Refex Industries Ltd

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

Refex Industries Ltd

₹ 331 -2.50%
03 Dec 2:23 p.m.
refex.co.in BSE: 532884 NSE: REFEX
About

Refex Industries Limited specializes in trading eco-friendly refrigerant gases and providing comprehensive solutions for responsible coal procurement and ash disposal.[1]

Key Points

Business Verticals
1) Ash & Coal Handling Business (93% in Q1 FY25 vs 72% in FY22): The company entered the ash and coal handling business in 2018, offering services for the processing and disposal of ash and coal. It is the largest organized player in ash handling in India, managing 50,000 MT of ash daily.[1] [2] In FY24, it received significant tenders from NTPC and State Run Power plants for the ash disposal requirements. Other clients include Ultra Tech Cement, Adani, ACC, etc. [3] It caters to 19+ power plants operates across MP, Karnataka, Chhattisgarh, Bihar, Maharashtra, etc.[4]

Website BSE NSE
  • Market Cap ₹ 4,542 Cr.
  • Current Price ₹ 331
  • High / Low ₹ 565 / 312
  • Stock P/E 22.5
  • Book Value ₹ 103
  • Dividend Yield 0.15 %
  • ROCE 25.3 %
  • ROE 22.0 %
  • Face Value ₹ 2.00
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Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 38.6% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 27.0%
  • Promoter holding has increased by 2.58% over last quarter.

Cons

  • Promoters have pledged or encumbered 27.2% of their holding.
  • Debtor days have increased from 79.2 to 101 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

Commodities Chemicals Chemicals & Petrochemicals Industrial Gases

Part of BSE SmallCap BSE Allcap BSE Commodities Nifty Microcap 250 Nifty Total Market

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
353 380 630 381 350 302 337 585 428 708 611 365 423
317 341 557 345 315 268 294 533 385 655 548 325 349
Operating Profit 37 40 74 37 35 34 44 52 43 53 64 40 74
OPM % 10% 10% 12% 10% 10% 11% 13% 9% 10% 8% 10% 11% 17%
2 1 2 2 5 3 8 2 12 25 16 11 8
Interest 3 4 6 6 6 7 7 4 4 5 5 6 6
Depreciation 2 2 2 2 2 2 2 2 2 3 3 4 4
Profit before tax 34 36 68 30 32 27 43 48 49 71 72 41 71
Tax % 26% 26% 25% 26% 27% 28% 16% 25% 23% 17% 21% 20% 27%
25 26 51 22 23 20 36 36 37 59 57 33 52
EPS in Rs 2.42 2.37 4.59 1.99 2.12 1.79 3.09 3.11 3.09 4.58 4.42 2.55 4.02
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
25 85 78 38 77 461 661 633 444 1,629 1,371 2,430 2,108
22 79 75 36 75 433 609 565 383 1,454 1,222 2,214 1,877
Operating Profit 2 6 3 2 2 28 51 68 61 175 149 216 231
OPM % 10% 7% 3% 6% 2% 6% 8% 11% 14% 11% 11% 9% 11%
3 -0 0 2 2 2 -1 4 18 8 18 52 61
Interest 2 0 1 3 1 0 1 9 13 19 26 18 22
Depreciation 2 2 1 1 1 1 1 5 6 7 9 11 14
Profit before tax 1 3 0 1 2 29 48 58 61 156 132 241 256
Tax % -0% -0% -1,613% 13% 46% -10% 31% 29% 26% 26% 23% 21%
1 3 5 0 1 32 33 41 45 116 101 189 201
EPS in Rs 0.11 0.29 0.51 0.04 0.09 3.01 3.16 3.90 4.32 10.50 8.73 14.66 15.57
Dividend Payout % -0% -0% -0% -0% -0% -0% -0% 8% -0% 4% 6% -0%
Compounded Sales Growth
10 Years: 40%
5 Years: 30%
3 Years: 76%
TTM: 28%
Compounded Profit Growth
10 Years: 51%
5 Years: 39%
3 Years: 75%
TTM: 61%
Stock Price CAGR
10 Years: 70%
5 Years: 71%
3 Years: 77%
1 Year: -40%
Return on Equity
10 Years: 30%
5 Years: 27%
3 Years: 27%
Last Year: 22%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 15 15 15 15 15 15 15 21 21 22 23 26 26
Reserves -14 -11 -6 -5 -4 27 60 119 163 292 450 1,224 1,311
11 9 37 35 41 0 9 74 85 149 161 158 165
23 56 71 15 45 115 53 128 112 288 114 272 292
Total Liabilities 35 70 118 60 98 159 138 341 381 752 748 1,681 1,793
17 16 15 15 14 15 22 87 85 147 144 199 191
CWIP 0 -0 -0 -0 -0 0 -0 -0 0 3 9 6 8
Investments 0 0 0 0 0 0 0 74 74 74 81 114 145
17 54 103 45 83 143 116 181 222 528 514 1,362 1,449
Total Assets 35 70 118 60 98 159 138 341 381 752 748 1,681 1,793

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
9 -2 -25 4 -4 44 12 123 -14 28 10 -262
13 4 -2 -0 1 0 5 -122 -5 -78 -30 -74
-21 -2 26 -3 4 -41 1 -5 2 60 43 568
Net Cash Flow 0 -1 -0 1 -0 3 17 -4 -17 10 23 231

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 65 215 376 87 173 69 40 54 96 55 81 101
Inventory Days 174 4 7 22 33 7 2 4 8 3 3 2
Days Payable 321 281 382 156 264 92 27 70 79 49 21 37
Cash Conversion Cycle -82 -63 1 -47 -57 -15 15 -12 24 8 63 66
Working Capital Days -273 -34 -40 255 159 9 20 14 70 41 74 99
ROCE % 15% 24% 6% 7% 6% 61% 85% 45% 25% 48% 29% 25%

Shareholding Pattern

Numbers in percentages

8 Recently
Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Oct 2025
52.70% 52.70% 53.33% 53.27% 55.28% 55.28% 57.12% 53.49% 53.37% 53.33% 53.33% 55.92%
0.07% 0.68% 0.41% 0.20% 0.22% 0.20% 1.53% 1.76% 2.00% 1.86% 1.71% 1.60%
0.00% 0.15% 0.10% 0.00% 0.00% 0.00% 0.00% 0.00% 0.11% 0.16% 0.15% 0.14%
47.23% 46.47% 46.17% 46.53% 44.50% 44.51% 41.35% 44.75% 44.51% 44.65% 44.81% 42.34%
No. of Shareholders 28,34033,61239,56842,58948,72957,63981,30281,85781,73985,42989,56889,600

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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