Refex Renewables & Infrastructure Ltd
Refex Renewables Infrastructure company has a rich legacy in the silicon industry and was originally formed in 1959 with the establishment of the Monsanto Electronic Material Company (MEMC), a division of the multinational Monsanto Corporation. Initially, its business pioneered and focused on the manufacturing of silicon wafers for semiconductors in the burgeoning electronics industry.
- Market Cap ₹ 368 Cr.
- Current Price ₹ 820
- High / Low ₹ 1,166 / 368
- Stock P/E
- Book Value ₹ -107
- Dividend Yield 0.00 %
- ROCE -27.2 %
- ROE %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -18.6% over past five years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Infrastructure Developers & Operators Industry: Engineering - Turnkey Services
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 57.45 | 49.93 | 65.11 | 83.97 | 35.32 | 20.60 | 15.73 | |
| 0.03 | 0.02 | 0.04 | 0.06 | 0.06 | 0.10 | 56.79 | 61.97 | 82.15 | 93.73 | 46.48 | 24.39 | 20.27 | |
| Operating Profit | -0.03 | -0.02 | -0.04 | -0.06 | -0.06 | -0.10 | 0.66 | -12.04 | -17.04 | -9.76 | -11.16 | -3.79 | -4.54 |
| OPM % | 1.15% | -24.11% | -26.17% | -11.62% | -31.60% | -18.40% | -28.86% | ||||||
| 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.11 | 0.79 | 9.81 | 5.52 | 4.95 | 1.01 | 0.66 | |
| Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.11 | 2.13 | 2.13 | 1.56 | 6.80 | 4.08 | 4.02 |
| Depreciation | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.13 | 0.39 | 0.42 | 0.38 | 0.27 | 0.24 |
| Profit before tax | -0.02 | -0.02 | -0.04 | -0.06 | -0.06 | -0.10 | 0.65 | -13.51 | -9.75 | -6.22 | -13.39 | -7.13 | -8.14 |
| Tax % | -100.00% | -50.00% | -25.00% | -16.67% | -16.67% | -20.00% | 76.92% | 0.00% | 0.00% | 0.00% | 0.00% | -1.40% | |
| 0.00 | -0.01 | -0.03 | -0.04 | -0.05 | -0.07 | 0.16 | -13.50 | -9.76 | -6.22 | -13.39 | -7.02 | -8.04 | |
| EPS in Rs | 0.00 | -0.02 | -0.07 | -0.09 | -0.11 | -0.16 | 0.36 | -30.07 | -21.74 | -13.85 | -29.82 | -15.64 | -17.91 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -19% |
| 3 Years: | -32% |
| TTM: | -35% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 9% |
| TTM: | 38% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 159% |
| 3 Years: | 76% |
| 1 Year: | 112% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| Last Year: | % |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4.74 | 4.74 | 4.74 | 4.74 | 4.74 | 4.49 | 4.49 | 4.49 | 4.49 | 4.49 | 4.49 | 4.49 | 4.49 |
| Reserves | -0.02 | -0.03 | -0.06 | -0.10 | -0.15 | 0.03 | 0.18 | -13.32 | -22.90 | -29.12 | -42.54 | -48.84 | -52.66 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 11.27 | 21.37 | 42.41 | 60.81 | 61.64 | 43.20 | 47.24 | |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 1.80 | 65.29 | 87.24 | 61.63 | 19.56 | 15.89 | 26.37 | |
| Total Liabilities | 4.72 | 4.71 | 4.68 | 4.64 | 4.59 | 4.53 | 17.74 | 77.83 | 111.24 | 97.81 | 43.15 | 14.74 | 25.44 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 1.75 | 1.61 | 1.35 | 1.07 | 0.87 | 0.82 | |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 5.90 | 7.57 | 26.14 | 25.15 | 5.92 | 5.92 | 6.12 |
| 4.71 | 4.70 | 4.67 | 4.63 | 4.58 | 4.52 | 11.83 | 68.51 | 83.49 | 71.31 | 36.16 | 7.95 | 18.50 | |
| Total Assets | 4.72 | 4.71 | 4.68 | 4.64 | 4.59 | 4.53 | 17.74 | 77.83 | 111.24 | 97.81 | 43.15 | 14.74 | 25.44 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -0.02 | -0.01 | 4.54 | -0.06 | -0.06 | -0.09 | -9.65 | 19.59 | 7.58 | -17.80 | -56.62 | 18.56 | |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -5.88 | -29.50 | -27.11 | 0.98 | 60.04 | -0.08 | |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 11.27 | 9.92 | 20.41 | 16.85 | -4.32 | -18.46 | |
| Net Cash Flow | -0.02 | -0.01 | 4.54 | -0.06 | -0.06 | -0.09 | -4.26 | 0.00 | 0.88 | 0.03 | -0.89 | 0.02 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 36.28 | 178.81 | 109.09 | 18.52 | 241.20 | 7.09 | ||||||
| Inventory Days | 55.98 | 0.61 | ||||||||||
| Days Payable | 126.75 | 216.98 | ||||||||||
| Cash Conversion Cycle | 36.28 | 178.81 | 109.09 | 18.52 | 170.43 | -209.28 | ||||||
| Working Capital Days | 71.28 | 46.13 | -10.60 | 39.29 | 157.18 | -135.90 | ||||||
| ROCE % | -0.64% | -0.42% | -0.85% | -1.29% | -1.30% | -2.20% | 15.84% | -79.92% | -41.71% | -15.49% | -17.03% | -27.18% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Allotment
23 Dec - Allotment of 105 NCDs worth ₹10.50 Crore.
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Announcement under Regulation 30 (LODR)-Acquisition
17 Dec - Incorporation of LC Infra Solar (150 MW) LLP as associate.
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Board Meeting Outcome for Issue Of Unlisted, Secured Non-Convertible Debentures For An Issue Size Of Up To INR 10.50 Crore, On Private Placement Basis.
6 Dec - Approval for issuance of ₹10.5 Crore NCDs.
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Announcement under Regulation 30 (LODR)-Acquisition
5 Dec - Incorporation of Refex Solar SPV Five Limited as subsidiary.
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Board Meeting Intimation for Proposal For Fund Raising.
4 Dec - Board meeting rescheduled to discuss fund raising.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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Financial Year 2009
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1959: Monsanto Chemical Company founded Monsanto Electronic Materials Company (MEMC) as a merchant manufacturer of 19-mm silicon wafers.
1961: Dynamit Nobel Silicon, (DNS) builds a polysilicon and Czochralski ingot plant in Merano, Italy
1962: MEMC pioneers the chemical mechanical polishing process (CMP). MEMC begins using the recently developed Czochralski (CZ) crystal growing process.
1966: MEMC begins production 5 of 1.5-inch wafers
1970: MEMC’s plant in Kuala Lumpur, Malaysia begins producing 2.25- inch wafers.
1979: MEMC introduces 125 mm wafers
1982: MEMC develops EPI wafers for CMOS applications
1984: MEMC begins producing 200mm wafers and builds a pilot plant
1995: MEMC launches IPO
2003: With perfect timing – just as growth in the PV industry begins accelerating, Refex Renewables company is founded as a commercial PV developer of PPA projects
2004: MEMC enters a licensing agreement with Silicon Genesis Corp (SiGen) to manufacture wafers using SiGen’s layer transfer technology
2004: PV industry demand begins to surge as crystalline supplies become constrained. Prices for wafers at >$3.00/Wp
2006: MEMC agrees to supply Suntech Power with solar grade silicon wafers for ten years and receives a warrant to purchase a 4.9% stake in Suntech company
2006: Polysilicon prices spike with spot prices at >$400/kilogram
2009: MEMC acquires Refex Renewables company
2010: MEMC acquires crystal growth technology company Solaicx for $66-million