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 ₹ -178
- Dividend Yield 0.00 %
- ROCE 3.19 %
- ROE %
- Face Value ₹ 10.0
Pros
- Debtor days have improved from 28.8 to 21.4 days.
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -1.47% over past five years.
- Contingent liabilities of Rs.213 Cr.
- Promoters have pledged 42.7% of their holding.
* 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 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 71 | 63 | 72 | 53 | 76 | 75 | 67 | 66 | 72 | |
| 0 | 62 | 74 | 97 | 60 | 67 | 42 | 35 | 40 | 42 | |
| Operating Profit | -0 | 9 | -11 | -25 | -7 | 9 | 33 | 32 | 27 | 30 |
| OPM % | 13% | -18% | -35% | -13% | 11% | 44% | 48% | 40% | 41% | |
| 0 | 2 | 2 | 12 | 11 | 20 | 18 | 7 | 6 | 8 | |
| Interest | 0 | 0 | 6 | 14 | 20 | 35 | 42 | 43 | 48 | 48 |
| Depreciation | 0 | 0 | 4 | 15 | 17 | 16 | 18 | 18 | 20 | 20 |
| Profit before tax | -0 | 11 | -19 | -42 | -32 | -23 | -8 | -23 | -35 | -31 |
| Tax % | -20% | 31% | 11% | -36% | 14% | 33% | 313% | 60% | 24% | |
| -0 | 8 | -22 | -27 | -37 | -30 | -34 | -36 | -43 | -39 | |
| EPS in Rs | -0.16 | 17.19 | -47.60 | -61.60 | -72.36 | -52.07 | -55.03 | -80.77 | -93.42 | -85.29 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -1% |
| 3 Years: | -4% |
| TTM: | 8% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -14% |
| 3 Years: | -42% |
| TTM: | -8% |
| 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
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Reserves | 0 | 8 | 117 | 182 | 57 | 33 | 9 | -50 | -85 |
| 0 | 24 | 109 | 152 | 334 | 474 | 419 | 473 | 487 | |
| 0 | 38 | 78 | 51 | 157 | 90 | 76 | 88 | 111 | |
| Total Liabilities | 5 | 74 | 308 | 389 | 551 | 602 | 509 | 516 | 517 |
| 0 | 13 | 169 | 171 | 173 | 172 | 458 | 453 | 443 | |
| CWIP | 0 | 0 | 19 | 33 | 231 | 288 | 0 | 0 | 2 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11 |
| 5 | 61 | 120 | 185 | 147 | 142 | 51 | 63 | 61 | |
| Total Assets | 5 | 74 | 308 | 389 | 551 | 602 | 509 | 516 | 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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| -1 | -14 | -46 | 84 | -55 | 120 | 27 | 16 | ||
| 2 | 5 | -62 | -159 | -74 | -14 | -40 | 2 | ||
| 3 | 4 | 119 | 74 | 125 | -107 | 18 | -24 | ||
| Net Cash Flow | 5 | -4 | 10 | -1 | -3 | -1 | 5 | -6 | |
| Free Cash Flow | -1 | -33 | -86 | -149 | -127 | 105 | 14 | 10 | |
| CFO/OP | -2% | 112% | 173% | -1,258% | -613% | 376% | 88% | 62% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 70 | 297 | 334 | 431 | 305 | 33 | 32 | 21 | |
| Inventory Days | 74 | 88 | 114 | 193 | 42 | 156 | |||
| Days Payable | 291 | 316 | 3,802 | 438 | 664 | 699 | |||
| Cash Conversion Cycle | 70 | 80 | 106 | -3,256 | 60 | -589 | 32 | -521 | |
| Working Capital Days | -39 | 133 | 255 | -439 | -50 | -249 | -261 | -367 | |
| ROCE % | 60% | -11% | -10% | -4% | 3% | 5% | 5% | 3% |
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
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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.