REFEXRENEW
Refex Renewables & Infrastructure financials
- Market cap
- ₹143 Cr
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 6.5% a year over 2 years, FY24 to FY26. Operating margin narrowed to 40.2%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹76 Cr | ₹68 Cr | ₹66 Cr |
| Operating profit | ₹33 Cr | ₹32 Cr | ₹27 Cr |
| Operating margin | 43.2% | 46.6% | 40.2% |
| Interest | ₹42 Cr | ₹43 Cr | ₹48 Cr |
| Depreciation | ₹18 Cr | ₹18 Cr | ₹20 Cr |
| Net profit | ₹-34 Cr | ₹-36 Cr | ₹-43 Cr |
| Net margin | -45.2% | -53.5% | -64.6% |
| Cash from operations | ₹120 Cr | ₹27 Cr | ₹16 Cr |
| Free cash flow | ₹105 Cr | ₹14 Cr | ₹10 Cr |
| ROCE | 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 & Infrastructure Ltd 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 & Infrastructure Ltd
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