Refex Industries Limited (REFEX) AI Stock Analysis

• Market Cap: ₹47.69B
• Dividend Yield: 0.14%
• Average Volume (3M): 28.27K
• Price to Earnings (P/E): 30.1
• Beta (1Y): 1.19
• 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: 129,280,610
• 10 Day Avg. Volume: 28,975
• 30 Day Avg. Volume: 28,265
• 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: 68 Neutral
• Price Target: ₹398.00 ▲(14.83% Upside)

Refex Industries Limited's strong financial performance, particularly in revenue growth and profitability, is a key strength. However, technical indicators suggest potential bearish momentum, and the stock appears overvalued with a high P/E ratio and low dividend yield. Addressing cash flow management and leverage will be crucial for sustaining financial health.

Refex Industries Limited Business Overview & Revenue Model

Company Description

Refex Industries Limited (REFEX) is an Indian company primarily engaged in the manufacturing and distribution of refrigerants, industrial gases, and specialty chemicals. The company operates in sectors such as refrigeration, air conditioning, and various industrial applications. Its core products include hydrofluorocarbons (HFCs), which are used in cooling applications, as well as a range of other chemicals tailored for specific industrial requirements.

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: Negative
• Last Price: 346.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 Negative. The current price of 346.6 is below the 20-day moving average (MA) of 359.32, below the 50-day MA of 361.53, and below the 200-day MA of 410.31, indicating a bearish trend. The MACD of 0.52 indicates Negative momentum. The RSI at 45.89 is Neutral, neither overbought nor oversold. The STOCH value of 55.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	75 Outperform	₹59.23B	10.38	―	1.94%	-5.14%	7.25%
REFEX	68 Neutral	₹47.69B	30.08	―	0.14%	21.67%	25.86%
BHARATRAS	65 Neutral	₹46.05B	33.50	―	0.01%	16.60%	4.50%
INDIAGLYCO	64 Neutral	₹62.85B	25.78	―	0.50%	7.46%	33.78%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
LXCHEM	54 Neutral	₹54.15B	64.85	―	0.26%	-2.93%	-37.94%
CAMLINFINE	46 Neutral	₹36.92B	-29.50	―	―	8.06%	19.90%

Refex Industries Limited Corporate Events

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.

Refex Industries Releases Q1 2025 Earnings Call Recording

Refex Industries Limited has announced the availability of the audio recording from its earnings conference call for the first quarter ending June 30, 2025. This announcement is part of their compliance with regulatory requirements and provides stakeholders with insights into the company’s financial performance and strategic direction.

Refex Industries Reports Resilient Q1 FY26 Performance Amid Monsoon Challenges

Refex Industries Limited reported a revenue of ₹395 crore for Q1 FY26, despite facing challenges from an early and intense monsoon that affected its Ash & Coal Handling operations. The company maintained healthy margins through cost control and operational agility, with its Green Mobility and Wind initiatives contributing to revenue diversification. The company is optimistic about a strong recovery in the coming quarters as new contracts commence and sector demand is expected to recover.

Refex Industries Releases Q1 FY26 Financial Results

Refex Industries Limited has released an investor presentation detailing its unaudited financial results for the first quarter of the fiscal year 2025-26. This announcement, made in accordance with SEBI Listing Regulations, provides stakeholders with insights into the company’s financial performance and strategic direction for the upcoming fiscal year.