REFEX INDUSTRIES LIMITED·REFRIGERANT GAS 59.60·Chemicals & Petrochemicals Companies

Price

235.45

-1.55%
O:238.5
H:245.65
L:234
C:235.45

52W Range

188382
+25%/-38%

Market Cap

₹3,231.05 Cr

Traded: ₹5.84 Cr (0.18%) 0.0x

Free Float: ₹1,361.24 Cr (0.43% of FF traded)

Volume · 60D trend

2.45 L 0.0x

Delivery: % 0.0x

View Delivery Data

Returns

1W:+0% 1M:-13% 3M:-20% 6M:-26% 12M:-3%

RS Score

SEEM
NOUS
BNF
SMA Score

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Valuation

P/E13.0
P/B2.1
P/S1.1
EV/EBIT15.2

Business Strength

ROE18.9%
ROCE20.9%
OPM15.9%
NPM9.0%

Growth (3Y CAGR)

EPS+20.6%
Sales+12.0%
Profit+28.0%
3Y Return+26.0%

Balance Sheet

Debt/Equity0.1
Debt162 Cr
Pledge43.5%
CWIP/Fixed Asset8.5%

Cash Position

CFO/NP52.5%
FCF46.7 Cr
FCF 3Y Avg-410 Cr
Cash/MCap9.0%

Others

Div Yield0.0%
Div Payout7.0%
Cash Conv. Cycle65 days
Tradeable Free Float42.1%
REFEX235.45 -1.55% NSEBSE20% 28 Oct
NOUS
BNF
MCap3.2K Cr
Vol2.45 L
RVol
Del%
TVal5.84 Cr
RS
SEEM

MTF Exposure Trend

60 sessions · funded amount, % of FF, daily delta

Current
₹ 90.69 Cr
6.66% FF
60d high
₹ 92.18 Cr
60d low
₹ 76.59 Cr
60d mean
₹ 83.16 Cr
vs mean
▲ 9.06%

Growth Trends

Metric10Y5Y3Y1YTTMTrend
Return
+59.0%
+62.0%
+26.0%
-22.0%
--
Decelerating
Profit
+46.0%
+43.0%
+28.0%
--
+56.0%
Stable
Sales
+40.0%
+29.0%
+12.0%
--
+38.0%
Stable
ROE
--
--
+19.0%
--
--
--

Quarterly Results

Jun 2026

29 Jul
Rev
▼916 Cr
+160% YoY-2% QoQ
OPM12.0%
NPM7.1%
PAT
--▼65 Cr
EPS
+184% YoY▼4.7

Mar 2026

26 May
Rev
▲934 Cr
+57% YoY+62% QoQ
OPM17.0%
NPM10.1%
PAT
+67% YoY▲94 Cr
EPS
+77% YoY▲6.6

Dec 2025

21 Jan
Rev
▲576 Cr
-16% YoY+39% QoQ
OPM16.0%
NPM9.2%
PAT
+7% YoY▲53 Cr
EPS
+1% YoY▲3.9

Sep 2025

PDF
Rev
▲415 Cr
-3% YoY+18% QoQ
OPM17.0%
NPM8.7%
PAT
+43% YoY▲36 Cr
EPS
+13% YoY▲2.9

Jun 2025

PDF
Rev
▼352 Cr
-40% YoY-41% QoQ
OPM10.0%
NPM5.7%
PAT
+0% YoY▼20 Cr
EPS
-37% YoY▼1.6

Mar 2025

PDF
Rev
▼594 Cr
+74% YoY-13% QoQ
OPM10.0%
NPM8.1%
PAT
+78% YoY▼48 Cr
EPS
+26% YoY▼3.7

Dec 2024

PDF
Rev
▲686 Cr
+124% YoY+60% QoQ
OPM8.0%
NPM7.3%
PAT
+246% YoY▲50 Cr
EPS
+154% YoY▲3.9

Sep 2024

PDF
Rev
▼428 Cr
+22% YoY-28% QoQ
OPM10.0%
NPM7.2%
PAT
+54% YoY▲31 Cr
EPS
+32% YoY▼2.6

Jun 2024

PDF
Rev
▲591 Cr
+55% YoY+73% QoQ
OPM8.0%
NPM4.9%
PAT
+40% YoY▼29 Cr
EPS
+35% YoY▼2.6

Mar 2024

PDF
Rev
▲342 Cr
-46% YoY+12% QoQ
OPM12.0%
NPM9.7%
PAT
-32% YoY▲33 Cr
EPS
-36% YoY▲3.0

Dec 2023

PDF
Rev
▼306 Cr
---13% QoQ
OPM11.0%
NPM5.6%
PAT
--▼17 Cr
EPS
--▼1.5

Sep 2023

PDF
Rev
▼352 Cr
---8% QoQ
OPM10.0%
NPM6.0%
PAT
--21 Cr
EPS
--▲1.9

Jun 2023

PDF
Rev
▼382 Cr
---39% QoQ
OPM10.0%
NPM5.5%
PAT
--▼21 Cr
EPS
--▼1.9

Mar 2023

Rev
▲630 Cr
--+600% QoQ
OPM12.0%
NPM8.1%
PAT
--▲51 Cr
EPS
--▲4.6

Dec 2021

Rev
90 Cr
----
OPM14.0%
NPM7.8%
PAT
-43% YoY7 Cr
EPS
--0.7

Revenue & Margin Trends

Annual

Quarterly

Balance Sheet Health

Leverage

Debt / Equity0.15
Interest Coverage4.9x
Promoter Pledge43.5%
Borrowings225 Cr

Efficiency

Receivable Days142 days
Inventory Days15 days
Payable Days92 days
Cash Conversion cycle65 days

Cash Position

Operating Cash Flow107 Cr
Investing Cash Flow-268 Cr
Financing Cash Flow65 Cr
Free Cash Flow47 Cr

Detailed Financials

Jun 2026PDF ↗
Mar 2026PDF ↗
Dec 2025PDF ↗
Sep 2025PDF ↗
Jun 2025PDF ↗
Mar 2025PDF ↗
Dec 2024PDF ↗
Sep 2024PDF ↗
Jun 2024PDF ↗
Mar 2024PDF ↗
Dec 2023PDF ↗
Sep 2023PDF ↗
Jun 2023PDF ↗
Mar 2023
Dec 2021
Sales91693457641535259468642859134230635238263090
Expenses80977548634431553463338554330127231834655777
Operating Profit10716090713760534348413434367412
Other Income2-8-3-4231652835221
Interest13109765546886662
Depreciation655553326443321
Profit Before Tax911367355285562423937253029689
Tax %29.0%31.0%28.0%34.0%26.0%13.0%19.0%27.0%25.0%9.0%33.0%29.0%27.0%25.0%28.0%
Net Profit65945336204850312933172121517
Exceptional Items---12-9-10-9-13-8-20000-000
EPS (Rs)4.76.63.92.91.63.73.92.62.63.01.51.91.94.60.7
Sales Growth (YoY)160.2%57.2%-16.0%-3.0%-40.4%73.7%124.2%21.6%54.7%-45.7%----------
Sales Growth (QoQ)-1.9%62.1%38.8%17.9%-40.7%-13.4%60.3%-27.6%72.8%11.8%-13.1%-7.8%-39.4%600.0%--
OP Growth (YoY)189.2%166.7%69.8%65.1%-22.9%46.3%55.9%26.5%33.3%-44.6%----------
OP Growth (QoQ)-33.1%77.8%26.8%91.9%-38.3%13.2%23.3%-10.4%17.1%20.6%0.0%-5.6%-51.4%----
Profit Growth (YoY)--67.0%7.0%43.0%0.0%78.0%246.0%54.0%40.0%-32.0%---------43.0%
EPS Growth (YoY)183.5%77.0%1.3%12.8%-36.9%26.4%153.6%32.5%35.4%-35.5%----------
EPS Growth (QoQ)-29.8%68.5%35.5%76.8%-56.1%-3.6%51.0%-1.1%-12.2%93.5%-21.1%1.0%-58.2%606.1%--
OP Margin11.7%17.1%15.6%17.1%10.5%10.1%7.7%10.1%8.1%12.0%11.1%9.7%9.4%11.8%13.3%
Net Margin7.1%10.1%9.2%8.7%5.7%8.1%7.3%7.2%4.9%9.7%5.6%6.0%5.5%8.1%7.8%
Material Cost %85.0%81.0%81.0%79.0%84.0%86.0%90.0%88.0%89.0%83.0%85.0%88.0%88.0%87.0%77.0%
Employee Cost %1.0%1.0%2.0%2.0%3.0%2.0%1.0%1.0%1.0%2.0%2.0%1.0%1.0%0.0%4.0%
P/S1.141.971.96------------------------
P/E13.0121.7423.27------------------------
P/B2.152.993.09------------------------

Shareholding Pattern

Shareholders:91.0K (+221.2%)
Current MixJun 2026

Exchange Filings

50
Company Update22 Oct 2026

Intimation of Earnings Call for the 2nd Quarter ended September 30, 2026 -Q2 FY27

Board Meeting22 Oct 2026

Refex Industries Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 28/10/2026 ,inter alia, to consider and approve the Unaudited Standalone & ....

Company Update15 Oct 2026

Receipt of order-in-appeal from the office of the Commissioner (Appeals), CGST & Central Excise, Bhopal

Company Update15 Oct 2026

Order received from the Commissioner of Income Tax (Appeals), Chennai-20

Insider Trading / SAST14 Oct 2026

The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 on October ....

Insider Trading / SAST14 Oct 2026

The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on October 13, 2026 for Refex Holding Pvt Ltd

Company Update12 Oct 2026

Certificate under Regulation 74(5) of SEBI (Depositories & Participants) Regulations, 2018 for the Quarter ended September 30, 2026 of FY 2026-27

Insider Trading / SAST05 Oct 2026

The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 on October ....

Insider Trading / SAST05 Oct 2026

The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on October 01, 2026 for Refex Holding Pvt Ltd

Insider Trading / SAST28 Sept 2026

Intimation of Closure of Trading Window for the 2nd quarter of FY 2026-27 ending September 30, 2026.

Insider Trading / SAST23 Sept 2026

The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 on September ....

Insider Trading / SAST23 Sept 2026

The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on September 23, 2026 for Refex Holding Pvt Ltd

Insider Trading / SAST22 Sept 2026

The Exchange has received revised Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on September 21, 2026 for Refex Holding Pvt Ltd

Insider Trading / SAST22 Sept 2026

The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on September 22, 2026 for Refex Holding Pvt Ltd

Company Update21 Sept 2026

Newspaper Advertisement - Disclosure under Regulation 47 of SEBI (Listing Obligation & Disclosure Requirements) Regulations, 2015 - Notice of the petition seeking approval of the Scheme ....

Company Update19 Sept 2026

Refex Industries Limited bags contract for Lifting of 10 MT of Pond Ash and Fly Ash

Company Update19 Sept 2026

Clarification to the prior intimation dated September 19,2026 for bagging of contract for lifting of 10 Lakh Metric Tons of Pond Ash and Fly Ash by Refex Industries Limited

Insider Trading / SAST16 Sept 2026

The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on September 16, 2026 for Refex Holding Pvt Ltd

Insider Trading / SAST16 Sept 2026

The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 on September ....

Company Update16 Sept 2026

Intimation regarding the Analyst/Institutional Investor Meet of Refex Industries Limited

Insider Trading / SAST04 Sept 2026

The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on September 03, 2026 for Refex Holding Pvt Ltd

Insider Trading / SAST04 Sept 2026

The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 on September ....

Company Update24 Aug 2026

Refex Industries Limited bags contract for loading, transportation and excavation of fly ash

Company Update22 Aug 2026

Disclosure under Regulation 30 of SEBI(LODR) Regulations, 2015 - Appointment/Designation of Mr. Anil S Kulkarni, Chief Business Officer(RMC Division) and Mr. Prasad Jakkaraju, Vice President(ESG) ....

Company Update21 Aug 2026

Allotment of 9,100 Equity shares of Rs.2/- each pursuant to Exercise of ESOPs under Refex Employee Stock Option Scheme 2021

Company Update18 Aug 2026

Refex Industries Limited bags order for Rate contract for Ash Transportation to road construction sites

Insider Trading / SAST18 Aug 2026

The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on August 18, 2026 for Refex Holding Pvt Ltd

Insider Trading / SAST18 Aug 2026

The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 on August ....

Company Update18 Aug 2026

Refex Industries Limited bags order for Rate contract for Transportation of Ash

Company Update14 Aug 2026

Refex Industries Limited bags order for rate contract for ash transportation to road construction sites

Company Update10 Aug 2026

Intimation of Credit Rating under Regulation 30 of SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Master Circular dated January 30, 2026

AGM/EGM07 Aug 2026

Submission of Voting Results along with the Consolidated Scrutnizer''s Report for the Court convened meetings of Equity Shareholders, Secured Creditors and Unsecured Creditors held on August ....

Company Update07 Aug 2026

Intimation regarding the Analyst/Institutional Investor Meet of Refex Industries Limited

AGM/EGM05 Aug 2026

Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Proceedings of NCLT Convened Equity Shareholders, Secured Creditors and Un-Secured ....

AGM/EGM31 Jul 2026

Submission of e-Voting Results along with the Consolidated Scrutinizer''s Report for the 24th Annual General Meeting of Refex Industries Limited.

AGM/EGM31 Jul 2026

Outcome of the proceedings of 24th AGM of Refex Industries Limited held on July 31, 2026

Result29 Jul 2026

Un-audited Financial Results of the Company for the 1st Quarter ended June 30,2026

Company Update24 Jul 2026

Intimation of Earnings Call for the 1st Quarter ended June 30, 2026 - Q1 FY27

Board Meeting23 Jul 2026

Refex Industries Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 29/07/2026 ,inter alia, to consider and approve the Unaudited Standalone ....

Company Update10 Jul 2026

Certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the 1st Quarter ended June 30, 2026 for FY 2026-27

Company Update09 Jul 2026

Newspaper Publication- Disclosure under Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Notice of the 24th Annual General Meeting of Refex Industries ....

Others08 Jul 2026

Annual Report of Refex Industries Limited for the FY 2025-26

AGM/EGM08 Jul 2026

Notice of 24th Annual General Meeting of Refex Industries Limited and Annual report for FY 2025-26

Others08 Jul 2026

Business Responsibility & Sustainability Report for the FY26

Insider Trading / SAST07 Jul 2026

The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on July 06, 2026 for Refex Holding Pvt Ltd

Insider Trading / SAST07 Jul 2026

The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 on July ....

Company Update07 Jul 2026

Disclosure under Regulation 30 of SEBI(Listing Obligations and Disclosure Requirements), 2015 - Bagging of Order for Ash Transportation for the construction site of road projects of NHAI ....

Company Update06 Jul 2026

Newspaper Publication-Disclosure under Regulation 47 of SEBI 9Listing Obligations & Disclosure Requirements) Regulations, 2015- Notice of meeting of Equity shareholders ,Secured Creditors ....

Company Update04 Jul 2026

Newspaper Publication-Disclosure under Regulation 47 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015- Information regarding 24th AGM of Refex Industries Limited

Insider Trading / SAST04 Jul 2026

The Exchange has received revised Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on July 04, 2026 for Refex Holding Pvt Ltd

Annual Reports

16

2026

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

Credit Ratings

6
smeraRating update
07 Jul 2025Report
smeraRating update
24 Oct 2024Report
smeraRating update
17 Jan 2024Report
smeraRating update
04 Apr 2023Report
smeraRating update
smeraRating update

Concalls

12

Jan 2026

31 Jan 2026

Nov 2025

30 Nov 2025

Aug 2025

31 Aug 2025

Apr 2025

30 Apr 2025

Feb 2025

28 Feb 2025

Jan 2025

31 Jan 2025

Nov 2024

30 Nov 2024

Aug 2024

31 Aug 2024

May 2024

31 May 2024

May 2024

31 May 2024

May 2024

31 May 2024

Apr 2024

30 Apr 2024

Held by ETFs

1 ETFs hold refex · sorted by weight

#ETFWeight %
1

AONETOTAL

AONEAMC - AONETOTAL

0.01%

Held by Mutual Funds

5 schemes hold refex · sorted by weight

#SchemeWeight %
1

Motilal Oswal BSE Clean Environment Index Fund

Motilal Oswal Mutual Fund

0.56%
2

Motilal Oswal Nifty Microcap 250 Index Fund

Motilal Oswal Mutual Fund

0.24%
3

Groww Nifty Total Market Index Fund

Groww Mutual Fund

0.01%
4

Motilal Oswal BSE 1000 Index Fund

Motilal Oswal Mutual Fund

0.01%
5

Bandhan Nifty Total Market Index Fund

Bandhan Mutual Fund

0.01%