| Management target | Revenue 67.0% FY27 |
|---|
| Revenue growth | Revenue up 76% YoY, driven by Ash handling and Wind execution. |
|---|---|
| Margins | Wind margins at 5-6% (PAT); Ash EBITDA margins stable at 15-18%. |
| Order book | Wind order book at 1,860 Cr with 525 Cr already executed. |
| Demand visibility | Strong; government 100GW wind goal by 2030 provides multi-year tailwinds. |
| Management confidence | Confident, specifically regarding ash utilization targets and wind sector localization. |
Growth
Revenue grew 76% YoY to 619 Cr; Ash handling volumes reached 65k-70k TPD with strong operational momentum.
Outlook
Targeting 90k TPD Ash volumes by Q4 FY27; guiding 1,700-1,800 Cr revenue from Wind segment.
Risks
Intermittent diesel supply constraints and geopolitical disruptions; high reliance on successful localization of wind turbine components.
Last quarter's promises, checked
Delivered
- Execute wind order book → Commenced 233 Cr execution (= BEAT)
- Ash EBITDA margin 15-18% → Delivered 20.1% (= BEAT)
- Revenue growth in Ash & Coal → Delivered 28% adjusted growth (= BEAT)
Partly delivered
- Remove promoter pledge in 6 months → Reduction ongoing but still at 41% (= PARTIAL)
Missed
- Ash handling 90k-95k TPD → Delivered 65k-70k TPD (= MISS)
Earnings Call Transcript filed with BSE, NSE: REFEX. Summary written with AI assistance from the document.
Refex Industries Ltd: 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 Ltd
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- ready-mix concrete plants
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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.