REFEX

Refex Industries Limited

Environmental services and new-energy company with ash logistics and wind turbines

Utilities›Utilities›Other Utilities›Waste Management

refex.co.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹256.55
Market cap
3,520 Cr
Stock P/E
14.3
P/B
2.34
Dividend yield
0.2%
ROE (FY26)
13.5%
ROCE (FY26)
18.5%
Operating margin (FY26)
14.8%
Debt / equity (FY26)
0.11
OCF / EBITDA (FY26)
30.0%
OCF / EBITDA (3Y)
-21.7%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Refex Industries handles and transports coal ash and coal for India's thermal power plants, delivers ash to road-construction sites, and supplies wind turbines to power producers through its subsidiary Venwind Refex Power.

Company snapshot

1stBy market cap

Ranked among 6 companies in Waste Management.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 89.3% of revenue

SegmentRevenue shareRevenuePBTAssets
Ash & Coal Handling Business
89.3%
1,644 Cr150 Cr—
Corporate—0 Cr-19 Cr—
Electric Vehicle
1.2%
22 Cr-21 Cr—
Others
0.4%
8 Cr0.48 Cr—
Power Trading
5.9%
108 Cr5 Cr—
Refrigerant Gas-Manufacturing(Refilling) and Sales
2.4%
45 Cr1 Cr—
Sale of Service
0.3%
5 Cr3 Cr—
Solar Power-Generation and related activities
0.5%
9 Cr5 Cr—
Windpower—0 Cr-0.13 Cr—

What we see

Positives
  • ✓Debt-to-equity of 0.11x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales352 Cr306 Cr342 Cr595 Cr528 Cr717 Cr628 Cr383 Cr427 Cr576 Cr934 Cr916 Cr
Operating expenses (approx.)318 Cr272 Cr301 Cr547 Cr481 Cr666 Cr564 Cr345 Cr356 Cr486 Cr775 Cr809 Cr
EBITDA34 Cr34 Cr41 Cr48 Cr46 Cr51 Cr64 Cr38 Cr70 Cr90 Cr160 Cr107 Cr
OPM %9.7%11.2%12.1%8.1%8.8%7.1%10.2%9.9%16.5%15.6%17.1%11.7%
Other income5 Cr3 Cr8 Cr2 Cr7 Cr25 Cr16 Cr11 Cr5 Cr6 Cr4 Cr12 Cr
Interest6 Cr8 Cr8 Cr6 Cr5 Cr8 Cr9 Cr10 Cr7 Cr9 Cr10 Cr13 Cr
Depreciation3 Cr4 Cr4 Cr6 Cr6 Cr9 Cr12 Cr14 Cr5 Cr5 Cr5 Cr6 Cr
Profit before tax30 Cr25 Cr37 Cr39 Cr42 Cr59 Cr60 Cr24 Cr52 Cr69 Cr132 Cr87 Cr
Tax %29.4%32.9%8.8%24.9%26.1%15.6%19.5%15.8%29.7%24.1%28.6%25.5%
Net profit21 Cr17 Cr33 Cr29 Cr31 Cr50 Cr48 Cr20 Cr36 Cr53 Cr94 Cr65 Cr
EPS (₹)₹9.70₹7.64₹3.02₹2.54₹2.60₹3.99₹3.71₹1.58₹2.80₹3.94₹6.62₹4.65

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales38 Cr77 Cr461 Cr661 Cr633 Cr1,629 Cr1,383 Cr2,468 Cr2,277 CrSign in free for the trailing twelve months
Operating expenses (approx.)36 Cr75 Cr433 Cr609 Cr565 Cr1,455 Cr1,237 Cr2,258 Cr1,920 CrSign in free for the trailing twelve months
EBITDA2 Cr2 Cr28 Cr51 Cr68 Cr175 Cr146 Cr210 Cr357 CrSign in free for the trailing twelve months
OPM %5.7%2.3%6.1%7.8%10.7%10.7%10.6%8.5%15.7%Sign in free for the trailing twelve months
Other income2 Cr2 Cr2 Cr5 Cr4 Cr8 Cr18 Cr50 Cr25 CrSign in free for the trailing twelve months
Interest3 Cr1 Cr0.30 Cr0.91 Cr9 Cr19 Cr29 Cr28 Cr32 CrSign in free for the trailing twelve months
Depreciation0.79 Cr0.83 Cr0.96 Cr1 Cr5 Cr7 Cr14 Cr33 Cr20 CrSign in free for the trailing twelve months
Profit before tax0.53 Cr2 Cr29 Cr48 Cr58 Cr156 Cr121 Cr200 Cr277 CrSign in free for the trailing twelve months
Tax %13.3%45.9%-9.6%31.0%29.2%25.8%23.4%20.8%26.6%Sign in free for the trailing twelve months
Net profit0.46 Cr0.94 Cr32 Cr33 Cr41 Cr116 Cr93 Cr158 Cr204 CrSign in free for the trailing twelve months
EPS (₹)₹0.29₹0.61₹20.44₹21.37₹21.73₹53.89₹8.40₹12.93₹15.28Sign in free for the trailing twelve months
Dividend payout %————5.1%0.0%5.9%0.0%3.2%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital15 Cr15 Cr15 Cr15 Cr21 Cr22 Cr23 Cr26 Cr27 Cr
Reserves-5 Cr-4 Cr27 Cr60 Cr119 Cr292 Cr442 Cr1,187 Cr1,477 Cr
Borrowings35 Cr36 Cr0.18 Cr2 Cr0.11 Cr82 Cr117 Cr172 Cr162 Cr
Other liabilities15 Cr51 Cr116 Cr60 Cr202 Cr356 Cr216 Cr415 Cr1,172 Cr
Total liabilities60 Cr98 Cr159 Cr138 Cr341 Cr752 Cr798 Cr1,799 Cr2,843 Cr
Fixed assets (net)15 Cr14 Cr15 Cr15 Cr87 Cr147 Cr202 Cr333 Cr152 Cr
CWIP——0.27 Cr0 Cr—3 Cr9 Cr10 Cr10 Cr
Investments0.0082 Cr—0 Cr0 Cr74 Cr74 Cr74 Cr31 Cr0 Cr
Inventories1 Cr5 Cr8 Cr3 Cr5 Cr11 Cr7 Cr7 Cr76 Cr
Trade receivables9 Cr37 Cr88 Cr72 Cr93 Cr245 Cr306 Cr677 Cr886 Cr
Cash & bank0.77 Cr0.70 Cr4 Cr21 Cr17 Cr10 Cr33 Cr282 Cr184 Cr
Other assets34 Cr41 Cr44 Cr27 Cr65 Cr262 Cr167 Cr460 Cr1,535 Cr
Total assets60 Cr98 Cr159 Cr138 Cr341 Cr752 Cr798 Cr1,799 Cr2,843 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity4 Cr-3 Cr44 Cr12 Cr123 Cr28 Cr3 Cr-265 Cr107 Cr
Cash from investing-0.45 Cr-0.48 Cr0.05 Cr5 Cr-122 Cr-78 Cr-42 Cr-90 Cr-268 Cr
Cash from financing-3 Cr4 Cr-41 Cr0.63 Cr-5 Cr60 Cr62 Cr603 Cr65 Cr
Net cash flow0.52 Cr-0.07 Cr3 Cr17 Cr-4 Cr10 Cr23 Cr249 Cr-95 Cr
Free cash flow (OCF − Capex)4 Cr-4 Cr42 Cr12 Cr117 Cr-44 Cr-35 Cr-265 Cr107 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %6.8%6.2%67.9%63.1%47.9%44.4%25.9%16.4%18.5%
ROE %4.5%8.4%74.0%43.7%29.3%36.9%20.2%13.1%13.5%
Debtor days871736940535581100142
Inventory days101303163102010514
Days payable6982405217351753487211588
Cash conversion cycle-511-1928-1328-112-27418-1068
OCF / EBITDA %193.1%n.m.156.3%23.1%182.2%15.8%2.0%-126.2%30.0%
OCF / EBITDA % (3 years)——140.3%65.0%121.8%——-44.2%-21.7%
Debt / equity3.443.200.00420.020.00080.260.250.140.11
Current ratio3.021.721.142.241.321.592.593.492.08
Net debt / EBITDA15.9020.02-0.13-0.37-0.250.410.58-0.52-0.06