+0.80%
TTM+37.91%

Net profit

Net profit growth by window
10Y+44.90%
5Y+37.84%
3Y+20.70%
1Y+29.11%
TTM+66.44%

Operating cash flow

Operating cash flow growth by window
10YTurned positive
5Y−2.75%
3Y+56.34%
1YTurned positive
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+12.05 pp
5Y+5.16 pp
3Y+5.16 pp
1Y+6.78 pp
TTM+5.70 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2016₹78.00 Cr
Mar 2017₹38.00 Cr
Mar 2018₹77.00 Cr
Mar 2019₹461 Cr
Mar 2020₹661 Cr
Mar 2021₹633 Cr
Mar 2023₹1,629 Cr
Mar 2024₹1,383 Cr
Mar 2025₹2,259 Cr
Mar 2026₹2,277 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2016₹5.00 Cr
Mar 2017₹0.00 Cr
Mar 2018₹1.00 Cr
Mar 2019₹32.00 Cr
Mar 2020₹33.00 Cr
Mar 2021₹41.00 Cr
Mar 2023₹116 Cr
Mar 2024₹93.00 Cr
Mar 2025₹158 Cr
Mar 2026₹204 Cr

AI Analysis — Bull vs Bear

Generated 31 Jul 2026
AI opinion · based on fundamentals
Risk high

Refex Industries Ltd operates in the energy sector with a market cap of ₹4,160 Cr, trading at a PE of 16.5x with strong historical profit growth of 43% CAGR over 5 years, but the stock has declined 31% over the past year and promoters have pledged 43.5% of their holdings.

Bull Case 8
  • Strong 5-year compounded profit growth of 43% CAGR, indicating consistent earnings expansion
  • TTM sales growth of 38% demonstrates accelerating revenue momentum compared to the 3-year CAGR of 12%
  • TTM profit growth of 56% significantly outpaces revenue growth, suggesting improving margins or operating leverage
  • PE ratio of 16.5x is moderate relative to the company's 5-year profit CAGR of 43%, implying a PEG well below 1
  • Company has reduced debt levels, improving balance sheet strength and financial flexibility
  • 3-year ROE of 19% and last year ROE of 18% indicate consistent and healthy return on shareholder equity
  • 10-year compounded sales growth of 40% and median sales growth of 22% reflect a long track record of revenue scaling
  • 5-year stock CAGR of 60% demonstrates significant long-term wealth creation despite recent correction
Bear Case 7
  • Promoters have pledged 43.5% of their holding, creating risk of forced selling or margin calls in a downturn
  • Stock has declined 31% over the past 1 year, reflecting significant negative sentiment or de-rating
  • Debtor days have increased from 111 to 142 days, indicating deteriorating working capital efficiency and potential collection issues
  • 52-week high and low data unavailable (reported as 0), limiting visibility on trading range and volatility assessment
  • Dividend yield of only 0.5% provides minimal income cushion for investors during periods of capital depreciation
  • 3-year sales CAGR of only 12% compared to 5-year CAGR of 29% suggests a period of revenue growth deceleration before the recent TTM pickup
  • Key financial metrics such as debt-to-equity ratio and EPS are unavailable, limiting comprehensive fundamental assessment

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

96d ago

TL;DR: Refex Industries delivered a strong Q1FY27 with 122% standalone profit growth and robust order inflows of ₹279 crore in ash handling. The promoter increasing stake is a positive signal, though the share pledge for margin funding warrants monitoring. With a growing backlog exceeding ₹341 crore and diversification into wind energy, the trend is clearly improving with no material operational headwinds visible.

Headwinds 1
  • Promoter pledges 2.55% stake Jul 7

    Refex Holding pledged 35 lakh shares (2.55% of total capital) to Axis Securities for margin trading funding, disclosed on July 6, 2026.

Positives 3
  • Q1FY27 profit surges 122% YoY Jul 30

    Standalone net profit rose 122% YoY to ₹73.39 crore for Q1FY27, driven by strong Ash & Coal Handling segment performance. Consolidated profit up 35% to ₹247.2 crore with wind turbine deliveries contributing.

  • ₹279 Cr new ash handling orders Jul 30

    Refex secured ₹279 crore in new ash handling orders during Q1FY27, reinforcing order book momentum on top of existing ₹341.73 crore disclosed backlog.

  • Promoter raises stake to 56.57% Jul 1

    Refex Holding acquired 10 lakh shares (0.73%) via open market between June 25-30, 2026, increasing promoter holding to 56.57% — signalling confidence.

Neutral 5
  • ₹22.75 Cr mobilisation order received Jul 30

    Received ₹22.75 crore LNTP (advance engineering cost) from a Maharatna CPSE for ash transportation; not a full contract award yet.

  • ₹20.94 Cr ash transport order Jul 7

    Won a 12-month, ₹20.94 crore ash transportation contract for PMGSY and government road projects from a Maharashtra-based entity.

  • Amalgamation scheme vote Aug 5 Jul 3

    Shareholder meeting scheduled for August 5, 2026 to approve composite amalgamation of Refex Green Mobility and Refex Mobility into the company.

Quarterly Results

₹ Cr
REFEX quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
382
352
306
342
591
428
686
594
352
415
576
934
916
761
Expenses
346
318
272
301
543
385
633
534
315
344
486
775
809
—
Operating Profit
36
34
34
41
48
43
53
60
37
71
90
160
107
—
OPM %
10%
10%
11%
12%
8%
10%
8%
10%
10%
17%
16%
17%
12%
—
Other Income
2
5
3
8
2
7.08
24.8
16.12
2
−4
−3
−8
2
—
Interest
6
6
8
8
6
5.36
7.69
8.81
6
7
9
10
13
17
Depreciation
3
3
4
4
6
2
8.91
11.62
5
5
5
5
6
6
PBT
29
30
25
37
39
42
62
55
28
55
73
136
91
72
Tax %
27%
29%
33%
9%
25%
27%
19%
13%
26%
34%
28%
31%
29%
29%
Net Profit
21
21
17
33
29
31
50
48
20
36
53
94
65
51
EPS (₹)
1.92
1.94
1.53
2.96
2.6
2.57
3.88
3.74
1.64
2.9
3.93
6.62
4.65
—

Sep 2026: from the results filed on 28 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
REFEX profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
85
78
38
77
461
661
633
1,629
1,383
2,259
2,277
2,841
Expenses
79
75
36
75
433
609
565
1,454
1,237
2,053
1,915
2,414
Operating Profit
6
3
2
2
28
51
68
175
146
206
362
427
OPM %
7%
3.4%
6%
2.3%
6%
8%
11%
11%
11%
9%
16%
15%
Other Income
0
0
2
2
2
−1
4
8
18
50.36
−13
−12
Interest
0
1
3
1
0
1
9
19
29
18
37
39
Depreciation
2
1
1
1
1
1
5
7
14
32.56
20
21
PBT
3
0
1
2
29
48
58
156
121
207
292
355
Tax %
0%
−1613%
13%
46%
−10%
31%
29%
26%
23%
24%
30%
—
Net Profit
3
5
0
1
32
33
41
116
93
158
204
248
EPS (₹)
0.29
0.51
0.04
0.09
3.01
3.16
3.9
10.5
8.11
12.29
14.82
18.1
Div. Payout %
0%
0%
0%
0%
0%
0%
8%
4%
6%
4%
7%
—

Balance Sheet

₹ Cr
REFEX balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
15
15
15
15
15
15
21
22
23
26
27
Reserves
−11
−6
−5
−4
27
60
119
292
442
1,187
1,477
Borrowings
9
37
35
41
0
9
74
149
215
286
225
Other Liabilities
56
71
15
45
115
53
128
288
118
300
1,113
Total Liabilities
70
118
60
97
159
138
341
752
798
1,799
2,843
Fixed Assets
16
15
15
14
15
22
87
147
204
345
212
CWIP
0
0
0
0
0
0
0
3
9
17
18
Investments
0
0
0
0
0
0
74
74
74
31
0
Other Assets
54
103
45
83
143
116
181
529
512
1,406
2,613
Total Assets
70
118
60
97
159
138
341
752
798
1,799
2,843

Cash Flow

₹ Cr
REFEX cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026
Operating
−3
−25
4
−4
44
12
123
28
3
−248
107
Investing
4
−2
0
−1
0
5
−122
−78
−42
−105
−268
Financing
−2
26
−3
4
−41
1
−5
60
62
602
65
Net Cash Flow
−1
0
1
−1
3
17
−4
10
23
248
−95
Free Cash Flow
−4
−25
4
−5
42
12
118
−44
−43
−414
47
CFO/EBITDA
−56
−930
190
−248
180
47
182
25
18
−90
35

Ratios

REFEX financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
215
376
87
173
69
40
54
55
81
109
142
Inventory Days
4
7
22
33
7
2
4
3
3
1
15
Days Payable
281
382
156
264
92
27
70
49
20
31
92
Cash Conversion Cycle
−63
1
−47
−57
−15
15
−12
8
63
79
65
Working Capital Days
−34
−40
255
159
9
20
14
41
69
102
144
ROCE %
—
6%
7%
6%
61%
85%
45%
—
26%
23%
23%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Refex Industries insights

71 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 56.56%
  • Public 32.52%
  • Others 9.71%
  • DIIs 0.65%
  • FIIs 0.55%

47.39% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Refex Industries

What does Refex Industries Ltd do?
Refex Industries Limited specializes in trading eco-friendly refrigerant gases and providing comprehensive solutions for responsible coal procurement and ash disposal.
Where is Refex Industries Ltd (REFEX) listed?
Refex Industries Ltd trades as REFEX on the NSE and under code 532884 on the BSE.
Which sector does Refex Industries Ltd belong to?
Refex Industries Ltd is classified under the Energy sector, in the Trading Coal industry.
What is the PE ratio of Refex Industries Ltd?
Refex Industries Ltd trades at a PE ratio of 12.29 as of 4 Nov 2026, on earnings per share of ₹18.1, against a book value of ₹116.88 per share.
What is the 52-week high and low of Refex Industries Ltd?
Over the last 52 weeks Refex Industries Ltd has traded between ₹188 and ₹382 as of 4 Nov 2026.
Does Refex Industries Ltd pay dividends?
Refex Industries Ltd has a dividend yield of 0.69%.
What is the Return on Equity (ROE) of Refex Industries Ltd?
Refex Industries Ltd reported a return on equity of 17.80%. Its debt-to-equity ratio is 0.15.

Company Information

Refex Industries Limited specializes in trading eco-friendly refrigerant gases and providing comprehensive solutions for responsible coal procurement and ash disposal.

Website refex.co.in
CEO Mr. T. Anil Jain
Employees 295
Listed 20 Aug 2007
Face Value ₹2

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