Refex Industries Limited (REFEX) share price
₹266.35 on NSE as of 2026-10-07. +0.45% on the day. market cap ₹3,655 Cr. P/E 12.7. 52-week range ₹189.11 to ₹374.15. Utilities.
What the company does
Refex Industries Limited (RIL) was incorporated in 2002 in Chennai, Tamil Nadu. RIL is a specialist manufacturer and re-filler of Refrigerant gases in India, particularly, environmentally acceptable gases that are replacements for Chloro -fluoro-carbons (CF C’s). These are used primarily as refrigerants, foam blowing agents and aerosol propellants. RIL has also forayed into the logistic services to power plants such as Handling and Disposal of Fly Ash, Coal yard management and crushing of uncrushed coal and Coal trading to power plants. Besides, RIL also operates a 5.18 Mega Watt (MW) Solar Power Plant at Vituza village, Barmer, Rajasthan. RIL is a publicly listed company and is promoted by Mr. Anil Jain and Sherisha Technology Private Limited.
Filed by Acuité Ratings, page 2.
Refex Industries Q1 FY27: Revenue Up 160% While Other Income Turns Negative for the Full Year
At a glance
Refex Industries carries ash and coal away from thermal power plants, and a subsidiary builds wind turbines. Consolidated sales for the three months to June 2026 came to ₹916 crore. The same three months a year earlier brought ₹352 crore, a rise of 160 per cent. Operating profit rose from ₹37 crore to ₹107 crore. Net profit rose from ₹21 crore to ₹64 crore. Earnings per share, the profit attached to a single share, were ₹4.65 against ₹1.64.
The sequential comparison reads differently. The three months to March 2026 brought ₹934 crore of sales and ₹160 crore of operating profit. The June quarter brought slightly less revenue, with operating profit of ₹107 crore. Operating margin, which is operating profit as a share of sales, moved from 17 per cent to 12 per cent.
Segment disclosure shows where the volume came from. Ash and coal handling contributed ₹610 crore of revenue in the quarter. Windpower reported ₹297 crore, against ₹0.76 crore in the June 2025 quarter. Segment results put ash and coal at ₹111 crore of earnings before interest and tax. Windpower recorded a loss of ₹0.34 crore and green mobility a loss of ₹13.6 crore.
Three businesses have left the profit and loss account or are leaving it. Power trading and refrigerant gases are classified as discontinued operations under Ind AS 105, the accounting rule for businesses on the way out. Green mobility is mid-demerger, with a shareholders' meeting directed by the National Company Law Tribunal for 5 August 2026. For the year to March 2026, consolidated other income sits at minus ₹13.34 crore. The same line was positive ₹28.60 crore the year before.
Introduction
Refex Industries was incorporated in Chennai in 2002 as a refrigerant gas business. It listed on the BSE as Refex Refrigerants Limited and took its present name in 2012. In the year to March 2018 it began handling ash and coal for thermal power plants. That side business is now essentially the whole company.
The arithmetic of the shift is stark. Sales in the year to March 2016 were ₹78 crore. Sales in the year to March 2026 were ₹2,277 crore. The refrigerant segment that gave the company its original name was approved for discontinuation in January 2026. In July 2026 the board re-designated the President of the Refrigerant Gas Business as General Manager – Accounts, effective 1 August, consequent to that discontinuation. Few corporate restructurings are documented quite so precisely at the level of one business card.
Three pieces of the group are live. Ash and coal handling is the engine. Venwind Refex Power Limited, a subsidiary, manufactures 5.3 MW wind turbine generators under a technology licence. The company discloses an order book of ₹1,860 crore across 406 MW, with a pipeline of 1.5 GW. Refex Green Mobility runs corporate electric vehicle fleets, and is being carved out into a separately listed Refex Mobility Limited. Shareholders receive one share in the new company for each share they hold.
Recent exchange filings cover a busy few months. A Navratna public sector buyer placed a bulk commodity order of ₹70.2 crore in April, followed by ₹36.5 crore in May. A two-year pond ash order worth ₹36.91 crore also came in May. June brought a pond ash order of ₹29.34 crore for NHAI road projects. An ash transportation rate contract of ₹22.75 crore was disclosed at the end of July. Also in April, the Madras High Court quashed an income tax demand of ₹35.67 crore relating to assessment year 2016–17.
Business model
Coal burns, and what is left over is ash. The company's own presentation puts yearly fly ash generation at 340 million tonnes in 2025. It puts another 1,677 million tonnes already sitting in pond dykes. MoEF&CC, the environment ministry, mandates full utilisation of that ash. The stated penalty for non-compliance is ₹1,000 a tonne.
So the business is turning up at a power plant with trucks and taking the problem away. Refex operates more than 2,000 owned or leased vehicles on that work. It reports handling more than 70,000 tonnes of ash daily, and has serviced 40 thermal power plants. Those plants sit across 14 or more states. Management describes daily handled volume of 65,000 to 70,000 tonnes. Management also puts the pricing mechanic as distance-linked, at ₹450 to ₹1,200 per kilometre per tonne. Clients include NTPC and its joint ventures, state generating companies, Damodar Valley Corporation and Adani Power. The order book for this segment was ₹1,500 crore for the year to March 2026, updated to ₹1,635 crore as on 30 June 2026.
The second vertical is Venwind, which builds 5.3 MW wind turbines at a facility in Silvassa. Management describes the site as largely an assembly plant, in the style of a car maker. Management puts incremental capital spending there at "three and a half four crores". Blades are imported at present, and management targets localisation within six to twelve months. It also targets roughly 85 per cent of components localised twelve months out. Refex owns the technology licence and the design, with 50 to 60 vendors developing parts. Management is emphatic about what the company does not do: "We are only a product supplier… we don't do any part of EPC at all." EPC means engineering, procurement and construction, the job of building the whole site. Management says collections follow that boundary, 95 per cent on supply and the rest on installation and testing.
The third vertical is more than 1,750 vehicles carrying employees of Wipro, Nestlé, Amazon and JP Morgan around five cities. That is the one being demerged. The fourth, historically, was importing refrigerant gases from China, and it is now closed. The company began life selling the cooling agent and now sells the removal of what is left after burning things. Somewhere in there is a thermodynamics joke that the filings decline to make. A 5.18 MW solar plant at Barmer in Rajasthan appears in the company's documents.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Refex Industries Limited.
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