Refex Renewables & Infrastructure Ltd
Incorporated in 1994, Refex Renewables & Infrastructure Ltd provides EPC services
in respect of ground solar power plants,
solar water pumps and home systems[1]
- Market Cap ₹ 360 Cr.
- Current Price ₹ 800
- High / Low ₹ 1,166 / 416
- Stock P/E
- Book Value ₹ -100
- Dividend Yield 0.00 %
- ROCE 4.59 %
- ROE %
- Face Value ₹ 10.0
Pros
- Debtor days have improved from 123 to 31.2 days.
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 1.69% over past five years.
* 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
Sector: Infrastructure Developers & Operators Industry: Engineering - Turnkey Services
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 | |
|---|---|---|---|---|---|---|---|---|
| 0 | 71 | 63 | 72 | 53 | 76 | 75 | 68 | |
| 0 | 62 | 74 | 97 | 60 | 67 | 42 | 36 | |
| Operating Profit | -0 | 9 | -11 | -25 | -7 | 9 | 33 | 32 |
| OPM % | 13% | -18% | -35% | -13% | 11% | 44% | 47% | |
| 0 | 2 | 2 | 12 | 11 | 20 | 18 | 7 | |
| Interest | 0 | 0 | 6 | 14 | 20 | 35 | 42 | 43 |
| Depreciation | 0 | 0 | 4 | 15 | 17 | 16 | 18 | 18 |
| Profit before tax | -0 | 11 | -19 | -42 | -32 | -23 | -8 | -23 |
| Tax % | -20% | 31% | 11% | -36% | 14% | 33% | 313% | 60% |
| -0 | 8 | -22 | -27 | -37 | -30 | -34 | -36 | |
| EPS in Rs | -0.16 | 17.19 | -47.60 | -61.60 | -72.36 | -52.07 | -55.03 | -80.75 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 2% |
| 3 Years: | 9% |
| TTM: | -9% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -22% |
| 3 Years: | -3% |
| TTM: | -163% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 145% |
| 3 Years: | 37% |
| 1 Year: | 72% |
| 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 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Reserves | 0 | 8 | 117 | 182 | 57 | 33 | 9 | -50 |
| 0 | 24 | 109 | 152 | 334 | 474 | 419 | 473 | |
| 0 | 38 | 78 | 51 | 157 | 90 | 76 | 89 | |
| Total Liabilities | 5 | 74 | 308 | 389 | 551 | 602 | 509 | 517 |
| 0 | 13 | 169 | 171 | 173 | 172 | 458 | 453 | |
| CWIP | 0 | 0 | 19 | 33 | 231 | 288 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 5 | 61 | 120 | 185 | 147 | 142 | 51 | 64 | |
| Total Assets | 5 | 74 | 308 | 389 | 551 | 602 | 509 | 517 |
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 | 31 | |
| 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 | 31 | |
| Working Capital Days | 59 | 174 | 353 | -259 | 77 | -101 | -85 | |
| ROCE % | 60% | -11% | -10% | -4% | 3% | 5% | 5% |
Documents
Announcements
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Sale On Investment
21 May - Approved FY25 audited results; withdrew ₹160 Cr rights issue; sold two subsidiaries; assigned trademark for ₹1 Cr.
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Announcement under Regulation 30 (LODR)-Diversification / Disinvestment
21 May - Board approved FY25 results; withdrew ₹160 Cr rights issue; sold subsidiaries; assigned trademark for ₹1 Cr.
- Audited Financial Results For 4Th Quarter And Financial Year Ended March 31, 2025, Both On Standalone & Consolidated Basis. 21 May
-
Board Meeting Outcome for Outcome Of The Meeting Of The Board Held On May 21, 2025.
21 May - Approved FY25 audited results; withdrew ₹160 Cr rights issue; sold loss-making subsidiaries; assigned trademark for ₹1 Cr.
-
Announcement under Regulation 30 (LODR)-Acquisition
7 May - Incorporation of SPV Madurai for ₹78.54 Cr bio-CNG plant under 20-year PPP DBFOT model.
Annual reports
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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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Financial Year 2009
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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.