Refex Industries
Refex Industries Q1 FY27 Results & Concall Highlights: Revenue, Margins & Order Book
Q1 FY27 earnings call: what management guided on revenue, margins and order book.
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's Q1 FY27 earnings-call transcript · updated 25 Aug 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).
- New orders in wind business expected but exact quantum difficult to forecast; substantial order closures anticipated within current year (Pages 11, 8).
- No immediate international expansion planned; focus remains on strengthening domestic market (Page 9).
Profitability & Margins
See what Refex Industries 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).
- Potential future capital requirements for wind due to localization and growth may involve raising working capital or term loans or capital allocation from the holding company (Page 13).
- No international expansion plans; focus remains on strengthening domestic market presence (Page 13).
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 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.
- Substantial orders anticipated this year, potentially better than last year.
- Exact quantification of advanced stage wind orders is difficult due to market unpredictability but the company plans to announce orders as they get confirmed.
Refex Industries — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹934 Cr, net profit ₹94 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Refex Industries Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Refex Industries 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 share price analysis?
Refex Industries currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 14.1 with a market cap of ₹4,034 Cr. Investors should review the full earnings analysis for detailed insights.
Is Refex Industries 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).
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.