Key Outcomes from Board Meeting

1. Financial Results Approval

The Board of Directors, at its meeting held on July 29, 2026 (commenced at 11:39 AM IST, concluded at 12:30 PM IST), approved the following:

  • Unaudited Financial Results for the quarter ended June 30, 2026, on both standalone and consolidated basis
  • The results were reviewed by the Audit Committee and Statutory Auditors M/s A B C D & Co LLP (FRN: 016415S/S000188)
  • The financial results will be available on the company's website and published in newspapers as per Regulation 47 requirements

2. Management Re-classification

Based on the recommendation of the Nomination and Remuneration Committee, the Board approved:

  • Re-designation of Ms. Lalitha Uthayakumar from President – Refrigerant Gas Business to General Manager – Accounts
  • Effective from August 01, 2026
  • Consequent to discontinuation of the Refrigerant Gas Business and organizational realignment
  • She will cease to be a Senior Managerial Personnel (SMP) from August 01, 2026

Standalone Financial Results (Quarter Ended June 30, 2026)

Financial Performance (₹ in Lakhs)

  • Total Income: ₹62,725.70
  • Total Expenses: ₹52,890.97
  • Cost of Materials purchased & Services Consumed: ₹50,043.32
  • Changes in inventories: (₹528.94) [negative]
  • Employee benefits expenses: ₹697.54
  • Depreciation and Amortisation: ₹403.21
  • Finance Costs: ₹1,102.38
  • Other expenses: ₹1,173.46
  • Profit before Tax from continuing operations: ₹9,834.73
  • Tax Expenses: ₹2,470.95
  • Current tax: ₹2,462.22
  • Deferred tax: ₹8.73
  • Net Profit from continuing operations: ₹7,363.78
  • Profit/(Loss) from discontinuing operations: (₹24.68) [loss]
  • Profit before tax from discontinuing operations: (₹32.98)
  • Tax expenses: (₹8.30)
  • Net Profit for the period: ₹7,339.10
  • Total Comprehensive Profit: ₹7,340.10

Earnings Per Share (₹)

  • From continuing operations:
  • Basic EPS: 5.37
  • Diluted EPS: 5.31
  • From discontinuing operations:
  • Basic EPS: (0.02)
  • Diluted EPS: (0.02)

Capital Structure

  • Paid-up Equity Capital (face value ₹2 each): ₹2,744.39 lakhs
  • Reserves (excluding revaluation reserves): Not Available for current quarter

Segment-wise Performance (Standalone)

Revenue (₹ in Lakhs)

  • Ash & Coal Handling Business: ₹61,049.75 (98.58% of continuing operations revenue)
  • All other segments: ₹876.99 (1.42% of continuing operations revenue)
  • Total segment revenue from continuing operations: ₹61,925.09

Segment Results (Profit/Loss before Interest and Tax)

  • Ash & Coal Handling Business: ₹11,146.90 profit
  • All other segments: (₹1,043.37) loss
  • EBIT from continuing operations: ₹10,136.50

Consolidated Financial Results (Quarter Ended June 30, 2026)

Financial Performance (₹ in Lakhs)

  • Total Income: ₹92,865.50
  • Total Expenses: ₹82,810.57
  • Profit before Tax from continuing operation: ₹10,054.93
  • Tax Expenses: ₹2,601.82
  • Current tax: ₹2,584.66
  • Deferred tax: ₹17.16
  • Net Profit from continuing operation: ₹7,453.11
  • Net Profit/Loss from discontinuing operations: (₹997.63) [loss]
  • Net Profit from Continuing and Discontinuing operations: ₹6,455.48
  • Total Comprehensive Profit: ₹5,663.82

Earnings Per Share (₹)

  • From continuing operations:
  • Basic EPS: 5.38
  • Diluted EPS: 5.32
  • From discontinuing operations:
  • Basic EPS: (0.73)
  • Diluted EPS: (0.73)

Capital Structure

  • Paid-up Equity Capital (face value ₹2 each): ₹2,744.39 lakhs
  • Reserves (excluding revaluation reserves): Not Available for current quarter

Segment-wise Performance (Consolidated)

Revenue (₹ in Lakhs)

  • Ash & Coal Handling Business: ₹61,049.75
  • Green mobility: ₹3,297.11
  • Windpower: ₹29,705.41
  • All other segments: ₹876.99
  • Total segment revenue from continuing operations: ₹91,630.51

Segment Results (Profit/Loss before Interest and Tax)

  • Ash & Coal Handling Business: ₹11,146.90 profit
  • Green mobility: (₹1,360.79) loss
  • Windpower: (₹34.25) loss
  • All other segments: (₹1,033.63) loss
  • EBIT from continuing operations: ₹10,112.00

Significant Notes to Financial Results

1. Discontinued Operations

The Company has discontinued its operations in:

  • Power Trading segment
  • Refrigerant Gases segment
  • Green Mobility segment (for consolidated results)

These have been classified as "Discontinued Operations" under Ind AS 105. The results are disclosed separately.

Standalone Discontinuing Operations (Q1 FY27):

  • Revenue: ₹1.65 lakhs
  • Total expenses: ₹34.63 lakhs
  • Profit before tax: (₹32.98) lakhs
  • Tax expenses: (₹8.30) lakhs
  • Profit after tax: (₹24.68) lakhs

Consolidated Discontinuing Operations (Q1 FY27):

  • Revenue: ₹1.64 lakhs
  • Total expenses: ₹1,395.41 lakhs
  • Profit before tax: (₹1,393.77) lakhs
  • Tax expenses: (₹396.14) lakhs
  • Profit after tax: (₹997.63) lakhs

2. ESOP Allotment

  • The Company allotted 20,057 equity shares (face value ₹2 each) on May 01, 2026
  • Pursuant to exercise of vested Employee Stock Options under Refex Employee Stock Option Scheme, 2021
  • Consequent to this allotment, issued and paid-up equity share capital increased to ₹27,44,38,896/-
  • No new ESOPs were granted during the quarter

3. Convertible Warrant Forfeiture

  • On November 07, 2024, the Company allotted 1,11,70,000 convertible warrants on preferential basis
  • Issue price: ₹468 per warrant (including face value of ₹2 each)
  • 25% of issue price received upfront, balance 75% payable within 18 months from allotment date
  • As the balance consideration was not received within stipulated period ending May 06, 2026
  • The warrants lapsed upon expiry of exercise period
  • Upfront amount of ₹130,68,90,000 (₹130.69 crore) forfeited by the Company
  • Forfeiture done in accordance with SEBI ICDR Regulations

4. Scheme of Amalgamation and Arrangement

  • Board approved draft Composite Scheme on September 22, 2025
  • Involves Refex Green Mobility Limited (Transferor Company), Refex Industries Limited (Transferee Company), and Refex Mobility Limited (Resulting Company)
  • Under Sections 230-232 of Companies Act, 2013
  • Received 'No Adverse Observations' from BSE and NSE on March 16, 2026
  • Application/petition filed before NCLT Chennai bench on March 26, 2026
  • NCLT Chennai Bench order dated June 18, 2026 directed convening meetings of Equity Shareholders, Secured and Unsecured Creditors on August 05, 2026
  • Pending NCLT approval, investment classified as Non-current Asset Held for Sale under Ind AS 105

5. Subsidiary Transaction

  • Venwind Refex Power Limited (VRPL), a subsidiary, converted unsecured loans from Refex Industries Limited aggregating to ₹4,85,03,664 into 2,768 equity shares
  • Shares issued at face value ₹10 each with premium of ₹17,513 per share
  • Transaction date: April 08, 2026
  • Additionally, VRPL allotted 1,712 equity shares to the Company on April 25, 2026
  • Face value ₹10 each, issued at premium of ₹17,513 per share
  • Resulted in increased investment in the subsidiary

Auditor's Review

  • Statutory Auditors M/s A B C D & Co LLP conducted limited review
  • No modifications to their conclusion
  • Drew attention to discontinued operations and Scheme of Amalgamation pending NCLT approval

Entities Included in Consolidated Results

1. Refex Industries Limited (Parent)

2. Refex Green Mobility Limited (Wholly-owned Subsidiary)

3. Refex EV Fleet Services Private Limited (Wholly-owned Step down Subsidiary)

4. Refex Mobility Limited (Wholly-owned Subsidiary)

5. Venwind Refex Power Limited (Subsidiary)

6. Venwind Refex Power Services Limited (Step down Subsidiary)

7. Refex Engineering Products Private Limited (Step down Subsidiary)

8. Venwind Refex Projects Limited (Step down Subsidiary)