Refex Industries Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹2,905 Cr
- P/E
- 10.18
- ROE
- 17.81%
- PEG
- 0.36
- Price to sales
- 1.01
- Debt to equity
- 0.15
- 52W high / low
- ₹374 / ₹189
- Sales growth (5Y)
- 29.19%
- EBITDA margin
- 15.04%
- Net profit margin
- 10.65%
- Promoter holding
- 56.56%
- Sales (last year)
- ₹2,841 Cr
Refex Industries Limited specializes in trading eco-friendly refrigerant gases and providing comprehensive solutions for responsible coal procurement and ash disposal.[1]
Guidance scorecard · Q2 FY27 call
What Refex Industries Ltd's management guided
and where it ranks in Other Utilities
Other Utilities
RevenueQ1 FY27 call
20–40%- Ash and coal handling business expects volume growth to continue, targeting 90,000 tons per day run rate by Q4 FY26.
- Q2 expected to be slow in ash handling; Q3 and Q4 will see significant scaling up.
- Annual growth in ash and coal handling business expected to maintain or surpass past CAGR of approx. 30-35%.
- Wind business projected revenue for FY27 anticipated around INR 1,700-1,860 crores, with strong order book and substantial growth over FY26.
- Localization and capacity expansion in wind business aims to improve margins and scale operations over next 2 years.
2 more points from Refex Industries Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Refex Industries Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Capex at Silvassa unit is minimal, around INR 3.5-4 crores, mainly on repairs and maintenance; the facility is leased with 1 GW manufacturing capacity.
- Wind business localization is underway, targeting 85% components localized within 12 months to improve margins and capacity.
- Capital allocation is planned based on business needs; currently, focus is on ash handling business, as wind business has low capital needs at present.
2 more points from Refex Industries Ltd's call on capex
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FundraisingQ1 FY27 call
None plannedSee what Refex Industries Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Coal and ash handling order book: INR 1,635 crores (current).
- Wind business order book: INR 1,860 crores total, with INR 525 crores executed and approximately INR 1,300 crores pending.
- Q4 expected to have a strong order book with multiple digital tenders won in the last four months.
- New orders received now are expected to spill over to the next financial year.
2 more points from Refex Industries Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Other Utilities
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Other Utilities companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹1,488 Cr | 10.8 | |
| 2 | 40%+ | Flat | ₹807 Cr | 56.3 | |
| 3 | 40%+ | Flat | ₹690 Cr | 18.7 | |
| 4 | 40%+ | Flat | ₹334 Cr | 19.6 | |
| 5 | 40%+ | Flat | ₹94 Cr | 7.3 | |
| 6 | Refex Industries LtdThis stock | 20–40% | Flat | ₹3,521 Cr | 12.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Other Utilities rankingFinancials of Refex Industries Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Refex Industries Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 53.27% | 55.28% | 55.28% | 57.12% | 53.49% | 53.37% | 53.33% | 53.33% | 55.80% | 55.85% | 56.57% | 56.56% |
| FIIs + | 0.20% | 0.22% | 0.20% | 1.53% | 1.76% | 2.00% | 1.86% | 1.71% | 2.03% | 1.37% | 0.93% | 0.55% |
| DIIs + | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.11% | 0.16% | 0.15% | 0.16% | 0.13% | 0.38% | 0.65% |
| Public + | 46.53% | 44.50% | 44.51% | 41.35% | 44.75% | 44.51% | 44.65% | 44.81% | 42.01% | 42.66% | 42.13% | 42.24% |
| No. of Shareholders | 42,589 | 48,729 | 57,639 | 81,302 | 81,857 | 81,739 | 85,429 | 89,568 | 97,015 | 94,159 | 91,033 | 89,086 |
Financials of Refex Industries Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 352 | 306 | 342 | 591 | 428 | 686 | 594 | 352 | 415 | 576 | 934 | 916 | 761 |
| Expenses + | 318 | 272 | 301 | 543 | 385 | 633 | 534 | 315 | 344 | 486 | 775 | 809 | 659 |
| Operating Profit | 34 | 34 | 41 | 48 | 43 | 53 | 60 | 37 | 71 | 90 | 160 | 107 | 102 |
| OPM % | 10% | 11% | 12% | 8% | 10% | 8% | 10% | 10% | 17% | 16% | 17% | 12% | 13% |
| Other Income + | 5 | 3 | 8 | 2 | 5 | 16 | 3 | 2 | -4 | -3 | -8 | 2 | -7 |
| Interest | 6 | 8 | 8 | 6 | 4 | 5 | 5 | 6 | 7 | 9 | 10 | 13 | 17 |
| Depreciation | 3 | 4 | 4 | 6 | 2 | 3 | 3 | 5 | 5 | 5 | 5 | 6 | 6 |
| Profit before tax | 30 | 25 | 37 | 39 | 42 | 62 | 55 | 28 | 55 | 73 | 136 | 91 | 72 |
| Tax % | 29% | 33% | 9% | 25% | 27% | 19% | 13% | 26% | 34% | 28% | 31% | 29% | 29% |
| Net Profit + | 21 | 17 | 33 | 29 | 31 | 50 | 48 | 20 | 36 | 53 | 94 | 65 | 51 |
| EPS in Rs | 1.94 | 1.53 | 2.96 | 2.60 | 2.57 | 3.88 | 3.74 | 1.64 | 2.90 | 3.93 | 6.62 | 4.65 | 3.65 |
Financials of Refex Industries Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 85 | 78 | 38 | 77 | 461 | 661 | 633 | 1,629 | 1,383 | 2,259 | 2,277 | 3,188 |
| Expenses + | 79 | 75 | 36 | 75 | 433 | 609 | 565 | 1,454 | 1,237 | 2,053 | 1,915 | 2,730 |
| Operating Profit | 6 | 3 | 2 | 2 | 28 | 51 | 68 | 175 | 146 | 206 | 362 | 458 |
| OPM % | 7% | 3.4% | 6% | 2.3% | 6% | 8% | 11% | 11% | 11% | 9% | 16% | 14% |
| Other Income + | 0 | 0 | 2 | 2 | 2 | -1 | 4 | 8 | 18 | 29 | -13 | -15 |
| Interest | 0 | 1 | 3 | 1 | 0 | 1 | 9 | 19 | 29 | 18 | 37 | 49 |
| Depreciation | 2 | 1 | 1 | 1 | 1 | 1 | 5 | 7 | 14 | 10 | 20 | 23 |
| Profit before tax | 3 | 0 | 1 | 2 | 29 | 48 | 58 | 156 | 121 | 207 | 292 | 372 |
| Tax % | 0% | -1,613% | 13% | 46% | -10% | 31% | 29% | 26% | 23% | 24% | 30% | |
| Net Profit + | 3 | 5 | 0 | 1 | 32 | 33 | 41 | 116 | 93 | 158 | 204 | 262 |
| EPS in Rs | 0.29 | 0.51 | 0.04 | 0.09 | 3.01 | 3.16 | 3.90 | 10.50 | 8.11 | 12.29 | 14.82 | 18.85 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 8% | 4% | 6% | 4% | 7% |
Financials of Refex Industries Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 15 | 15 | 15 | 15 | 21 | 22 | 23 | 26 | 27 | 27 |
| Reserves | -11 | -6 | -5 | -4 | 27 | 60 | 119 | 292 | 442 | 1,187 | 1,477 | 1,576 |
| Borrowings + | 9 | 37 | 35 | 41 | 0 | 9 | 74 | 149 | 215 | 286 | 225 | 286 |
| Other Liabilities + | 56 | 71 | 15 | 45 | 115 | 53 | 128 | 288 | 118 | 300 | 1,113 | 1,620 |
| Total Liabilities | 70 | 118 | 60 | 97 | 159 | 138 | 341 | 752 | 798 | 1,799 | 2,843 | 3,509 |
| Fixed Assets + | 16 | 15 | 15 | 14 | 15 | 22 | 87 | 147 | 204 | 345 | 212 | 234 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 9 | 17 | 18 | 14 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 74 | 74 | 74 | 31 | 0 | 0 |
| Other Assets + | 54 | 103 | 45 | 83 | 143 | 116 | 181 | 529 | 512 | 1,406 | 2,613 | 3,261 |
| Total Assets | 70 | 118 | 60 | 97 | 159 | 138 | 341 | 752 | 798 | 1,799 | 2,843 | 3,509 |
Financials of Refex Industries Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -3 | -25 | 4 | -4 | 44 | 12 | 123 | 28 | 3 | -248 | 107 |
| Cash from Investing Activity + | 4 | -2 | -0 | -1 | 0 | 5 | -122 | -78 | -42 | -105 | -268 |
| Cash from Financing Activity + | -2 | 26 | -3 | 4 | -41 | 1 | -5 | 60 | 62 | 602 | 65 |
| Net Cash Flow | -1 | -0 | 1 | -1 | 3 | 17 | -4 | 10 | 23 | 248 | -95 |
| Free Cash Flow | -4 | -25 | 4 | -5 | 42 | 12 | 118 | -44 | -43 | -414 | 47 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | -56% | -930% | 190% | -248% | 180% | 47% | 182% | 25% | 18% | -90% | 35% |
Financials of Refex Industries Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 215 | 376 | 87 | 173 | 69 | 40 | 54 | 55 | 81 | 109 | 142 |
| Inventory Days | 4 | 7 | 22 | 33 | 7 | 2 | 4 | 3 | 3 | 1 | 15 |
| Days Payable | 281 | 382 | 156 | 264 | 92 | 27 | 70 | 49 | 20 | 31 | 92 |
| Cash Conversion Cycle | -63 | 1 | -47 | -57 | -15 | 15 | -12 | 8 | 63 | 79 | 65 |
| Working Capital Days | -34 | -40 | 255 | 159 | 9 | 20 | 14 | 41 | 69 | 102 | 144 |
| ROCE % | 6% | 7% | 6% | 61% | 85% | 45% | 26% | 23% | 23% |
Guidance history
How Refex Industries Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | None planned | Rising |
| Q4 FY26 call → | 10–20% | Flat | Planned | None planned | Flat |
| Q3 FY26 call → | 20–40% | Flat | Planned | None planned | Rising |
| Q2 FY26 call → | 10–20% | Flat | Planned | None planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
7 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −41.9% | 10% |
| Last 6 months | −19.6% | 22% |
| Last 3 months | −30.0% | 5% |
The price is 63% below its all-time high of ₹573.6 (27 Sept 2024). Stocks more than 20% below their peak have their score halved, so 14 became 7.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Refex Industries Ltd: 0.4 × 10 + 0.4 × 22 + 0.2 × 5 = 14, halved to 7 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Refex Industries Ltd's management said in earlier quarters
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