Refex Industries Ltd
Refex Industries Q3 FY26 earnings call: Revenue & Margins
Q3 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Company expects strong operational momentum with new ash projects commencing and stabilizing across regions. Revenue dip of ~16% YoY due to discontinuation of low-margin power trading and refrigeration/gas business; focus shifted to high-margin ash handling and mining services.
From Refex Industries Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Company expects strong operational momentum with new ash projects commencing and stabilizing across regions.
- Ash and coal handling business order book stands at around Rs.1500 Crores, with ongoing execution.
- The company is growing at 48% CAGR in ash and coal handling quantity, with a 50% expected jump in the current year.
- Focus on high-margin service businesses like ash handling and mining services, reducing low-margin trading (power, refrigerant gas).
- Wind business progressing steadily, with Rs.1860 Crores orders secured; initial revenue expected soon and growth anticipated.
- Management aims for calibrated fleet expansion in mobility business, which is being demerged for focused growth.
2 more points from Refex Industries Ltd's call on revenue
Pro opens every point from 15K+ earnings calls
Profitability & Margins
See what Refex Industries Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- No major capital expenditure (capex) is planned for the current or next fiscal year.
- Only very small capex will occur at the Refex Industries Limited (RIL) level and at the Venwind subsidiary.
- Some investments currently exist as loans in subsidiaries, which may be converted into optionally convertible debentures (OCD) or equity depending on agreements with the respective SPVs.
2 more points from Refex Industries Ltd's call on capex
Pro opens every point from 15K+ earnings calls
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
- Ash and Coal Handling segment order book: Rs. 1,500 Crores
- Wind segment order book: Rs. 1,860 Crores
- Wind order book to be executed within 3 to 12 months
- Ash and Coal Handling orders:
- 40% to be executed in the next 4 months
- 50% to be executed between 4 to 12 months
2 more points from Refex Industries Ltd's call on order book
Pro opens every point from 15K+ earnings calls
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.
Full financials →Continue your research
What Refex Industries Ltd's management said in earlier quarters
Others in Other Utilities this season
- Va Tech Wabag Ltd (Q3 FY26)
Emphasis on disciplined bidding to maintain 13%-15% EBITDA margins supports sustainable growth. Key concall takeaways from Va Tech Wabag's Q3 FY26 earnings…
- Enviro Infra Engineers Ltd (Q3 FY26)
INR 1,900 crores (Page 23). Key concall takeaways from Enviro Infra Engineers Ltd's Q3 FY26 earnings call — and how it ranks against sector peers.
- Ion Exchange (India) Ltd (Q3 FY26)
Consumer Products division showing strong 30% year-on-year volume growth with continued investments in advertising to build medium to long-term revenue…
- Antony Waste Handling Cell Ltd (Q3 FY26)
90 crores to Rs. Key concall takeaways from Antony Waste Handling Cell Ltd's Q3 FY26 earnings call — and how it ranks against sector peers.
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 Q3 FY26 results?
Company expects strong operational momentum with new ash projects commencing and stabilizing across regions. Revenue dip of ~16% YoY due to discontinuation of low-margin power trading and refrigeration/gas business; focus shifted to high-margin ash handling and mining services.
What is Refex Industries Ltd share price analysis?
Refex Industries Ltd currently shows a neutral. The stock trades at a P/E of 14.5 with a market cap of ₹4,130 Cr. Investors should review the full earnings analysis for detailed insights.
Is Refex Industries Ltd planning capital expenditure?
No major capital expenditure (capex) is planned for the current or next fiscal year.
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.