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Refex Industries Ltd.

Business ServicesEnvironmental Services

www.refex.co.in BSE: 532884NSE: REFEX

₹260.00BSE2.11%

16 Sep, 4:01 PM

₹260.00

₹3.58K Cr

14.56

2.48

19.95%

₹267.60

₹257.95

₹415.60

₹188.00

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Price Performance

Peer Comparison

Name
VATECH WABA WABAG	2,057.00	32.52	12,854.52	0.24	90.10	36.93%	886.80	20.82%	21.22
ION EXCHANGE IONEXCHANG	422.30	63.73	6,193.73	0.29	3.06	-93.68%	700.46	20.11%	13.46
Refex Industries Ltd. REFEX	260.00	14.56	3,581.67	0.57	64.55	216.87%	916.31	160.42%	24.06
AWHCL AWHCL	345.90	16.80	981.74	0.14	0.75	-96.74%	260.99	5.52%	13.11
ECORECO ECORECO	428.30	34.42	826.48	0.23	9.17	13.35%	16.19	75.22%	32.61
CEWATER CEWATER	260.60		539.34	0.00	-17.57	-526.54%	85.35	-16.65%	6.86
RACE RACE	96.32	22.10	166.22	0.00	1.04	150.00%	191.07	21.91%	10.23
BANKA BANKA	77.83	239.16	85.38	0.00	-0.04	-2,050.00%	10.55	-5.30%	-8.20

Quarterly Results

consolidated figures in ₹ Crores · Quarterly

Particulars	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	342.35	590.94	427.99	686.04	594.48	351.86	426.85	576.01	934.17	916.31
Expenses	301.10	542.53	385.13	632.88	534.34	314.98	356.37	486.25	774.65	809.35
	41.25	48.41	42.87	53.16	60.13	36.88	70.48	89.76	159.52	106.95
	12.05%	8.19%	10.02%	7.75%	10.12%	10.48%	16.51%	15.58%	17.08%	11.67%
	7.98	2.09	7.40	24.55	16.00	10.39	5.20	5.80	3.94	12.35
Interest	8.50	5.84	3.54	4.70	5.15	6.17	6.62	9.14	10.15	12.92
	4.16	5.61	2.35	2.63	3.02	4.68	5.15	5.04	5.33	5.83
	36.58	39.05	44.38	70.38	67.96	36.42	63.91	81.38	147.98	100.55
	8.76%	24.88%	25.66%	17.02%	10.69%	19.76%	29.14%	24.63%	28.38%	25.88%
	34.27	30.03	31.06	50.05	48.32	21.17	37.44	53.92	90.82	63.80
	2.96	2.60	2.57	3.88	3.74	1.64	2.90	3.93	6.62	4.65

Profit & Loss

consolidated figures in ₹ Crores · Annual

Particulars	FY 2020-21 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
No of Months	12.00	12.00	12.00	12.00	12.00
INCOME :
Operating Income	632.66	1,629.15	1,382.87	2,259.43	2,276.74
Operating Income (Net)	632.66	1,629.15	1,382.87	2,259.43	2,276.74
EXPENDITURE :
Raw Material Consumed	526.78	1,388.31	1,179.85	1,996.60	1,843.08
Power & Fuel Cost	4.57	0.12	0.55	0.90	0.98
Employee Cost	5.19	13.20	19.65	25.01	36.96
Operating Expenses	2.28	34.16	9.84
General and Administration Expenses	12.99	13.20	22.70	26.14	24.34
Selling and Distribution Expenses	1.48	0.62	1.66	2.20	1.32
Miscellaneous Expenses	11.70	4.89	2.64	2.43	8.37
	564.99	1,454.50	1,236.89	2,053.27	1,915.06
Operating Profit (Excl OI)	67.67	174.65	145.98	206.16	361.68
	4.44	8.29	18.26	49.91	25.32
	72.11	182.93	164.23	256.07	386.99
Interest	8.97	19.41	29.36	17.73	36.56
PBDT	63.14	163.52	134.87	238.33	350.43
	5.29	6.89	13.54	9.90	20.00
Profit Before Taxation & Exceptional Items	57.85	156.63	121.33	228.43	330.43
Exceptional Income / Expenses		-0.25
	57.85	156.39	121.33	228.43	330.43
Provision for Tax	16.91	40.33	28.35	48.74	88.05
	40.94	116.06	92.98	179.70	242.38
Extra items	0.00			-21.31	-38.66
Consolidated Net Profit	40.94	116.06	92.98	158.38	203.72
Profit Balance B/F	32.92	116.15	232.21	320.56	478.71
Appropriations	73.86	232.21	325.19	478.94	682.43
Equity Dividend %	15.00%	20.00%	25.00%		75.00%
	19.49	52.50	8.04	12.26	14.85
Adjusted EPS	3.90	10.50	8.04	12.26	14.85

Balance Sheet

consolidated figures in ₹ Crores

Particulars	FY 2020-21 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
	21.00	22.11	23.14	25.84	27.44
Share Warrants & Outstandings		0.25	0.35	155.08	132.14
Total Reserves	118.51	292.04	442.10	1,031.88	1,344.57
Reserve excluding Revaluation Reserve	118.51	292.04	442.10	1,031.88	1,344.57
Revaluation reserve		0.00	0.00
	139.51	314.39	465.58	1,212.79	1,504.15
Minority Interest			-0.89	-0.62	4.43
Secured Loans	0.09	40.46	52.96	90.57	27.69
Unsecured Loans				1.27	1.13
Deferred Tax Assets / Liabilities	-2.65	-1.92	-4.60	-13.35	3.21
Other Long Term Liabilities	63.18	64.98	85.17	96.56	55.24
Long Term Provisions	9.49	0.47	1.27	2.37	1.71
Total Non-Current Liabilities	70.11	103.98	134.80	177.42	88.98
Trade Payables	100.38	192.59	54.33	171.73	464.28
Other Current Liabilities	16.84	89.20	69.51	194.16	463.41
Short Term Borrowings		25.25	48.32	25.07	118.76
Short Term Provisions	17.72	24.96	21.75	5.29	70.64
Total Current Liabilities	134.95	332.00	193.91	396.25	1,117.09
Total Liabilities	344.58	750.38	793.39	1,785.84	2,842.59
Gross Block	94.65	152.78	216.97	390.73	262.89
Less: Accumulated Depreciation	7.86	6.02	12.86	45.33	51.07
Net Block	86.78	146.76	204.11	345.40	211.82
Capital Work in Progress		3.25	8.61	8.22	10.02
Non Current Investments	74.00	73.75	73.62	30.74
Long Term Investment	74.00	73.75	73.62	30.74
Long Term Loans & Advances	7.00	0.36	4.95	2.52	3.37
Other Non Current Assets		0.00	0.01	8.18	69.59
Total Non-Current Assets	167.78	224.12	291.30	404.07	302.99
Inventories	5.49	10.81	7.23	7.41	76.07
Sundry Debtors	92.96	245.17	305.94	676.77	886.25
Cash and Bank	17.25	10.23	48.23	352.05	393.35
Other Current Assets	3.47	7.93	6.71	28.24	31.87
Short Term Loans and Advances	57.63	252.12	133.99	317.30	939.18
Total Current Assets	176.79	526.26	502.09	1,381.77	2,326.72
Net Current Assets (Including Current Investments)	41.84	194.26	308.19	985.52	1,209.63
Total Assets	344.58	750.38	793.39	1,785.84	2,842.59
Contingent Liabilities	113.27	137.40	252.86	83.75	567.01
Total Debt	0.11	81.83	117.16	171.68	162.11
	66.43	142.10	40.22	81.88	100.00
Adjusted Book Value	13.29	28.42	40.22	81.88	100.00

Cash Flow

consolidated figures in ₹ Crores

Particulars	FY 2020-21 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
No of Months	12.00	12.00	12.00	12.00	12.00
	57.85	156.39	121.33	199.91	277.47
Adjustment	19.39	23.90	38.52	17.43	107.50
Changes In working Capital	46.04	-136.16	-133.34	-402.57	-258.56
Cash Flow after changes in Working Capital	123.29	44.12	26.52	-185.23	126.41
Cash Flow from Operating Activities	123.29	27.62	2.85	-248.50	107.14
Cash Flow from Investing Activities	-122.27	-77.56	-41.88	-104.68	-267.90
Cash Flow from Financing Activitie	-4.72	59.89	61.87	601.60	65.35
Net Cash Inflow / Outflow	-3.71	9.95	22.84	248.42	-95.41
Opening Cash & Cash Equivalents	20.96	0.29	10.23	33.08	281.62
Closing Cash & Cash Equivalent	17.25	10.23	33.08	281.50	186.21

Ratios

Valuation

14.56

2.48

7.38

1.26

17.92

105.41

Profitability

19.95

24.06

10.47

15.89

10.65

Leverage & Liquidity

0.12

2.08

10.04

Returns

0.57

0.98

Shareholding Pattern

Numbers in percentages

Particulars	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26
	55.28	57.12	53.49	53.37	53.33	53.33	55.80	55.85	56.57
	0.20	1.53	1.76	2.11	2.02	1.86	2.19	1.50	1.31
	44.52	41.35	44.75	44.51	44.66	44.81	42.01	42.65	42.13
	44.72	42.88	46.51	46.63	46.67	46.67	44.20	44.15	43.43
No. of Shareholders	57,639	81,302	81,857	81,739	85,429	89,568	97,015	94,159	91,033

Corporate Actions

Showing: All

Date	Type	Details	Ex-Date	Record Date
2026-07-23	Board Meeting	Quarterly Results
2026-07-09	AGM
2026-05-26	Ex Dividend	Rs.1.0000 per share(50%)Final Dividend	2026-07-24	2026-07-24

Insider Trading

Date	Person	Category	Transaction Type	Shares	Value (₹)

No insider trading data available.

Sector Overview

Business ServicesEnvironmental Services

Refex Industries Ltd. operates in the Business Services sector under the Environmental Services industry. This sector is one of the key drivers of the Indian economy and is closely tracked by the relevant Nifty sectoral index.

Company Profile

Corporate information and contact details

Key Management

8 members across the board and senior leadership

Ankit Poddar

Company Secretary & Compliance Officer

—

Anil Jain

Chairman & Managing Director

₹1.50 Cr

Mar '26

Dinesh Kumar Agarwal

Whole Time Director & Chief Financial Officer

—

Ramesh Dugar

Non Executive Independent Director

₹4.70 L

Mar '26

Vineet Kothari

Non Executive Independent Director

₹1.90 L

Mar '26

Sivaramakrishnan Vasudevan

Non Executive Independent Director

₹5.30 L

Mar '26

Latha Venkatesh

Non Executive Independent Director

₹2.70 L

Mar '26

Susmitha Siripurapu

Non Executive Director

₹2.40 L

Mar '26

REFEX Latest News

News

10 of 10 articles

EQUITY25 Aug 2026 · 12:05

Refex Industries gains on bagging two contracts worth Rs 33.70 crore

Both contracts are to be executed within 120 days

COMPANY25 Aug 2026 · 11:50

Refex Industries bags two contracts worth Rs 33.70 crore

Both contracts are to be executed within 120 days

COMPANY19 Aug 2026 · 10:11

Refex Industries secures contract worth Rs 40.42 crore

The order is to be executed within 12 months

EQUITY17 Aug 2026 · 12:07

Refex Industries soars on bagging contract worth Rs 40.83 crore

The contract is to be executed within 12 months

COMPANY14 Aug 2026 · 15:19

Refex Industries bags contract worth Rs 40.83 crore

The contract is to be executed within 12 months

EQUITY31 Jul 2026 · 10:20

Refex Industries surges on securing order worth Rs 22.75 crore

The order is to be executed within 12 months

COMPANY31 Jul 2026 · 09:58

Refex Industries secures order worth Rs 22.75 crore

The order is to be executed within 12 months

EQUITY31 Jul 2026 · 09:31

Refex Industries informs about earnings call

EQUITY29 Jul 2026 · 14:57

Refex Industries informs about outcome of board meeting

EQUITY9 Jul 2026 · 17:27

Refex Industries informs about press release

REFEX

₹260.00

-2.11%