Refex Industries Limited – Investor Presentation Summary

Key Operational Highlights

  • Ash & Coal Business secured new orders worth ₹279 crore during Q1 FY27
  • Order book stands at ₹1,635 crore as on June 30, 2026
  • Wind Business delivered first 5.3 MW wind turbine at Torrent's Koppal project
  • Started deliveries across other customers for wind turbines
  • Operating across 14+ states with 40+ thermal power plant projects
  • Ash handling capacity of 70,000+ MT per day
  • Owned or leased fleet of 2,000+ vehicles

Key drivers of operational performance: Strong operational capabilities, growing order book, technology-enabled platform with real-time tracking, and strong driver partner ecosystem.

Segment-wise Performance

  • Ash & Coal Business: Revenue growth supported by strong operational capabilities (specific segment revenue not broken out in presentation)
  • Wind Business: Manufacturing 5.3 MW Wind Turbine Generators with 183.5m rotor diameter and 130m-140m hub height
  • Premium Corporate Mobility: Tech-driven premium corporate mobility platform through RGML subsidiary

Explanation of significant changes in segment performance: The company is shifting towards value-added services offering long-term revenue visibility and margin accretion.

Financial Highlights

Revenue: ₹619.3 Cr (Q1 FY27)

EBITDA: ₹105.4 Cr

PAT: ₹73.6 Cr

EPS: ₹5.37

Margins: Gross Profit Margin 20.0%, EBITDA Margin 17.0%, PAT Margin 11.9%

YoY/QoQ comparison: Revenue increased 76.4% YoY from ₹351.1 Cr in Q1 FY26, PAT increased 137.3% YoY from ₹33.0 Cr in Q1 FY26

Drivers of financial performance: Better business mix, operating efficiency, better economies of scale, and improved profitability

Comparison to market estimates: Not specified

Key Risks: Not specifically disclosed in the presentation

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not specified in the presentation

Regional Breakdown: Not specified

Balance Sheet Snapshot

Net Debt/Equity: Net debt free balance sheet (as stated in financial health)

Reserves: Other equity stood at ₹1,544.2 Cr as of March 31, 2026

Current Assets/Liabilities: Current assets ₹2,062.0 Cr vs current liabilities ₹767.9 Cr as of March 31, 2026

Working Capital/Leverage Metrics: Not specifically provided

Financial Health Insights: Strong internal cash generation from contract-led businesses, net debt free balance sheet providing greater financial flexibility

Capex & Cash Flow Health

Capital Expenditure: Not specified for Q1 FY27

Free Cash Flow: Not specified

Operating Cash Flow: Net cash generated from operating activities was ₹30.8 Cr in FY26

Net Debt Movement: Net debt free status maintained

Investment Rationale: Focus on capacity expansion, technology upgrades, and sustainable growth engine targeting ~5 GW annual production capacity over next five years for wind energy

Strategic & R&D Initiatives

Investments in Innovation: Wind turbine manufacturing through VRPL subsidiary with exclusive know-how technology license partnership with Vensys, strategic supply chain partnership with global industry leader

Expected impact on growth: Targeting ~5 GW annual production capacity over next five years for wind energy

Strategic Rationale: Expanding into high-growth renewable energy markets, reducing operational costs through technology-enabled platforms

Industry Trends & Business Environment

Macro/Industry Trends: Electricity demand growing at 9%, coal's contribution to energy mix projected to stabilize at 50% in coming years, thermal plant capacity additions of 50 GW in next 5-7 years, renewable energy targets (500 GW by 2030)

Impact on Company: Regulatory mandates requiring 100% ash utilization by thermal power plants creating business opportunities, renewable energy targets supporting clean-energy expansion

Management Commentary & Growth Outlook

Strategic Outlook: Business model evolving with eco-friendly propositions (new wind turbine entity, sustainable mobility business)

FY Guidance: Not specifically provided

Market Share Targets: Not specified

Risks and Opportunities: Not specifically highlighted beyond regulatory compliance requirements

ESG Updates

  • Certified with ISO 14001:2015 Environmental Management System
  • Achievement: Recycled/repurposed quantum of ash
  • Net exporter status with 48 MWh solar energy supplied to grid
  • New office at Mall of Asia, Bengaluru targeting LEED Platinum certification
  • "Trees for Life" program - pledge to plant 100,000 saplings by 2030
  • Ecosystem enhancement project at Uyalikupam, Tamil Nadu - target of 10,000 mangrove saplings by FY 2026
  • "Nirmal Jal" initiative - restored 28,000 sq. ft. water body at Neknamalai (FY 2023-24)
  • Ongoing restoration of ~1 km water body at Kholan village, Titlagarh district
  • Targets: Carbon Neutral by 2040, Water Neutral by 2035

Corporate Actions & Ownership

  • Proposed demerger of RGML received BSE, NSE and lender approvals
  • Received NCLT approval for convening stakeholder meetings
  • Equity Shareholders' Meeting scheduled for August 5, 2026
  • Stock split (1:5 ratio) executed in FY24
  • Shareholding pattern as of June 30, 2026: Promoter & Promoter Group 56.56%, FIIs 0.93%, DIIs 0.38%, Public & Others 42.13%
  • Market capitalization: ₹4,509.7 Cr as of July 28, 2026