Refex Industries Ltd
Refex Industries Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Refex Industries targets a 60%-65% growth in daily ash handling capacity over the next three years, aiming to increase from around 70,000 metric tons per day to approximately 105,000 to 110,000 metric tons per day. Refex Industries expects steady growth driven by coal and ash handling business, which forms over 96% of revenues.
From Refex Industries Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- Refex Industries targets a 60%-65% growth in daily ash handling capacity over the next three years, aiming to increase from around 70,000 metric tons per day to approximately 105,000 to 110,000 metric tons per day.
- The company has a strong order book of about INR 1,200 Crores in coal and ash handling, with steady new orders expected in the coming months.
- Wind turbine business is in the building phase, fulfilling initial orders (e.g., 153.7 MW order worth INR 750 Crores) with steady progress and scaling expected in the next two years.
- No specific revenue guidance was shared, but the core ash and coal handling business will remain dominant, with 8%-11% EBITDA margins expected.
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Profitability & Margins
See what Refex Industries Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- As of the latest call, Refex Industries Limited is not currently looking for any capital raise or major new investment.
- There is no indication of immediate or planned large capital expenditure disclosed.
- The company is focusing on operational execution and scaling existing businesses, particularly in ash and coal handling and wind turbine manufacturing.
- The demerger of Refex Green Mobility Limited is in progress, aiming to unlock separate strategic and financial value. This is a non-cash structural movement rather than a capital investment.
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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
- Current order book in the coal and ash handling business stands close to INR 1,200 Crores (Dinesh Kumar Agarwal, Page 6).
- Company actively bidding for tenders in coal and ash handling and wind turbine segments, with 40-50 varied tenders being available regularly across the country (Anil Jain, Page 10).
- New orders will be continuously disclosed as they are won; no specific forward-looking order book figure beyond current INR 1,200 Crores mentioned (Dinesh Kumar Agarwal, Page 6).
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Refex Industries Ltd — 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 Ltd Q2 FY26 results?
Refex Industries targets a 60%-65% growth in daily ash handling capacity over the next three years, aiming to increase from around 70,000 metric tons per day to approximately 105,000 to 110,000 metric tons per day. Refex Industries expects steady growth driven by coal and ash handling business, which forms over 96% of revenues.
What is Refex Industries Ltd share price analysis?
Refex Industries Ltd currently shows a neutral. 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?
As of the latest call, Refex Industries Limited is not currently looking for any capital raise or major new investment. - There is no indication of immediate or planned large capital expenditure disclosed. - The company is focusing on operational execution and scaling existing businesses, particularly in ash and coal handling and wind turbine manufacturing. - The demerger of Refex Green Mobility Limited is in progress, aiming to unlock separate strategic and financial value.
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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.