Refex Industries Ltd

- No major new investments or large-capex plans are expected in the current or next fiscal year. - Only very small capex will happen at both Refex Industries Limited and Venwind levels. - Some investment currently held as loans in a subsidiary might be converted into optionally convertible debentures (OCD) or equity, depending on agreements with respective SPVs. - At consolidated level, debt mainly consists of working capital limits (around Rs.700 Crores), with minimal long-term debt (only Rs.37 Crores related to office building). - No explicit mention of any upcoming major debt or equity fundraising was made during the call.

- No major capital expenditure (capex) is planned for the current or next fiscal year. - Only very small capex will occur at the Refex Industries Limited (RIL) level and at the Venwind subsidiary. - Some investments currently exist as loans in subsidiaries, which may be converted into optionally convertible debentures (OCD) or equity depending on agreements with the respective SPVs. - These conversions of loans to OCD/equity are expected to happen within the current period. - Overall, there is no indication of significant new strategic investments or large-scale capex in the near term.

- Company expects strong operational momentum with new ash projects commencing and stabilizing across regions. - Ash and coal handling business order book stands at around Rs.1500 Crores, with ongoing execution. - The company is growing at 48% CAGR in ash and coal handling quantity, with a 50% expected jump in the current year. - Focus on high-margin service businesses like ash handling and mining services, reducing low-margin trading (power, refrigerant gas). - Wind business progressing steadily, with Rs.1860 Crores orders secured; initial revenue expected soon and growth anticipated. - Management aims for calibrated fleet expansion in mobility business, which is being demerged for focused growth. - Market size for ash handling is large (Rs.50,000 to Rs.68,000 Crores), with steady demand expected for next 10+ years. - Revenue growth may be moderate short-term due to discontinuation of low-margin businesses but profitability expected to improve.

- Revenue dip of ~16% YoY due to discontinuation of low-margin power trading and refrigeration/gas business; focus shifted to high-margin ash handling and mining services. - Profitability improving despite revenue drop: EBITDA increased from Rs.153 Crores (previous period) to Rs.207 Crores in nine months. - Target sustainable EBITDA margin around 11%-12%, with potential to improve quarter-on-quarter. - Ash and coal handling business growing rapidly (~48% CAGR in quantity) with increasing realizations (Rs.555 to Rs.700 per metric ton). - Wind business expected to contribute significant revenue starting FY2026 end, aiming for competitive but decent profits. - Mobility business will operate as a separate entity post demerger, with growth prospects intact. - Management focusing on long-term, high-margin contracts (up to 3 years or more), with a strong order book (~Rs.1500 Crores). - Overall, earnings and operating profits are expected to improve through strategic realignment and focus on core segments.

- Ash and Coal Handling segment order book: Rs. 1,500 Crores - Wind segment order book: Rs. 1,860 Crores - Wind order book to be executed within 3 to 12 months - Ash and Coal Handling orders: - 40% to be executed in the next 4 months - 50% to be executed between 4 to 12 months - Remaining 10-15% spread over 3 years - Total order book value (ash + wind): Rs. 3,360 Crores approximately