Refex Renewables & Infrastructure Ltd

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Refex Renewables Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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Refex Renewables & Infrastructure Ltd

₹ 365 1.00%
26 Oct 2:32 p.m.
refexrenewables.com BSE: 531260
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

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.

Website BSE
  • Market Cap ₹ 164 Cr.
  • Current Price ₹ 365
  • High / Low ₹ 730 / 209
  • Stock P/E
  • Book Value ₹ -144
  • Dividend Yield 0.00 %
  • ROCE -29.0 %
  • ROE %
  • Face Value ₹ 10.0
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Pros

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -31.4% over past five years.
  • 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

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
9.03 5.93 3.67 1.97 6.44 3.65 6.70 1.96 4.00 1.88 1.90 2.12 2.01
9.18 6.95 4.20 4.06 6.89 5.12 8.53 4.44 5.27 4.16 4.09 3.18 3.30
Operating Profit -0.15 -1.02 -0.53 -2.09 -0.45 -1.47 -1.83 -2.48 -1.27 -2.28 -2.19 -1.06 -1.29
OPM % -1.66% -17.20% -14.44% -106.09% -6.99% -40.27% -27.31% -126.53% -31.75% -121.28% -115.26% -50.00% -64.18%
0.20 0.22 0.06 0.53 0.03 0.04 0.00 1.70 1.40 0.33 0.61 0.71 0.68
Interest 1.11 1.02 0.96 0.99 1.02 1.05 1.11 1.32 1.55 1.70 2.29 2.44 2.71
Depreciation 0.08 0.07 0.06 0.06 0.06 0.06 0.01 0.06 0.06 0.07 0.08 0.07 0.09
Profit before tax -1.14 -1.89 -1.49 -2.61 -1.50 -2.54 -2.95 -2.16 -1.48 -3.72 -3.95 -2.86 -3.41
Tax % 0.00% 0.00% 0.00% -3.83% 0.00% 0.00% 0.00% 1.85% -0.68% 0.00% 0.00% 0.00% 0.00%
-1.14 -1.89 -1.49 -2.51 -1.50 -2.54 -2.95 -2.20 -1.47 -3.72 -3.95 -2.86 -3.41
EPS in Rs -2.54 -4.21 -3.32 -5.59 -3.34 -5.66 -6.57 -4.89 -3.27 -8.27 -8.78 -6.36 -7.58
Raw PDF

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% -68% -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 -26.66 -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: 39%
3 Years: -2%
1 Year: -51%
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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit -11,350% 100% 100% 90% -1,462% -167% -46% 174% 507% -480% 104% 140%

Ratios

Standalone / 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% -29%

Insights

In beta
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Solar Projects under O&M - Capacity
MWp

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Solar Projects under O&M - Number of Sites
sites
CBG Secured Project Pipeline (MSW Feed)
TPD
CO2 Equivalent Reduction
tons
Solar Order Book - NTPC Project
MW
Solar Power Generation
GWh

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

6 Recently
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
75.00% 75.00% 75.00% 75.00% 74.97% 74.89% 74.89% 74.89% 74.87% 74.87% 74.87% 74.87%
25.01% 25.01% 25.00% 24.99% 25.03% 25.11% 25.11% 25.11% 25.14% 25.14% 25.13% 25.13%
No. of Shareholders 1,3252,4952,5802,4862,8092,7982,7172,6902,9262,8242,7022,577

Documents

Announcements

Annual reports