Any current/future new fundraising through debt or equity?

The company has already raised significant capital, including a preferential equity infusion of INR 900 crores (with INR 512 crores received so far). For the planned growth in the EV fleet (targeting 5,000 vehicles by FY '27), the equity requirement is estimated to be around INR 50-60 crores. Majority of vehicle purchases for EVs will be financed through vehicle loans covering about 80%, reducing immediate equity needs. The funds raised through preferential issues and existing capital are expected to be sufficient to meet current and near-future investment requirements. No explicit mention of

Future growth expectations in sales/revenue/volumes?

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 or

Current/ Expected Orderbook/ Pending Orders?

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). The company plans substantial growth in this segment over the next few years, targeting a market share increase from a

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Refex Industries LtdQ1 FY26Other Utilities

Refex Industries Ltd Q1 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹307P/E: 19.2Market Cap: ₹3.6K CrSector: Other Utilities

Management growth scorecard

Revenue

Category 2

Margin

Category 1

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 2

→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.
→EV fleet planned to expand from current ~1,300 vehicles to 5,000 by FY '27, entering more cities.
→The company is confident of continuing robust revenue growth, with a focus on higher margin businesses and reducing low-margin trade like power trading.

Margin guidance

Category 1

- Refex Industries expects substantial growth in revenues, especially driven by the ash handling business which is becoming the core revenue contributor. - Company targets to grow market share in ash and coal handling from ~1.5% to over 10% within 5 years, capitalizing on industry growth. - PAT margin guidance is improving, aiming to reach around 10% within 2-3 years from 6.4% currently. - Operating margins are expected to improve with ramp-up of ash handling contracts and reduction of low-margin businesses like power trading. - EV fleet business, currently loss-making, is projected to become profitable in the current fiscal year. - Wind turbine business is in initial stages with projected growth through upcoming projects with major IPPs. - Overall earnings and EBITDA are on a growth trajectory with promises of multiple-fold increases over the next couple of years. - Digitalization and compliance strengths are key to winning organized large contracts, aiding margin improvement. (As per management commentary from FY '25 earnings call transcript, April 24, 2025)

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Fundraise plans

Yes

→The company has already raised significant capital, including a preferential equity infusion of INR 900 crores (with INR 512 crores received so far).
→For the planned growth in the EV fleet (targeting 5,000 vehicles by FY '27), the equity requirement is estimated to be around INR 50-60 crores.
→Majority of vehicle purchases for EVs will be financed through vehicle loans covering about 80%, reducing immediate equity needs.
→The funds raised through preferential issues and existing capital are expected to be sufficient to meet current and near-future investment requirements.
→No explicit mention of new planned fundraising through debt or equity was disclosed; the company appears comfortable with its current funding and prefers utilizing vehicle loans for asset acquisition.
→Management has indicated a cautious approach towards funding, focusing more on utilizing internal accruals and targeted debt for specific asset needs rather than large-scale new fundraising.

Order book

Yes

→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).
→The company plans substantial growth in this segment over the next few years, targeting a market share increase from around 1.5% to over 10% (Page 13).
→There is ongoing business with vendor advances and unbilled revenue related to contracts booked for execution primarily in April and May, indicating active pending orders (Page 18).

Capex plans

Yes

- 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. - Expansion plans for ash and coal handling operations across additional states, such as Northeast India and new regions like Uttar Pradesh and Jharkhand, implying operational capex. - Digitalization and technological enhancements are ongoing, especially in green mobility operations for efficiency monitoring and control. These initiatives reflect a strategic focus on scaling renewable energy manufacturing, EV mobility, and ash handling services.

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