Refex Industries

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• DebtAdequate safetyRated A by Acuite.
• ResultsGrowingIn the Jun 2026 quarter, sales rose 160% and profit rose 225% from a year earlier.
• DilutionNo new sharesNo new shares issued in the last year, so existing shareholders' slices were not cut.
• PromotersPromoters buyingThe promoters (founders or parent) own 57%, up from 53% in Jun 2025.
• ValuationCheap vs its pastThe share trades at 10.9 times its yearly earnings (P/E), cheaper than 80% of the time in the last 5 years. Its usual P/E is about 15.

Refex Industries against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

• Valuation (P/E)10.9 against a typical 20.3: cheaper than most peers (1st = cheapest).5th of 16
• Sales growth+160.2% against a typical +45.5% from a year earlier.3rd of 15
• Profit growth+225% against a typical +38.5% from a year earlier.1st of 15
• Share price, 3 months−26.3% against a typical −11.2%.14th of 15
• Size₹ 3,156.7 Cr. market value against a typical ₹ 349.5 Cr. (1st = largest).1st of 15

Exchange filings and their impact on the company.

• 28 Oct 2026Press ReleaseHigh impactPositivePrice −4.1% so far today
  Refex keeps strong growth momentum with H1 revenue and PAT both up over 54% despite Q2 margin squeeze.

  Refex Industries reported Q2 FY27 standalone revenue of Rs 559.5 crore, up 36.1% year-on-year, with EBITDA of Rs 90.5 crore and PAT of Rs 59.5 crore, up 13.1%. For H1 FY27, revenue was Rs 1,178.8 crore, up 54.7%, and PAT was Rs 133.2 crore, up 55.4%. Growth remains strong though Q2 EBITDA margin fell to 16.2% from 18.1%, indicating some cost pressure even as full-year earnings are tracking well above last year.

  Full analysisFiling
• 28 Oct 2026Investor PresentationHigh impactPositivePrice −4.1% so far today
  Record H1 growth and Rs 1,721 cr orderbook give strong 12-month earnings visibility despite Q2 margin dip.

  Refex Industries reported Q2FY27 standalone revenue of Rs 559.5 crore up 36.1% and PAT of Rs 59.5 crore up 13.1%, with H1 revenue of Rs 1,178.8 crore up 54.7% and PAT of Rs 133.2 crore up 55.4%. It secured Rs 346 crore of new ash and coal orders taking the ash orderbook to Rs 1,721 crore, completed first wind turbine deliveries with a Rs 1,124 crore wind orderbook, and started its first RMC plant. The strong orderbook and execution momentum support continued growth, though margins dipped in Q2 and borrowings rose to fund working capital.

  Full analysisFiling
• 22 Oct 2026Bagging/Receiving of orders/contractsLow impactPositivePrice −1.6% that day
  Refex won a Rs 31.1 crore 1-year ash-transportation rate contract, about 1% of annual revenue.

  Refex Industries has received a slab-wise rate contract for transporting ash to road project sites of NHAI and other central and state road authorities. The contract has a cumulative maximum value of Rs 31.13 crore including GST and is valid for one year, extendable by six months. The award is from a domestic entity based in Maharashtra and is a small addition of about 1% to annual revenue.

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• 21 Oct 2026Bagging/Receiving of orders/contractsLow impactPositivePrice −4.2% that day
  Refex won a Rs 31.4 crore 1-year ash transportation rate contract from a Maharatna PSU.

  Refex Industries has received a slab-wise rate contract for ash transportation to NHAI and other government road project sites from a Maharatna PSU under the Ministry of Power. The contract has a cumulative maximum value of Rs 31.44 crore including GST and is valid for one year, extendable by six months. At about 1% of annual revenue, it adds small incremental business and strengthens its ash management order flow.

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• 17 Oct 2026Bagging/Receiving of orders/contractsLow impactPositivePrice −2.7% on 19 Oct
  Small Rs 32.4 cr one-year PSU ash-transport order adds ~1% to revenue.

  Refex Industries has won a rate contract for ash excavation, loading, transportation and unloading from a Maharatna PSU under the Ministry of Power. The contract has a cumulative maximum value of Rs 32.44 crore including GST and is valid for one year, extendable by six months. At about 1% of annual revenue, it provides incremental visibility for its ash-management business but does not materially change the near-term outlook.

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• 15 Oct 2026General UpdatesLow impactPositivePrice −1.9% that day
  GST appeal win vacates Rs 29.3 cr tax-penalty demand and makes Rs 5.9 cr paid under protest refundable.

  Refex Industries won its GST appeal before the Commissioner (Appeals), Bhopal against a March 2025 order that had confirmed Rs 14.66 cr input tax credit demand plus equal penalty. The appellate order dated October 13, 2026 vacated the total Rs 29.32 cr tax-plus-penalty demand with interest. The Rs 5.87 cr already paid under protest now becomes eligible for refund or re-credit, subject to procedure and possible further appeal by the department to the GST Appellate Tribunal.

  Full analysisFiling

Results dates and other board meetings. Full calendar

Compounded yearly rates over each period.

Listed companies in the same business.

Anil Jain

Chairman of the Board, Managing Director

Dinesh Kumar Agarwal

Chief Financial Officer, Whole-time Director

Ankit Poddar

Compliance Officer, Company Secretary