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Prices as of 9 Oct 2026 close · Not investment advice

Refex Industries Limited

NSE: REFEXWaste Management

Share price

₹254.40

-1.66% close of 9 Oct 2026

Market cap ₹3,434 CrP/E 12.0

Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 8 Oct 2026, the close above is 9 Oct 2026.

Business score

How strong the business is, in one number. The parts behind it are in Pro.

59

out of 100 · worked out 9 Oct 2026

How the business score works

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹3,434 Cr

P/E ratio

12.0

P/B ratio

2.3

ROCE

22.7%

ROE

17.8%

Dividend yield

0.6%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 9 Oct 2026 close52-week high ₹374.1552-week low ₹189.11

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Our sales figures for this company step up at Mar 2023 and we hold nothing that says why, so we cannot honestly quote a growth rate across it.

Whether it grew faster than its sector

Our sales figures for this company step up at Mar 2023 and we hold nothing that says why, so there is no honest growth rate of its own to set against its sector.

Room to re-rate, or risk of de-rating

At 12.0× earnings against a market that pays 24.1× across 2199 companies we can price. Its own industry sits at 24.2×, across 4 companies. It is against its own five-year median of 17.5×, the 16th percentile of its own range.

Whether growth justifies the valuation

Priced at 0.4 times its growth rate, on earnings growth of 28%.

Profit growthPrice per ₹1 profitPer 1% growth
Refex Industries Limited — this one28%/yr12.0×₹0.43
EMS Limited-6%/yr26.4×—
Antony Waste Handling Cell Limited3%/yr15.6×₹5.2
Eco Recycling Limited79%/yr31.9×₹0.40
Concord Enviro Systems Limited54%/yr——
Race Eco Chain Limited73%/yr22.0×₹0.30

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Waste Management), it ranks 2 of 6 on returns, 2 of 6 on growth, 4 of 6 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

A narrow advantage: it earns 22.7% on capital, ahead of 67% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

No — Over the last five years it made ₹13 crore of cash from the business but spent ₹349 crore on plant and equipment, ₹336 crore more than it made; the gap was from lenders and shareholders. But only about 6 of every 100 rupees of profit it reported over 11 years arrived as cash — the rest is tied up. Its cash comes back more slowly than it used to: it went from being waiting 14 days for its cash to waiting 144 days for its cash.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

8 of 10 checks clear · 80%

How the profit check works

Latest result · Q1 FY27

What the last results showed. Whether management kept its word is in Pro.

Revenue more than doubled as the first wind turbine deliveries landed, while group operating margin ran near 12% against the 15-18% band guided in May.

Announced 29 Jul 2026 · Consolidated · Unaudited

Revenue

₹916 Cr

Revenue vs last year

+160.4%

Revenue vs last quarter

-1.9%

Net profit

₹65 Cr

Profit vs last year

+222.8%

Profit vs last quarter

-31.3%

Net margin

7.0%

EPS

₹4.65

Earnings call transcript · 30 Jul 2026

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹3,434 Cr
Prev close
₹254.40
52w High
₹382
52w Low
₹188
Enterprise value
₹3,266 Cr
Beta
1.2
Price CAGR 1y
-27.0%
Price CAGR 3y
30.0%
Price CAGR 5y
55.0%
Price CAGR 10y
57.0%

Ratios

Return on assets
7.2%
PEG ratio
0.4
P/E ratio
12.0
P/B ratio
2.3
EV / EBITDA
7.6
Industry P/E
23.7
ROCE
22.7%
ROCE 5y average
29.3%
ROE
17.8%
Debt / Equity
0.1
Interest coverage
8.9
Dividend yield
0.6%
ROE 3y average
19.0%
ROE last year
18.0%

Annual P&L

Annual revenue
₹2,277 Cr
Annual profit
₹204 Cr
Operating margin
16.0%
Net profit margin
9.0%
EBITDA margin
15.9%
Sales growth 3y
11.8%
Sales growth 5y
28.1%
Profit growth 3y
28.0%
Profit growth 5y
43.0%
EPS
₹14.8
Sales growth TTM
38.0%
Profit growth TTM
56.0%
Dividend payout
7.0%

Quarter P&L

Sales latest quarter
₹916 Cr
Profit latest quarter
₹65 Cr
YoY quarterly sales growth
160.4%
YoY quarterly profit growth
225.0%
OPM latest quarter
11.7%

Balance Sheet

Book Value
₹111
Face Value
₹2.0
Total debt
₹225 Cr
Total cash
₹393 Cr
Borrowings
₹225 Cr
Reserves / Equity
54.7

Cash Flow

Operating cash flow
₹107 Cr
Free cash flow
₹47 Cr
FCF yield
0.3%
Net cash flow
-₹95 Cr

Shareholding

Promoter holding
56.6%
FII holding
0.9%
DII holding
0.4%
Public holding
42.1%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
Refex Industries259.0012.43,5540.5664.6145.4916.3160.422.7
EMS318.9026.01,7710.4615.5-59.1157.2-34.212.8
Antony Waste han339.4516.59640.140.7-95.7261.05.511.2
Namo eWaste363.1057.98300.007.4135.9107.329.321.3
Eco Recyc.417.2033.58050.249.211.216.275.230.8
Effwa Infra343.4527.87950.2918.520.3163.131.329.3
Z-Tech (India)470.0519.06990.004.133.229.142.320.0
Median259.0021.26990.007.420.3107.329.318.8

Competes with: Antony Waste Handling Cell Limited, Concord Enviro Systems Limited, EMS Limited, Eco Recycling Limited, Ellenbarrie Industrial Gases Limited, Linde India Limited, Race Eco Chain Limited, Stallion India Fluorochemicals Limited

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales382352306342591428686594352415576934916
Expenses346318272301543385633534315344486775809
Material Cost180179208758828
Change in Inventories-16-36-18-5.70-53
Purchases of Stock-in-Trade15919627700
Employee Cost14119.907.7211
Other Expenses8.576.39101423
Operating Profit3634344148435360377190160107
OPM %9.529.7011128.19107.75101017161712
Other Income2538251632-4-3-82
Exceptional items (within Other Income)00000
Interest668864556791013
Depreciation3344623355556
Profit before tax293025373942625528557313691
Tax %2729339252719132634283129
Net Profit21211733293150482036539465
EPS in Rs1.921.941.532.962.602.573.883.741.642.903.936.624.65
Diluted EPS in Rs1.502.663.896.544.59

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales857838774616616331,6291,3832,2592,2772,841
Expenses797536754336095651,4541,2372,0531,9152,414
Material Cost1,919
Change in Inventories-76
Purchases of Stock-in-Trade0
Employee Cost38
Other Expenses38
Operating Profit6322285168175146206362427
OPM %73.4062.306811111191615
Other Income00222-1481829-13-12
Exceptional items (within Other Income)0
Interest01310191929183739
Depreciation21111157149.902021
Profit before tax3012294858156121207292355
Tax %0-1,6131346-10312926232430
Net Profit350132334111693158204248
EPS in Rs0.290.510.040.093.013.163.90118.11121518
Diluted EPS in Rs15
Dividend Payout %00000084647

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
39%
5 years
28%
3 years
12%
TTM
38%

Compounded profit growth

10 years
46%
5 years
43%
3 years
28%
TTM
56%

Stock price CAGR

10 years
57%
5 years
55%
3 years
30%
1 year
-27%

Return on equity

10 years
—
5 years
—
3 years
19%
Last year
18%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1515151515152122232627
Reserves-11-6-5-427601192924421,1871,477
Borrowings93735410974149215286225
Other Liabilities56711545115531282881183001,113
Minority Interest4.43
Total Liabilities7011860971591383417527981,7992,843
Fixed Assets16151514152287147204345212
CWIP0000000391718
Investments000000747474310
Other Assets5410345831431161815295121,4062,613
Total Assets7011860971591383417527981,7992,843

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-3-254-44412123283-248107
Cash from Investing Activity4-2-0-105-122-78-42-105-268
Cash from Financing Activity-226-34-411-5606260265
Net Cash Flow-1-01-1317-41023248-95
Free Cash Flow-4-254-54212118-44-43-41447

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days215376871736940545581109142
Inventory Days47223372433115
Days Payable28138215626492277049203192
Cash Conversion Cycle-631-47-57-1515-128637965
Working Capital Days-34-40255159920144169102144
ROCE %676618545262323

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Jun 2026
Line itemSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters535355555753535353565657
FIIs0.410.200.220.201.531.7621.861.712.031.370.93
DIIs0.10000000.110.160.150.160.130.38
Public464745454145454545424342
No. of Shareholders39,56842,58948,72957,63981,30281,85781,73985,42989,56897,01594,15991,033

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -28.7% (₹357.05 → ₹254.40)Brick size ₹10.18 (fixed)Bricks 55
₹200₹300₹350₹254Nov '25Jan '26Mar '26May '26Jul '26Sep '26
Price moved up one brickPrice moved down one brickLast close ₹254.40 on 9 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

-168inr_cr

2026-03-31

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

FY revenue / permanent employees + workers, same basis (calc)

4,36,20,690inr

2026-03-31

News

News and filings about Refex Industries Limited. Open one to see why it matters.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Depends on the price of

  • copper
  • diesel
  • steel

Sells to

  • ACC Limited · fly ash supply (cement input)
  • Adani Power · ash & coal handling / ash disposal services
  • Damodar Valley Corporation · ash & coal handling services (thermal power plants)
  • JINDAL STEEL LIMITED · wind turbine generators / EPC (Venwind Refex Power)
  • K.P. Energy Limited · wind turbine generators / EPC (Venwind Refex Power)
  • NTPC Limited · ash & coal handling / ash disposal & reverse-logistics services
  • Nestle India · EV-based employee transportation / corporate mobility (Refex Green Mobility)
  • Torrent Power · wind turbine generators / EPC (Venwind Refex Power)
  • UltraTech Cement · fly ash supply (cement input)
  • Wipro · EV-based employee transportation / corporate mobility (Refex Green Mobility)

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Utilities
Industry
Waste Management
Classification
Utilities › Waste Management
ISIN
INE056I01025

Business segments

  • Ash & Coal Handling Business · 84%
  • Windpower · 10%
  • Green mobility · 4%
  • Refrigerant Gas- Manufacturing(Refilling) and Sales · 1%
  • Sale Of Service · 1%
  • Solar Power - Generation and Related Activities · 0%
  • Others · 0%
  • Power Trading · 0%

Plants

  • Refex solar power plant Rajasthan
  • Venwind Refex wind turbine manufacturing facility

News impact

Big market events that reach Refex Industries Limited, and how the effect spreads.

Who it hits first

  • Ellenbarrie Industrial Gases, a maker of industrial gases, won a Rs 481 crore turnkey order (design plus build, handed over ready to run) from BHEL, the power-equipment maker, to build a 1,200-tonne-per-day cryogenic Air Separation Unit, a plant that splits air into oxygen, nitrogen and other gases.
  • The unit serves BHEL's Coal to Ammonium Nitrate project, will be built over eight quarters (two years), and is expected to start running in FY29.
  • Ellenbarrie shares rose 5.1% on the news as investors priced in two years of confirmed project work.
  • BHEL, the buyer, has no fundamentals row in this pack, so no signal is given for it.

Who may gain

  • Ellenbarrie Industrial Gases — the Rs 481 crore BHEL order adds two years of project revenue and a marquee reference in India's coal gasification push.
  • BHEL — locks in a dedicated builder for a key gas plant in its coal-to-chemicals project, de-risking its FY29 start-up plan.
  • Ellenbarrie shareholders — the 5.1% jump reflects the market's welcome for the confirmed order book.

Along the supply chain

Downstream

Once running in FY29, the unit feeds oxygen and nitrogen into BHEL's coal-to-ammonium-nitrate chain; Ellenbarrie's current gas customers in drugs, paper and chemicals see no change to their own supply from this construction order.

Upstream

Building the plant needs compressors, cold boxes, steel and site labour, which can trickle into sub-orders for equipment vendors, though the pack names no supplier of Ellenbarrie for this job.

Where demand moves

Business

Real business flows one way: BHEL will pay Ellenbarrie Rs 481 crore over eight quarters to design and build the gas plant, lifting Ellenbarrie's order book and project billing; none of that spending reaches rival gas makers or Ellenbarrie's existing gas buyers.

Capital

Investor money rotated into Ellenbarrie shares, up 5.1% on the announcement, while rival gas-maker shares get sentiment read-through only, with no direct capital flow behind it.

How it spreads across sectors

Capital Goods

Mildly positive: BHEL converting its coal-to-chemicals plan into equipment orders signals a live project pipeline for heavy-equipment builders.

Chemicals

Positive read-through: a Rs 481 crore gas-plant order underlines demand for industrial gases and coal-gasification kit, supporting sentiment for gas makers such as Linde India.

When it plays out

Immediate

Ellenbarrie shares digest the 5.1% jump over 1-7 days as traders react to the confirmed Rs 481 crore order; rival gas makers trade sideways on sentiment.

Medium term

Over 1-6 months Ellenbarrie ramps up the eight-quarter build with milestone billing supporting revenue, while the FY29 start-up stays the real test.

Short term

Over 1-4 weeks attention turns to the order's fine print, payment milestones and margins, plus any further BHEL packages for equipment makers.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

24 Jul 2026unspecified₹1
19 Aug 2025interim₹0.5
22 Mar 2024split₹0
20 Feb 2024interim₹0.5
14 Sep 2023unspecified₹2
16 Sep 2021unspecified₹0.5
11 Jan 2021interim₹1

Splits, bonuses & buybacks

  • daily-prices repair: 10 rows from NSE's archive (replace 2, delete 1, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016

Bulk & block deals

DateWhoBought / soldSharesPrice
27 May 2026JUNOMONETA FINSOL PRIVATE LIMITEDBUY7,85,524₹325.99
27 May 2026MICROCURVES TRADING PRIVATE LIMITEDSELL7,70,121₹327.51
27 May 2026MICROCURVES TRADING PRIVATE LIMITEDBUY7,70,121₹327.48
27 May 2026JUNOMONETA FINSOL PRIVATE LIMITEDSELL7,21,469₹324.60

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.