| Revenue growth | 18% YoY for Q4 FY26 standalone operations. |
|---|---|
| Margins | EBITDA margins improved to 20.1% (Q4); targeting sustainable 15-18% range. |
| Order book | ₹1,500cr in Ash & Coal; ₹1,860cr total Wind (₹1,500cr pending). |
| Demand visibility | Strong; thermal power expansion (50GW) driving long-term ash handling demand. |
| Management confidence | High; focusing on sustainable growth, operational efficiency, and capital allocation. |
Growth
FY26 standalone EBITDA grew 68% to ₹350cr; Q4 EBITDA margins doubled to 20.1% due to service-mix shift.
Outlook
Executing ₹1,500cr ash order book and ₹1,500cr wind order backlog in FY27; aiming for 2GW wind capacity.
Risks
Seasonal monsoon impact in Q2; receivables at 105-125 days; commodity price volatility in diesel costs.
Earnings Call filed with NSE, NSE: REFEX. Summary written with AI assistance from the document.
Refex Industries Limited: key numbers
- Share price
- ₹285.80
- Market cap
- ₹3,922 Cr
- Revenue (annual)
- ₹2,277 Cr
- Net profit (annual)
- ₹203.3 Cr
- P/E (TTM)
- 15.9×Sector 53.6×
- Promoter holding
- 56.57%+0.72% QoQ
- FII holding
- 0.93%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
More from Refex Industries Limited
All →Refex Industries Production Started
Refex Industries commenced commercial operations of its Ready-Mix Concrete business at a new plant in Pune. The facility adopts a lease-based, asset-light model for downstream expansion.
- ready-mix concrete plants
- 1.0 plants
Refex Industries Share Pledge
Refex Holding Private Limited, a promoter of Refex Industries Limited, created a pledge on 5,00,000 shares and released a pledge on 8,33,333 shares.
Refex Industries Order Update: ₹160 Cr
Refex Industries corrected a typographical error in a previously announced order, clarifying the quantity as 10 Lakh Metric Tonnes of Pond Ash and Fly Ash.
- Value
- ₹160.0 Cr
- From
- A Public Sector Undertaking in Madhya Pradesh
- Execution
- 18 months extendable with mutual consent
- lifting capacity
- 10.0 Lakh Metric Tonnes
Refex Industries Bags ₹160 Cr Order from A Public Sector Undertaking in Madhya Pradesh
Refex Industries Limited secured a ₹160 Crore contract from a Public Sector Undertaking in Madhya Pradesh for the lifting of Pond Ash and Fly Ash.
- Value
- ₹160.0 Cr
- From
- A Public Sector Undertaking in Madhya Pradesh
- Execution
- 18 months
Refex Industries Share Pledge
Refex Holding Private Limited created a pledge over 17,68,491 shares of Refex Industries Limited. These shares were pledged as collateral for multiple loan arrangements.
Refex Industries Promoter Buying
Refex Industries submitted a revised Shareholding Pattern. It also disclosed that Refex Holding Private Limited (Promoter group) acquired 100,844 equity shares on June 30, 2026.