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REFEX - Refex Industries

📊 NSE: REFEX 🏢 Trading 📅 Last Updated: 12/14/2025 11:45

📢 Recent Corporate Announcements

Refex Industries Allots 69,859 Equity Shares Under ESOP 2021 Scheme

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Feb 2026, 10:08 PM

Refex Industries has approved the allotment of 69,859 equity shares of face value ₹2 each following the exercise of employee stock options. This allotment increases the company's total paid-up equity share capital from ₹27.42 crore to ₹27.44 crore. The company realized approximately ₹25.43 lakh from the exercise of these options. The resulting equity dilution is negligible, representing approximately 0.05% of the total share capital.

Allotment of 69,859 equity shares of ₹2 each under the Refex Employee Stock Option Scheme 2021.
Total paid-up equity share capital increased to 13,71,99,391 shares from 13,71,29,532 shares.
Total money realized by the company from this exercise amounts to ₹25,42,826.40.
Exercise prices for the shares ranged from ₹14.60 to ₹95.00 depending on the specific tranche and option type.
New shares rank pari-passu with existing equity shares of the company.

💡 No action is required as this is a routine administrative allotment with minimal impact on share value. Investors should focus on the company's operational performance and quarterly results.

SAT Grants Stay on SEBI Penalty Against Refex Industries MD Anil Jain

🟡 NEUTRAL ⭐ 6/10

LEGAL 📅 19 Feb 2026, 09:24 AM

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.

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

💡 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

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 19 Feb 2026, 09:14 AM

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.

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.

💡 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

🟢 POSITIVE ⭐ 6/10

OTHER 📅 17 Feb 2026, 12:42 PM

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.

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

💡 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

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 27 Jan 2026, 04:07 PM

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.

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.

💡 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 Releases Q3 FY26 Earnings Conference Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 21 Jan 2026, 09:46 PM

Refex Industries Limited has officially released the audio recording of its earnings conference call held on January 21, 2026. The call addressed the company's financial performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure is a routine regulatory requirement under SEBI Listing Regulations to ensure transparency for all shareholders. Investors can access the recording via the company's website to understand management's commentary on business operations and future growth prospects.

Audio recording of the Q3 and 9M FY26 earnings call is now available on the company's website.
The conference call was held on January 21, 2026, at 4:30 PM IST following the results announcement.
The discussion focused on financial results for the period ending December 31, 2025.
The filing is in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Investors should listen to the recording to gain deeper insights into the company's segment-wise performance and management's outlook. No immediate action is required as this is a procedural disclosure.

Refex Industries Q3 FY26 Net Profit Rises 13% YoY to ₹66.91 Cr; EBITDA Margins Double YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 21 Jan 2026, 04:33 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 21 Jan 2026, 03:20 PM

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.

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%.

💡 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 Grants 46,809 ESOPs with Performance-Linked Vesting at Discounted Prices

🟢 POSITIVE ⭐ 4/10

MANAGEMENT 📅 21 Jan 2026, 11:17 AM

Refex Industries has approved the grant of 46,809 stock options to eligible employees under its 2021 ESOP scheme. The grant is strategically split into 30% time-based options and 70% performance-based options, with exercise prices of ₹170 and ₹121 respectively. These prices represent a significant discount to the current market price of ₹243.30 as of January 20, 2026. The vesting schedule spans five years, ensuring long-term employee alignment with company growth targets.

Grant of 46,809 ESOPs approved by the Nomination and Remuneration Committee on January 21, 2026.
70% of options are performance-linked, requiring over 105% achievement of Annual Operations Plan (AOP) targets.
Exercise prices set at ₹170 for time-based and ₹121 for performance-based options against a market price of ₹243.30.
Vesting occurs over a 5-year period with a 10-year exercise window from the date of grant.
Performance criteria include both Business Unit financial targets and individual employee performance ratings.

💡 Investors should view this as a positive retention and incentive tool that aligns employee rewards with high performance. The total dilution from 46,809 shares is negligible for a company of this scale.

Refex Industries Q3 Net Profit Rises 13% to ₹66.9 Cr; Discontinues Refrigerant Gas Business

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 21 Jan 2026, 10:35 AM

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.

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.

💡 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

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 21 Jan 2026, 10:23 AM

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.

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.

💡 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

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 21 Jan 2026, 10:20 AM

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.

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.

💡 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 Schedules Q3 FY26 Earnings Call for January 21, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 17 Jan 2026, 05:21 PM

Refex Industries Limited has announced its earnings conference call to discuss the financial results for the third quarter and nine months ended December 31, 2025. The call is scheduled for Wednesday, January 21, 2026, at 04:30 PM IST. The management team, including Whole-time Director & CFO Mr. Dinesh Kumar Agarwal, will be present to interact with analysts and institutional investors. This is a standard regulatory procedure following the announcement of quarterly financial performance.

Earnings call scheduled for January 21, 2026, at 04:30 PM IST.
Discussion will cover financial performance for Q3 and the nine-month period ended December 31, 2025.
Management representation by Mr. Dinesh Kumar Agarwal, Whole-time Director & CFO.
The call follows the formal announcement of the company's financial results.

💡 Investors should monitor the Q3 results release prior to the call and listen to the management commentary for updates on business growth and operational efficiency.

Refex Industries Reaffirms Credit Ratings of 'ACUITE A-' and 'A2+' for Rs 300 Cr Facilities

🟡 NEUTRAL ⭐ 7/10

ROUTINE 📅 09 Jan 2026, 04:09 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 08 Jan 2026, 11:11 AM

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.

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

💡 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.

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💰 Financial Performance

Revenue Growth by Segment

Refex Industries Limited (RIL) consolidated revenue grew 78.4% to INR 2,467.66 Cr in FY25 from INR 1,383.43 Cr in FY24, primarily driven by the ash handling and coal trading segments which contribute over 96% of total revenue. The Refex group overall estimated FY25 revenue at INR 3,371.80 Cr, a 275% increase from INR 899.17 Cr in FY24 due to RIL becoming a subsidiary.

Geographic Revenue Split

Not disclosed in available documents, though the company maintains a diversified geographical coverage across India with key operations mentioned in Chennai, Tamil Nadu and Raipur, Chhattisgarh.

Profitability Margins

RIL operating margins moderated to 8.54% in FY25 compared to 10.61% in FY24. The group's PAT margin deteriorated to 17.74% in FY24 from 28.00% in FY23, while RIL's consolidated PAT margin declined slightly to 6.42% in FY24 from 6.72% in FY23.

EBITDA Margin

In Q2 FY26, EBITDA nearly doubled sequentially to INR 74 Cr from the previous quarter, representing an EBITDA margin of approximately 17.1% on revenue of INR 431 Cr. Historical operating margins for RIL have ranged between 10.75% and 13.08%.

Capital Expenditure

The company is undergoing significant capital expansion supported by an equity infusion of INR 1,147.81 Cr between FY24 and FY26 via preferential issues to promoters and non-promoters, with INR 513.38 Cr realized during FY25 to fund growth in ash handling and green energy verticals.

Credit Rating & Borrowing

Acuité upgraded the long-term rating to 'ACUITE A-' (Stable) and short-term rating to 'ACUITE A2+' for INR 105 Cr bank facilities. The group's interest coverage ratio (ICR) stood at 3.13 times in FY24, down from 5.24 times in FY23.

⚙️ Operational Drivers

Raw Materials

Coal (for trading) and Refrigerant gases (for refilling/refillery services) are the primary materials, with coal trading and handling representing the bulk of operational costs.

Import Sources

Coal is sourced domestically and imported under the Open General License (OGL) policy, allowing for free import based on commercial prudence; specific countries of origin are not disclosed.

Key Suppliers

Not disclosed in available documents, though the company maintains long-standing relationships with key suppliers to support its coal and refrigerant gas segments.

Capacity Expansion

Ash handling capacity is being ramped up to 90,000 metric tons by the end of FY26. Management targets a 60-65% growth in daily handling capacity over the next three years to meet rising demand from power plants.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but intense competition in the coal sector, driven by the Open General License policy, has led to low profitability margins in the trading segment.

📈 Strategic Growth

Expected Growth Rate

60-65%

Growth Strategy

Growth will be achieved by expanding daily ash handling capacity by 60-65% over three years, executing a healthy order book of INR 1,921.40 Cr (as of Sept 2024), and diversifying into green mobility and wind energy (Venwind). The company is also exiting the low-margin power trading business to focus on core high-growth verticals.

Products & Services

Coal trading, ash handling services for thermal power plants, refilling of refrigerant gases, solar power project execution (153.7 MW and 100 MW orders), and wind energy services.

Brand Portfolio

Refex, Venwind (Wind vertical), Refex Mobility (Green mobility vertical).

New Products/Services

Expansion into solar power projects with a 153.7 MW order valued at INR 750 Cr and a ~100 MW order valued at INR 475 Cr.

Market Expansion

The company is hiving off its Refex Mobility vertical into a separate listed entity to unlock value and is expanding its presence in the renewable energy sector through solar and wind projects.

Market Share & Ranking

Management indicates they are among the largest players in ash handling, though their current market share is estimated at approximately 1% of the total addressable market.

🌍 External Factors

Industry Trends

The industry is shifting toward mandatory ash handling and environmental compliance for power plants, growing at a steady pace. Refex is positioning itself by expanding handling capacity and diversifying into green energy to align with sustainability trends.

Competitive Landscape

Intense competition in coal trading due to the Open General License; competition in renewable energy from players like Suzlon and Inox Wind in the broader market.

Competitive Moat

Moat is built on the promoter's 23+ years of experience and established relationships with state power utilities. This provides a competitive advantage in securing rotating orders, though it is challenged by low entry barriers in coal trading.

Macro Economic Sensitivity

Highly sensitive to power sector demand and environmental regulations regarding ash disposal at thermal power plants.

Consumer Behavior

Shift toward green energy and sustainable mobility is driving the company's diversification into solar, wind, and electric mobility.

Geopolitical Risks

Vulnerable to changes in international coal trade policies and domestic import regulations under the Open General License.

⚖️ Regulatory & Governance

Industry Regulations

Coal can be freely imported under the Open General License (OGL). Ash handling is governed by environmental pollution control norms for thermal power plants.

Environmental Compliance

Operations are tied to environmental norms for ash handling and disposal; the company is pioneering sustainability through its core service offerings.

Taxation Policy Impact

The company is subject to standard corporate tax rates; however, it faces specific fiscal impacts from GST disputes.

Legal Contingencies

The company received a demand order from the Joint Commissioner, CGST Raipur Commissionerate for FY 2018-19 and 2019-20 totaling INR 10,06,91,418 (including tax and penalty).