Refex Industries Ltd

Refex Industries Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Refex Industries Ltd

₹ 255 -19.99%
12 Dec - close price
refex.co.in BSE: 532884 NSE: REFEX
About

Refex Industries Limited specializes in trading eco-friendly refrigerant gases and providing comprehensive solutions for responsible coal procurement and ash disposal.[1]

Key Points

Business Verticals
1) Ash & Coal Handling Business (93% in Q1 FY25 vs 72% in FY22): The company entered the ash and coal handling business in 2018, offering services for the processing and disposal of ash and coal. It is the largest organized player in ash handling in India, managing 50,000 MT of ash daily.[1] [2] In FY24, it received significant tenders from NTPC and State Run Power plants for the ash disposal requirements. Other clients include Ultra Tech Cement, Adani, ACC, etc. [3] It caters to 19+ power plants operates across MP, Karnataka, Chhattisgarh, Bihar, Maharashtra, etc.[4]

Website BSE NSE
  • Market Cap ₹ 3,495 Cr.
  • Current Price ₹ 255
  • High / Low ₹ 535 / 254
  • Stock P/E 19.9
  • Book Value ₹ 97.5
  • Dividend Yield 0.20 %
  • ROCE 20.9 %
  • ROE 18.9 %
  • Face Value ₹ 2.00
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Pros

  • Company is expected to give good quarter
  • Promoter holding has increased by 2.58% over last quarter.

Cons

  • Promoters have pledged or encumbered 27.2% of their holding.
  • Debtor days have increased from 78.6 to 100 days.

* 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

Commodities Chemicals Chemicals & Petrochemicals Industrial Gases

Part of BSE SmallCap BSE Allcap BSE Commodities Nifty Microcap 250 Nifty Total Market

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2021 Dec 2021 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
94 90 630 382 352 306 342 591 428 717 627 366 427
82 77 557 346 318 272 301 543 385 666 562 329 356
Operating Profit 12 12 74 36 34 34 41 48 43 51 64 37 70
OPM % 13% 14% 12% 10% 10% 11% 12% 8% 10% 7% 10% 10% 17%
2 1 2 2 5 3 8 2 5 25 16 1 -4
Interest 2 2 6 6 6 8 8 6 4 8 9 6 7
Depreciation 1 1 2 3 3 4 4 6 2 9 12 5 5
Profit before tax 10 9 68 29 30 25 37 39 42 59 60 28 55
Tax % 26% 28% 25% 27% 29% 33% 9% 25% 27% 16% 20% 26% 34%
7 7 51 21 21 17 33 29 31 50 48 20 36
EPS in Rs 0.71 0.65 4.59 1.92 1.94 1.53 2.96 2.60 2.57 3.88 3.74 1.64 2.90
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2023 Mar 2024 Mar 2025 TTM
85 78 38 77 461 661 633 1,629 1,383 2,468 2,137
79 75 36 75 433 609 565 1,454 1,237 2,258 1,914
Operating Profit 6 3 2 2 28 51 68 175 146 210 223
OPM % 7% 3% 6% 2% 6% 8% 11% 11% 11% 8% 10%
0 0 2 2 2 -1 4 8 18 50 38
Interest 0 1 3 1 0 1 9 19 29 28 29
Depreciation 2 1 1 1 1 1 5 7 14 33 31
Profit before tax 3 0 1 2 29 48 58 156 121 200 201
Tax % 0% -1,613% 13% 46% -10% 31% 29% 26% 23% 21%
3 5 0 1 32 33 41 116 93 158 155
EPS in Rs 0.29 0.51 0.04 0.09 3.01 3.16 3.90 10.50 8.11 12.29 12.16
Dividend Payout % 0% 0% 0% 0% 0% 0% 8% 4% 6% 0%
Compounded Sales Growth
10 Years: 40%
5 Years: 30%
3 Years: %
TTM: 28%
Compounded Profit Growth
10 Years: 48%
5 Years: 33%
3 Years: %
TTM: 54%
Stock Price CAGR
10 Years: 66%
5 Years: 64%
3 Years: 69%
1 Year: -51%
Return on Equity
10 Years: %
5 Years: %
3 Years: %
Last Year: 19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 15 15 15 15 15 15 21 22 23 26 26
Reserves -11 -6 -5 -4 27 60 119 292 442 1,187 1,235
9 37 35 41 0 9 74 149 215 286 174
56 71 15 45 115 53 128 288 118 300 612
Total Liabilities 70 118 60 97 159 138 341 752 798 1,799 2,047
16 15 15 14 15 22 87 147 204 345 213
CWIP 0 0 0 0 0 0 0 3 9 17 13
Investments 0 0 0 0 0 0 74 74 74 31 39
54 103 45 83 143 116 181 529 512 1,406 1,781
Total Assets 70 118 60 97 159 138 341 752 798 1,799 2,047

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2023 Mar 2024 Mar 2025
-3 -25 4 -4 44 12 123 28 3 -265
4 -2 -0 -1 0 5 -122 -78 -42 -90
-2 26 -3 4 -41 1 -5 60 62 603
Net Cash Flow -1 -0 1 -1 3 17 -4 10 23 249

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2023 Mar 2024 Mar 2025
Debtor Days 215 376 87 173 69 40 54 55 81 100
Inventory Days 4 7 22 33 7 2 4 3 3 2
Days Payable 281 382 156 264 92 27 70 49 20 37
Cash Conversion Cycle -63 1 -47 -57 -15 15 -12 8 63 65
Working Capital Days -34 -40 255 159 9 20 14 41 69 94
ROCE % 6% 7% 6% 61% 85% 45% 26% 21%

Shareholding Pattern

Numbers in percentages

8 Recently
Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Oct 2025
52.70% 52.70% 53.33% 53.27% 55.28% 55.28% 57.12% 53.49% 53.37% 53.33% 53.33% 55.92%
0.07% 0.68% 0.41% 0.20% 0.22% 0.20% 1.53% 1.76% 2.00% 1.86% 1.71% 1.60%
0.00% 0.15% 0.10% 0.00% 0.00% 0.00% 0.00% 0.00% 0.11% 0.16% 0.15% 0.14%
47.23% 46.47% 46.17% 46.53% 44.50% 44.51% 41.35% 44.75% 44.51% 44.65% 44.81% 42.34%
No. of Shareholders 28,34033,61239,56842,58948,72957,63981,30281,85781,73985,42989,56889,600

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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