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Refex Industries Ltd

REFEX

NSE

₹249.70-2.67%19 Oct 2026 at 3:57 PM

Reports

Refrigeration

Refex Industries Ltd

REFEX

NSE

₹249.70

-2.67%

19 Oct 2026 at 3:57 PM

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Refrigeration

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

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.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Edit Ratios

Mkt Cap

Market Capitalization

₹3,458Cr

Close Price

₹252.00

Industry

Refrigeration

Price To Earnings

13.92

Price To Sales

1.22

Revenue

₹2,841Cr

Rev Gr TTM

Revenue Growth TTM

37.90%

PAT Gr TTM

PAT Growth TTM

65.93%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	352	306	342	591	428	686	594	352	415	576	934	916
Growth YoY Revenue Growth YoY%			-45.7	54.6	21.5	124.2	73.6	-40.5	-3.1	-16.0	57.1	160.4
Expenses ExpensesCr	318	272	301	543	385	633	534	315	344	486	775	809
Operating Profit Operating ProfitCr	34	34	41	48	43	53	60	37	71	90	160	107
OPM OPM%	9.7	11.2	12.1	8.2	10.0	7.8	10.1	10.5	17.1	15.6	17.1	11.7
Other Income Other IncomeCr	5	3	8	2	7	25	16	10	5	6	4	12
Interest Expense Interest ExpenseCr	6	8	9	6	4	5	5	6	7	9	10	13
Depreciation DepreciationCr	3	4	4	6	2	3	3	5	5	5	5	6
PBT PBTCr	30	25	37	39	44	70	68	36	65	81	148	101
Tax TaxCr	9	8	3	10	11	12	7	7	19	20	42	26
PAT PATCr	21	17	33	29	31	50	48	20	36	53	94	65
Growth YoY PAT Growth YoY%			-34.1	38.0	44.9	196.2	43.6	-30.6	16.5	5.3	97.1	216.9
NPM NPM%	6.1	5.5	9.8	5.0	7.3	7.3	8.1	5.8	8.7	9.2	10.1	7.0
EPS EPS₹	0.4	1.5	3.0	2.5	2.6	4.0	3.7	1.6	2.9	3.9	6.6	4.7

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	352	306	342	591	428	686	594	352	415	576	934	916
Growth YoY Revenue Growth YoY%			-45.7	54.6	21.5	124.2	73.6	-40.5	-3.1	-16.0	57.1	160.4
Expenses ExpensesCr	318	272	301	543	385	633	534	315	344	486	775	809
Operating Profit Operating ProfitCr	34	34	41	48	43	53	60	37	71	90	160	107
OPM OPM%	9.7	11.2	12.1	8.2	10.0	7.8	10.1	10.5	17.1	15.6	17.1	11.7
Other Income Other IncomeCr	5	3	8	2	7	25	16	10	5	6	4	12
Interest Expense Interest ExpenseCr	6	8	9	6	4	5	5	6	7	9	10	13
Depreciation DepreciationCr	3	4	4	6	2	3	3	5	5	5	5	6
PBT PBTCr	30	25	37	39	44	70	68	36	65	81	148	101
Tax TaxCr	9	8	3	10	11	12	7	7	19	20	42	26
PAT PATCr	21	17	33	29	31	50	48	20	36	53	94	65
Growth YoY PAT Growth YoY%			-34.1	38.0	44.9	196.2	43.6	-30.6	16.5	5.3	97.1	216.9
NPM NPM%	6.1	5.5	9.8	5.0	7.3	7.3	8.1	5.8	8.7	9.2	10.1	7.0
EPS EPS₹	0.4	1.5	3.0	2.5	2.6	4.0	3.7	1.6	2.9	3.9	6.6	4.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	85	78	38	77	461	661	633	1,629	1,383	2,259	2,277	2,841
Growth Revenue Growth%	250.4	-7.9	-51.6	103.8	499.9	43.3	-4.3		-15.1	63.4	0.8	37.9
Expenses ExpensesCr	79	75	36	75	433	609	565	1,455	1,237	2,053	1,920	2,414
Operating Profit Operating ProfitCr	6	3	2	2	28	51	68	175	146	206	357	427
OPM OPM%	6.5	3.4	5.7	2.3	6.1	7.8	10.7	10.7	10.6	9.1	15.7	15.0
Other Income Other IncomeCr	0	0	2	2	2	-1	4	8	18	50	25	27
Interest Expense Interest ExpenseCr	0	1	3	1	0	1	9	19	29	18	32	39
Depreciation DepreciationCr	2	1	1	1	1	1	5	7	14	10	20	21
PBT PBTCr	3	0	1	2	29	48	58	156	121	228	330	395
Tax TaxCr	0	-5	0	1	-3	15	17	40	28	49	88	107
PAT PATCr	3	5	0	1	32	33	41	116	93	180	242	248
Growth PAT Growth%	156.1	76.0	-91.4	105.5	3,274.2	4.7	23.6		-19.9	93.3	34.9	65.9
NPM NPM%	3.6	6.8	1.2	1.2	6.9	5.0	6.5	7.1	6.7	8.0	10.7	8.7
EPS EPS₹	0.4	0.7	0.1	0.1	4.0	4.1	4.3	10.8	8.4	13.0	15.3	18.1

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	85	78	38	77	461	661	633	1,629	1,383	2,259	2,277	2,841
Growth Revenue Growth%	250.4	-7.9	-51.6	103.8	499.9	43.3	-4.3		-15.1	63.4	0.8	37.9
Expenses ExpensesCr	79	75	36	75	433	609	565	1,455	1,237	2,053	1,920	2,414
Operating Profit Operating ProfitCr	6	3	2	2	28	51	68	175	146	206	357	427
OPM OPM%	6.5	3.4	5.7	2.3	6.1	7.8	10.7	10.7	10.6	9.1	15.7	15.0
Other Income Other IncomeCr	0	0	2	2	2	-1	4	8	18	50	25	27
Interest Expense Interest ExpenseCr	0	1	3	1	0	1	9	19	29	18	32	39
Depreciation DepreciationCr	2	1	1	1	1	1	5	7	14	10	20	21
PBT PBTCr	3	0	1	2	29	48	58	156	121	228	330	395
Tax TaxCr	0	-5	0	1	-3	15	17	40	28	49	88	107
PAT PATCr	3	5	0	1	32	33	41	116	93	180	242	248
Growth PAT Growth%	156.1	76.0	-91.4	105.5	3,274.2	4.7	23.6		-19.9	93.3	34.9	65.9
NPM NPM%	3.6	6.8	1.2	1.2	6.9	5.0	6.5	7.1	6.7	8.0	10.7	8.7
EPS EPS₹	0.4	0.7	0.1	0.1	4.0	4.1	4.3	10.8	8.4	13.0	15.3	18.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	15	15	15	15	15	15	21	22	23	26	27
Reserves ReservesCr	-11	-6	-5	-4	27	60	119	292	443	1,033	1,336
Current Liabilities Current LiabilitiesCr	61	108	13	45	115	50	129	332	194	396	1,245
Non Current Liabilities Non Current LiabilitiesCr	5	0	36	41	0	12	73	106	139	191	89
Total Liabilities Total LiabilitiesCr	70	118	60	97	159	138	341	752	798	1,799	2,843
Current Assets Current AssetsCr	53	100	41	79	131	107	171	526	502	1,382	2,540
Non Current Assets Non Current AssetsCr	17	18	20	18	27	31	170	226	296	417	303
Total Assets Total AssetsCr	70	118	60	97	159	138	341	752	798	1,799	2,843

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	15	15	15	15	15	15	21	22	23	26	27
Reserves ReservesCr	-11	-6	-5	-4	27	60	119	292	443	1,033	1,336
Current Liabilities Current LiabilitiesCr	61	108	13	45	115	50	129	332	194	396	1,245
Non Current Liabilities Non Current LiabilitiesCr	5	0	36	41	0	12	73	106	139	191	89
Total Liabilities Total LiabilitiesCr	70	118	60	97	159	138	341	752	798	1,799	2,843
Current Assets Current AssetsCr	53	100	41	79	131	107	171	526	502	1,382	2,540
Non Current Assets Non Current AssetsCr	17	18	20	18	27	31	170	226	296	417	303
Total Assets Total AssetsCr	70	118	60	97	159	138	341	752	798	1,799	2,843

Consolidated

Standalone

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-3	-25	4	-4	44	12	123	28	3	-249	107
Investing Cash Flow Investing Cash FlowCr	4	-2	0	-1	0	5	-122	-78	-42	-105	-268
Financing Cash Flow Financing Cash FlowCr	-2	26	-3	4	-41	1	-5	60	62	602	65
Net Cash Flow Net Cash FlowCr	-1	0	1	-1	3	17	-4	10	23	248	-95
Free Cash Flow Free Cash FlowCr	-4	-25	4	-5	42	12	118	-44	-43	-414	47
CFO To PAT CFO To PAT%	-103.4	-462.0	909.7	-470.3	139.7	35.9	301.1	23.8	3.1	-138.3	44.2
CFO To EBITDA CFO To EBITDA%	-56.7	-934.5	193.1	-255.2	156.3	23.1	182.2	15.8	1.9	-120.5	30.0

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-3	-25	4	-4	44	12	123	28	3	-249	107
Investing Cash Flow Investing Cash FlowCr	4	-2	0	-1	0	5	-122	-78	-42	-105	-268
Financing Cash Flow Financing Cash FlowCr	-2	26	-3	4	-41	1	-5	60	62	602	65
Net Cash Flow Net Cash FlowCr	-1	0	1	-1	3	17	-4	10	23	248	-95
Free Cash Flow Free Cash FlowCr	-4	-25	4	-5	42	12	118	-44	-43	-414	47
CFO To PAT CFO To PAT%	-103.4	-462.0	909.7	-470.3	139.7	35.9	301.1	23.8	3.1	-138.3	44.2
CFO To EBITDA CFO To EBITDA%	-56.7	-934.5	193.1	-255.2	156.3	23.1	182.2	15.8	1.9	-120.5	30.0

Consolidated

Standalone

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	17	12	30	23	58	52	197	525	1,559	4,880	2,600	3,458
Price To Earnings Price To Earnings	5.6	2.2	66.1	24.8	1.8	1.6	4.8	4.5	16.6	30.7	12.8	13.9
Price To Sales Price To Sales	0.2	0.1	0.8	0.3	0.1	0.1	0.3	0.3	1.1	2.2	1.1	1.2
Price To Book Price To Book	3.8	1.2	2.9	2.1	1.4	0.7	1.4	1.7	3.4	4.6	1.9	2.5
EV To EBITDA EV To EBITDA	4.6	18.4	29.7	36.8	1.9	0.8	3.8	3.8	11.8	23.4	6.8	7.8
Profitability Ratios Profitability Ratios
GPM GPM%	23.9	22.7	47.1	25.1	12.3	15.4	15.6	12.6	13.7	11.5	18.9	18.9
OPM OPM%	6.5	3.4	5.7	2.3	6.1	7.8	10.7	10.7	10.6	9.1	15.7	15.0
NPM NPM%	3.6	6.8	1.2	1.2	6.9	5.0	6.5	7.1	6.7	8.0	10.7	8.7
ROCE ROCE%	22.4	3.5	6.8	5.7	68.0	57.7	31.3	37.9	22.1	18.3	22.8	22.8
ROE ROE%	68.8	54.8	4.5	8.4	74.0	43.7	29.3	36.9	19.9	17.0	17.8	17.8
ROA ROA%	4.3	4.5	0.8	1.0	19.9	24.0	12.0	15.4	11.7	10.0	8.5	8.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	17	12	30	23	58	52	197	525	1,559	4,880	2,600	3,458
Price To Earnings Price To Earnings	5.6	2.2	66.1	24.8	1.8	1.6	4.8	4.5	16.6	30.7	12.8	13.9
Price To Sales Price To Sales	0.2	0.1	0.8	0.3	0.1	0.1	0.3	0.3	1.1	2.2	1.1	1.2
Price To Book Price To Book	3.8	1.2	2.9	2.1	1.4	0.7	1.4	1.7	3.4	4.6	1.9	2.5
EV To EBITDA EV To EBITDA	4.6	18.4	29.7	36.8	1.9	0.8	3.8	3.8	11.8	23.4	6.8	7.8
Profitability Ratios Profitability Ratios
GPM GPM%	23.9	22.7	47.1	25.1	12.3	15.4	15.6	12.6	13.7	11.5	18.9	18.9
OPM OPM%	6.5	3.4	5.7	2.3	6.1	7.8	10.7	10.7	10.6	9.1	15.7	15.0
NPM NPM%	3.6	6.8	1.2	1.2	6.9	5.0	6.5	7.1	6.7	8.0	10.7	8.7
ROCE ROCE%	22.4	3.5	6.8	5.7	68.0	57.7	31.3	37.9	22.1	18.3	22.8	22.8
ROE ROE%	68.8	54.8	4.5	8.4	74.0	43.7	29.3	36.9	19.9	17.0	17.8	17.8
ROA ROA%	4.3	4.5	0.8	1.0	19.9	24.0	12.0	15.4	11.7	10.0	8.5	8.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	REFEX	ICEMAKE
Market CapitalizationMkt CapCr	3,458	1,163
Close PriceClose₹	252.00	641.05
IndustryIndustry	Refrigeration	Refrigeration
Price To EarningsPE	13.92	84.57
Price To SalesPS	1.22	1.58
RevenueRevenueCr	2,841	736
Revenue Growth TTMRev Gr TTM%	37.9%	45.4%
PAT Growth TTMPAT Gr TTM%	65.9%	-32.9%

	REFEX	ICEMAKE
Market CapitalizationMkt CapCr	3,458	1,163
Close PriceClose₹	252.00	641.05
IndustryIndustry	Refrigeration	Refrigeration
Price To EarningsPE	13.92	84.57
Price To SalesPS	1.22	1.58
RevenueRevenueCr	2,841	736
Revenue Growth TTMRev Gr TTM%	37.9%	45.4%
PAT Growth TTMPAT Gr TTM%	65.9%	-32.9%