Refex Industries Ltd
Refex Industries Q4 FY25 earnings call: Revenue & Margins
Q4 FY25 earnings call: what management guided on revenue, margins and order book.
The short version
Refex Industries expects substantial growth in the ash and coal handling business, which remains the core revenue driver. Refex Industries expects substantial growth in revenues, especially driven by the ash handling business which is becoming the core revenue contributor.
From Refex Industries Ltd's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Refex Industries expects substantial growth in the ash and coal handling business, which remains the core revenue driver.
- Market share in ash and coal handling is targeted to increase from less than 1.5% currently to over 10% in the next 5 years.
- The number of power plants served has increased from 18 to 40, with entry into new states (including Uttar Pradesh, Jharkhand, and Northeast), supporting volume and revenue growth.
- Tonnage handled is projected to increase significantly in FY '26 compared to FY '25’s approximately 10 million tons.
- Wind energy vertical backed by a large INR 750 crore order from Torrent Power to be executed over 15 months, contributing to revenue.
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Profitability & Margins
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Capital Expenditure Plans
- Refex Industries is focusing on significant capital investment in the wind power vertical, including a large order from Torrent Power worth approximately INR 750 crores.
- Plans to grow the EV fleet to 5,000 vehicles by FY '27, with funding partly through vehicle loans (~80%) and equity infusion (around INR 50-60 crores equity requirement estimated).
- Investment is planned in manufacturing capabilities for wind turbines using CKD (completely knocked down) kits, with turbines of 5.3 MW capacity.
- The company has raised capital via preferential equity infusion (~INR 900 crores), some of which was used for vehicle loans and working capital.
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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
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Order Book & Pipeline
- Refex Industries has received a major wind turbine order worth approximately INR 750 crores from Torrent Power, expected to be executed over the next 15 months (Page 12, 11).
- The company is discussing and progressing with top Independent Power Producers (IPPs) in India for more renewable energy O&M projects (Page 15).
- Ash & Coal Handling business is expanding rapidly with the number of power plants onboard increasing from 15 to 40, reflecting a strong order pipeline (Page 13).
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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 Q4 FY25 results?
Refex Industries expects substantial growth in the ash and coal handling business, which remains the core revenue driver. Refex Industries expects substantial growth in revenues, especially driven by the ash handling business which is becoming the core revenue contributor.
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?
Refex Industries is focusing on significant capital investment in the wind power vertical, including a large order from Torrent Power worth approximately INR 750 crores.
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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.