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 17.7
  • Book Value ₹ 110
  • Dividend Yield 0.16 %
  • ROCE 22.4 %
  • ROE 17.8 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.
  • Company has delivered good profit growth of 42.7% 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 108 to 142 days.
  • Working capital days have increased from 102 days to 144 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

Consolidated Figures in Rs. Crores / View Standalone

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
630 382 352 306 342 591 428 686 594 366 415 576 934
557 346 318 272 301 543 385 633 534 329 344 486 775
Operating Profit 74 36 34 34 41 48 43 53 60 37 71 90 160
OPM % 12% 10% 10% 11% 12% 8% 10% 8% 10% 10% 17% 16% 17%
2 2 5 3 8 2 5 16 3 1 -4 -3 -8
Interest 6 6 6 8 8 6 4 5 5 6 7 9 10
Depreciation 2 3 3 4 4 6 2 3 3 5 5 5 5
Profit before tax 68 29 30 25 37 39 42 62 55 28 55 73 136
Tax % 25% 27% 29% 33% 9% 25% 27% 19% 13% 26% 34% 28% 31%
51 21 21 17 33 29 31 50 48 20 36 53 94
EPS in Rs 4.59 1.92 1.94 1.53 2.96 2.60 2.57 3.88 3.74 1.64 2.90 3.93 6.62
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2023 Mar 2024 Mar 2025 Mar 2026
85 78 38 77 461 661 633 1,629 1,383 2,468 2,277
79 75 36 75 433 609 565 1,454 1,237 2,258 1,920
Operating Profit 6 3 2 2 28 51 68 175 146 210 357
OPM % 7% 3% 6% 2% 6% 8% 11% 11% 11% 8% 16%
0 0 2 2 2 -1 4 8 18 50 -13
Interest 0 1 3 1 0 1 9 19 29 28 32
Depreciation 2 1 1 1 1 1 5 7 14 33 20
Profit before tax 3 0 1 2 29 48 58 156 121 200 292
Tax % 0% -1,613% 13% 46% -10% 31% 29% 26% 23% 21% 30%
3 5 0 1 32 33 41 116 93 158 204
EPS in Rs 0.29 0.51 0.04 0.09 3.01 3.16 3.90 10.50 8.11 12.29 14.82
Dividend Payout % 0% 0% 0% 0% 0% 0% 8% 4% 6% 0% 0%
Compounded Sales Growth
10 Years: 40%
5 Years: 29%
3 Years: 12%
TTM: -8%
Compounded Profit Growth
10 Years: 46%
5 Years: 43%
3 Years: 28%
TTM: 53%
Stock Price CAGR
10 Years: 65%
5 Years: 60%
3 Years: 45%
1 Year: -37%
Return on Equity
10 Years: %
5 Years: %
3 Years: 19%
Last Year: 18%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 15 15 15 15 15 15 21 22 23 26 27
Reserves -11 -6 -5 -4 27 60 119 292 442 1,187 1,477
9 37 35 41 0 9 74 149 215 286 225
56 71 15 45 115 53 128 288 118 300 1,114
Total Liabilities 70 118 60 97 159 138 341 752 798 1,799 2,843
16 15 15 14 15 22 87 147 204 345 220
CWIP 0 0 0 0 0 0 0 3 9 17 10
Investments 0 0 0 0 0 0 74 74 74 31 0
54 103 45 83 143 116 181 529 512 1,406 2,613
Total Assets 70 118 60 97 159 138 341 752 798 1,799 2,843

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-3 -25 4 -4 44 12 123 28 3 -265 107
4 -2 -0 -1 0 5 -122 -78 -42 -90 -268
-2 26 -3 4 -41 1 -5 60 62 603 65
Net Cash Flow -1 -0 1 -1 3 17 -4 10 23 249 -95
Free Cash Flow -4 -25 4 -5 42 12 118 -44 -43 -430 47
CFO/OP -56% -930% 190% -248% 180% 47% 182% 25% 18% -96% 35%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 215 376 87 173 69 40 54 55 81 100 142
Inventory Days 4 7 22 33 7 2 4 3 3 2 15
Days Payable 281 382 156 264 92 27 70 49 20 37 92
Cash Conversion Cycle -63 1 -47 -57 -15 15 -12 8 63 65 65
Working Capital Days -34 -40 255 159 9 20 14 41 69 94 144
ROCE % 6% 7% 6% 61% 85% 45% 26% 21% 22%

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 ・Standalone data
Solar Power Installed Capacity
MW ・Standalone data
Number of Thermal Power Plants Served
Count
Ash and Coal Handling Fleet Size (Owned/Leased)
Number of Vehicles
Solar Power Generation
KWH ・Standalone data
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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