Refex Industries Ltd
Refex Industries Q4 FY26 earnings call: Revenue & Margins
Q4 FY26 earnings call: what management said on revenue, margins and capex.
Guidance rank: #6 of 12 in Other Utilities
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The short version
Refex Industries expects good growth in Ash & Coal Handling business, targeting double-digit percentage growth year-on-year. The company expects to sustain its current strong EBITDA margin (~15%-18%) despite geopolitical challenges, focusing on maintaining profit quality over revenue growth.
From Refex Industries Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Refex Industries expects good growth in Ash & Coal Handling business, targeting double-digit percentage growth year-on-year.
- Current daily handling capacity (68,000-70,000 tons) to ramp up gradually, aiming to reach 90,000-95,000 tons per day within the current financial year.
- Wind energy business order book of INR 1,860 crores with around INR 1,500 crores expected to be executed over the current financial year, showing massive growth potential.
- No capacity constraints in ash and coal handling; growth driven by ramp-up and new locations/projects.
- The company aims to increase market share from ~3% currently, aspiring to reach 25% market share in five years.
2 more points from Refex Industries Ltd's call on revenue
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Profitability & Margins
See what Refex Industries Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Refex Industries is undertaking capacity expansion, particularly in ash handling, aiming to ramp up daily handling capacity from 68,000-70,000 tons to 90,000-95,000 tons gradually within the current financial year (Page 7).
- The wind energy business is still in the process of localization of many products and is building capacity; targeted to reach about 2 gigawatts capacity by next year-end (Page 7).
- The company is investing in proprietary technology for logistics management to strengthen operational efficiency across multiple states (Page 16-17).
2 more points from Refex Industries Ltd's call on capex
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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
- Current wind turbine order book: INR 1,860 crores (as of FY26).
- Wind turbine revenue recognized last quarter: ~INR 230-238 crores.
- Balance wind turbine order expected to be executed in FY26 and FY27: ~INR 1,500 crores.
- Additional wind turbine orders are in advanced stage of negotiation but not yet finalized.
- Ash & Coal Handling segment has an order pipeline of nearly INR 1,500 crores.
- Ash & Coal Handling segment had a steady order book around INR 1,500 crores through Q3 and Q4 FY26.
2 more points from Refex Industries Ltd's call on order book
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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.
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What Refex Industries's management said in earlier quarters
Others in Other Utilities this season
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Current order book as of May 2026 is INR447 crores, up from INR323 crores in March 2026. Key concall takeaways from Sattva Engineering Construction Ltd's Q4…
- Race Eco (Q4 FY26)
Q4 FY26 consolidated operating revenue: ₹108.25 crore, up 36.2% YoY (Page 4) . Key investor presentation takeaways from Race Eco's Q4 FY26 investor presentation
- Greenleaf Envi. (Q4 FY26)
Government allocation of INR 94,000 crore for water/wastewater infrastructure underpins steady demand. Key concall takeaways from Greenleaf Envirotech's Q4 FY26
- Sattva Engineering Construction Ltd (Q4 FY26)
Current order book increased from INR 323 crores (March 31, 2026) to INR 447 crores (May 15, 2026). Key concall takeaways from Sattva Engineering Construction's
Potential multibaggers · Q2 FY27
Potential multibaggers in Other Utilities
on management's own guidance
- Strong growth2
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Refex Industries Ltd Q4 FY26 results?
Refex Industries expects good growth in Ash & Coal Handling business, targeting double-digit percentage growth year-on-year. The company expects to sustain its current strong EBITDA margin (~15%-18%) despite geopolitical challenges, focusing on maintaining profit quality over revenue growth.
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 undertaking capacity expansion, particularly in ash handling, aiming to ramp up daily handling capacity from 68,000-70,000 tons to 90,000-95,000 tons gradually within the current financial year (Page 7).
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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.