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Refex Industries Limited
(REFEX)
Refex Industries Limited (REFEX) vs. iShares MSCI India ETF (INDA)
Refex Industries Limited Business Overview & Revenue Model
Refex Industries Limited Financial Statement Overview
| 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
Refex Industries Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹52.65B | 9.24 | ― | 2.10% | -5.14% | 7.25% | |
65 Neutral | ₹64.58B | 22.99 | ― | 0.47% | 5.61% | 33.63% | |
65 Neutral | ₹36.06B | 27.28 | ― | 0.02% | 6.39% | -15.53% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | ₹32.07B | 19.71 | ― | 0.19% | 21.67% | 25.86% | |
51 Neutral | ₹41.68B | 50.28 | ― | 0.29% | -2.93% | -37.94% | |
46 Neutral | ₹29.06B | -96.04 | ― | ― | 9.21% | 87.89% |
Refex Industries Limited Corporate Events
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 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.
Refex Industries Limited has announced the conclusion of search operations by the Income Tax Department, which took place from December 9 to December 13, 2025. The company reported that no adverse remarks were issued by the authorities, and the business operations remain unaffected. Speculative media reports suggesting negative outcomes have been dismissed by the company, which continues to adhere to high standards of ethical conduct and legal compliance.
Refex Industries Limited has announced that the Securities and Exchange Board of India (SEBI) has imposed a penalty of ₹10,00,000 on its Promoter, Chairman & Managing Director, Mr. Anil Jain, for alleged insider trading activities. The penalty is related to the communication of Unpublished Price Sensitive Information (UPSI) which led to unlawful gains. Mr. Jain plans to contest the penalty through legal channels. The company stated that the penalty is imposed on the individual and does not have any financial or operational impact on Refex Industries Limited.
Refex Industries Limited has secured a significant contract valued at approximately INR 30.95 Crore for the transportation of pond ash to NHAI road projects. This domestic order, expected to be completed in five months, underscores Refex’s strategic positioning in the logistics sector, potentially enhancing its market presence and operational capabilities.
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 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.