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Refex Industries
SectorEnergy
In the news
Emmvee Photovoltaic surges 8% on Jefferies 'Buy' rating; Refex expands RMC
Order Wins: Revenue Visibility, Margins, and Competitive Edge
Refex Industries shares jump 8% on ₹160 cr pond ash order clarification
Refex Green Power wins 80 MW wind power project amid renewable funding push
Refex Industries secures ₹40.42 cr ash transportation order
Refex Industries wins ₹40.83 cr ash transportation contract
Refex Industries Q1 profit surges 201% YoY to ₹63.80 crore
Refex Industries secures ₹21.15 cr ash transportation order
Refex Industries Q4 profit surges 87.96% to ₹90.82 crore
The Quarter story
The two most recent quarterly results, compared side-by-side.
Refex Industries delivered strong revenue and profit growth through FY26, with healthy margins and a solid order pipeline, though rising finance costs need monitoring.
Revenue grew from ₹365.87 Cr in Q1 FY26 to ₹619.3 Cr in Q1 FY27, confirming robust top-line momentum.
Finance Cost increased from ₹5.79 Cr in Q1 FY26 to ₹11.0 Cr in Q1 FY27, indicating higher debt servicing pressure.
EBITDA climbed from ₹39.72 Cr in Q1 FY26 to ₹105.4 Cr in Q1 FY27, signaling strong operational leverage.
Profit before Tax jumped to ₹332.9 Cr in Q4 FY26 before correcting to ₹98.3 Cr in Q1 FY27, reflecting seasonal volatility.
EBITDA Margin expanded from 10.86% in Q1 FY26 to 17.0% in Q1 FY27, confirming better pricing and cost control.
Other Income dropped from ₹11.34 Cr in Q1 FY26 to ₹3.9 Cr in Q4 FY26, then rebounded to ₹8.0 Cr in Q1 FY27, showing unstable non-core earnings.
Net Profit rose from ₹32.97 Cr in Q1 FY26 to ₹73.4 Cr in Q1 FY27, showing resilient bottom-line performance.
Company insights, generated from the most recent coverage.
Heavy reliance on PSU customers like NTPC and state GENCOs for ash management contracts provides revenue stability, with NTPC noted as a reliable paymaster minimizing working capital stress.
₹160 Cr ash handling contract with 18-month execution supports revenue smoothing across FY27-FY28, building on >100% YoY growth in FY25.