531260
Refex Renewables financials
- Market cap
- ₹153 Cr
- Sector
- Construction
What Refex Renewables does
Refex Renewables & Infrastructure Limited (RRIL) is an Independent Power Producer (IPP) that conceptualizes, builds and operates solar PV power plants — industrial and commercial rooftop systems, greenfield ground-mounted installations, and solar solutions for land-owning farmers — earning through EPC delivery and O&M of these assets. It was the first company to execute Solar PV plants for renewable traction power along Indian Railways tracks, and has also delivered a solar-plus-battery-storage (BESS) project. In late 2024 the company entered the compressed biogas (CBG) sector, acquiring an operational anaerobic-digestion plant and building a plant pipeline that converts agricultural and municipal solid waste into CBG.
Segments
- Solar Energy (EPC/IPP)
- Compressed Biogas (CBG)
- Installed solar capacity
- 128 MWp (1,29,134 kWp) across 80+ sites in 11 states
- Cumulative solar installations delivered (EPC + IPP)
- 25,000+ across 8,000+ locations
- FY25 power generation
- >200 GWh
- CBG plant capacity (operational)
- 3.5 tonnes per day (TPD)
- Largest single solar project
- 75 MWp utility-scale ground-mounted plant, Bhilai, Chhattisgarh (for Indian Railways)
- Solar + BESS landmark project
- 1 MWp solar with 2 MWh battery storage, Leh, Ladakh (Indian Army)
Quarterly results
Q1 FY27: revenue up 32.6%, net profit up 58.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14 | 16 | 20 | 17 | 14 +2% | 16 +1% | 19 −4% | 22 +33% |
| EBITDA | 5 | 8 | 10 | 9 | 3 −35% | 6 −18% | 9 −16% | 12 +35% |
| Net profit | -13 | -10 | -5 | -8 | -14 −13% | -11 −8% | -10 −101% | -3 +58% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −48.3% 1Y
1Y: ₹658.95 on 5 Sept 2025 → ₹340.7. High ₹788.15 (21 Oct 2025), low ₹209.95 (30 Mar 2026).
Financials, as filed
Revenue fell 4.5% a year over 3 years, FY23 to FY26. Operating margin widened to 40.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹76 Cr | ₹76 Cr | ₹68 Cr | ₹66 Cr |
| Operating profit | ₹8 Cr | ₹33 Cr | ₹32 Cr | ₹27 Cr |
| Operating margin | 10.3% | 43.2% | 46.6% | 40.2% |
| Interest | ₹34 Cr | ₹42 Cr | ₹43 Cr | ₹48 Cr |
| Depreciation | ₹15 Cr | ₹18 Cr | ₹18 Cr | ₹20 Cr |
| Net profit | ₹-30 Cr | ₹-34 Cr | ₹-36 Cr | ₹-43 Cr |
| Net margin | -39.3% | -45.2% | -53.5% | -64.6% |
| Cash from operations | ₹-55 Cr | ₹120 Cr | ₹27 Cr | ₹16 Cr |
| Free cash flow | ₹-127 Cr | ₹105 Cr | ₹14 Cr | ₹10 Cr |
| ROCE | 3.0% | 5.0% | 5.0% | 3.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr |
| Reserves | ₹182 Cr | ₹57 Cr | ₹33 Cr | ₹9 Cr | ₹-71 Cr | ₹-85 Cr |
| Borrowings | ₹152 Cr | ₹334 Cr | ₹474 Cr | ₹419 Cr | ₹488 Cr | ₹487 Cr |
| Other liabilities | ₹51 Cr | ₹157 Cr | ₹90 Cr | ₹76 Cr | ₹102 Cr | ₹110 Cr |
| Total liabilities | ₹389 Cr | ₹551 Cr | ₹602 Cr | ₹509 Cr | ₹525 Cr | ₹517 Cr |
| Fixed assets | ₹171 Cr | ₹173 Cr | ₹172 Cr | ₹458 Cr | ₹463 Cr | ₹443 Cr |
| Capital work in progress | ₹33 Cr | ₹231 Cr | ₹288 Cr | ₹0 Cr | ₹1 Cr | ₹2 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹11 Cr |
| Other assets | ₹185 Cr | ₹147 Cr | ₹142 Cr | ₹51 Cr | ₹60 Cr | ₹60 Cr |
| Total assets | ₹389 Cr | ₹551 Cr | ₹602 Cr | ₹509 Cr | ₹525 Cr | ₹517 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Jun 2025.
- Promoters
- 74.9%
- Public
- 25.1%
Since Jun 2025
- Promoters −0.02 pp
- Public +0.02 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 75.0%, Public 25.0%.Dec '23: Promoters 75.0%, Public 25.0%.Mar '24: Promoters 75.0%, Public 25.0%.Jun '24: Promoters 75.0%, Public 25.0%.Sep '24: Promoters 75.0%, Public 25.0%.Dec '24: Promoters 75.0%, Public 25.0%.Mar '25: Promoters 74.9%, Public 25.1%.Jun '25: Promoters 74.9%, Public 25.1%.Sep '25: Promoters 74.9%, Public 25.1%.Dec '25: Promoters 74.9%, Public 25.1%.Mar '26: Promoters 74.9%, Public 25.1%.Jun '26: Promoters 74.9%, Public 25.1%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Refex Renewables above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Refex Holding Private Limited | 43.92% | unchanged |
| Avyan Pashupathy Capital Advisors Private Limited | 30.94% | unchanged |
| Guttikonda Vara Lakshmi | 1.53% | unchanged |
| Ashish Chugh | 1.15% | unchanged |
| T Anil Jain | 0.00% | unchanged |
| Refex Family Trust | 0.00% | unchanged |
| Dimple Jain | 0.00% | unchanged |
| Ugamdevi Jain | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Refex Renewables
Guides on how to read this kind of business and the numbers that matter.