Refex Industries Limited (REFEX) AI Stock Analysis

• Market Cap: ₹44.60B
• Dividend Yield: 0.15%
• Average Volume (3M): 18.88K
• Price to Earnings (P/E): 26.6
• Beta (1Y): 1.16
• Revenue Growth: 21.67%
• EPS Growth: 25.86%
• Country: IN
• Employees: 183
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Coal
• EPS (TTM): 2.90
• Shares Outstanding: 136,855,600
• 10 Day Avg. Volume: 13,641
• 30 Day Avg. Volume: 18,880
• PEG Ratio: 0.58
• Price to Book (P/B): 3.96
• Price to Sales (P/S): 1.95
• P/FCF Ratio: -10.12
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: ₹341.00 ▼(-1.64% Downside)

Refex Industries Limited shows strong financial performance with robust revenue growth and profitability. However, technical indicators highlight bearish momentum, and the valuation suggests moderate pricing with a low dividend yield. The absence of earnings call and corporate events data limits further insights.

Positive Factors

Revenue Growth

The company's robust revenue growth indicates expanding market presence and effective business strategies, supporting long-term sustainability.

Product Diversification

Diversification across multiple sectors reduces dependency on a single revenue stream, enhancing resilience against industry-specific downturns.

Profitability

Strong profitability margins reflect effective cost management and pricing power, contributing to sustained financial health.

Negative Factors

Cash Flow Challenges

Challenges in maintaining positive cash flows can strain operations and limit growth investments, posing risks if not managed.

Increased Leverage

Higher leverage can increase financial risk, impacting the company's ability to invest in growth and weather economic downturns.

Operational Efficiency

Decreased operational efficiency may affect profitability and competitiveness, necessitating improvements in cost control and processes.

Refex Industries Limited Business Overview & Revenue Model

Company Description

Refex Industries Limited engages in handling and disposal of fly ash from power plants in India. It operates through Coal & Ash Handling Business, Solar Power-Generation and Related Activities, Refrigerant Gases-Manufacturing (Refilling) and Sales, and Sale of Service segments. The company primarily refills hydrofluorocarbons, which are used in automobile and room air-conditioners, and refrigerating equipment. It also generates and distributes solar power; trades in coal and solar accessories; and provides coal crushing and coal yard management services. The company was formerly known as Refex Refrigerants Limited and changed its name to Refex Industries Limited in November 2013. Refex Industries Limited was incorporated in 2002 and is based in Chennai, India.

How the Company Makes Money

Refex Industries generates revenue through multiple streams, primarily by selling refrigerants and industrial gases to various industries, including HVAC (heating, ventilation, and air conditioning), automotive, and food preservation. The company benefits from a diversified product portfolio which allows it to cater to a wide range of market needs. Additionally, REFEX may engage in partnerships with manufacturers and distributors to expand its market reach and enhance its distribution capabilities. Factors contributing to its earnings include market demand for eco-friendly refrigerants, regulatory developments promoting the use of sustainable alternatives, and the company's ability to innovate and adapt its product offerings to meet changing industry standards.

Refex Industries Limited Financial Statement Overview

Summary

Refex Industries Limited shows strong revenue growth and profitability with a solid balance sheet. However, challenges in cash flow stability and increased leverage need attention.

Income Statement

Refex Industries Limited has demonstrated strong revenue growth, with a significant increase from the previous year. The gross profit and net profit margins show healthy profitability, indicating effective cost management. However, the slight decline in EBIT margin suggests potential operational efficiency challenges.

Balance Sheet

The company maintains a strong equity base, as evidenced by its solid equity ratio. However, the increase in total debt raises concerns about leverage, though the debt-to-equity ratio remains manageable. The return on equity is commendable, reflecting efficient utilization of equity capital.

Cash Flow

While Refex Industries has faced challenges in maintaining positive operating cash flows, leading to negative free cash flow, the high financing cash flows indicate reliance on external funding. This poses a risk if not managed carefully, but the company has shown previous ability to generate operating cash flow growth.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	22.56B	24.68B	13.83B	16.29B	4.44B	6.33B
Gross Profit	2.85B	2.15B	1.90B	2.00B	904.65M	1.06B
EBITDA	2.39B	2.60B	1.64B	1.75B	762.34M	721.13M
Net Income	1.51B	1.59B	938.70M	1.16B	453.90M	409.43M
Balance Sheet
Total Assets	0.00	17.99B	7.98B	7.52B	3.81B	3.41B
Cash, Cash Equivalents and Short-Term Investments	3.81B	3.12B	647.85M	346.21M	287.37M	172.46M
Total Debt	0.00	2.86B	2.15B	1.49B	851.00M	741.53M
Total Liabilities	-12.12B	5.87B	3.33B	4.38B	1.97B	2.02B
Stockholders Equity	12.12B	12.13B	4.66B	3.14B	1.84B	1.40B
Cash Flow
Free Cash Flow	0.00	-4.75B	-427.01M	-443.74M	-233.62M	1.17B
Operating Cash Flow	0.00	-2.65B	28.48M	276.15M	-169.50M	1.23B
Investing Cash Flow	0.00	-897.04M	-418.76M	-775.61M	-13.11M	-1.22B
Financing Cash Flow	0.00	6.03B	618.70M	598.92M	20.06M	-47.23M

Refex Industries Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 346.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:REFEX, the sentiment is Neutral. The current price of 346.7 is above the 20-day moving average (MA) of 346.63, below the 50-day MA of 355.39, and below the 200-day MA of 400.65, indicating a bearish trend. The MACD of -7.96 indicates Positive momentum. The RSI at 45.14 is Neutral, neither overbought nor oversold. The STOCH value of 40.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:REFEX.

Refex Industries Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GHCL	66 Neutral	₹59.23B	10.38	―	2.08%	-5.14%	7.25%
INDIAGLYCO	65 Neutral	₹62.85B	25.78	―	0.46%	5.61%	33.63%
BHARATRAS	64 Neutral	₹46.05B	33.50	―	0.01%	6.39%	-15.53%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
REFEX	60 Neutral	₹44.60B	26.57	―	0.15%	21.67%	25.86%
LXCHEM	51 Neutral	₹54.15B	64.85	―	0.28%	-2.93%	-37.94%
CAMLINFINE	41 Neutral	₹36.92B	-29.50	―	―	9.21%	87.89%

Refex Industries Limited Corporate Events

Refex Industries Expands with Acquisition of Engineering Subsidiary

Refex Industries Limited has announced that its subsidiary, Venwind Refex Power Limited, will acquire 100% of Refex Engineering Products Private Limited, making it a step-down subsidiary. This acquisition aims to consolidate the company’s wind energy and ancillary businesses, enhancing operational efficiencies and integration within its business structure.

Refex Industries Reports Strong Q2 FY26 Financial Performance

Refex Industries Limited reported unaudited financial results for Q2 FY26, showing a significant improvement in performance despite challenges from early monsoon impacts. The company achieved a 15% sequential revenue growth to ₹431 crore, with EBITDA margins expanding from 10.9% to 17.4%. The Ash & Coal Handling segment recovered well, supported by new project ramp-ups. The results highlight Refex’s focus on disciplined execution, cost efficiency, and sustainable growth, positioning it strongly for the second half of the year.

Refex Industries Allots Convertible Debentures to Boost Wind Power Subsidiary

Refex Industries Limited has announced the allotment of 4,30,00,000 optionally convertible debentures (OCDs) in its subsidiary, Venwind Refex Power Limited, to meet the subsidiary’s funding requirements. This strategic move, valued at ₹43 crore, reinforces Refex Industries’ commitment to expanding its footprint in the wind power sector, with no immediate change in shareholding structure.