Business Verticals FY26:^[1]
a) Ash & Coal Handling Business (58%):^{[2] [3]}
The company entered the coal supply and ash disposal business in FY18 and has since become one of India’s largest organised players in the segment. It has serviced 40 thermal power plants across 14+ states and utilises more than 45 Mn tonnes of ash. The business operates a fleet of 2,000+ owned or leased vehicles, handles 70,000+ tonnes of ash daily and has an order book of Rs. 1,500 Cr. Its clientele includes NTPC and its joint ventures, state GENCOs, Damodar Valley Corporation, and Adani Power, etc.
b) Wind Power (17%):^{[4] [5]}
Venwind Refex Power Ltd, a subsidiary of the company, is engaged in trading, manufacturing, assembly, distribution, and marketing of energy
assets and related components, along with providing consulting, engineering, EPC services, and operating wind-based power plants. It focuses on developing 5.3+ MW wind turbine generators using hybrid PMG and medium-speed gearbox technology, supported by Vensys and global technology partners with 135+ GW of installations across 40+ countries. As of FY26, it has secured an order book of 406 MW worth Rs. 1,860 Cr , with a 1.5 GW pipeline, and key clients include Torrent Power, Jindal Steel & Power, and KP Energy.
c) Green Mobility (7%):^{[6][4] [7]}
Refex Green Mobility Ltd, a subsidiary of the company, commenced operations in Mar 2023 and offers integrated EV-based transportation solutions for enterprises. The business offers a tech-enabled mobility platform comprising electric vehicles, trained drivers, employee transport services, corporate rentals, and B2B aggregation services. It operates across key cities like Delhi NCR, Mumbai, Bengaluru, Hyderabad, and Chennai, and manages a fleet of 1,750 vehicles. Its key clients include Wipro, Nestle, Amazon, JP Morgan, PCS, PWC, etc.
d) Refrigerant Gas (1%):^[8][9]
The company supplies eco-friendly HFC refrigerants sourced from China and other
global markets, positioned as sustainable
alternatives to traditional CFCs and HCFCs.
It has also built collaborations with OEMs viz.
LG, myTVS Parts, KI Mobility, Voltas, and Cars24.
In Jan 2026, it approved the discontinuation of this segment as part of a strategic decision to enable
better allocation of capital towards the company’s
core, higher-growth businesses.
e) Other (17%):^[1][4]
The company offers solar power generation & related activities and solar module trading. It operates a 5.18 MW solar power plant in Rajasthan.