### **Overview** Refex Industries Limited, established in 2002 and headquartered in Chennai, is a diversified Indian company focused on sustainable, environmentally responsible industrial solutions. Listed on the BSE (2007) and NSE (2009), Refex operates across multiple high-growth, ESG-aligned sectors, including **Ash & Coal Handling**, **Green Mobility**, **Wind Energy**, **Refrigerant Gases**, and **Power Trading**. The company has evolved from a niche refrigerant refiller into a full-spectrum sustainability solutions provider, serving major thermal power generators, corporates, OEMs, and infrastructure projects. --- ### **Core Business Segments** #### **1. Ash & Coal Handling – Market Leader in Organized Waste Management** - **Market Position**: Refex is the **largest organized player** in India’s coal ash handling and disposal sector, currently operating in **40–42 thermal power plants** across 15+ states, including key clients such as NTPC, Damodar Valley Corporation, Adani Power, and state GENCOs. - **Operations**: Offers an **end-to-end integrated model** for **fly ash, pond ash, and bottom ash** management, combining **O&M of ash handling plants** with **complete ash utilization** (e.g., in cement, road construction, mine reclamation, and land development). - **Technology & Compliance**: - Utilizes advanced **digital trip management**, **GPS tracking (via Loconav, Tata Fleet Edge, iAlert)**, and **centralized fuel sensors** to monitor and optimize thousands of vehicle trips monthly. - Pioneered **reverse logistics** model (coal delivery by rail, return with ash) and is exploring drone-based ash monitoring. - Ensures **100% regulatory compliance**, helping clients avoid penalties for improper ash disposal. - **Expansion & Growth**: - Aims to increase its **market share per plant** from 20–25% to 75% in the long term. - Expanding into **new states** and infrastructure projects like **NHAI’s Bharatmala Pariyojana** and mine backfilling. - Planning to add **50–70 owned vehicles** and scale through third-party partnerships to manage working capital efficiently. - **Capacity & Volume**: Handles over **35,000 MT of fly ash per day**, targeting **60,000 MT/day by end-2025**. Fleet of over **2,000 vehicles** supports ash and coal logistics. #### **2. Coal Handling & Lignite Extraction** - Provides **round-the-clock coal yard management**, **coal trading**, **crushing**, and **overburden excavation** services. - Sources **domestic and imported coal** from Indonesia, Australia, South Africa, and Mozambique. - Engaged in **captive lignite mine OB excavation in Bikaner, Rajasthan**—a strategic foray into mining operations. - Implements **automated O&M systems** and **comprehensive housekeeping** of coal handling infrastructure. #### **3. Green Mobility – EV-First Transportation Platform** - Operates under **Refex Mobility** (formerly Refex eVeelz and Refex Green Mobility Limited), a B2B/B2B2C electric vehicle (EV) fleet platform. - **Fleet Size**: Over **1,410 vehicles**, including **~1,300+ four-wheeler EVs**, operating in **Bengaluru, Chennai, Hyderabad, Mumbai, and Delhi NCR**. - **Services**: - Employee transportation for corporates (TCS, Deutsche Bank, BNP Paribas, AstraZeneca, RR Donnelley). - Premium on-demand airport taxis at Bengaluru Airport. - Partnerships with ride-hailing and demand aggregator platforms (e.g., BluSmart). - **Strategic Shifts**: - Transitioned from airport taxis to **scalable enterprise mobility models** (B2B/B2B2C). - Signed a major lease agreement for **2,997 EVs with BluSmart Mobility**, signaling deep ecosystem integration. - **Growth Target**: Expand EV fleet to **5,000 four-wheelers by FY27**, with expansion into **4–5 new states**, including the Northeast. - **Sustainability Impact**: Achieved **6 crore e-kilometers**, reducing **360,000 kg+ of CO₂**; cumulative abatement over **1.45 million kg CO₂**. #### **4. Wind Energy – Strategic Entry into Domestic Manufacturing** - **Subsidiary**: **Venwind Refex Power Limited (VRPL)** – a JV-focused venture for wind technology and manufacturing. - **Technology**: Holds **exclusive license** from **Vensys Energy AG (Germany)** for advanced wind turbine know-how. - **Product Focus**: Manufacturing **5.3 MW+ wind turbines**, among the **highest capacity turbines developed indigenously in India**. Superior **permanent magnet technology** enables **higher energy yield at low wind speeds** and **lower LCOE**. - **Production Target**: Achieve **5 GW annual production capacity within five years**. - **Manufacturing**: - Leased facility in **Silvassa, Gujarat**, undergoing final audits for operational readiness (Q2 FY26). - Assembly to commence shortly, with **full-scale production by end of FY26** (March 2026). - **Commercial Orders**: - Secured first commercial order: **153.7 MW wind project in Karnataka** (WTG supply + O&M). - Won another major **₹474.45 crore contract** for WTG supply in Gujarat. - Scope includes **supply, testing, commissioning, and technical assistance** for foundation and erection. - **Strategic Advantage**: Upcoming **MNRE local content norms (18-month window)** will restrict imports of high-capacity turbines, giving Refex a **first-mover advantage** as India’s **only domestic 5.3 MW turbine manufacturer**. #### **5. Refrigerant Gases – Market Leader in Eco-Friendly HFCs** - **Core Business**: Refills and distributes **environmentally safe HFCs** (R134A, R410A, R32, R152a, etc.) used in refrigeration, air conditioning, and aerosol applications. - **Innovation**: - First in India to launch **‘Refex Cans’** – disposable 450 ml refilling cans for automotive AC. - Introduced **on-site refilling at OEM locations**. - Pioneering development of **zero-GWP refrigerants** for future market leadership. - **Clients**: Serves **OEMs** (LG, Voltas, Carrier, Cars24, TVS Mobility) and **over 450 dealers** PAN-India. - **Capacity & Growth**: - Dispatched **1,370 MT** in FY24–25; **five-year volume CAGR of 22.1%**, **revenue CAGR of 37.9%**. - Installed **50.76 KWp solar plant** at Thiruporur facility—run **100% on renewable energy** with surplus exported to grid. - **Digitalization**: Implemented **Cylinder Tracking System**, **Sales Automation**, and **FIFO-based order management** to enhance efficiency and compliance. #### **6. Power Trading – Licensed National Player** - Holds **Category-I Power Trading License (CERC, valid 25 years)**, enabling **unlimited interstate trading** of both **thermal and renewable power**. - Active on **IEX and PXIL**, ranked among **top 6–10 national traders by bilateral volume**. - Offers **multi-channel trading models**: power exchanges, bilateral contracts, power banking, swapping, and group captive solutions. - Revenue contributor, though **low PBIT margins**; not a core profit driver but enhances **strategic presence in energy ecosystem**. - Also engaged in **consulting and EPC for solar** and has a **5 MW solar plant in Rajasthan** (under Essel Mining EPC). --- ### **Recent Strategic Developments (2025)** - **Venwind Subsidiary Revenue**: Issued **first commercial invoice** (Q1 FY26) and on track for production launch. - **Refex Mobility Rebranding**: Unified branding under **“Refex Mobility”** to reflect broader green transportation vision. - **Fleet Scale**: Total fleet exceeds **3,300 vehicles** (1,359 for Green Mobility, 2,000+ for ash/coal). - **Digital Infrastructure**: - Real-time **fuel consumption dashboards**, **trip mapping**, and **geofenced loading/unloading** for anti-theft. - Proprietary **telematics and route optimization systems** improve fuel efficiency. - **Leadership**: Mr. **Anirudh Arun** appointed CEO of Green Mobility vertical, bringing fleet scalability expertise. --- ### **Financial Highlights (as of 9M FY25)** | **Segment** | **Revenue (INR Cr)** | **Contribution** | |---------------------------|----------------------|------------------| | Ash & Coal Handling | ₹1,643.88 | ~80% | | Power Trading | ₹107.76 | ~5% | | Refrigerant Gases | ₹44.99 | ~2% | | Green Mobility | ₹22.20 | ~1% | | **Total (approx.)** | **₹1,820+ Cr** | | > **Note**: Ash & Coal handling is the primary revenue and profit engine. Green Mobility and Wind Energy are high-growth, margin-improving verticals in investment phase. --- ### **Sustainability & ESG Commitment** - **Aligned with India’s 2070 Net-Zero Target**. - Early adopter of **SEBI’s BRSR Core ESG framework**. - Key beneficiary of national missions: **National Green Hydrogen Mission**, **10,000 EV charging stations by FY27 (MoRTH)**, and **PM Gati Shakti**. - **ISO 9001 & ISO 14001 Certified**; operates one of India’s **first ISO-certified HFC refilling units**. --- ### **Key Differentiators** - **Vertical Integration**: Unique ability to offer **coal-to-ash-to-renewables-to-mobility** solutions within the thermal power value chain. - **Tech-Driven Operations**: Digital monitoring, reverse logistics, IoT pilots, and automated platforms across fleets and plants. - **First-Mover in Key Segments**: Indigenous 5.3 MW turbine, disposable refrigerant cans, integrated ash O&M model. - **Strong Partnerships**: NTPC, major IPPs, OEMs, cement players, ride-hailing platforms, and German tech partners.