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Refex Industries Limited REFEX NSEINFRA

Energy · Thermal Coal · India
https://refex.co.in
Company Profile ↓
₹282.55
-30.92% 1Y
Mkt Cap₹3,876.57 Cr
P/E18.75
P/B2.67
Div. Yield0.67%
52W High₹409.05
52W Low₹188.51
Book Value₹109.63
EPS (TTM)₹15.07

Company Overview

Refex Industries Limited engages in handling and disposal of fly ash in India. The company engages in solar power generation and related activities; coal trading; and providing coal yard management services and solar module trading. It also engages in providing transport services using electric vehicles. The company was formerly known as Refex Refrigerants Limited and changed its name to Refex Industries Limited in November 2013. The company was incorporated in 2002 and is based in Chennai, India.

Why Investors Should Care

Healthy Capital Returns

Return on capital employed stands at 22.5%.

Consistent Profit Growth

Net profit has compounded at 20.6% per year over the last five years.

Steady Revenue Expansion

Revenue has grown at a 12.0% CAGR over the past five years.

Reasonable Valuation

Trades at a P/E of 18.8, below the sector median of 19.5.

Healthy Margins

Operating margin of 15.2% supports profitability.

Conservative Balance Sheet

Carries low leverage with a debt-to-equity ratio of 0.15.

Recent Developments

  • Mar 2026 Revenue of ₹2,275.44 Cr (+1.0% YoY); net profit ₹203.35 Cr.
  • Trailing 12 Months Year-on-year growth — revenue +1.1%, earnings +28.1%.
  • 5-Year Trend Long-term compounding — revenue CAGR 12.0%, profit CAGR 20.6%.

Growth & Price Performance

Compounded Sales Growth

5 Years:12.04%
1 Year:1.05%

Compounded Profit Growth

5 Years:20.56%
1 Year:28.07%

Stock Price Performance

1 Year:-30.92%
6 Months:+32.07%
3 Months:-8.34%
1 Month:-5.39%

Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.

Technical Snapshot Mixed
52-Week Range 43% of range
₹188.51 ₹409.05
Trend Signals
  • Price vs 50-DMABelow
  • Price vs 200-DMAAbove
  • RSI (14)39.33 · Neutral
Price Performance
1M-5.39%
3M-8.34%
6M+32.07%
1Y-30.92%
Valuation vs Sector

P/E of 18.75 is below the sector median of 19.52 — relatively cheaper than peers.

Auto-generated from price history and fundamentals; not investment advice.

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Price Chart

NSE TradingView

Fundamental Growth Charts

Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.

PROS

  • Healthy ROCE of 22.5%.
  • Compounding revenue at 12.0% over 5 years.
  • Profit CAGR of 20.6% over 5 years.
  • In a confirmed uptrend (50-DMA above 200-DMA).

CONS

  • Trading 30.9% below its 52-week high.

* The pros and cons are auto-generated from financial metrics.

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Valuation

Stock P/E
18.75
Industry PE
19.52
Forward P/E est.
14.64
PEG Ratio
-
Book Value
₹109.63
Price to Book
2.67
P/S
1.41
EV/EBITDA
8.18
Dividend Yield
0.67%

Growth (CAGR)

Revenue 5Y
12.04%
Profit 5Y
20.56%
Revenue (YoY)
1.05%
Earnings (YoY)
28.07%

Profitability & Returns

ROCE
22.51%
ROE
13.52%
ROA
7.15%
Profit Margin
8.94%
Op Margin
15.23%
Gross Margin
19.00%
EPS (Latest Qtr)
₹4.59
EPS (TTM)
₹15.07

Balance Sheet & Liquidity

Debt/Equity
0.15
Quick Ratio
1.98
Current Ratio
2.04
Debt
₹225.04 Cr
Total Assets
₹2,842.70 Cr
Current Assets
₹2,539.59 Cr
Working Capital
₹1,294.57 Cr

Ownership

Promoter Holding
114.13%
Chg in Prom Hold
-
FII / Inst Holding
0.47%
Chg in FII Hold
-0.00%

Financial Snapshot

Enterprise Value
₹3,876.57 Cr
Total Revenue (TTM)
₹2,275.44 Cr
EBITDA
₹419.54 Cr
Free Cash Flow
₹-92.53 Cr
Operating Cash Flow
₹107.14 Cr
Shares Outstanding
₹13.72 Cr
Gross Margin
19.00%
Payout Ratio
2.37%

Peer comparison

Peer companies in the same sector (Energy).

#NameCMP ₹P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 REFEX Refex Industries Limited NSEINFRA 282.55 18.75 ₹3,876.57 Cr 0.67% 22.51% 13.52% 12.04% 20.56%
2 RELIANCE Reliance Industries Limited NIFTY50NSEAIINFRA 1,322.00 22.15 ₹17.89 L Cr 0.45% 8.99% 8.93% 6.39% 6.59%
3 ADANIENT Adani Enterprises Limited NIFTY50NSEAIINFRA 2,938.00 39.92 ₹3.80 L Cr 0.04% 9.83% 11.54% -7.67% 55.92%
4 ONGC Oil and Natural Gas Corporation Limited NIFTY50NSEINFRAPSU 234.65 7.13 ₹2.95 L Cr 6.10% 12.57% 11.14% -1.30% 4.11%
5 COALINDIA Coal India Limited NIFTY50NSEINFRAPSU 415.35 8.23 ₹2.56 L Cr 5.05% 19.79% 26.11% 9.74% -0.71%
6 IOC Indian Oil Corporation Limited NSEINFRAPSU 137.60 4.50 ₹1.94 L Cr 5.78% 20.53% 19.18% -2.21% 62.60%
7 BPCL Bharat Petroleum Corporation Limited NIFTY50NSEINFRAPSU 315.70 5.22 ₹1.37 L Cr 6.18% 26.36% 25.80% -1.15% 129.75%
8 OIL Oil India Limited NIFTY_MIDNSEINFRAPSU 488.30 12.00 ₹79,427.26 Cr 4.28% 10.13% 11.41% -2.02% -8.81%
9 HINDPETRO Hindustan Petroleum Corporation Limited NIFTY_MIDNSEINFRA 356.50 4.20 ₹75,856.87 Cr 6.14% 23.32% 27.53% 0.21% 119.51%
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios

Quarterly Results

Figures in INR.

Metric Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue 630.00 Cr382.00 Cr352.00 Cr306.00 Cr342.00 Cr591.00 Cr--594.47 Cr351.86 Cr415.00 Cr576.01 Cr934.17 Cr916.31 Cr
Cost of Revenue --------516.52 Cr301.94 Cr-466.09 Cr757.83 Cr781.48 Cr
Gross Profit --------77.95 Cr49.92 Cr-109.92 Cr176.34 Cr134.83 Cr
Operating Expenses 557.00 Cr346.00 Cr318.00 Cr272.00 Cr301.00 Cr543.00 Cr--20.84 Cr17.72 Cr344.00 Cr25.20 Cr22.15 Cr33.71 Cr
Operating Income 72.00 Cr33.00 Cr31.00 Cr30.00 Cr37.00 Cr42.00 Cr--57.12 Cr32.20 Cr66.00 Cr84.72 Cr154.19 Cr101.12 Cr
EBITDA 74.00 Cr36.00 Cr34.00 Cr34.00 Cr41.00 Cr48.00 Cr--73.12 Cr42.59 Cr71.00 Cr95.56 Cr158.13 Cr113.47 Cr
Interest Expense 6.00 Cr6.00 Cr6.00 Cr8.00 Cr8.00 Cr6.00 Cr--5.15 Cr6.17 Cr7.00 Cr9.14 Cr10.15 Cr12.92 Cr
Pretax Income 68.00 Cr29.00 Cr30.00 Cr25.00 Cr37.00 Cr39.00 Cr--67.96 Cr36.42 Cr55.00 Cr81.38 Cr147.98 Cr100.55 Cr
Tax Provision 17.00 Cr7.83 Cr8.70 Cr8.25 Cr3.33 Cr9.75 Cr--7.26 Cr7.20 Cr18.70 Cr20.04 Cr42.00 Cr26.02 Cr
Net Income 51.00 Cr21.00 Cr21.00 Cr17.00 Cr33.00 Cr29.00 Cr--48.32 Cr21.17 Cr36.00 Cr53.92 Cr90.82 Cr63.80 Cr
Diluted EPS 4.591.921.941.532.962.60--3.491.532.903.896.544.59

Profit & Loss (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue 85.00 Cr78.00 Cr38.00 Cr77.00 Cr461.00 Cr661.00 Cr633.00 Cr-1,617.90 Cr1,377.10 Cr2,251.84 Cr2,275.44 Cr
Cost of Revenue --------1,422.47 Cr1,189.85 Cr1,996.60 Cr1,843.08 Cr
Gross Profit --------195.43 Cr187.26 Cr255.24 Cr432.35 Cr
Operating Expenses 79.00 Cr75.00 Cr36.00 Cr75.00 Cr433.00 Cr609.00 Cr565.00 Cr-26.80 Cr48.66 Cr57.65 Cr85.86 Cr
Operating Income 4.00 Cr2.00 Cr1.00 Cr1.00 Cr27.00 Cr50.00 Cr63.00 Cr-168.63 Cr138.60 Cr197.59 Cr346.49 Cr
EBITDA 6.00 Cr3.00 Cr2.00 Cr2.00 Cr28.00 Cr51.00 Cr68.00 Cr-172.52 Cr152.08 Cr273.64 Cr419.54 Cr
Interest Expense 01.00 Cr3.00 Cr1.00 Cr01.00 Cr9.00 Cr-9.24 Cr17.20 Cr12.65 Cr29.22 Cr
Pretax Income 3.00 Cr01.00 Cr2.00 Cr29.00 Cr48.00 Cr58.00 Cr-156.39 Cr121.33 Cr228.43 Cr330.43 Cr
Tax Provision 0-013.00 L92.00 L-2.90 Cr14.88 Cr16.82 Cr-40.33 Cr28.35 Cr48.74 Cr88.05 Cr
Net Income 3.00 Cr5.00 Cr01.00 Cr32.00 Cr33.00 Cr41.00 Cr-116.06 Cr93.87 Cr158.78 Cr203.35 Cr
Diluted EPS 0.290.510.040.093.013.163.90-10.778.3612.3315.07

Balance Sheet (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets 70.00 Cr118.00 Cr60.00 Cr97.00 Cr159.00 Cr138.00 Cr341.00 Cr-752.30 Cr797.98 Cr1,799.19 Cr2,842.70 Cr
Current Assets --------526.26 Cr502.08 Cr1,381.77 Cr2,539.59 Cr
Cash & Equivalents --------10.18 Cr46.14 L281.49 Cr183.70 Cr
Inventory --------10.81 Cr7.23 Cr7.41 Cr76.07 Cr
Receivables --------245.17 Cr305.94 Cr701.42 Cr929.75 Cr
Total Liabilities --------437.91 Cr333.29 Cr587.02 Cr1,334.12 Cr
Current Liabilities --------332.00 Cr193.89 Cr396.25 Cr1,245.03 Cr
Long Term Debt --------40.46 Cr52.96 Cr91.84 Cr28.82 Cr
Total Debt 9.00 Cr37.00 Cr35.00 Cr41.00 Cr09.00 Cr74.00 Cr-149.42 Cr214.56 Cr286.06 Cr225.04 Cr
Total Equity 4.00 Cr9.00 Cr10.00 Cr11.00 Cr42.00 Cr75.00 Cr140.00 Cr-314.39 Cr465.58 Cr1,212.79 Cr1,504.15 Cr
Shares Outstanding --------11.05 Cr11.57 Cr12.92 Cr13.72 Cr

Cash Flows (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow -3.00 Cr-25.00 Cr4.00 Cr-4.00 Cr44.00 Cr12.00 Cr123.00 Cr-27.62 Cr2.85 Cr-248.50 Cr107.14 Cr
Investing Cash Flow 4.00 Cr-2.00 Cr-0-1.00 Cr05.00 Cr-122.00 Cr--77.56 Cr-41.88 Cr-104.56 Cr-267.90 Cr
Financing Cash Flow -2.00 Cr26.00 Cr-3.00 Cr4.00 Cr-41.00 Cr1.00 Cr-5.00 Cr-59.89 Cr61.87 Cr601.60 Cr65.35 Cr
Capital Expenditure -1.00 Cr00-1.00 Cr-2.00 Cr0-5.00 Cr--71.99 Cr-50.72 Cr-220.60 Cr-199.67 Cr
Free Cash Flow -4.00 Cr-25.00 Cr4.00 Cr-5.00 Cr42.00 Cr12.00 Cr118.00 Cr--44.37 Cr-47.87 Cr-469.10 Cr-92.53 Cr
Net Change in Cash -1.00 Cr-01.00 Cr-1.00 Cr3.00 Cr17.00 Cr-4.00 Cr-9.95 Cr22.84 Cr248.54 Cr-95.41 Cr

Ratios (Annual)

Figures in %.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Gross Margin % --------12.1%13.6%11.3%19.0%
Operating Margin % 4.7%2.6%2.6%1.3%5.9%7.6%10.0%-10.4%10.1%8.8%15.2%
Net Margin % 3.5%6.4%0.0%1.3%6.9%5.0%6.5%-7.2%6.8%7.1%8.9%
ROE % 75.0%55.6%0.0%9.1%76.2%44.0%29.3%-36.9%20.2%13.1%13.5%
ROCE % --------40.1%22.9%14.1%21.7%

Shareholding Pattern

Insiders
114.13%
Institutions
0.47%
Public Float
-3.31%

Analyst View

Loading analyst coverage…

Latest News

Recent headlines for REFEX

Google News Fri, 04 Sep 2026

Refex Industries Ltd. Share Price Today - Refex Industries Ltd. Stock Price Live NSE/BSE - CNBC TV18

<a href="https://news.google.com/rss/articles/CBMigwFBVV95cUxPV0JxcTNka3NSSlZMdEYweGluTVhqSENGd29pS015UHA3bHhpbV9YSDV1QXZ0V2gwcThUdmF5al83QlVxZ0Jaa3V0eFRDelpfOU1MaFJuWXhpdjk0THg1dkpydHpabTVjYXlBaVJsMGtsS0ZkYVNNdDhCZVhNZXppbDE3WQ?oc=5" targe…

Google News Sun, 06 Sep 2026

Refex Industries approves dividend, reappoints Anil Jain at 24th AGM - scanx.trade

<a href="https://news.google.com/rss/articles/CBMiwgFBVV95cUxQUXJPcDBMTktoczFsemNOLUhkdzZWWExlY1lIbk16ZEhkX3AxX1NJdjU2Mlk1VVFIM1ZNNXJIRG5Bd1JDS1VhRjBUUlZ1aUFFUVVKSTdoYjFtZ3Uwc0ItaW1VRjRxYm8zNW1takE2WVlJVzNUQS1jTW45RE5vblhST3REcndqR0tXbEJMeT…

Google News Sun, 31 May 2026

Here's Why We Think Refex Industries (NSE:REFEX) Might Deserve Your Attention Today - simplywall.st

<a href="https://news.google.com/rss/articles/CBMi3gFBVV95cUxQUmN0RWJPOGloV3Fndml6OXFvQUxiQ19OS0RJZEdtcGlkOFAwc3o3MGpIRXBDQ0g2cGdITXZnNVJwak8xaEVwYW1sSjRyZDlvdEwzOU9rMVoyVVRKZ0N6UW5BNmdBd29aNV9CY2hnWFBZbTdWc2pYT21ObkdNOGZfanpqZ09weDA2akd4Ul…

Google News ue, 26 May 2026

Refex Industries Limited Reports Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2026 - marketscreener.com

<a href="https://news.google.com/rss/articles/CBMi3gFBVV95cUxOUW96TldnSnNTb3VwZzFTMGFQOFlWMFAzMk9VMjdrNnRvbGZTNUU0c2lUd2dUYk93Tlo2U1BhcVYyd3JXUGpQQmsxakdvRDZHcDFydVdZcEpBNjk0cmxUQ3hDeFFJSHRpUmtrd0RpMi1pOXZOVHZmb1JJa0w2Yk9qOFhnLWJrQWRpRmhraz…

Google News Wed, 01 Jul 2026

Refex Industries Promoter Purchases 10 Lakh Shares via Open Market to Increase Stake - Sahi

<a href="https://news.google.com/rss/articles/CBMiwAFBVV95cUxNN0N1LURrLU1vaEFGQml6N2VueVdKaGpZR2hpQjBCN2VTZjl5b0c2NmZud3F1VG5HTE1EQW1JaW9Sc2ZESFFuX214S0lyM2ZHOTVqTXR3TUF5M21OSHg0UFZ6MTRaUFVDQ3VRaWc1SlQzVHpoandpQ2ZNRWVEYmxmLTh1Q1RjWmp1Nk4xcm…

Google News Fri, 04 Sep 2026

Refex Industries promoter pledges 4.75 lakh shares for loan collateral - scanx.trade

<a href="https://news.google.com/rss/articles/CBMiwAFBVV95cUxQM2VQMG52bW5WQ1pvU09LdkRQYnROS3V5MDM3ODh0aW1uN3BYVlA3ZHpWSUlXZnFHUkZ1TENjYldha0kwOXc1RFJVYTZyM0hvQ0Q5WGdLMGhaZW05LUExWjZtMnE0dXZIemJXQ29GZTFPUVE1b0ZwVWtRYzE4azMyV3U2RWNMMXhpZTJkaE…

REFEX — Frequently Asked Questions

What is the current share price of Refex Industries Limited (REFEX)?

As of 2026-09-08 04:53 IST, Refex Industries Limited (REFEX) trades at ₹282.55 on NSE. Its 52-week range is ₹188.51 to ₹409.05.

What is the market capitalisation of REFEX?

Refex Industries Limited (REFEX) has a market capitalisation of ₹3,876.57 Cr on NSE.

What is the P/E ratio of REFEX?

REFEX trades at a trailing price-to-earnings (P/E) ratio of 18.75. The industry average P/E is 19.52. Its price-to-book (P/B) ratio is 2.67.

Does REFEX pay a dividend?

Refex Industries Limited (REFEX) currently offers a dividend yield of 0.67%.

What is the return on equity (ROE) of REFEX?

REFEX has a return on equity (ROE) of 13.52%. Its return on capital employed (ROCE) is 22.51%.

Is REFEX a good stock to buy?

This page provides a data-driven analysis of Refex Industries Limited (REFEX), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.

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