Refex Industries Ltd

- Current capex is close to INR100 crore, covering both coal/ash handling fleet and electric vehicle (EV) fleet expansion. - For doubling ash handling fleet capacity from 800 to around 1,500-1,600 vehicles, capex of approximately INR75-100 crore is expected if vehicles are owned. - Majority of fleet vehicles are leased; aim to own no more than 10% of the fleet. - No immediate large-scale capital raise planned; internal funding and working capital limits with lenders are being utilized. - An enabling resolution for raising up to INR1000 crore is in place for future working capital needs but no immediate deployment planned. - Capital deployed so far in ash and coal handling business is around INR400 crore (including approx. INR100-130 crore in fixed assets and INR270 crore working capital). - Expansion is driven by growing ash handling opportunities and EV fleet scaling to 2,000 vehicles by March 2025.

- Ash and coal handling business is the primary growth driver with revenues rising from INR68 crores last year same quarter to INR550 crores in Q1 FY25, expecting continued quarter-on-quarter growth. - Daily ash handling capacity currently at 50,000 metric tons with capacity to scale further as new orders are secured. - Ash handling volumes targeted to grow roughly 3x from 6 million tons last year to about 18 million tons this year. - Green mobility segment aiming for a fleet expansion to 2,000 electric vehicles by March next year, with potential revenues of INR7-8 lakhs per vehicle annually. - Refrigerant gas business steady with INR20.91 crores revenue this quarter; power trading and coal trading continued alongside ash handling. - Management confident of maintaining robust growth momentum quarter-on-quarter for the rest of the year.

- Revenue growth momentum is expected to continue quarter on quarter driven mainly by ash and coal handling business. - Q1 FY25 showed 54%-55% YoY increase in total income; a similar growth outlook is envisaged for the rest of the year. - EBITDA grew 42.85% YoY in Q1 FY25, with expectations of improving margins as ash handling contract efficiencies increase. - PAT rose 63.39% YoY in Q1 FY25; EPS grew by 56.28%, indicating strong profitability gains. - Ash handling business capacity and fleet expansions are planned, supporting volume growth and margin improvement. - Electric vehicle segment projected to scale from 539 vehicles to 2000 by March next year, with revenue potential of INR 7-8 lakhs per vehicle annually. - Coal and ash handling margins expected to improve as business mix shifts towards higher-margin ash handling. - Overall, company expects sustained growth in operating profits and EPS backed by core business expansion and diversified segments.

- Management confirmed having a good signed order available to support growth. - Capacity increase to meet new orders will not be an issue; management is prepared for capex if required. - The ash handling business is continuously growing, with ongoing efforts to acquire more contracts. - They currently handle around 50,000 tons per day of ash and coal, with the capacity to do much more by adding fleet and resources. - New client additions are expected to add about 7,000 to 10,000 tons per day within two to three months. - The order book supports growth momentum quarter on quarter. - No immediate large planned fundraise or capex beyond internal funding and working capital limits for fleet expansion outlined.

- Refex Industries has not taken approval for any immediate fundraising as of now; the INR1000 crore approval is only an enabling provision for future needs, allowing fast approval if required. - Current funding for capex (around INR100 crores for fleet addition in ash handling and green mobility) is expected to come from internal accruals and working capital limits with lenders. - The company is not currently seeking a new CFO, as the strong accounts team manages financial operations and fundraising strategy. - Preferential allotment of warrants to Sherisha Technologies (promoter holding company) was done mainly to meet working capital requirements and for Refex e-Veelz procurement. - No specific debt or equity fundraising plans announced at this time; focus remains on internal funding and managing working capital efficiently.