• RCR ash contract: The 18-month, ₹160 crore contract in Madhya Pradesh is expected to contribute 25% of its value in FY27 at a 10–12% net margin, marking the company's entry into road-cum-rail ash transport across western and northeast India.
• Handling margin guidance: Refex reiterated its full-year guidance for the ash and coal handling business, maintaining an expected EBITDA margin of 17–18% and a net margin of 10–12%.
• Wind order pipeline: The company expects to fully execute its existing wind orders within the current financial year and is in advanced stages to announce new order wins within the next 30 to 60 days.
• Wind segment profitability: Margins in the wind business are projected to rise from the current 3–3.5% to 5–6% over the next 12 to 15 months as assembly transitions toward greater domestic localization.
• Macro and demand: Sea freight volatility on imported components remains the primary operational challenge, while surging domestic power demand from AI, data centers, and commercial and industrial consumers continues to drive sector growth.