Refex Renewables & Infrastructure Share Price & Earnings Call Analysis

₹368.75+1.00% today

Market cap: ₹166 Cr
Price to sales: 2.30
Debt to equity: 0.00
Sales growth (5Y): -1.76%
EBITDA margin: 41.40%
Net profit margin: -65.49%
Promoter holding: 74.87%
Sales (last year): ₹72 Cr

All 8 ratios ↓

Potential multibaggers · Q2 FY27

Potential multibaggers in Construction
on management's own guidance

See all potential multibaggers Where does Refex Renewables rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Construction companies ranked on guidance

#	Company	Revenue guided	Margin guided	Market cap	P/E
1		40%+	Flat	₹6,105 Cr	10.9
2		40%+	Flat	₹2,003 Cr	8.8
3		40%+	Flat	₹933 Cr	7.9
4		40%+	Flat	₹912 Cr	7.8
5		40%+	Flat	₹714 Cr	13.0
6		40%+	Flat	₹465 Cr	15.3

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Financials of Refex Renewables

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Refex Renewables

Quarterly Results

Quarter-by-quarter operating performance

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales +	35	17	21	21	18	18	14	16	20	17	14	16	19
Expenses +	35	9	11	12	11	9	9	8	10	8	11	10	11
Operating Profit	-1	8	10	8	7	9	5	8	10	9	3	6	9
OPM %	-2%	47%	48%	39%	38%	49%	35%	48%	51%	52%	22%	38%	45%
Other Income +	12	12	1	2	3	0	0	1	5	2	1	2	1
Interest	13	11	11	11	10	10	10	11	12	11	12	13	12
Depreciation	3	4	5	5	5	4	5	5	5	5	5	5	5
Profit before tax	-5	6	-5	-5	-5	-6	-10	-7	-1	-5	-12	-9	-8
Tax %	113%	142%	129%	118%	121%	53%	32%	56%	397%	38%	15%	20%	31%
Net Profit +	-11	-3	-10	-11	-11	-8	-13	-10	-5	-8	-14	-11	-10
EPS in Rs	-12.92	-2.47	-15.61	-19.02	-17.95	-19.13	-28.31	-22.38	-10.50	-16.83	-32.67	-23.59	-22.14

Financials of Refex Renewables

Profit & Loss

Annual income statement trend

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales +	0	71	63	72	53	76	75	67	66
Expenses +	0	62	74	97	60	67	42	35	40
Operating Profit	-0	9	-11	-25	-7	9	33	32	27
OPM %		13%	-18%	-35%	-13%	11%	44%	48%	40%
Other Income +	0	2	2	12	11	20	18	7	6
Interest	0	0	6	14	20	35	42	43	48
Depreciation	0	0	4	15	17	16	18	18	20
Profit before tax	-0	11	-19	-42	-32	-23	-8	-23	-35
Tax %	-20%	31%	11%	-36%	14%	33%	313%	60%	24%
Net Profit +	-0	8	-22	-27	-37	-30	-34	-36	-43
EPS in Rs	-0.16	17.19	-47.60	-61.60	-72.36	-52.07	-55.03	-80.77	-93.42
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%

Financials of Refex Renewables

Balance Sheet

Capital structure and asset base

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	4	4	4	4	4	4	4	4	4
Reserves	0	8	117	182	57	33	9	-50	-85
Borrowings +	0	24	109	152	334	474	419	473	487
Other Liabilities +	0	38	78	51	157	90	76	88	111
Total Liabilities	5	74	308	389	551	602	509	516	517
Fixed Assets +	0	13	169	171	173	172	458	453	443
CWIP	0	0	19	33	231	288	0	0	2
Investments	0	0	0	0	0	0	0	0	11
Other Assets +	5	61	120	185	147	142	51	63	61
Total Assets	5	74	308	389	551	602	509	516	517

Financials of Refex Renewables

Cash Flows

Operating, investing and financing cash movement

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +		-1	-14	-46	84	-55	120	27	16
Cash from Investing Activity +		2	5	-62	-159	-74	-14	-40	2
Cash from Financing Activity +		3	4	119	74	125	-107	18	-24
Net Cash Flow		5	-4	10	-1	-3	-1	5	-6
Free Cash Flow		-1	-33	-86	-149	-127	105	14	10
CFO/OP		-2%	112%	173%	-1,258%	-613%	376%	88%	62%

Financials of Refex Renewables

Ratios

Working capital efficiency and return ratios

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days		70	297	334	431	305	33	32	21
Inventory Days			74	88	114	193	42		156
Days Payable			291	316	3,802	438	664		699
Cash Conversion Cycle		70	80	106	-3,256	60	-589	32	-521
Working Capital Days		-39	133	255	-439	-50	-249	-261	-367
ROCE %		60%	-11%	-10%	-4%	3%	5%	5%	3%

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