Refex Renewables & Infrastructure share price & results
- Jun 2026
- Jun 2026
Chennai-based independent power producer building solar EPC/IPP projects (rooftop, ground-mounted, railway-traction, BESS) across India, now expanding into compressed biogas.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2.0 | −49.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -64.2 | −32.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -3.4 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. | |
| Return on equity | 47.63 | +106.2 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 17.17 | −3.7 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 7.82 | +7.7 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Price
Performance −50.0% 1Y
1Y: ₹730.45 on 24 Oct 2025 → ₹365.1. High ₹730.45 (24 Oct 2025), low ₹209.95 (30 Mar 2026).
- Previous close
- ₹361.5
- Market cap
- ₹143 Cr
- 52-week range
- ₹209.95 – ₹703.05
- One year
- −48.03%
- Return on equity (TTM to Jun 2026)
- 47.63%
Overview
- Symbol
- NSE:REFEXRENEW
- Sector
- Construction
- Industry
- Industrials
- Exchange
- NSE
- Currency
- INR
What Refex Renewables & Infrastructure Ltd does
Based on the company's own presentations, annual report and earnings calls.
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)
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: −132% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 4 | 7 | 2 | 4 | 2 | 2 | 2 | 2 |
| Expenses | 5 | 9 | 4 | 5 | 4 | 4 | 3 | 3 |
| Operating profit | -1 | -2 | -2 | -1 | -2 | -2 | -1 | -1 |
| Operating margin | −40.3% | −27.3% | −126.5% | −31.8% | −121.3% | −115.3% | −50.0% | −64.2% |
| Other income | 0 | 0 | 2 | 1 | 0 | 1 | 1 | 1 |
| Interest | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 3 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -3 | -3 | -2 | -1 | -4 | -4 | -3 | -3 |
| Tax rate | 0.0% | 0.0% | 1.9% | −0.7% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net profit | -3 | -3 | -2 | -1 | -4 | -4 | -3 | -3 |
| EPS (₹ per share) | -5.66 | -6.57 | -4.89 | -3.27 | -8.27 | -8.78 | -6.36 | -7.58 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 76 | 21 | 19 | 10 |
| Expenses | 68 | 24 | 25 | 17 |
| Operating profit | 8 | -4 | -6 | -7 |
| Other income | 20 | 1 | 2 | 3 |
| Interest | 34 | 4 | 5 | 8 |
| Depreciation | 15 | 0 | 0 | 0 |
| Profit before tax | -23 | -7 | -9 | -12 |
| Net profit | -30 | -7 | -9 | -12 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 4 | 4 | 4 | 4 | 4 | 4 |
| Reserves | -29 | -43 | -49 | -57 | -71 | -69 |
| Borrowings | 61 | 62 | 43 | 61 | 488 | 83 |
| Other liabilities | 62 | 20 | 16 | 18 | 102 | 23 |
| Total liabilities | 98 | 43 | 15 | 27 | 525 | 42 |
| Fixed assets | 1 | 1 | 1 | 1 | 463 | 1 |
| Capital work in progress | 0 | 0 | 0 | 0 | 1 | 0 |
| Investments | 25 | 6 | 6 | 6 | 0 | 6 |
| Other assets | 71 | 36 | 8 | 20 | 60 | 35 |
| Total assets | 98 | 43 | 15 | 27 | 525 | 42 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 8 | -18 | -57 | 19 | -7 | -9 |
| Cash from investing | -27 | 1 | 60 | 0 | -6 | -17 |
| Cash from financing | 20 | 17 | -4 | -18 | 18 | 21 |
| Net cash flow | 1 | 0 | -1 | 0 | 6 | -6 |
| Free cash flow | 7 | -18 | -57 | 18 | -7 | -10 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 109 | 19 | 241 | 7 | 7 | 24 |
| Inventory days | — | — | 56 | 1 | 0 | 0 |
| Days payable | — | — | 127 | 217 | — | — |
| Cash conversion cycle | 109 | 19 | 170 | -209 | 7 | 24 |
| Working capital days | -104 | -137 | 135 | -169 | -117 | 171 |
| Return on capital employed | −42.0% | −15.0% | −17.0% | −27.0% | −126.0% | −29.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Ownership
Who owns it
Promoters hold 74.87% as of Jun 2026.
- Promoters 74.87%
- Public 25.13%
Who is on the register
Named in the Jun 2026 filing
Every holder of Refex Renewables & Infrastructure Ltd above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| 43.92% | unchanged | |
| 30.94% | unchanged | |
| 1.53% | unchanged | |
| 1.15% | 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.
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