• New RCR contract: Refex secured an 18-month, ₹160 crore road-cum-rail (RCR) ash disposal contract in Madhya Pradesh, which is expected to contribute 25% of its total order value in FY27 at a 10% to 12% net margin.
• Ash handling guidance: Management reiterated its full-year margin targets for the ash and coal handling business at 17% to 18% EBITDA margin and 10% to 12% net margin, absorbing standard seasonal softness in Q2.
• Wind segment profitability: Net margins in the wind business currently stand at 3% to 3.5% due to SKD imports and sea freight costs, but ongoing localization over the next 12 to 15 months is projected to raise margins to 5% to 6%.
• Wind order pipeline: The company is on track to fully execute its current wind order book within this financial year, with additional contract wins expected to be announced over the next 30 to 60 days.