- Refex Industries began as a refrigerant-gas refiller that broke a duopoly, but its defining move came in 2018 when it entered the unglamorous business of hauling ash away from power plants - and became the largest organised player in that space. The company has since used the cash flows from that anchor to build a wind-turbine factory and a corporate electric-mobility platform, while its original gas and power-trading businesses have become a smaller part of its portfolio. The recurring pattern is a willingness to enter fragmented, compliance-heavy industrial services, bring technology and formal processes to them, and then redeploy the proceeds into the next hard-to-build physical platform.
Business segments
Three engines at different stages - an ash-and-coal logistics cash cow that dominates its market, a wind-turbine manufacturing bet that has just begun deliveries, and a corporate EV fleet platform being prepared for a separate listing - each built with the cash flows of the one before.
1. Ash and coal handling: the anchor that pays for everything else
The largest organised player in Indian thermal-ash management, running an asset-light, tech-tracked fleet across 40-plus power plants - and facing a regulatory tailwind that forces every plant to clean up its ash.
- End-to-end partner, not just a transporter - the company evacuates ash from the plant, transports it, and finds end uses for it (cement, roads, brick-making, mine-filling), taking full compliance responsibility off the power producer’s hands.
- Regulation creates the demand - thermal plants must achieve 100% ash utilisation under government notification, with legacy pond-ash requiring mandatory cleanup over ten years and a penalty of ₹1,000 per tonne for non-compliance, which makes the service essential rather than optional.
- Scale that dwarfs competitors - the company handles over 70,000 metric tonnes of ash daily with a fleet of more than 2,000 owned or leased vehicles, and has moved over 45 million tonnes across 40-plus projects in 14 states; the second-largest organised player is roughly a quarter of its size.
- Technology as the operating system - every vehicle carries mandatory fuel sensors and GPS tracking with geofencing at loading and unloading points, feeding a central dashboard that monitors fuel consumption to detect theft, while an integrated ERP handles multi-site verification.
- Coal logistics rides the same rails - the company also provides coal-yard management, sourcing, and handling services using largely the same fleet and logistics backbone, which is why the two are reported as one segment.
2. Wind energy: India’s largest turbine, built under licence
A newly commissioned factory making a 5.3 MW wind turbine - bigger than any other indigenised machine in India - with a confirmed order book of ₹1,860 crore and deliveries that began in early 2026.
- Licensed technology from global leaders - the turbine uses permanent-magnet generator know-how from VENSYS (whose technology powers 135-plus GW globally) and a supply-chain partnership with GOLDWIND, which has installed 120 GW worldwide.
- Designed for India’s wind conditions - the 5.3 MW GWH182 machine has a 183.5-metre rotor diameter and a 130-metre tower, built for low-wind tropical sites, with balance-of-plant costs claimed to be 20-25% lower than alternatives.
- Orders already in execution - the order book stands at 406 MW (₹1,860 crore), with clients including Torrent Power, Jindal Steel & Power, and KP Energy; of that, ₹238 crore was executed in FY26, the first year of deliveries.
- A factory built for scale - the Silvassa plant has hub, nacelle, and drivetrain lines fully operational, with a target of reaching 5 GW of annual production capacity within five years.
3. Corporate mobility: an EV fleet being carved out on its own
A tech-driven, asset-light platform providing electric cars and trained drivers to enterprises across five cities - now being demerged into a separately listed company.
- Enterprise transport, not ride-hailing - the core offering is employee transport services, B2B aggregator supply, and corporate rentals, with a fleet of more than 1,750 vehicles serving clients such as Wipro, Nestlé, Amazon, J.P. Morgan, and TCS.
- Asset-light by design - the company runs on an asset-light model, scaling through partnerships and fleet operators rather than owning every vehicle on its books.
- The demerger creates a pure-play - a composite scheme will merge the mobility subsidiary into the parent and then carve it out into a new entity, Refex Mobility Limited, which will be independently listed with a mirror shareholding structure; NCLT has directed creditor/shareholder meetings and lender approvals have been received.
Group structure and partners
A holding company at the top, two operating subsidiaries for wind and mobility, and a clean exit from legacy businesses - the group is being reshaped into three focused verticals.
- Refex Holding Private Limited is the promoter, owning 55.85% of the listed entity Refex Industries Ltd.
- Venwind Refex Power Limited, the wind manufacturing subsidiary, sits under Refex Industries with a stake that has evolved through multiple conversions and now stands at 73.28%; it in turn owns step-down subsidiaries for O&M services and EPC works.
- Refex Green Mobility Limited is a wholly owned subsidiary that will cease to exist after the demerger, replaced by the newly incorporated Refex Mobility Limited, which will be listed independently.
- The company has fully exited power trading (licence surrendered) and refrigerant gases (stock liquidated), removing two legacy distractions.
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