Refex Renewables & Infrastructure Ltd
₹ 331
0.99%
17 Aug
- close price
About
Incorporated in 1994, Refex Renewables & Infrastructure Ltd provides EPC services
in respect of ground solar power plants,
solar water pumps and home systems[1]
Key Points
- Market Cap ₹ 149 Cr.
- Current Price ₹ 331
- High / Low ₹ 798 / 209
- Stock P/E
- Book Value ₹ -144
- Dividend Yield 0.00 %
- ROCE -29.8 %
- ROE %
- Face Value ₹ 10.0
Pros
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -31.4% over past five years.
- Promoters have pledged 42.7% of their holding.
- Working capital days have increased from -38.2 days to 171 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
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Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 57 | 50 | 65 | 84 | 35 | 21 | 19 | 10 | 8 | |
| 0 | 0 | 0 | 0 | 57 | 62 | 82 | 94 | 46 | 24 | 25 | 17 | 15 | |
| Operating Profit | -0 | -0 | -0 | -0 | 1 | -12 | -17 | -10 | -11 | -4 | -6 | -7 | -7 |
| OPM % | 1.1% | -24% | -26% | -12% | -32% | -18% | -33% | -69% | -86% | ||||
| 0 | 0 | 0 | 0 | 0 | 1 | 10 | 6 | 5 | 1 | 2 | 3 | 2 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 2 | 7 | 4 | 4 | 8 | 9 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -0 | -0 | -0 | -0 | 1 | -14 | -10 | -6 | -13 | -7 | -9 | -12 | -14 |
| Tax % | -25% | -17% | -17% | -20% | 77% | 0% | 0% | 0% | 0% | -1% | 0% | -0% | |
| -0 | -0 | -0 | -0 | 0 | -14 | -10 | -6 | -13 | -7 | -9 | -12 | -14 | |
| EPS in Rs | -0.07 | -0.09 | -0.11 | -0.16 | 0.36 | -30.07 | -21.74 | -13.85 | -29.82 | -15.64 | -20.42 | -26.68 | -30.99 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -31% |
| 3 Years: | -35% |
| TTM: | -52% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -5% |
| 3 Years: | 0% |
| TTM: | -52% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 44% |
| 3 Years: | -8% |
| 1 Year: | -50% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| Last Year: | % |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Reserves | -0 | -0 | -0 | 0 | 0 | -13 | -23 | -29 | -43 | -49 | -57 | -69 |
| 0 | 0 | 0 | 0 | 11 | 21 | 42 | 61 | 62 | 43 | 61 | 83 | |
| 0 | 0 | 0 | 0 | 2 | 65 | 87 | 62 | 20 | 16 | 18 | 23 | |
| Total Liabilities | 5 | 5 | 5 | 5 | 18 | 78 | 111 | 98 | 43 | 15 | 27 | 42 |
| 0 | 0 | 0 | 0 | 0 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 6 | 8 | 26 | 25 | 6 | 6 | 6 | 6 |
| 5 | 5 | 5 | 5 | 12 | 69 | 83 | 71 | 36 | 8 | 20 | 35 | |
| Total Assets | 5 | 5 | 5 | 5 | 18 | 78 | 111 | 98 | 43 | 15 | 27 | 42 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 5 | -0 | -0 | -0 | -10 | 20 | 8 | -18 | -57 | 19 | -7 | -9 | |
| 0 | 0 | 0 | 0 | -6 | -30 | -27 | 1 | 60 | -0 | -6 | -17 | |
| 0 | 0 | 0 | 0 | 11 | 10 | 20 | 17 | -4 | -18 | 18 | 21 | |
| Net Cash Flow | 5 | -0 | -0 | -0 | -4 | 0 | 1 | 0 | -1 | 0 | 6 | -6 |
| Free Cash Flow | 5 | -0 | -0 | -0 | -10 | 18 | 7 | -18 | -57 | 18 | -7 | -10 |
| CFO/OP | -11,350% | 100% | 100% | 90% | -1,462% | -167% | -46% | 174% | 507% | -480% | 104% | 139% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 36 | 179 | 109 | 19 | 241 | 7 | 7 | 24 | ||||
| Inventory Days | 56 | 1 | 0 | 0 | ||||||||
| Days Payable | 127 | 217 | ||||||||||
| Cash Conversion Cycle | 36 | 179 | 109 | 19 | 170 | -209 | 7 | 24 | ||||
| Working Capital Days | 29 | 11 | -104 | -137 | 135 | -169 | -117 | 171 | ||||
| ROCE % | -1% | -1% | -1% | -2% | 16% | -80% | -42% | -15% | -17% | -27% | -126% | -30% |
Insights
In beta| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Solar Projects under O&M - Capacity MWp |
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| Solar Projects under O&M - Number of Sites sites |
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| CBG Secured Project Pipeline (MSW Feed) TPD |
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| CO2 Equivalent Reduction tons |
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| Solar Order Book - NTPC Project MW |
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| Solar Power Generation GWh |
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Documents
Announcements
- Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
-
Full & Final Settlement Pursuant To Insolvency Petition Filed Against Sherisha Solar LLP [A Strategically Important Step-Down Subsidiary Entity And Completion Of Internal Restructuring (Disclosed Vide Announcement Dated May 21, 2025).
- Refex settled Sherisha Solar LLP dispute for ₹16.51 crore and transferred Ishaan Solar, SILRES stake, and SUNEDISON trademarks on Aug. 14, 2026.
-
Intimation Of Receipt Of Request From One Of The Promoters Requesting Re-Classification To 'Public' Category In The Shareholding Pattern In Accordance With The Provisions Of Regulation 31A Of The SEBI (LODR) Regulations, 2015 (As Amended) ('SEBI LODR Regulations').
- Promoter APCAPL seeks reclassification to public; held 13,91,869 shares (30.94%) and now holds nil shares.
-
Refex Renewables & Infrastructure Limited Becomes A Subsidiary Of Refex Holding Private Limited
- Refex Renewables becomes subsidiary of Refex Holding after RHPL's stake rises to 74.87%.
- Disclosures under Reg. 10(6) of SEBI (SAST) Regulations, 2011
Annual reports
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Financial Year 2025
from bse
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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Business Overview:[1]
RR&IL, part of the Refex Group and formerly known as SunEdison Infrastructure Ltd, is a leading solar power developer and IPP in India. It focuses on rooftop, ground-mounted, and farmer-led solar projects, serving both government and private clients across ~80 sites in 11 states.