Financial Performance Overview

Q4 FY26 Standalone Performance (Continuing Operations):

  • Revenue from Operations: ₹701.03 crores (17.92% YoY growth from Q4 FY25's ₹594.47 crores)
  • EBITDA: ₹141.15 crores (128.84% YoY growth from Q4 FY25's ₹61.68 crores)
  • EBITDA Margin: 20.13% (vs 10.38% in Q4 FY25)
  • Profit Before Tax (PBT): ₹131.23 crores (86.18% YoY growth from Q4 FY25's ₹70.49 crores)
  • Profit After Tax (PAT): ₹93.73 crores (66.91% YoY growth from Q4 FY25's ₹56.16 crores)
  • PAT Margin: 13.37% (vs 9.45% in Q4 FY25)

Quarter-over-Quarter Performance (Q4 FY26 vs Q3 FY26):

  • Revenue growth: 21.70% (from Q3 FY26's ₹576.01 crores)
  • EBITDA growth: 48.77% (from Q3 FY26's ₹94.88 crores)
  • PAT growth: 38.29% (from Q3 FY26's ₹67.77 crores)

Full Year FY26 Standalone Performance (Continuing Operations):

  • Revenue from Operations: ₹2,039.20 crores (-9.75% YoY from FY25's ₹2,259.43 crores)
  • EBITDA: ₹350.02 crores (207.78% YoY growth)
  • EBITDA Margin: 17.16% (vs 9.20% in FY25)
  • PAT: ₹247.19 crores (34.67% YoY growth)
  • PAT Margin: 12.12% (vs 8.12% in FY25)

Operational Highlights

Ash & Coal Handling Business:

  • Maintained healthy operational momentum with improved execution
  • Achieved better fleet utilization
  • Order book stood at nearly ₹1,500 crore as on March 31, 2026
  • Fresh order wins contributed to strong order book position

Wind Energy Business:

  • Commenced execution and deliveries during Q4 FY26
  • Phased dispatches of Wind Turbine Generators (WTGs) contributed meaningfully to revenues
  • 5.3 MW wind turbine platform gained market traction
  • Received ALMM (Approved List of Models and Manufacturers) approval during the year
  • The wind vertical contributed approximately ₹100 crores revenue within one year of operations

Strategic Initiatives:

  • Mobility demerger progressing as planned
  • Continued focus on quality execution, prudent capital allocation, and working capital discipline

Management Commentary

Mr. Anil Jain, Chairman & Managing Director, stated that FY26 marked an important year of strategic transition and execution for Refex Industries Limited. The company strengthened its presence across core and emerging businesses, supported by:

  • Healthy execution momentum across businesses
  • Improving operating efficiencies
  • Stronger business portfolio with multiple growth verticals becoming operational

The company believes it is well positioned to sustain long-term growth momentum going forward with improving earnings quality.

Company Background

Refex Industries Limited, headquartered in Chennai, is a sustainability-driven solutions provider with over 23 years of expertise. The company has built a diverse portfolio encompassing:

  • Ash & Coal Handling
  • Green Mobility initiatives (via a wholly owned subsidiary)
  • Wind energy solutions (via a subsidiary)

The company continues to lead in advancing solutions that tackle environmental challenges and pave the way for a greener, more sustainable future for India.