Refex Industries Limited
NSE: REFEX · Waste Management · sector
₹225.50NSE close 2026-10-26
Key numbers
Market cap₹3,094 cr
Price₹225.50
52w high / low₹382 / ₹188
P/E12.5xSector median 15.9x
P/B2.1xSector median 1.6x
Book value₹109.6
Dividend yield0.21%Sector median 0.53%
ROE18.1%Sector median 13.5%
ROCE26.0%Sector median 15.9%
OPM14.9%Sector median 16.8%
Debt / equity0.11xSector median 0.26x
EV/EBITDA6.7xSector median 10.5x
Interest cover11.1x
Current ratio2.08x
Sales growth 3y+11.8%Sector median +24.1%
Profit growth 3y+20.6%Sector median +36.0%
PEG1.02x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 10 companies in Waste Management (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹393 cr vs borrowings ₹162 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 11.1x in the last 12 months.
- 47.39% of the promoters' shares are pledged (26.8% of all shares).
- Promoter holding rose by 3.23 percentage points in a year, to 56.56% (2026-09-30).
- Operating cash flow was below net profit in 5 of the last 5 years (FY26, FY25, FY24, FY23, FY22).
- Revenue was higher than a year earlier in 2 of the last 4 quarters.
- Other income was 11% of net profit in the last 12 months.
- Debtor days went from 81 (FY24) to 142 (FY26).
- Dividend paid in 3 of the last 5 financial years.
- Price ₹225.50 on 2026-10-26: -41.0% from the 52-week high, +19.9% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹562.70 · low ₹189.11
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 528 | 717 | 628 | 383 | 427 | 576 | 934 | 916 |
| EBITDA | 47 | 51 | 64 | 38 | 70 | 90 | 160 | 107 |
| OPM % | 8.9% | 7.1% | 10.2% | 9.9% | 16.5% | 15.6% | 17.1% | 11.7% |
| Other income | 7 | 25 | 16 | 11 | 5 | 6 | 4 | 12 |
| Net profit | 31 | 50 | 48 | 21 | 37 | 54 | 91 | 64 |
| EPS (₹) | 2.60 | 3.99 | 3.71 | 1.58 | 2.80 | 3.94 | 6.62 | 4.65 |
| Revenue YoY | -19.1% | -19.7% | +48.8% | +139.1% | ||||
| Profit YoY | +20.5% | +7.7% | +88.0% | +201.4% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 444 | 1,629 | 1,383 | 2,468 | 2,277 | 2,853 |
| EBITDA | 71 | 174 | 146 | 210 | 357 | 427 |
| Net profit | 45 | 116 | 94 | 159 | 203 | 246 |
| EPS (₹) | 4.32 | 10.78 | 8.40 | 12.93 | 15.28 | 18.01 |
| Revenue growth | +267.0% | -15.1% | +78.4% | -7.7% | +26.5% | |
| Profit growth | +155.7% | -19.1% | +69.1% | +28.1% | +63.3% | |
| Dividend / share (₹) | 0.50 | – | 2.50 | – | 0.50 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +11.8% | +29.2% | +26.5% |
| Net profit | +20.6% | +37.8% | +63.3% |
| EPS | +12.3% | +28.6% | – |
| Share price | – | -30.6% (2y) | -32.8% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 314 | 466 | 1,213 | 1,504 |
| Borrowings | – | 82 | 117 | 172 | 162 |
| Cash & equivalents | – | 10 | 33 | 352 | 393 |
| Total assets | – | 752 | 798 | 1,799 | 2,843 |
| Fixed assets | – | 147 | 202 | 333 | 152 |
| Capital work in progress | – | 3 | 9 | 10 | 10 |
| Investments | – | 74 | 74 | 31 | 0 |
| Receivables | – | 245 | 306 | 677 | 886 |
| Inventory | – | 11 | 7 | 7 | 76 |
| Payables | – | 193 | 54 | 172 | 464 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -17 | 28 | 3 | -265 | 107 |
| Cash from investing | -1 | -78 | -42 | -90 | -268 |
| Cash from financing | 2 | 60 | 62 | 603 | 65 |
| Capex | 6 | 72 | 38 | 0 | 0 |
| Free cash flow | -23 | -44 | -35 | -265 | 107 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 36.9% | 20.2% | 13.1% | 13.5% |
| ROCE % | – | 44.4% | 25.9% | 16.4% | 21.8% |
| Debtor days | – | 55 | 81 | 100 | 142 |
| Inventory days | – | 3 | 2 | 1 | 15 |
| Payable days | – | 49 | 17 | 29 | 92 |
| Cash conversion cycle (days) | – | 9 | 66 | 72 | 65 |
| Working capital days | – | 44 | 81 | 146 | 194 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 56.56% |
| FIIs | 0.55% |
| DIIs | 0.65% |
| of which Mutual funds | 0.12% |
| of which Insurance | 0.00% |
| Public (non-institutions) | 42.23% |
| Quarter | Jun 2025 | Sep 2025 | Oct 2025 | Dec 2025 | Mar 2026 | May 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 53.33% | 53.33% | 55.92% | 55.80% | 55.85% | 55.85% | 56.57% | 56.56% |
| Promoter group | % |
|---|---|
| Refex Holding Private Limited | 56.56% |
| Refex Family Trust | 0.00% |
89,086 shareholders. Pledged: 47.39% of promoter shares.
Peers in Waste Management
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| REFEX | ₹3,094 cr | 12.5x | 2.1x | 18.1% | 26.0% | 14.9% | +11.8% | 0.21% |
| EMSLIMITED | ₹1,569 cr | 23.0x | 1.5x | 6.7% | 9.5% | 17.1% | – | 0.53% |
| AWHCL | ₹810 cr | 13.9x | 1.1x | 8.4% | 11.3% | 17.5% | +7.2% | – |
| ECORECO | ₹755 cr | 29.4x | 6.8x | 25.8% | 32.2% | 59.5% | +39.5% | – |
| CEWATER | ₹465 cr | – | 0.8x | -1.3% | 2.5% | 2.9% | – | – |
| VVIPIL | ₹357 cr | 11.9x | 1.8x | 15.9% | 35.4% | 20.6% | – | – |
| RACE | ₹180 cr | 22.8x | 2.4x | 10.5% | 11.1% | 2.8% | +32.0% | – |
| ORGANICREC | ₹171 cr | 6.7x | 1.4x | 21.1% | 16.1% | 28.8% | – | – |
| GEMENVIRO | ₹85 cr | 17.9x | 2.0x | 11.9% | 15.7% | 5.5% | – | 0.70% |
| EPBIO | ₹15 cr | – | 1.4x | 15.1% | 22.0% | 16.4% | +24.1% | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Ash & Coal Handling Business | ₹2,013 cr | 83.5% | ₹354 cr | 17.6% |
| Windpower | ₹238 cr | 9.8% | ₹2 cr | 0.9% |
| Green mobility | ₹100 cr | 4.1% | ₹-38 cr | -38.4% |
| Refrigerant Gas- Manufacturing(Refilling) and Sales | ₹35 cr | 1.4% | ₹-1 cr | -3.9% |
| Sale Of Service | ₹15 cr | 0.6% | ₹4 cr | 24.8% |
| Solar Power - Generation and Related Activities | ₹10 cr | 0.4% | ₹4 cr | 42.1% |
| Others | ₹1 cr | 0.1% | ₹0 cr | 9.4% |
| Power Trading | ₹1 cr | 0.0% | ₹-0 cr | -51.0% |
| Unallocable | ₹0 cr | – | ₹-27 cr | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-24 | Dividend | Dividend - Re 1 Per Share |
| 2025-08-19 | Dividend | Interim Dividend - Re 0.50 Per Share |
| 2024-03-22 | Split | Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share |
| 2024-02-20 | Dividend | Interim Dividend - Rs 0.50 Per Share |
| 2023-09-14 | Dividend | Annual General Meeting/Dividend - Rs 2 Per Share |
| 2022-09-15 | Other | Annual General Meeting |
| 2021-09-16 | Dividend | Annual General Meeting/Dividend - Rs 0.50 Per Share |
| 2021-01-11 | Dividend | Interim Dividend - Re 1 Per Share |
| 2020-12-23 | Other | Annual General Meeting |
| 2020-06-16 | Rights | Rights 5:14@ Premium Rs 35/- |
| 2019-09-24 | Other | Annual General Meeting |
| 2018-07-26 | Other | Annual General Meeting |
| 2017-09-21 | Other | Annual General Meeting |
| 2016-09-22 | Other | Annual General Meeting |
| 2015-09-23 | Other | Annual General Meeting |
| 2014-09-24 | Other | Annual General Meeting |
| 2012-09-27 | Other | Annual Book Closure |
| 2011-08-25 | Other | Annual General Meeting |
| 2010-11-25 | Other | Annual General Meeting |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Ash & Coal handling: Ash handling and coal trading
- Windpower: Wind turbine trading and manufacturing
- Green mobility: Mobility services
| Sector | Utilities |
| Industry | Waste Management |
| Sub-industry | Waste Management |
| Symbol | REFEX |
| BSE code | 532884 |
| ISIN | INE056I01025 |
| Face value | ₹2.0 |
| Incorporated | 2002-09-13 |
| Website | https://refex.co.in |
| Plants (India / abroad) | 40 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.