Refex Renewables & Infrastructure Ltd
₹ 253
3.16%
13 Mar
- 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 ₹ 114 Cr.
- Current Price ₹ 253
- High / Low ₹ 1,183 / 226
- Stock P/E
- Book Value ₹ -147
- Dividend Yield 0.00 %
- ROCE 4.64 %
- ROE %
- Face Value ₹ 10.0
Pros
- Debtor days have improved from 123 to 31.6 days.
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 1.40% over past five years.
- Contingent liabilities of Rs.213 Cr.
- Earnings include an other income of Rs.10.1 Cr.
* 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| -0 | 71 | 63 | 72 | 53 | 76 | 75 | 67 | 67 | |
| 0 | 62 | 74 | 97 | 60 | 67 | 42 | 35 | 39 | |
| Operating Profit | -0 | 9 | -11 | -25 | -7 | 9 | 33 | 32 | 28 |
| OPM % | 13% | -18% | -35% | -13% | 11% | 44% | 48% | 42% | |
| -0 | 2 | 2 | 12 | 11 | 20 | 18 | 7 | 10 | |
| Interest | -0 | 0 | 6 | 14 | 20 | 35 | 42 | 43 | 47 |
| Depreciation | -0 | 0 | 4 | 15 | 17 | 16 | 18 | 18 | 19 |
| Profit before tax | -0 | 11 | -19 | -42 | -32 | -23 | -8 | -23 | -28 |
| Tax % | -20% | 31% | 11% | -36% | 14% | 33% | 313% | 60% | |
| -0 | 8 | -22 | -27 | -37 | -30 | -34 | -36 | -38 | |
| EPS in Rs | -0.16 | 17.19 | -47.60 | -61.60 | -72.36 | -52.07 | -55.03 | -80.77 | -83.59 |
| Dividend Payout % | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 1% |
| 3 Years: | 8% |
| TTM: | 2% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -24% |
| 3 Years: | -3% |
| TTM: | 6% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 36% |
| 3 Years: | -8% |
| 1 Year: | -59% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| Last Year: | % |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Reserves | 0 | 8 | 117 | 182 | 57 | 33 | 9 | -50 | -71 |
| -0 | 24 | 109 | 152 | 334 | 474 | 419 | 473 | 488 | |
| 0 | 38 | 78 | 51 | 157 | 90 | 76 | 88 | 102 | |
| Total Liabilities | 5 | 74 | 308 | 389 | 551 | 602 | 509 | 516 | 525 |
| -0 | 13 | 169 | 171 | 173 | 172 | 458 | 453 | 463 | |
| CWIP | -0 | -0 | 19 | 33 | 231 | 288 | -0 | 0 | 1 |
| Investments | 0 | -0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 |
| 5 | 61 | 120 | 185 | 147 | 142 | 51 | 63 | 60 | |
| Total Assets | 5 | 74 | 308 | 389 | 551 | 602 | 509 | 516 | 525 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| -1 | -14 | -46 | 84 | -55 | 120 | 27 | ||
| 2 | 5 | -62 | -159 | -74 | -14 | -40 | ||
| 3 | 4 | 119 | 74 | 125 | -107 | 18 | ||
| Net Cash Flow | 5 | -4 | 10 | -1 | -3 | -1 | 5 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 70 | 297 | 334 | 431 | 305 | 33 | 32 | |
| Inventory Days | 74 | 88 | 114 | 193 | 42 | |||
| Days Payable | 291 | 316 | 3,802 | 438 | 664 | |||
| Cash Conversion Cycle | 70 | 80 | 106 | -3,256 | 60 | -589 | 32 | |
| Working Capital Days | -39 | 133 | 255 | -439 | -50 | -249 | -261 | |
| ROCE % | 60% | -11% | -10% | -4% | 3% | 5% | 5% |
Insights
In beta| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Permanent Employees Count |
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| Number of Operational Sites Count |
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| Total O&M Capacity MWp |
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| Solar Power Generation GWh |
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| States Covered Count |
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| CBG Operational Capacity TPD |
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| O&M Site Locations Count |
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| Total Installations (Solar Pumps & Systems) Units |
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Documents
Announcements
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Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
21 Feb - Revised Disclosure regarding grant of ESOPs on February 11, 2026.
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Clarification On Speculative News / Rumours In Respect Of Search Operations At Refex Group By The Income-Tax Department.
19 Feb - RTI order (10 Feb 2026) confirms Income-Tax Dept issued no press release about Dec 9–13, 2025 Refex search.
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Stay Order By The Securities Appellate Tribunal On Recovery Of Penalty Levied Vide Order Dated December 12, 2025, Passed By The SEBI.
19 Feb - SAT stayed SEBI's Dec 12, 2025 penalty on promoter Anil Jain; 50% deposit due within four weeks.
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Outcome Of The Meeting Of The Board Of Refex Renewables & Infrastructure Limited ('Company') Held On February 11, 2026, Inter-Alia, For Considering Request From One Of The Promoters Of The Company For Re-Classification To 'Public' Category In The Shareholding Pattern In Accordance With The Provisions Of Regulation 31A Of The SEBI (LODR) Regulations, 2015
11 Feb - Board (Feb 11, 2026) declined APCAPL reclassification; APCAPL holds 30.95%, exceeds 10% cap.
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Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
11 Feb - Grant of 10,942 ESOPs to 05 eligible employees of the Company/its subsidiary, by the Nomination and Remuneration Committee on February 11, 2026, under RRIL ESOS …
Annual reports
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Financial Year 2025
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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.