Refex Industries Limited (REFEX) AI Stock Analysis

• Market Cap: ₹26.98B
• Dividend Yield: 0.19%
• Average Volume (3M): 18.88K
• Price to Earnings (P/E): 16.5
• Beta (1Y): 1.35
• Revenue Growth: 21.67%
• EPS Growth: 25.86%
• Country: IN
• Employees: 183
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Coal
• EPS (TTM): 3.94
• Shares Outstanding: 137,199,390
• 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: ₹206.00 ▼(-21.40% Downside)
• Action: Reiterated Date: 12/13/25
• Date: Action: Reiterated 12/13/25

Refex Industries Limited's strong financial performance is offset by bearish technical indicators and moderate valuation. The company's robust revenue growth and profitability are significant strengths, but cash flow challenges and market momentum risks need to be addressed.

Positive Factors

ProfitabilityMargins

Consistently healthy gross and net margins indicate durable pricing power and effective cost control across the business. Sustained margins support reinvestment, enable funding of service capabilities and product quality, and provide resilience through industry cycles over the next several months.

StrongEquityBase

A solid equity ratio and respectable return on equity give Refex a buffer against balance-sheet shocks and improve borrowing capacity. This capital strength supports longer-term contracts, capital expenditures in environmental solutions, and reduces insolvency risk during cyclical downturns.

SustainableIndustryFocus

Focus on environmental and refrigerant services aligns with structural regulatory and sustainability trends that drive recurring demand. This industry positioning supports longer-term contract opportunities, regulatory-driven service needs, and durable demand for specialist offerings over 2–6 months and beyond.

Negative Factors

CashFlowWeakness

Negative free cash flow and heavy reliance on financing reduce strategic flexibility and increase vulnerability to funding-cost rises. Over the medium term this can constrain investments, raise working-capital pressure on project delivery, and heighten refinancing risk if market conditions tighten.

RisingLeverage

An upward trend in total debt elevates interest and refinancing burdens and narrows managerial options for growth or shock absorption. Even if D/E is currently manageable, a continued rise in leverage undermines financial resilience and increases sensitivity to cyclical revenue swings.

RevenueTrendVolatility

A negative reported revenue growth rate signals potential demand or execution headwinds that can erode operating leverage. If top-line weakness persists it may pressure margins and cash generation, making it harder to sustain investments and service elevated debt levels over the medium term.

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 makes money by selling services and products across its operating business lines, with revenue recognized from customer contracts for delivery of environmental/refrigerant-related solutions and other industrial or sustainability-focused offerings. Key revenue streams are the sale of (1) services (fees earned for executing customer projects/operations) and (2) products (income from supplying materials/equipment/consumables associated with its solutions). Segment-level revenue contribution, unit economics, major customer concentrations, and named strategic partnerships are null.

Refex Industries Limited Financial Statement Overview

Summary

Refex Industries Limited exhibits robust revenue growth and profitability, with a strong balance sheet foundation. However, challenges in cash flow stability and increased leverage warrant 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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	21.55B	24.68B	13.83B	16.29B	4.44B	6.33B
Gross Profit	2.97B	2.15B	1.90B	2.00B	904.65M	1.06B
EBITDA	2.60B	2.60B	1.64B	1.75B	762.34M	721.13M
Net Income	1.57B	1.59B	938.70M	1.16B	453.90M	409.43M
Balance Sheet
Total Assets	20.47B	17.99B	7.98B	7.52B	3.81B	3.41B
Cash, Cash Equivalents and Short-Term Investments	3.71B	3.12B	647.85M	346.21M	287.37M	172.46M
Total Debt	1.74B	2.86B	2.15B	1.49B	851.00M	741.53M
Total Liabilities	7.71B	5.87B	3.33B	4.38B	1.97B	2.02B
Stockholders Equity	12.61B	12.13B	4.66B	3.14B	1.84B	1.40B
Cash Flow
Free Cash Flow	449.28M	-4.75B	-427.01M	-443.74M	-233.62M	1.17B
Operating Cash Flow	738.52M	-2.65B	28.48M	276.15M	-169.50M	1.23B
Investing Cash Flow	-963.62M	-897.04M	-418.76M	-775.61M	-13.11M	-1.22B
Financing Cash Flow	-236.06M	6.03B	618.70M	598.92M	20.06M	-47.23M

Refex Industries Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 262.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 262.1 is above the 20-day moving average (MA) of 219.53, above the 50-day MA of 230.58, and below the 200-day MA of 343.75, indicating a bearish trend. The MACD of -10.84 indicates Positive momentum. The RSI at 33.18 is Neutral, neither overbought nor oversold. The STOCH value of 11.86 is Positive, 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	66 Neutral	₹41.38B	12.54	―	2.10%	-5.14%	7.25%
INDIAGLYCO	65 Neutral	₹57.28B	23.54	―	0.47%	5.61%	33.63%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
BHARATRAS	61 Neutral	₹21.63B	23.16	―	0.02%	6.39%	-15.53%
REFEX	60 Neutral	₹26.98B	16.52	―	0.19%	21.67%	25.86%
LXCHEM	55 Neutral	₹31.93B	46.14	―	0.29%	-2.93%	-37.94%
CAMLINFINE	47 Neutral	₹24.90B	-19.42	―	―	9.21%	87.89%

Refex Industries Limited Corporate Events

Refex Industries Allots 69,859 Shares on ESOP Exercise, Slightly Raises Equity Base

Refex Industries has allotted 69,859 equity shares of ₹2 each following the exercise of an equivalent number of stock options granted under its 2021 employee stock option scheme. The move, approved by the Nomination and Remuneration Committee, modestly increases the company’s paid-up equity share capital and reflects ongoing use of equity-based incentives to reward and retain employees.

Post-allotment, the company’s paid-up share capital has risen from ₹27.43 crore to about ₹27.44 crore, with the total number of shares now at 13,71,99,391. While the dilution is minimal, the transaction underscores Refex’s continued reliance on ESOPs as a compensation tool, aligning employee interests with shareholders and reinforcing compliance with SEBI’s share-based benefit regulations.

Refex Industries Schedules Q3 FY26 Earnings Call for 21 January

Refex Industries Limited has announced that it will hold an earnings conference call on 21 January 2026 at 4:30 p.m. IST to discuss its financial results for the third quarter and nine months ended 31 December 2025. The call, to feature commentary from Whole-time Director and CFO Dinesh Kumar Agarwal, is aimed at analysts and institutional investors, and reflects the company’s effort to maintain transparency and engagement with the market regarding its recent financial performance, though the schedule remains subject to potential changes.

Refex Industries appoints Harshvardhan Dugar to lead ash business development

Refex Industries has appointed Harshvardhan Dugar as Senior Vice President – Business Development for its ash business, classified as senior managerial personnel, effective December 29, 2025, following the Board’s approval based on the Nomination and Remuneration Committee’s recommendation. Dugar brings over two decades of experience across sales, marketing, operations, business development, and government liaison in sectors including coal mining, power generation, renewable energy and ash utilisation, and his track record in project execution, regulatory clearances and market expansion is expected to strengthen Refex’s ash business growth and its positioning in a sector that depends heavily on government interfaces and operational scale.

Refex Industries Faces ₹54 Lakh GST Demand, Plans to Appeal

Refex Industries Limited has disclosed that it received a demand order from the Deputy Commissioner of State Tax, Jodhpur, Rajasthan, for the 2018-19 financial year, raising a total claim of ₹54.33 lakh towards tax, interest and penalty under Section 74 of the CGST Act, 2017. The demand arises from allegations of inadmissible input tax credit due to the suo motu cancellation of a supplier’s registration, but the company maintains that the claim is not sustainable, plans to appeal within the prescribed period, and asserts that the amount will not have any material impact on its financials, operations or other business activities.