Refex Industries Ltd
Refex Industries Ltd Q4 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Q4 FY26 earnings call: what management guided on revenue, margins and order book.
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.
- Continued focus on quality of profit and margins rather than just revenue growth.
- Expected double-digit growth in Ash & Coal Handling revenue on a base of INR 2,000 crores with an order book of INR 1,500 crores.
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).
- No immediate requirement for fundraising or capital infusion due to sufficient cash and internal accruals; previous fundraises and banking limits suffice for current and future growth (Page 21).
- Refinancing initiatives are in progress to reduce borrowing costs and support growth in renewable and other segments (Page 7).
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 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.
- Several long-term contracts secured recently, including a 3-year order (e.g., APGENCO order) adding to the order book.
- The company confident of executing all old order books within the current financial year; new orders will be disclosed as closed.
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
- Denta Water & Infra Solutions Ltd (Q4 FY26)
600 crores. Key concall takeaways from Denta Water & Infra Solutions Ltd's Q4 FY26 earnings call — and how it ranks against sector peers.
- Felix Industries Ltd (Q4 FY26)
Revenue from Operations showed strong growth, increasing by 178% from ₹36.82 crore (FY25) to ₹102.21 crore (FY26). Key concall takeaways from Felix Industries…
- Effwa Infra & Research Ltd (Q4 FY26)
As of end FY26, order book stands at around INR 750 crores. Key concall takeaways from Effwa Infra & Research Ltd's Q4 FY26 earnings call — and how it ranks…
- Antony Waste Handling Cell Ltd (Q4 FY26)
Growth driven by strong execution in collection & transportation (C&T) and processing segments, with C&T revenue up 11% and processing up 5% in FY26. Key…
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).
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 concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.