📈 Live Market Tracking
AI-Powered NSE Corporate Announcements Analysis
SAT Grants Stay on SEBI Penalty Against Refex Industries MD Anil Jain
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.
Key Highlights
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
💼 Action for Investors
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
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.
Key Highlights
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.
💼 Action for Investors
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.
Refex Industries Secures INR 49.22 Crore Order for Material Handling
Refex Industries Limited (RIL) has successfully bagged a domestic order valued at INR 49.22 Crore for material handling and transit operations. The contract was awarded by a Mini Ratna PSU, highlighting the company's capability to serve large government-owned entities. The execution period for this contract is three years, which provides steady revenue visibility for the company's industrial services segment. This transaction is conducted at arm's length with no promoter interest involved.
Key Highlights
Total order value is approximately INR 49.22 Crore
Contract execution period spans 3 years
Awarded by a domestic Mini Ratna Company for bulk commodity material handling
Strengthens the company's order book in the logistics and transit operations sector
💼 Action for Investors
Investors should view this as a positive development for revenue growth and monitor the company's ability to maintain margins during the 3-year execution phase.
Refex Industries Q3 FY26 PAT Rises 29% QoQ to ₹67 Cr; Total Order Book Hits ₹3,360 Cr
Refex Industries reported a strong sequential recovery in Q3 FY2026, with revenue growing 38% QoQ to ₹583 crore and PAT increasing 29% to ₹67 crore. The company is strategically exiting low-margin power trading and refrigerant gas businesses to focus on high-margin ash handling and its new wind energy segment. The total order book is robust at ₹3,360 crore, comprising ₹1,860 crore in wind supply and ₹1,500 crore in ash/coal handling. Management expects the demerger of the mobility business to be completed by April 2026, providing enhanced financial flexibility.
Key Highlights
Revenue increased 38% QoQ to ₹583 crore, driven by normalization of ash and coal handling activities.
Profit After Tax (PAT) grew 29% sequentially to ₹67 crore despite exiting low-margin trading segments.
Combined order book stands at ₹3,360 crore, with the wind segment securing ₹1,860 crore in cumulative orders.
Strategic exit from power trading and refrigerant gas businesses to redeploy capital into core high-margin operations.
Refex Green Mobility demerger is progressing with an expected completion timeline of April 2026.
💼 Action for Investors
Investors should focus on the execution of the large wind energy order book and the margin improvements resulting from the exit of low-margin businesses. The upcoming demerger of the mobility business remains a key catalyst for value unlocking.
Refex Industries Q3 FY26 Net Profit Rises 13% YoY to ₹66.91 Cr; EBITDA Margins Double YoY
Refex Industries reported a strong sequential recovery in Q3 FY26 with total income from continuing operations reaching ₹590.29 crore, a 38% increase over Q2 FY26. While revenue declined year-on-year from ₹733.48 crore, EBITDA grew significantly to ₹93.91 crore compared to ₹53.28 crore in Q3 FY25, with margins expanding from 7.52% to 16.10%. Net profit for the quarter stood at ₹66.91 crore, up from ₹59.04 crore in the same period last year. The company also announced a strategic exit from its Power Trading and Refrigerant Gas businesses to focus on core Ash and Coal handling operations.
Key Highlights
Total Income from continuing operations grew 38% QoQ to ₹590.29 crore.
EBITDA surged 76% YoY to ₹93.91 crore, with margins doubling to 16.10% from 7.52% YoY.
Net Profit increased to ₹66.91 crore in Q3 FY26 from ₹59.04 crore in Q3 FY25.
Strategic exit from Power Trading and Refrigerant Gas segments to focus on high-return Ash & Coal handling.
Earnings Per Share (EPS) improved to ₹4.95 for the quarter compared to ₹4.03 in the previous quarter.
💼 Action for Investors
Investors should monitor the execution of the new ash handling projects and the impact of the strategic exit from non-core segments on long-term capital efficiency. The significant margin expansion suggests improved operational health in the core business.
Refex Industries Q3 FY26 Net Profit at ₹66.91 Cr; 9M EBITDA Grows 35.3% YoY
Refex Industries reported a robust performance for Q3 FY26, with standalone revenue reaching ₹590.29 crore and a net profit of ₹66.91 crore. The company's 9M FY26 EBITDA witnessed a significant growth of 35.3% year-on-year, climbing to ₹207.3 crore from ₹153.21 crore. The core Ash Handling segment continues to dominate with a strong order book of ₹1,500 crore and a daily handling capacity exceeding 70,000 MT. Furthermore, the Green Mobility division is scaling up with a fleet of over 1,600 electric vehicles, reinforcing the company's sustainability focus.
Key Highlights
Standalone Q3 FY26 Revenue reached ₹590.29 crore with an EBITDA of ₹93.91 crore.
9M FY26 EBITDA grew by 35.3% YoY to ₹207.3 crore, reflecting improved operational efficiency.
Ash Handling division maintains a robust order book of ₹1,500 crore across 40+ thermal power plants.
Green Mobility fleet expanded to 1,600+ vehicles, abating over 48.5 lakh KGs of CO2 to date.
Reported FY25 Return on Equity (ROE) of 15.15% and Return on Capital Employed (ROCE) of 14.64%.
💼 Action for Investors
Investors should focus on the company's ability to execute its ₹1,500 crore ash handling order book and the margin trajectory of the expanding Green Mobility segment. The strong 35% EBITDA growth indicates a healthy scaling of operations in the organized waste management sector.
Refex Industries Q3 Net Profit Rises 13% to ₹66.9 Cr; Discontinues Refrigerant Gas Business
Refex Industries reported a 13.3% YoY increase in total net profit to ₹66.90 crore for Q3 FY26, despite a decline in revenue from continuing operations to ₹576 crore. The company has strategically decided to discontinue its Refrigerant Gas business segment, which recorded a loss of ₹1.1 crore this quarter, to focus on its core Ash & Coal handling business. This core segment remains the primary driver, contributing over 98% of the revenue from continuing operations. The restructuring aims to improve capital efficiency by exiting low-margin or loss-making non-core segments including Power Trading and Green Mobility.
Key Highlights
Total Net Profit increased to ₹6,690.64 lakhs in Q3 FY26 from ₹5,903.61 lakhs in Q3 FY25.
Revenue from continuing operations stood at ₹57,601.22 lakhs, compared to ₹68,604.17 lakhs in the same quarter last year.
Ash & Coal Handling segment remains the dominant business with a revenue of ₹56,630.50 lakhs.
Refrigerant Gas segment reported a loss of ₹110.84 lakhs on revenue of ₹720.40 lakhs before being discontinued.
The Board approved amendments to the Policy on Related Party Transactions alongside the restructuring.
💼 Action for Investors
Investors should favor the management's decision to exit loss-making non-core segments to focus on the high-performing Ash & Coal handling business. Monitor the scalability of the core segment as it now represents the vast majority of the company's value.
Refex Industries Q3 Net Profit Rises 14.5% YoY to ₹67.77 Cr; Discontinues Refrigerant Gas Segment
Refex Industries reported a standalone net profit of ₹67.77 crore for Q3 FY26, marking a 14.5% increase from ₹59.16 crore in the corresponding quarter last year. Although revenue from continuing operations declined to ₹576.01 crore from ₹686.04 crore YoY, the company saw improved profitability in its core Ash & Coal Handling segment. Strategically, the board has approved the discontinuation of the Refrigerant Gas business to reallocate capital toward higher-growth segments. For the nine-month period ended December 2025, total net profit reached ₹152.11 crore compared to ₹132.32 crore in the previous year.
Key Highlights
Standalone Net Profit for Q3 FY26 increased 14.5% YoY to ₹67.77 crore.
Revenue from continuing operations stood at ₹576.01 crore, a decline from ₹686.04 crore in Q3 FY25.
Ash & Coal Handling segment remains the dominant profit driver with segment results of ₹96.75 crore.
Strategic exit from the Refrigerant Gas business segment to improve capital efficiency and long-term value.
9M FY26 Net Profit grew to ₹152.11 crore, up from ₹132.32 crore in 9M FY25.
💼 Action for Investors
Investors should view the exit from the low-margin Refrigerant Gas business as a positive move toward capital discipline. Focus should remain on the scalability and margin sustainability of the Ash & Coal Handling and Solar Power segments.
Refex Q3 Net Profit Rises 13% YoY to ₹66.9 Cr; Discontinues Refrigerant Gas Business
Refex Industries reported a 13.3% YoY increase in total net profit to ₹66.91 crore for Q3 FY26, despite a decline in revenue from continuing operations to ₹576 crore. The company's core Ash & Coal Handling business remains the primary driver, contributing ₹566.3 crore to the top line. Strategically, the Board approved the discontinuation of the Refrigerant Gas business segment, which was loss-making this quarter, to reallocate capital toward higher-growth areas. This follows previous discontinuations of Power Trading and Green Mobility segments as the company streamlines its portfolio.
Key Highlights
Total Net Profit for Q3 FY26 grew to ₹66.91 crore from ₹59.04 crore in the same quarter last year.
Revenue from continuing operations stood at ₹576.01 crore, a significant sequential increase from ₹411.05 crore in Q2 FY26.
The Ash & Coal Handling segment remains the dominant business, contributing 98% of total revenue at ₹566.31 crore.
Board approved exiting the Refrigerant Gas segment, which recorded a segment loss of ₹1.11 crore in Q3 FY26.
Nine-month (9M FY26) net profit reached ₹151.91 crore, up from ₹132.32 crore in the previous year's corresponding period.
💼 Action for Investors
The exit from non-core, loss-making segments like Refrigerant Gas is a positive move for long-term capital efficiency. Investors should focus on the growth and margin sustainability of the Ash & Coal Handling business, which is now the company's primary earnings driver.
Refex Industries Reaffirms Credit Ratings of 'ACUITE A-' and 'A2+' for Rs 300 Cr Facilities
Acuité Ratings has reaffirmed Refex Industries' long-term rating at 'ACUITE A-' with a stable outlook and short-term rating at 'A2+' for bank facilities totaling Rs 300 crore. The company demonstrated significant revenue growth in FY25, reaching Rs 2,467.66 crore compared to Rs 1,383.43 crore in FY24, primarily driven by its ash and coal handling segments. While the financial risk profile is healthy with a low gearing of 0.24x, the rating agency highlighted concerns regarding working capital intensity and recent income tax search operations.
Key Highlights
Reaffirmed long-term rating of 'ACUITE A-' and short-term rating of 'ACUITE A2+' for Rs 300 Cr bank facilities.
Consolidated revenue grew 78% YoY to Rs 2,467.66 Cr in FY25, with a strong unexecuted order book of Rs 2,524.60 Cr as of Nov 2025.
Tangible net worth improved significantly to Rs 1,192.43 Cr in FY25 from Rs 462.86 Cr in FY24 following a preferential issue.
Debt-to-equity ratio improved to 0.24x in FY25 from 0.46x in FY24, with a robust Interest Coverage Ratio of 9.39x.
Gross Current Assets (GCA) elongated to 204 days in FY25 from 132 days in FY24, indicating increased working capital intensity.
💼 Action for Investors
Investors should view the rating reaffirmation as a sign of financial stability, but must monitor the impact of the recent Income Tax searches and the upcoming demerger of the Green Mobility business. The stock remains a watch for those tracking the ash handling and renewable energy logistics sectors.
Refex Industries Bags INR 34.61 Crore Order for Pond Ash Transportation to NHAI Projects
Refex Industries Limited (RIL) has secured a domestic contract valued at approximately INR 34.61 Crore for the excavation, loading, and transportation of pond ash. The project is designated for NHAI road projects and was awarded by a domestic entity based in Maharashtra. The contract features a rapid execution timeline of just 4 months, indicating an immediate impact on the company's revenue. This win reinforces Refex's specialized logistics and ash management business segment.
Key Highlights
Awarded a domestic contract worth approximately INR 34.61 Crore
Scope involves excavation, loading, and transportation of pond ash for NHAI road projects
Project execution period is set for a short duration of 4 months
Contract awarded by a Maharashtra-based domestic entity with no promoter interest involved
💼 Action for Investors
Investors should view this as a positive development for the company's logistics vertical, providing a quick revenue boost over the next two quarters. Monitor the company's ability to maintain margins on this short-term contract while seeking further NHAI-related opportunities.
Refex Industries Bags INR 43.74 Crore Order for Pond Ash Transportation to NHAI Projects
Refex Industries Limited has secured a domestic contract worth approximately INR 43.74 Crore from a large business conglomerate. The project involves the excavation, loading, transportation, and unloading of pond ash for NHAI road projects. This order is expected to be executed within a short timeframe of four months, providing immediate revenue visibility. This development reinforces the company's presence in the ash handling and logistics segment, contributing to its operational growth.
Key Highlights
Total order value is approximately INR 43.74 Crore
Execution timeline is set for a short duration of 4 months
Scope includes excavation, loading, and transportation of pond ash for NHAI road projects
Contract awarded by a domestic large business conglomerate
No promoter or group company interest involved in the awarding entity
💼 Action for Investors
Investors should view this as a positive development for short-term revenue growth and monitor the company's execution efficiency over the next four months. The stock may see positive momentum as this order provides clear top-line visibility for the upcoming quarters.
Refex Subsidiary Bags 148 MW Wind Turbine Generator Supply Order in Tamil Nadu
Venwind Refex Power Limited (VRPL), a subsidiary of Refex Industries, has secured a significant contract for the supply of Wind Turbine Generators (WTGs) totaling 148 MW. The order, awarded by a leading domestic Independent Power Producer, includes the design, manufacturing, and supply of WTGs for projects located in Tamil Nadu. The contract is slated for execution by September 2026, providing a clear revenue trajectory for the subsidiary over the next two fiscal years. This development marks a notable expansion of Refex's footprint in the renewable energy infrastructure space.
Key Highlights
Subsidiary VRPL signed a contract for the supply of 148 MW capacity Wind Turbine Generators.
The scope includes design, procurement, manufacturing, assembly, and supply of WTGs.
The project is located in Tamil Nadu and must be executed by September 2026.
The order was awarded by a leading domestic Independent Power Producer (IPP).
The transaction is confirmed to be at arm's length with no promoter group interest.
💼 Action for Investors
Investors should monitor the execution progress of this 148 MW order as it provides significant revenue visibility for the subsidiary through FY27. This win validates Refex's diversification strategy into the wind energy equipment sector.
Refex Industries Bags INR 27.50 Crore Order for Pond Ash Transportation
Refex Industries Limited (RIL) has secured a domestic contract from a major Public Sector Undertaking (PSU) power producer. The order involves the transportation of pond ash to NHAI road projects, reinforcing the company's presence in the industrial logistics and waste management sector. The contract is valued at approximately INR 27.50 Crore and is scheduled for completion within a short duration of 4 months. This win demonstrates the company's ability to secure recurring business from large government-linked entities.
Key Highlights
Total order value is approximately INR 27.50 Crore
Contract awarded by a major domestic Power Producer (PSU)
Execution timeline is strictly set for a period of 4 months
Scope includes transportation of pond ash specifically for NHAI road projects
No promoter or group company interest involved in the awarding entity
💼 Action for Investors
Investors should view this as a positive development for the company's ash handling vertical, though the execution must be monitored given the tight 4-month deadline. Watch for similar order wins to gauge the scaling potential of this business segment.
REFEX: SEBI Imposes ₹10 Lakh Penalty on Chairman Anil Jain for Alleged Insider Trading
SEBI has imposed a penalty of ₹10,00,000 on Mr. Anil Jain, Promoter, Chairman & Managing Director of Refex Industries, for alleged insider trading. The allegation is that Mr. Jain communicated Unpublished Price Sensitive Information (UPSI) leading to unlawful gains of ₹12.33 lakh by certain entities. Mr. Jain intends to contest the order and believes he can defend his position through legal process. The company states that the penalty is on the individual and has no financial impact on Refex Industries.
Key Highlights
SEBI imposed a penalty of ₹10,00,000 on Mr. Anil Jain.
The alleged unlawful gains from insider trading amounted to ₹12.33 lakh.
Penalty imposed under Section 15G of the SEBI Act, 1992.
The SEBI order reference number is Order/JS/YK/2025-26/31830-31832 dated December 12, 2025.
💼 Action for Investors
Investors should closely monitor the legal proceedings and any further developments in this matter. While the company claims no direct financial impact, the involvement of key management in legal issues could affect investor sentiment.
SEBI Imposes ₹10 Lakh Penalty on Refex Industries CMD for Alleged Insider Trading
SEBI has imposed a penalty of ₹10 lakh on Mr. Anil Jain, the Promoter and CMD of Refex Industries, for allegedly communicating Unpublished Price Sensitive Information (UPSI). The regulator noted that certain entities traded on this information, resulting in unlawful gains of ₹12.33 lakh. Separately, the company clarified that Income Tax search operations concluded on December 13, 2025, with no adverse remarks. While the penalty is personal to the CMD and has no direct financial impact on the company, it raises corporate governance concerns.
Key Highlights
SEBI imposed a ₹10,00,000 penalty on CMD Mr. Anil Jain under Section 15G of the SEBI Act.
Allegations involve communication of UPSI leading to unlawful gains of ₹12.33 lakh by certain entities.
The CMD intends to vigorously contest the adjudication order through legal recourse.
Income Tax Department search operations concluded on Dec 13, 2025, with no adverse findings.
Company confirms no direct financial or operational impact as the penalty is on the individual.
💼 Action for Investors
Investors should monitor the CMD's legal appeal and remain cautious regarding corporate governance standards. While the IT department's clean chit is positive, the SEBI penalty for insider trading allegations is a red flag for management credibility.
REFEX: Income Tax Dept Search Operation at Registered Office
Refex Industries Limited announced that the Income Tax Department conducted search operations at the company's registered office and other locations starting December 09, 2025. The company has fully cooperated with the authorities and provided all necessary information. Refex denies speculative media reports with incorrect and misleading information. The company states that its business operations remain unaffected and are continuing without interruption.
Key Highlights
Search operations commenced on December 09, 2025
Company Secretary is ACS-25443
Company categorically denies speculative media reports
💼 Action for Investors
Investors should monitor official company announcements and avoid relying on unverified media reports. Refex Industries commits to transparency and will disclose further information as appropriate.
REFEX: Subsidiary Venwind's Turbine Included in MNRE's Approved List (ALMM)
Refex Industries' subsidiary, Venwind Refex Power Limited (VRPL), has achieved a milestone with its Wind Turbine Generator (WTG) being included in the Approved List of Models and Manufacturers (ALMM) - Wind by the Ministry of New and Renewable Energy (MNRE). This inclusion, effective December 02, 2025, signifies that VRPL's wind turbine model meets the required type and quality certifications for installation in India. VRPL's manufacturing facility in Silvassa, Gujarat, produces the GWH 182–5.3 MW platform, featuring a 183.5-metre rotor diameter and a 5.3 MW drivetrain. This approval facilitates State Nodal Agencies, investors, lenders, and developers in their wind energy projects.
Key Highlights
Venwind Refex Power Limited's WTG included in MNRE's ALMM list on December 02, 2025.
VRPL manufactures GWH 182–5.3 MW platform with a 183.5-metre rotor diameter.
VRPL's turbine has a high-efficiency 5.3 MW drivetrain.
VRPL's manufacturing facility is located in Silvassa, Gujarat.
💼 Action for Investors
This regulatory approval is a positive signal for Refex Industries' renewable energy initiatives. Investors should monitor VRPL's progress in securing new projects and contributing to the company's revenue.
Refex Industries bags order for transportation of pond ash to NHAI road projects
Refex Industries Limited (RIL) has secured an order for the transportation of pond ash to NHAI road projects. The order, valued at approximately ₹30.95 Crore, is to be executed within a period of 05 months. This new contract indicates a potential revenue stream for the company. Investors should monitor the execution of this order and its impact on the company's financials in the coming quarters.
Key Highlights
Order for Transportation of pond ash to NHAI road projects
Order value: ~ INR 30.95 Crore
Execution period: 05 Months
💼 Action for Investors
Investors should monitor Refex Industries' ability to execute this order efficiently and its impact on the company's revenue and profitability. Keep an eye on future announcements regarding project progress and financial performance.