Refex Industries Ltd

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

Refex Industries Ltd

₹ 312 -1.25%
05 Jun - close price
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 ₹ 4,288 Cr.
  • Current Price ₹ 312
  • High / Low ₹ 534 / 188
  • Stock P/E 17.4
  • Book Value ₹ 115
  • Dividend Yield 0.16 %
  • ROCE 22.8 %
  • ROE 17.5 %
  • Face Value ₹ 2.00
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Pros

  • Company has delivered good profit growth of 43.3% CAGR over last 5 years
  • Company's median sales growth is 19.5% of last 10 years

Cons

  • Promoters have pledged 41.3% of their holding.
  • Debtor days have increased from 105 to 132 days.
  • Working capital days have increased from 120 days to 188 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 Commodities Nifty Microcap 250 Nifty Total Market BSE 1000 Nifty Smallcap 500

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
630 381 350 302 337 585 428 686 594 365 411 576 701
557 345 315 268 294 533 385 633 533 325 337 481 560
Operating Profit 74 37 35 34 44 52 43 53 62 40 74 95 141
OPM % 12% 10% 10% 11% 13% 9% 10% 8% 10% 11% 18% 16% 20%
2 2 5 3 8 2 12 25 18 11 7 6 4
Interest 6 6 6 7 7 4 4 5 5 6 6 8 10
Depreciation 2 2 2 2 2 2 2 3 3 4 4 4 4
Profit before tax 68 30 32 27 43 48 49 71 71 41 72 89 131
Tax % 25% 26% 27% 28% 16% 25% 23% 17% 20% 20% 27% 25% 29%
51 22 23 20 36 36 37 59 57 33 52 67 94
EPS in Rs 4.59 1.99 2.12 1.79 3.09 3.11 3.09 4.58 4.42 2.55 4.02 4.88 6.85
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
85 78 38 77 461 661 633 444 1,629 1,371 2,430 2,039
79 75 36 75 433 609 565 383 1,454 1,222 2,214 1,689
Operating Profit 6 3 2 2 28 51 68 61 175 149 216 350
OPM % 7% 3% 6% 2% 6% 8% 11% 14% 11% 11% 9% 17%
0 0 2 2 2 -1 4 18 8 18 52 29
Interest 0 1 3 1 0 1 9 13 19 26 18 30
Depreciation 2 1 1 1 1 1 5 6 7 9 11 15
Profit before tax 3 0 1 2 29 48 58 61 156 132 241 333
Tax % 0% -1,613% 13% 46% -10% 31% 29% 26% 26% 23% 21% 26%
3 5 0 1 32 33 41 45 116 101 189 246
EPS in Rs 0.29 0.51 0.04 0.09 3.01 3.16 3.90 4.32 10.50 8.73 14.66 17.92
Dividend Payout % 0% 0% 0% 0% 0% 0% 8% 0% 4% 6% 0% 0%
Compounded Sales Growth
10 Years: 39%
5 Years: 26%
3 Years: 8%
TTM: -16%
Compounded Profit Growth
10 Years: 47%
5 Years: 43%
3 Years: 29%
TTM: 31%
Stock Price CAGR
10 Years: 65%
5 Years: 60%
3 Years: 45%
1 Year: -37%
Return on Equity
10 Years: 24%
5 Years: 22%
3 Years: 20%
Last Year: 18%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 15 15 15 15 15 15 21 21 22 23 26 27
Reserves -11 -6 -5 -4 27 60 119 163 292 450 1,224 1,544
9 37 35 41 0 9 74 85 149 161 158 217
56 71 15 45 115 53 128 112 288 114 272 633
Total Liabilities 70 118 60 98 159 138 341 381 752 748 1,681 2,422
16 15 15 14 15 22 87 85 147 144 199 192
CWIP 0 0 0 0 0 0 0 0 3 9 6 1
Investments 0 0 0 0 0 0 74 74 74 81 114 106
54 103 45 83 143 116 181 222 528 514 1,362 2,123
Total Assets 70 118 60 98 159 138 341 381 752 748 1,681 2,422

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-2 -25 4 -4 44 12 123 -14 28 10 -262
4 -2 -0 1 0 5 -122 -5 -78 -30 -74
-2 26 -3 4 -41 1 -5 2 60 43 568
Net Cash Flow -1 -0 1 -0 3 17 -4 -17 10 23 231
Free Cash Flow -3 -25 4 -5 42 12 118 -20 -43 -2 -325
CFO/OP -43% -931% 190% -246% 179% 47% 182% -23% 25% 22% -92%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 215 376 87 173 69 40 54 96 55 81 101 132
Inventory Days 4 7 22 33 7 2 4 8 3 3 2 2
Days Payable 281 382 156 264 92 27 70 79 49 21 37 75
Cash Conversion Cycle -63 1 -47 -57 -15 15 -12 24 8 63 66 60
Working Capital Days -34 -40 255 159 9 20 14 70 41 74 99 188
ROCE % 24% 6% 7% 6% 61% 85% 45% 25% 48% 29% 25% 23%

Insights

In beta
Mar 2014 Mar 2015 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Dec 2025
Ash Handling Volume
Million MT

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Refrigerant Gas Sales Volume
Metric Tons
Solar Power Installed Capacity
MW
Number of Thermal Power Plants Served
Count
Ash and Coal Handling Fleet Size (Owned/Leased)
Number of Vehicles
Solar Power Generation
KWH
Daily Ash Handling Capacity
MT per day
Order Book - Ash and Coal Handling
INR Crores
Order Book - Wind Energy (VRPL)
INR Crores

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

4 Recently
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026May 2026
53.33% 53.27% 55.28% 55.28% 57.12% 53.49% 53.37% 53.33% 53.33% 55.80% 55.85% 55.85%
0.41% 0.20% 0.22% 0.20% 1.53% 1.76% 2.00% 1.86% 1.71% 2.03% 1.37% 1.65%
0.10% 0.00% 0.00% 0.00% 0.00% 0.00% 0.11% 0.16% 0.15% 0.16% 0.13% 0.14%
46.17% 46.53% 44.50% 44.51% 41.35% 44.75% 44.51% 44.65% 44.81% 42.01% 42.66% 42.37%
No. of Shareholders 39,56842,58948,72957,63981,30281,85781,73985,42989,56897,01594,15993,023

* 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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Documents

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