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Refex Industries share price & results

Refex Industries Limited· Utilities

Results to
Jun 2026
Latest analysed call
Q1 FY27
Ownership as of
Sept 2026

Handles ash logistics for coal power plants, manufactures wind turbines, and runs corporate mobility fleets.

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Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue916 ₹ crore+160.2% YoYQuarterly, as filedQuarter to Jun 2026Revenue from operations as filed.
Operating margin12.0 %+2.0 pts YoYOperating profit / revenueQuarter to Jun 2026For the quarter; a change is in percentage points.
Net profit65.0 ₹ crore+225.0% YoYQuarterly, as filedQuarter to Jun 2026Profit after tax as filed.
Return on equity21.00 %−0.9 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin2.06 %+20.3 ptsFY Mar 2026 vs FY Mar 2025Fiscal yearFY ending Mar 2026(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)37.91 %−62.5 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Jun 2026

Guidance

What management said, and what became of it

3 of 13 judged targets kept · 11 open · verdicts reflect calls analysed to Q1 FY27.

Refex Industries Limited management guidance track record on Inve: 24 targets tracked across analysed earnings calls (3 achieved, 10 missed, 11 open).

TargetOriginal wordingSaidLatest callVerdict
Power Trading Business ExitWind down by end of Q2 FY26
Call transcript, Q1 FY26 · 13 Aug 2025		Q1 FY26Q1 FY27:Remains achieved. Business was discontinued in prior quarters.
Call transcript, Q1 FY27 · 30 Jul 2026		Achieved
EV Fleet Size5,000 EVs by FY27
Call transcript, Q4 FY25 · 24 Apr 2025		Q4 FY25Q1 FY27:No update on EV fleet size. Focus remains on the mobility business demerger, which is progressing with shareholder meetings scheduled.
Call transcript, Q1 FY27 · 30 Jul 2026		Ghosted
Mobility Business DemergerBy end of April 2026
Call transcript, Q3 FY26 · 21 Jan 2026		Q3 FY26Q1 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.
Call transcript, Q1 FY27 · 30 Jul 2026		Delayed

Source: Inve Guidance Tracker for Refex Industries Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

10 of Refex Industries Limited's 24 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 21 more targets are in the full ledger.

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Price

₹232.3 +3.02% · +₹6.8

Last close 27 Oct 2026 · NSE · INR · Source: Inve

Performance −36.1% 1Y

₹200₹250₹300₹350Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Oct 26Q3 FY26 — 21 Jan 2026Q4 FY26 — 27 May 2026Q1 FY27 — 30 Jul 2026

1Y: ₹363.6 on 24 Oct 2025 → ₹232.3. High ₹374.15 (4 Nov 2025), low ₹189.11 (23 Mar 2026).

Previous close
₹225.5
Market cap
₹3.1k Cr
52-week range
₹189.11 – ₹374.15
One year
−35.37%
Price to earnings (TTM to Jun 2026)
10.84×
Return on equity (TTM to Jun 2026)
21.00%

Overview

Symbol
NSE:REFEX
Sector
Utilities
Exchange
NSE
Currency
INR

What Refex Industries Limited does

Based on the company's own presentations, annual report and earnings calls.

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)
Founded 2002Headquarters Chennai, Tamil Nadu, India Company website

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.

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