Refex Industries shares jumped over 8% in morning trade on Monday after the company clarified the quantity details of its recently secured ₹160 crore contract. The stock rose to ₹294.55 on the NSE after opening at ₹281.95, gaining around 8% from its previous close of ₹271.85. The sharp move came after the company corrected the quantity mentioned in its September 19 disclosure, with the stock trading at ₹282.40 around 9:40 am, up around 4% from its previous close. The rally reflects strong market confidence in the company's ability to execute large-scale infrastructure projects and strengthen its position in the ash handling sector.
According to the latest regulatory filing, Refex Industries has clarified that the contract involves lifting 10 lakh metric tonnes (10 million tonnes) of pond ash and fly ash, not the 10 metric tonnes stated in the earlier disclosure. The company stated that the error was purely typographical and that there was no change in the contract's value, scope, execution period or other terms. The contract has been awarded by a public sector undertaking in Madhya Pradesh and covers the lifting of 10 lakh metric tonnes of pond ash and fly ash under the Road-cum-Rail (RCR) mode. The quantity can be extended with mutual consent, with the broad consideration of the contract being around ₹160 crore.
As reported by CNBC TV18 and Business Upturn, the contract represents a substantial order for Refex Industries, which is engaged in selling refrigerant gases and handling coal ash and fly ash. The company confirmed that the promoter, promoter group and group companies have no interest in the entity that awarded the contract, ensuring the transaction falls outside related party transactions. The order has been classified as a domestic contract awarded by a domestic entity, with the company noting this substantial business development will contribute to its revenue and reinforce its operational capacity in the sector. The contract win is expected to further consolidate Refex Industries' market position in the ash handling and resource management sector, with the company continuing to leverage its expertise and infrastructure to secure strategic contracts that enhance its portfolio and drive growth in a sustainable manner.
According to latest financial reports, Refex Industries delivered exceptional standalone performance in Q1 FY27, with net profit rising 122.59% YoY to ₹73.39 crore compared to ₹32.97 crore in the previous year. The company's revenue from continuing operations increased by approximately 76.37% YoY to ₹619.25 crore versus ₹351.11 crore in the corresponding quarter last year. This robust financial performance demonstrates the company's successful strategic pivot toward specialized ash and coal handling operations, with the core Ash & Coal Handling segment emerging as the largest engine of corporate profitability following the exit from legacy divisions.
As reported by multiple sources, Refex Industries has been actively securing new contracts to strengthen its order book. The company secured two domestic contracts on August 18, 2026, totaling ₹67.90 crore, including a ₹27.48 crore contract for NHAI-grade projects and a ₹40.42 crore contract from a Maharashtra-based entity. The company will also participate in the Anand Rathi Annual Flagship Conference on September 22, 2026, to engage with institutional investors and share management outlook and details. This recent contract activity demonstrates the company's successful execution capabilities and growing institutional trust in its service delivery model across multiple sectors.
