Refex Industries
Refex Industries
EnergyKey Fundamentals
MicrocapTrading CoalEnergyTapetide Score
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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.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 44d agoRefex 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.
- 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
- 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
- Price-to-book ratio of 3.01x means the stock trades at a meaningful premium to book value, leaving limited margin of safety
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 44d ago- 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.
- 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.
- ₹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.
- BRSR filed for FY26 Jul 8
Filed Business Responsibility and Sustainability Report disclosing ₹2,302 crore revenue and zero fatalities for FY 2025-26.
- Q1 earnings call on Jul 30 Jul 24
Announced Q1 earnings call for July 30 at 11:30 AM to update investors on quarterly performance.
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.
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 | 382 | 352 | 306 | 342 | 591 | 428 | 686 | 594 | 352 | 415 | 576 | 934 | 916 |
| 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 | 5 | 16 | 3 | 2 | -4 | -3 | -8 | 2 |
| Interest | 6 | 6 | 8 | 8 | 6 | 4 | 5 | 5 | 6 | 7 | 9 | 10 | 13 |
| Depreciation | 3 | 3 | 4 | 4 | 6 | 2 | 3 | 3 | 5 | 5 | 5 | 5 | 6 |
| PBT | 29 | 30 | 25 | 37 | 39 | 42 | 62 | 55 | 28 | 55 | 73 | 136 | 91 |
| Tax % | 27% | 29% | 33% | 9% | 25% | 27% | 19% | 13% | 26% | 34% | 28% | 31% | 29% |
| Net Profit | 21 | 21 | 17 | 33 | 29 | 31 | 50 | 48 | 20 | 36 | 53 | 94 | 65 |
| EPS in Rs | 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 29 | -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 | 10 | 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 in Rs | 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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/OP | -56 | -930 | 190 | -248 | 180 | 47 | 182 | 25 | 18 | -90 | 35 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY11–FY27.
Documents
Frequently Asked Questions about Refex Industries
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Company Information
Refex Industries Limited specializes in trading eco-friendly refrigerant gases and providing comprehensive solutions for responsible coal procurement and ash disposal.[1]
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