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Refex Industries Limited
(REFEX)
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Rating:71Outperform
Price Target:
₹403.00
▲(53.76% Upside)
Action:Reiterated
Date:05/28/26
The score is driven by a strengthened balance sheet and improved profitability, plus attractive valuation (low P/E). Offsetting these positives are weak/volatile cash flow conversion and an overbought technical setup (high RSI), which increases near-term risk despite strong trend momentum.
Positive Factors
Conservative, improving leverage
Material deleveraging to ~0.15 D/E indicates a structurally stronger balance sheet, lowering insolvency risk and increasing capacity to fund growth or weather cyclical downturns. This durable improvement enhances financial flexibility for capex, M&A, or working capital over months.
Negative Factors
Weak and volatile cash conversion
Earnings are not consistently converting into cash: volatile OCF and sharp FCF decline reduce the firm's ability to self-fund capex, sustain dividends, or build cushions. Over a 2–6 month horizon, this raises execution and liquidity risk despite reported profits.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative, improving leverage
Material deleveraging to ~0.15 D/E indicates a structurally stronger balance sheet, lowering insolvency risk and increasing capacity to fund growth or weather cyclical downturns. This durable improvement enhances financial flexibility for capex, M&A, or working capital over months.
Read all positive factors
Refex Industries Limited (REFEX) vs. iShares MSCI India ETF (INDA)
Market Cap
₹50.06B
Dividend Yield0.19%
Average Volume (3M)18.88K
Price to Earnings (P/E)24.2
Beta (1Y)1.31
Revenue Growth-5.97%
EPS Growth16.77%
CountryIN
Employees183
SectorBasic Materials
Sector Strength58
IndustryCoal
Share Statistics
EPS (TTM)12.18
Shares Outstanding137,219,450
10 Day Avg. Volume13,641
30 Day Avg. Volume18,880
Financial Highlights & Ratios
PEG Ratio0.68
Price to Book (P/B)1.68
Price to Sales (P/S)1.11
P/FCF Ratio132.14
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, an Indian firm, specializes in the responsible handling and disposal of fly ash generated by power plants. Its diversified operations encompass several key areas: the management of coal and ash, the generation and related...
How the Company Makes Money
Refex Industries Limited makes money by selling services and solutions tied to its operating segments, principally environmental-services offerings such as refrigerant-related management and associated industrial/service activities. Revenue is gen...
Refex Industries Limited Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
84
Very Positive
Cash Flow
38
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 21.55B | 22.77B | 24.68B | 13.83B | 16.29B | 4.44B |
| Gross Profit | 2.97B | 3.75B | 2.15B | 1.90B | 2.00B | 904.65M |
| EBITDA | 2.60B | 3.57B | 2.60B | 1.64B | 1.75B | 762.34M |
| Net Income | 1.57B | 2.03B | 1.59B | 938.70M | 1.16B | 453.90M |
Balance Sheet | ||||||
| Total Assets | 20.47B | 28.43B | 17.99B | 7.98B | 7.52B | 3.81B |
| Cash, Cash Equivalents and Short-Term Investments | 3.71B | 4.61B | 3.12B | 647.85M | 346.21M | 287.37M |
| Total Debt | 1.74B | 2.25B | 2.86B | 2.15B | 1.49B | 851.00M |
| Total Liabilities | 7.71B | 13.34B | 5.87B | 3.33B | 4.38B | 1.97B |
| Stockholders Equity | 12.61B | 15.04B | 12.13B | 4.66B | 3.14B | 1.84B |
Cash Flow | ||||||
| Free Cash Flow | 449.28M | 190.84M | -4.75B | -427.01M | -443.74M | -233.62M |
| Operating Cash Flow | 738.52M | 795.44M | -2.65B | 28.48M | 276.15M | -169.50M |
| Investing Cash Flow | -963.62M | -2.73B | -897.04M | -418.76M | -775.61M | -13.11M |
| Financing Cash Flow | -236.06M | 979.14M | 6.03B | 618.70M | 598.92M | 20.06M |
Refex Industries Limited Technical Analysis
Positive
262.10
Price Trends
297.88
Positive
259.88
Positive
288.27
Positive
Market Momentum
18.57
Negative
69.46
Neutral
80.76
Negative
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 below the 20-day moving average (MA) of 330.19, below the 50-day MA of 297.88, and below the 200-day MA of 288.27, indicating a bullish trend. The MACD of 18.57 indicates Negative momentum. The RSI at 69.46 is Neutral, neither overbought nor oversold. The STOCH value of 80.76 is Negative, 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | ₹46.46B | 13.08 | ― | 0.65% | 44.79% | 14.20% | |
71 Outperform | ₹50.06B | 24.23 | ― | 0.19% | -5.97% | 16.77% | |
67 Neutral | ₹44.09B | 32.05 | ― | 0.97% | 11.54% | 36.15% | |
64 Neutral | ₹29.01B | 19.44 | ― | 0.09% | 15.19% | 9.27% | |
63 Neutral | ₹71.37B | 43.01 | ― | 0.97% | 2.00% | 6.14% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
49 Neutral | ₹29.70B | 70.50 | ― | 0.07% | 32.18% | 636.02% |
* Basic Materials Sector Average
IN:REFEX
Refex Industries Limited
358.50
-80.42
-18.32%
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Refex Industries Limited Corporate Events
Refex Industries Backs Wind Power Arm’s Capital Raise as Stake Dilutes to 73.28%
Apr 25, 2026
Refex Industries has participated in a rights issue of its subsidiary Venwind Refex Power, subscribing to 1,712 equity shares at a significant premium to support the subsidiary’s capital base and future growth in the wind power segment. Desp...
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.