Refex Industries Ltd
Refex Industries Q1 FY27 earnings call: Revenue & Margins
Q1 FY27 earnings call: what management said on revenue, margins and capex.
Guidance rank: #6 of 12 in Other Utilities
See the sector's top 10 — free with your mobile number.
What the Q1 FY27 call signalled
3 of 5 strong
The short version
Ash and coal handling business expects volume growth to continue, targeting 90,000 tons per day run rate by Q4 FY26 (Pages 12, 5). - Q2 expected to be slow in ash handling; Q3 and Q4 will see significant scaling up (Pages 12, 5). - Annual growth in ash and coal handling business expected to maintain or surpass past CAGR of approx. Wind business expected to achieve 5%-6% net margin by FY26 year-end and turn profitable by then.
From Refex Industries Ltd's Q1 FY27 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- Ash and coal handling business expects volume growth to continue, targeting 90,000 tons per day run rate by Q4 FY26 (Pages 12, 5).
- Q2 expected to be slow in ash handling; Q3 and Q4 will see significant scaling up (Pages 12, 5).
- Annual growth in ash and coal handling business expected to maintain or surpass past CAGR of approx. 30-35% (Page 7).
- Wind business projected revenue for FY27 anticipated around INR 1,700-1,860 crores, with strong order book and substantial growth over FY26 (Pages 11, 8, 6).
- Localization and capacity expansion in wind business aims to improve margins and scale operations over next 2 years (Page 16).
2 more points from Refex Industries Ltd's call on revenue
Create a free account to keep reading this call
Profitability & Margins
See what Refex Industries Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Capex at Silvassa unit is minimal, around INR 3.5-4 crores, mainly on repairs and maintenance; the facility is leased with 1 GW manufacturing capacity (Page 8).
- Wind business localization is underway, targeting 85% components localized within 12 months to improve margins and capacity (Page 16).
- Capital allocation is planned based on business needs; currently, focus is on ash handling business, as wind business has low capital needs at present (Page 13).
2 more points from Refex Industries Ltd's call on capex
Create a free account to keep reading this call
Top-ranked in Other Utilities
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Refex Industries Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- Coal and ash handling order book: INR 1,635 crores (current).
- Wind business order book: INR 1,860 crores total, with INR 525 crores executed and approximately INR 1,300 crores pending.
- Q4 expected to have a strong order book with multiple digital tenders won in the last four months.
- New orders received now are expected to spill over to the next financial year.
2 more points from Refex Industries Ltd's call on order book
Create a free account to keep reading this call
Refex Industries Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹761 Cr, net profit ₹51 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
Full financials →Continue your research
What Refex Industries's management said in earlier quarters
Others in Other Utilities this season
- Va Tech Wabag (Q1 FY27)
There is a focus on increasing the industrial segment order mix from current ~12-13% to 20-25% over time, driven by traditional sectors like oil & gas and…
- Z-Tech (India) (Q1 FY27)
Total inquiry funnel across all businesses (Parks, Geotech, Water): ~INR 1,500+ crores. Key concall takeaways from Z-Tech (India) Ltd's Q1 FY27 earnings call…
- EMS (Q1 FY27)
950 crores for FY’27, reflecting a growth of about 50% compared to the previous year. Key concall takeaways from EMS Ltd's Q1 FY27 earnings call — and how it…
- ION Exchange (Q1 FY27)
Lifecycle services and industrial products segments showing healthy growth, with lifecycle services growing 28% YoY and industrial products by 14% YoY. Key…
Potential multibaggers · Q2 FY27
Potential multibaggers in Other Utilities
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
Portfolio builder
Build your portfolio
from the top-ranked stocks
- 1. Pick 3–15 stocks
- 2. Choose large, mid or small cap and your sectors
- 3. Get a portfolio built from the rankings
Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Arthneeti Pro · Annual
Refex Industries Ltd and 15K+ more earnings calls,
for less than your morning chai
a day
Every earnings call, ranking and concall Q&A across all four results seasons.
Secure Razorpay payment · instant access
Frequently Asked Questions
What were Refex Industries Ltd Q1 FY27 results?
Ash and coal handling business expects volume growth to continue, targeting 90,000 tons per day run rate by Q4 FY26 (Pages 12, 5). - Q2 expected to be slow in ash handling; Q3 and Q4 will see significant scaling up (Pages 12, 5). - Annual growth in ash and coal handling business expected to maintain or surpass past CAGR of approx. Wind business expected to achieve 5%-6% net margin by FY26 year-end and turn profitable by then.
What is Refex Industries Ltd share price analysis?
Refex Industries Ltd currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 12.4 with a market cap of ₹3,526 Cr. Investors should review the full earnings analysis for detailed insights.
Is Refex Industries Ltd planning capital expenditure?
Capex at Silvassa unit is minimal, around INR 3.5-4 crores, mainly on repairs and maintenance; the facility is leased with 1 GW manufacturing capacity (Page 8).
Keep Refex Industries Ltd on your radar — track it to get its next earnings analysis in your feed.
This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.