Refex Industries Limited (IN:REFEX)
:REFEX
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Refex Industries Limited
(REFEX)
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Rating:60Neutral
Price Target:
₹232.00
▼(-11.48% Downside)
Action:ReiteratedDate: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
Profitability & margins
Refex's income-statement profile highlights strong revenue growth and healthy gross and net margins, indicating durable pricing power and disciplined cost control. Sustained margins support reinvestment into core services and product lines, provide resilience through cycles, and underpin long-term profitability and cash conversion potential.
Negative Factors
Negative revenue trend
A negative revenue growth rate points to weakening top-line momentum and raises concerns about sustainable demand or market share. Over a multi-month horizon, declining revenues can pressure margins, reduce operating leverage, and limit funds available for reinvestment, making execution and customer retention critical risks.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability & margins
Refex's income-statement profile highlights strong revenue growth and healthy gross and net margins, indicating durable pricing power and disciplined cost control. Sustained margins support reinvestment into core services and product lines, provide resilience through cycles, and underpin long-term profitability and cash conversion potential.
Read all positive factors
Refex Industries Limited (REFEX) vs. iShares MSCI India ETF (INDA)
Market Cap
₹30.31B
Dividend Yield0.19%
Average Volume (3M)18.88K
Price to Earnings (P/E)16.5
Beta (1Y)1.36
Revenue Growth21.67%
EPS Growth25.86%
CountryIN
Employees183
SectorBasic Materials
Sector Strength58
IndustryCoal
Share Statistics
EPS (TTM)3.94
Shares Outstanding137,199,390
10 Day Avg. Volume13,641
30 Day Avg. Volume18,880
Financial Highlights & Ratios
PEG Ratio0.58
Price to Book (P/B)3.96
Price to Sales (P/S)1.95
P/FCF Ratio-10.12
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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...
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 offe...
Refex Industries Limited Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| 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
Positive
262.10
Price Trends
219.42
Positive
255.65
Negative
324.10
Negative
Market Momentum
-1.53
Negative
55.72
Neutral
77.20
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:REFEX, the sentiment is Positive. The current price of 262.1 is above the 20-day moving average (MA) of 204.06, above the 50-day MA of 219.42, and below the 200-day MA of 324.10, indicating a neutral trend. The MACD of -1.53 indicates Negative momentum. The RSI at 55.72 is Neutral, neither overbought nor oversold. The STOCH value of 77.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:REFEX.
Refex Industries Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹42.91B | 12.54 | ― | 2.10% | -5.14% | 7.25% | |
65 Neutral | ₹60.40B | 23.54 | ― | 0.47% | 5.61% | 33.63% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | ₹24.35B | 23.16 | ― | 0.02% | 6.39% | -15.53% | |
60 Neutral | ₹30.31B | 16.52 | ― | 0.19% | 21.67% | 25.86% | |
55 Neutral | ₹34.42B | 46.14 | ― | 0.29% | -2.93% | -37.94% | |
44 Neutral | ₹19.98B | -19.42 | ― | ― | 9.21% | 87.89% |
* Basic Materials Sector Average
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Refex Industries Limited Corporate Events
Refex Industries Allots 69,859 Shares on ESOP Exercise, Slightly Raises Equity Base
Feb 27, 2026
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 Committe...
Refex Industries Schedules Q3 FY26 Earnings Call for 21 January
Jan 17, 2026
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...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.