The company is an Indian business group operating across ash and coal handling, green mobility and renewable energy. The company provides services for the collection, transportation and utilisation of fly ash and pond ash generated by thermal power plants. It also operates in the electric vehicle ecosystem through its green mobility business and has interests in renewable power generation.
The shares of Refex Industries are currently trading at Rs. 283.70, up by 4.36%. The company has a market capitalization of Rs. 3,897.03. The stock’s 52 week high is Rs. 415.00 and its 52 week low is Rs. 188.00. In the past 6 months the stock has delivered a return of 50.57%.
Refex Industries is engaged in businesses including ash and coal handling, wind power generation and green mobility solutions. Its ash-handling business focuses on the collection, transportation and utilisation of fly ash and other ash generated by thermal power plants.
The latest contract adds to the company’s order inflow from public-sector customers and provides execution visibility for its ash-handling business over the next 18 months.
What’s the News?
Refex Industries has received an order from a Madhya Pradesh-based PSU for the lifting of 10 lakh metric tonnes of pond ash and fly ash. The contract has an estimated value of Rs. 160 crore and will be executed through the Road-cum-Rail (RCR) mode.
Initially, the company mentioned that the quantity to be contracted was incorrect and that the number of metric tonnes was 10 metric tonnes. However, a clarification released by the company on September 19 indicates that the correct quantity is 10 lakh metric tonnes. The company stated that this is just a typo error and there have been no changes in the contract values, scope, execution period, etc.
The execution period of this contract is 18 months and it can be extended further by mutual agreement. Moreover, Refex stated that neither the promoters/promoter group has any stake in the awarding entity, nor is this contract related to any party transaction.
Financial Performance
Looking at the quarterly performance of Refex Industries, the company reported consolidated revenue from operations of Rs. 916.31 crore in Q1 FY27, compared with Rs. 351.86 crore in Q1 FY26, registering a 160.41% YoY growth. On a sequential basis, revenue declined from the previous quarter.
The company’s consolidated net profit stood at Rs. 63.80 crore in Q1 FY27, compared with Rs. 21.17 crore in Q1 FY26, marking a 201.22% YoY increase. However, profit declined 29.75% QoQ from Rs. 90.82 crore in Q4 FY26. Profit before tax stood at Rs. 100.55 crore, up 176.09% YoY but down 32.05% QoQ.
In terms of segment performance, Ash & Coal Handling remained a key contributor, generating Rs. 610.50 crore of revenue in Q1 FY27, while Green Mobility contributed Rs. 32.97 crore. The company’s reported segment figures also include revenue from wind power and other businesses, with the segment classification reflecting the company’s evolving business portfolio.
Investor Perspective
This Rs. 160 crores order enhances visibility for Refex Industries regarding order flow in the ash-handling segment and yet another PSU customer for the recently acquired order flow. A large operational opportunity exists in terms of 10 lakh MT scope and 18 months execution period, though how much this translates into revenues and profits will be a function of execution.
From the perspective of investors, important issues to watch out for would include execution of the above order, logistics utilisation, margin performance in the ash handling segment, and order inflows from other PSUs in the power sector.
Company overview
Refex Industries Limited is an Indian diversified business group with operations across ash and coal handling, green mobility and renewable energy. The company’s ash and coal handling business focuses on the collection, lifting, transportation and utilisation of fly ash and pond ash generated by thermal power plants. It works with power utilities and other customers to support the movement and productive utilisation of ash.
The company has also expanded into electric mobility through its fleet and mobility solutions, along with its presence in the renewable energy segment. Refex’s diversified business model gives it exposure to the power, infrastructure, clean energy and electric mobility sectors.