Financial Performance Highlights

Standalone FY26 Performance (Continuing Operations)

  • Revenue: ₹2,039 Crore
  • EBITDA: ₹350 Crore (68.5% YoY increase)
  • EBITDA Margin: 17.2% (vs 9.2% in FY25)
  • Net Profit (PAT): ₹247.2 Crore (34.7% YoY increase)
  • PAT Margin: 12.1% (vs 8.1% in FY25)
  • Gross Profit: ₹406.8 Crore (19.9% margin)
  • Finance Cost: ₹30.1 Crore
  • Tax Expense: ₹87.5 Crore

Q4 FY26 Performance (Continuing Operations)

  • Revenue: ₹711.2 Crore
  • EBITDA: ₹141.1 Crore (20.1% margin)
  • Net Profit (PAT): ₹93.7 Crore (13.4% margin)

Order Book and Business Updates

Ash Handling Business

  • Secured ~₹78.35 Crore order for Excavation, Loading, Transportation & Unloading of Pond Ash for NHAI road projects
  • Won ₹49.22 Crore Material Handling & Transit Operations Contract with 3-year tenure
  • Order Book as on March 31, 2026 stands at ~₹1,500 Crore
  • Handles 70,000+ MT ash per day with 2,000+ owned or leased fleets
  • Services 40+ thermal power plants across 14+ states

Wind Energy Business (Venwind Refex Power Limited)

  • Entered active execution phase during Q4 FY26
  • Contributed ₹233 Crore revenue during Q4 FY26
  • 5.3 MW WTG platform gaining customer traction
  • ALMM approval received during FY26
  • 406 MW orderbook secured worth ₹1,860 Crore
  • 1.5 GW order pipeline
  • Factory commissioned at Silvassa with hub, nacelle, and drivetrain production lines operational

RGML Demerger Update

  • Proposed demerger has received BSE, NSE and lender approvals
  • Application filed with NCLT on March 26, 2026
  • Currently under NCLT proceedings

Balance Sheet Position (as at March 31, 2026)

Equity and Liabilities

  • Total Equity: ₹1,571.7 Crore (vs ₹1,250.2 Crore in FY25)
  • Equity Share Capital: ₹27.4 Crore
  • Other Equity: ₹1,544.2 Crore
  • Total Liabilities: ₹850.7 Crore
  • Borrowings: ₹158.9 Crore (₹26.1 Cr non-current + ₹132.8 Cr current)
  • Trade Payables: ₹334.2 Crore
  • Current Tax Liabilities: ₹69.7 Crore

Assets

  • Total Assets: ₹2,422.4 Crore (vs ₹1,681.0 Crore in FY25)
  • Non-current Assets: ₹360.4 Crore
  • Property, Plant and Equipment: ₹136.8 Crore
  • Investments: ₹106.0 Crore
  • Current Assets: ₹2,062.0 Crore
  • Trade Receivables: ₹737.3 Crore
  • Cash and Cash Equivalents: ₹180.5 Crore
  • Contract Assets: ₹734.1 Crore
  • Assets Classified as Held for Sale: ₹163.2 Crore

Cash Flow Statement (FY26)

  • Profit Before Tax: ₹332.9 Crore
  • Net Cash from Operating Activities: ₹30.8 Crore
  • Cash Used in Investing Activities: ₹216.3 Crore
  • Cash from Financing Activities: ₹102.2 Crore
  • Net Decrease in Cash: ₹83.3 Crore
  • Cash at Year-end: ₹180.5 Crore (vs ₹263.8 Crore at beginning)

Business Overview

Refex Industries operates three main business verticals:

1. Ash Handling: Sustainable utilization of ash for cement, concrete roads, bricks, and reclamation

2. Wind Energy: Manufacturing 5.3 MW wind turbine generators through subsidiary VRPL

3. Premium Corporate Mobility: Tech-led mobility solutions through RGML (under demerger)

ESG Initiatives

  • Recycled/repurposed ~96.88 lakh MT of ash in FY 2024-25
  • Certified with ISO 14001:2015 Environmental Management System
  • "Trees for Life" program to plant 100,000 saplings by 2030
  • Target to be Carbon Neutral by 2040 and Water Neutral by 2035
  • Waterbody restoration projects in Odisha and Tamil Nadu

Leadership

  • Chairman and MD: Mr. Anil Jain
  • Group CEO: Mr. Dinesh Agarwal
  • Company Secretary and Compliance Officer: Mr. Ankit Poddar

Shareholding Pattern (as on March 31, 2026)

  • Promoter & Promoter Group: 55.85%
  • FIIs: 1.37%
  • DIIs: 0.13%
  • Public & Others: 42.66%

Corporate Actions

  • Stock split (1:5 ratio) implemented in FY24
  • Dividend track record maintained over recent years
  • Outstanding shares: 137,199,391
  • CMP (May 26, 2026): ₹294.9
  • Market Capitalization: ₹4,046.0 Crore