Refex Industries Limited (REFEX) AI Stock Analysis

• Market Cap: ₹47.24B
• Dividend Yield: 0.14%
• Average Volume (3M): 52.14K
• Price to Earnings (P/E): 30.7
• Beta (1Y): 1.41
• Revenue Growth: 41.37%
• EPS Growth: 31.76%
• Country: IN
• Employees: 183
• Sector: Basic Materials
• Sector Strength: 66
• Industry: Coal
• EPS (TTM): 1.64
• Shares Outstanding: 129,280,610
• 10 Day Avg. Volume: 23,310
• 30 Day Avg. Volume: 52,144
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• 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: ₹394.00
• Price Target Upside: 8.41% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 58 Neutral
• Price Target: ₹394.00 ▲(8.41% Upside)

Refex Industries Limited's overall stock score is primarily influenced by its strong financial performance, despite challenges in cash flow management. The technical analysis indicates bearish momentum, and the valuation suggests the stock is relatively expensive. These factors combined result in a moderate overall stock score.

Refex Industries Limited Business Overview & Revenue Model

Company Description

Refex Industries Limited (REFEX) is a diversified company primarily engaged in the business of refrigerant gases. The company operates in several sectors including refrigerants, solar power, and ash utilization. It is known for its comprehensive range of products and services that cater to industrial and commercial needs, with a strong commitment to sustainability and environmental responsibility.

How the Company Makes Money

Refex Industries Limited earns its revenue through multiple streams. The primary source of income is the sale of refrigerant gases, which are used in air conditioning and refrigeration systems. The company also generates significant revenue from its solar power projects, where it is involved in the generation and sale of solar energy. Additionally, Refex is engaged in the business of ash utilization, where it processes and sells fly ash, a byproduct of coal combustion in power plants, for use in construction and other industries. Strategic partnerships and collaborations in these sectors, along with a focus on sustainable practices, contribute significantly to the company’s earnings.

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. The company is well-positioned in the coal industry but must address cash flow management to sustain its financial health.

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 2022	Dec 2022	Dec 2021
Income Statement
Total Revenue	24.68B	24.68B	13.83B	4.44B	16.29B	6.33B
Gross Profit	2.73B	2.55B	1.90B	904.65M	2.00B	1.06B
EBITDA	2.41B	2.60B	1.64B	762.34M	1.75B	721.13M
Net Income	1.59B	1.59B	938.70M	453.90M	1.16B	409.43M
Balance Sheet
Total Assets	17.99B	17.99B	7.98B	3.81B	7.52B	3.41B
Cash, Cash Equivalents and Short-Term Investments	3.12B	3.12B	647.85M	9.35M	942.46M	172.46M
Total Debt	2.86B	2.86B	2.15B	851.00M	1.49B	741.53M
Total Liabilities	5.87B	5.87B	3.33B	1.97B	4.38B	2.02B
Stockholders Equity	12.13B	12.13B	4.66B	1.84B	3.14B	1.40B
Cash Flow
Free Cash Flow	0.00	-4.75B	-478.84M	-233.62M	-443.74M	1.17B
Operating Cash Flow	0.00	-2.65B	28.48M	-169.50M	276.15M	1.23B
Investing Cash Flow	0.00	-897.04M	-418.76M	-13.11M	-775.61M	-1.22B
Financing Cash Flow	0.00	6.03B	618.70M	20.06M	598.92M	-47.23M

Refex Industries Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 363.45
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 363.45 is below the 20-day moving average (MA) of 384.93, below the 50-day MA of 417.21, and below the 200-day MA of 440.99, indicating a bearish trend. The MACD of -15.41 indicates Negative momentum. The RSI at 38.61 is Neutral, neither overbought nor oversold. The STOCH value of 19.05 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	71 Outperform	₹54.01B	8.82		2.13%	-3.31%	19.02%
BHARATRAS	65 Neutral	₹42.28B	30.76		0.01%	16.60%	4.50%
Sector *	62 Neutral	$10.27B	6.37	0.76%	2.91%	3.10%	-36.03%
REFEX	58 Neutral	₹47.24B	30.73		0.14%	41.37%	31.76%
LXCHEM	55 Neutral	₹59.38B	59.78		0.24%	3.62%	-14.41%
INDIAGLYCO	54 Neutral	₹52.59B	21.69		0.47%	7.46%	33.78%
CAMLINFINE	43 Neutral	₹39.92B	―		―	8.06%	19.90%

Refex Industries Limited Corporate Events

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.