REFEX
Refex Industries share price & financials
- Price
- ₹306.8
- Market cap
- ₹4.2k Cr
- Sector
- Utilities
- Calls analysed
- 6
Refex Industries Limited Q1 FY27
What went well
- Revenue from continuing operations grew 76% YoY to ₹619 crores (Q1 FY27 vs Q1 FY26), demonstrating strong momentum.
- EBITDA from continuing operations increased 165% YoY to ₹105 crores, with EBITDA margin at 17%.
- PAT from continuing operations surged 123% YoY to ₹73.6 crores, achieving a PAT margin of 11.9%.
What to watch
- Intermittent diesel supply constraints and logistics disruptions due to geopolitical developments impacted ash and coal handling operations.
- Wind business reported 'very small' margins this quarter due to transit phases and billing not yet completed, with better margins expected in Q3 and Q4.
What Refex Industries Limited does
Refex Industries is a diversified industrial group spanning ash and coal handling for thermal power plants, wind turbine generator manufacturing through subsidiary Venwind Refex Power Limited (VRPL), corporate mobility through subsidiary Refex Green Mobility Limited (RGML), and legacy refrigerant-gas refilling and power trading. It earns contract-led income by evacuating, transporting and utilising fly ash and pond ash on behalf of thermal power plant operators for onward use by cement, brick and road-building industries, and by manufacturing/supplying wind turbine generators and operating a fleet-based employee-transport and rental mobility service for enterprises. The company began in 2002 as a refrigerant-gas refiller, later became India's largest organised ash-handling logistics player (since 2018), and has since expanded into wind turbine manufacturing and green mobility.
Segments
- Ash & Coal Handling
- Wind Energy (Venwind Refex Power Ltd - VRPL)
- Green Mobility (Refex Green Mobility Ltd - RGML)
- Refrigerant Gases
- Power Trading
- Ash-handling fleet (owned/leased)
- 2,000+
- Thermal power plants serviced (ash handling)
- 40+
- States covered by ash-handling operations
- 14+
- Cumulative ash utilised since 2018
- 45+ million MT over 8 years
- Green mobility fleet size
- 1,750+ vehicles (as of 31 Mar'26)
- Green mobility operating cities
- 5 (Delhi NCR, Mumbai, Bangalore, Chennai, Hyderabad)
Guidance record · Q1 FY27
what the last two calls moved 24 tracked 3 delivered 10 missed 11 open- Power Trading Business Exit delivered said Q1 FY26 Promised: Wind down by end of Q2 FY26 Q1 FY27: Remains achieved. Business was discontinued in prior quarters.
- EV Fleet Size went quiet said Q4 FY25 Promised: 5,000 EVs by FY27 Q1 FY27: No update on EV fleet size. Focus remains on the mobility business demerger, which is progressing with shareholder meetings scheduled.
- Mobility Business Demerger delayed said Q3 FY26 Promised: By end of April 2026 Q1 FY27: Delayed again. The previous 60-90 day timeline from June 1 is pushed. New guidance is for completion by the end of Q3 FY27.
All 24 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 160.2%, net profit up 225.0% 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 | 428 | 686 | 594 | 352 | 415 −3% | 576 −16% | 934 +57% | 916 +160% |
| EBITDA | 43 | 53 | 60 | 37 | 71 +65% | 90 +70% | 160 +167% | 107 +189% |
| Net profit | 31 | 50 | 48 | 20 | 36 +16% | 53 +6% | 94 +96% | 65 +225% |
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 −22.7% 1Y
1Y: ₹354.05 on 10 Sept 2025 → ₹273.55. High ₹400.45 (24 Sept 2025), low ₹189.11 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −5.2%
- 30 Jul
- Q4 FY26
- +11.4%
- 27 May
- Q3 FY26
- −4.1%
- 21 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 11.8% a year over 3 years, FY23 to FY26. Operating margin widened to 15.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.6k Cr | ₹1.4k Cr | ₹2.3k Cr | ₹2.3k Cr |
| Operating profit | ₹173 Cr | ₹145 Cr | ₹204 Cr | ₹358 Cr |
| Operating margin | 10.6% | 10.5% | 8.9% | 15.7% |
| Interest | ₹17 Cr | ₹28 Cr | ₹20 Cr | ₹32 Cr |
| Depreciation | ₹8 Cr | ₹14 Cr | ₹14 Cr | ₹20 Cr |
| Net profit | ₹116 Cr | ₹92 Cr | ₹158 Cr | ₹203 Cr |
| Net margin | 7.1% | 6.7% | 6.9% | 8.9% |
| Cash from operations | ₹28 Cr | ₹3 Cr | ₹-248 Cr | ₹107 Cr |
| Free cash flow | ₹-44 Cr | ₹-43 Cr | ₹-414 Cr | ₹47 Cr |
| ROCE | — | 26.0% | 23.0% | 23.0% |
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 | ₹21 Cr | ₹21 Cr | ₹22 Cr | ₹23 Cr | ₹26 Cr | ₹27 Cr |
| Reserves | ₹119 Cr | ₹163 Cr | ₹292 Cr | ₹442 Cr | ₹1.2k Cr | ₹1.5k Cr |
| Borrowings | ₹74 Cr | ₹85 Cr | ₹149 Cr | ₹215 Cr | ₹174 Cr | ₹225 Cr |
| Other liabilities | ₹128 Cr | ₹112 Cr | ₹288 Cr | ₹118 Cr | ₹612 Cr | ₹1.1k Cr |
| Total liabilities | ₹341 Cr | ₹381 Cr | ₹752 Cr | ₹798 Cr | ₹2.0k Cr | ₹2.8k Cr |
| Fixed assets | ₹87 Cr | ₹85 Cr | ₹147 Cr | ₹204 Cr | ₹213 Cr | ₹212 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹3 Cr | ₹9 Cr | ₹13 Cr | ₹18 Cr |
| Investments | ₹74 Cr | ₹74 Cr | ₹74 Cr | ₹74 Cr | ₹39 Cr | ₹0 Cr |
| Other assets | ₹181 Cr | ₹222 Cr | ₹529 Cr | ₹512 Cr | ₹1.8k Cr | ₹2.6k Cr |
| Total assets | ₹341 Cr | ₹381 Cr | ₹752 Cr | ₹798 Cr | ₹2.0k Cr | ₹2.8k 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.
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Refex Industries Limited
Guides on how to read this kind of business and the numbers that matter.