Refex Industries Limited

NSE: REFEX · Utilities

₹226.25-2.17%06 Nov 2026

Ask the data

Instant answers about Refex Industries Limited — computed from its filings, no language model

Market cap₹3,105 cr

Current price₹226.25

High / Low₹374 / ₹189

P/E12.0

P/B1.94

Book value₹116.9

ROE16.2%

ROCE25.1%

Debt / equity0.14

Dividend yield0.21%

EPS (TTM)₹18.89

Face value₹2

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

	FY20	FY21	FY23	FY24	FY26
Revenue	661	633	1,629	1,383	2,277
EBITDA	51	68	175	146	357
Operating margin	7.8%	10.7%	10.7%	10.6%	15.7%
Interest	1	9	19	29	32
Depreciation	1	5	7	14	20
Profit before tax	48	58	156	121	330
Tax	15	17	40	28	88
Net profit	0	41	116	94	203
EPS ₹	21.37	21.73	53.89	8.40	15.28
Operating cash flow	—	—	28	3	107
Capex	—	—	72	38	0
Dividend paid	—	—	0	6	6
Total assets	—	—	752	798	2,843
Equity	—	—	314	466	1,504

Quarterly performance

last 25 quarters · ₹ crore

showing latest 8 of 25 periods

	JUN '19	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
Revenue	139	161	237	124	78	258	144	152	83	94	90	630	382	352	306	342	595	528	717	383	427	576	934	916	761
Operating profit	10	13	24	4	8	22	16	22	12	12	12	74	36	34	34	41	48	46	51	38	70	90	160	107	102
Operating margin	7.2%	7.9%	10.3%	3.5%	9.8%	8.6%	11.1%	14.2%	13.9%	13.0%	13.7%	11.7%	9.5%	9.7%	11.2%	12.0%	8.1%	8.8%	7.1%	9.9%	16.5%	15.6%	17.1%	11.7%	13.4%
Other income	1	2	0	2	0	0	0	4	1	2	1	2	2	5	3	8	2	7	25	11	5	6	4	12	2
Interest	0	0	0	1	0	0	0	8	2	2	2	6	6	6	8	8	6	5	8	10	7	9	10	13	17
Depreciation	0	-0	0	1	0	0	0	4	1	1	1	2	3	3	4	4	6	6	9	14	5	5	5	6	6
Profit before tax	11	14	24	-1	7	22	16	13	9	10	9	68	29	30	25	37	39	42	59	24	64	81	148	101	81
Tax	2	3	7	4	2	6	3	5	2	3	3	17	8	9	8	3	10	11	9	4	19	20	42	26	21
Net profit	0	0	0	0	5	0	0	8	0	0	0	51	0	21	17	34	30	31	50	21	37	54	91	64	51
EPS ₹	5.62	7.08	0.00	-3.02	3.42	7.62	5.74	3.62	3.36	3.57	3.26	22.92	9.62	9.70	7.64	3.02	2.54	2.60	3.99	1.58	2.80	3.94	6.62	4.65	3.69
Revenue YoY	—	—	—	—	-44.0%	60.4%	-39.0%	23.1%	6.8%	-63.6%	-37.9%	—	—	—	—	-45.7%	55.7%	49.8%	134.4%	-35.6%	-19.1%	-19.7%	—	139.1%	78.4%
Profit YoY	—	—	—	—	—	—	—	—	-100.0%	—	—	—	—	—	—	-32.4%	—	44.9%	196.3%	-29.5%	20.5%	7.7%	—	201.4%	35.4%

Earlier results (standalone, Sep '07 – Mar '19)

₹ crore · from BSE, before the NSE XBRL filings begin

Refex Industries Limited reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

showing latest 8 of 9 periods

	FY10†	FY12†	FY13†	FY14†	FY15†	FY16†	FY17†	FY18†	FY19†
Revenue	37	42	17	25	84	78	38	77	461
Operating profit	5	-8	-7	2	5	3	2	2	28
Operating margin	13.3%	-19.8%	-39.9%	9.5%	6.4%	3.2%	5.3%	2.1%	6.1%
Other income	1	1	0	3	0	—	2	3	2
Interest	5	3	0	2	0	1	—	2	0
Depreciation	2	4	4	2	2	1	—	1	1
Profit before tax	-1	-23	-15	1	3	0	1	2	29
Tax	-0	0	0	0	0	-5	0	1	-3
Net profit	-1	-24	-15	1	3	5	0	1	32

Quarters

showing latest 8 of 44 periods

	SEP '07†	DEC '07†	JUN '08†	SEP '08†	DEC '08†	JUN '09†	SEP '09†	DEC '09†	MAR '10†	JUN '10†	SEP '10†	DEC '10†	JUN '11†	SEP '11†	DEC '11†	MAR '12†	JUN '12†	SEP '12†	DEC '12†	MAR '13†	JUN '13†	SEP '13†	DEC '13†	MAR '14†	JUN '14†	SEP '14†	DEC '14†	MAR '15†	JUN '15†	SEP '15†	DEC '15†	MAR '16†	JUN '16†	SEP '16†	DEC '16†	MAR '17†	JUN '17†	SEP '17†	DEC '17†	MAR '18†	JUN '18†	SEP '18†	DEC '18†	MAR '19†
Revenue	24	23	28	32	10	10	11	7	9	15	12	29	8	23	8	3	4	3	4	5	6	6	7	6	4	3	4	73	4	3	3	68	5	22	5	6	36	7	6	29	23	62	169	207
Operating profit	5	4	5	6	-6	2	2	1	-0	6	4	3	1	-2	-5	-2	1	-0	1	-8	1	1	1	-1	1	1	0	4	0	-1	-1	4	-0	2	0	-0	2	1	0	-1	0	4	9	15
Operating margin	22.7%	16.3%	17.6%	18.1%	-60.9%	22.2%	15.3%	16.9%	-1.8%	44.1%	31.2%	10.0%	10.9%	-9.3%	-61.3%	-74.9%	19.3%	-7.4%	12.3%	-150.2%	16.0%	23.8%	15.4%	-16.4%	19.2%	22.9%	2.1%	5.1%	2.6%	-18.7%	-46.3%	6.5%	-3.0%	9.3%	7.7%	-4.0%	4.8%	11.0%	3.4%	-3.6%	2.2%	5.8%	5.6%	7.1%
Other income	0	0	0	0	0	0	0	0	0	0	0	1	1	0	0	1	0	0	0	0	0	0	0	3	0	0	0	0	—	0	0	0	0	0	0	2	1	1	1	1	0	1	0	0
Interest	0	0	0	1	1	1	1	1	2	1	1	1	1	1	1	0	0	0	0	0	1	0	0	1	0	0	0	0	0	0	0	1	—	1	1	1	1	1	1	0	0	0	0	0
Depreciation	0	0	1	0	1	0	0	0	1	0	1	0	0	1	1	1	1	1	1	1	1	1	1	0	0	1	1	1	0	0	0	0	0	—	0	0	0	0	0	0	0	0	0	0
Profit before tax	5	4	4	5	-8	0	0	0	-2	5	2	3	0	-4	-7	-13	-0	-1	-0	-13	-0	1	0	0	0	0	-0	3	-0	-1	-2	3	-0	1	-0	1	2	1	0	-1	1	4	10	15
Tax	1	1	1	2	-3	0	0	0	-1	20	1	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-5	0	0	0	0	0	0	0	1	0	0	0	-3
Net profit	4	3	3	3	-5	0	0	0	-2	-15	2	2	0	-4	-7	-13	-0	-1	-0	-13	-0	1	0	0	0	0	-0	3	-0	-1	-2	8	-0	1	-0	1	2	1	0	-1	1	4	10	18
EPS ₹	3.04	2.55	1.78	1.78	—	0.15	0.19	0.08	-0.14	-9.41	1.00	1.25	0.09	-2.48	-4.65	-8.15	-0.25	-0.76	-0.27	-8.64	-0.18	0.51	0.15	0.30	0.22	0.13	-0.26	1.78	-0.02	-0.65	-1.15	5.20	-0.23	0.47	-0.28	0.35	1.01	0.40	0.07	-0.87	0.45	2.44	6.19	11.36
Revenue YoY	—	—	—	32.2%	-55.1%	-64.4%	-65.4%	-31.9%	—	46.5%	9.5%	312.9%	-45.7%	92.9%	-72.8%	—	-46.9%	-87.1%	-42.3%	74.3%	40.1%	92.6%	48.9%	16.5%	-26.3%	-46.9%	-41.5%	1080.7%	-19.6%	-7.2%	-17.4%	-5.8%	54.0%	662.3%	50.0%	-91.5%	563.7%	-67.6%	14.1%	396.4%	-36.0%	783.2%	2966.1%	617.2%
Profit YoY	—	—	—	-23.3%	-250.8%	-91.3%	-89.5%	—	—	-6170.8%	434.5%	1508.3%	—	-347.7%	-472.5%	—	-371.4%	—	—	—	—	—	—	—	—	-74.7%	-278.3%	500.0%	-108.8%	-605.0%	—	191.7%	—	—	—	-93.4%	—	-15.1%	—	-354.7%	-56.1%	509.7%	9480.0%	—

Returns & margins

trailing-twelve-month, per quarter

showing latest 8 of 16 periods

	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '26	JUN '26	SEP '26
ROE	—	—	—	—	—	—	—	—	25.2%	15.6%	22.0%	18.4%	23.8%	13.5%	16.4%	16.2%
ROCE	—	—	—	—	—	—	—	—	40.5%	25.9%	27.5%	23.0%	27.5%	21.2%	26.0%	25.1%
Net margin	0.0%	0.9%	0.8%	0.9%	2.0%	1.2%	1.6%	1.8%	5.3%	5.2%	6.4%	6.3%	6.7%	8.8%	8.6%	8.1%
EBITDA margin	7.8%	8.2%	8.4%	8.3%	10.7%	11.2%	13.0%	13.8%	10.7%	10.6%	9.9%	9.6%	8.6%	15.4%	15.0%	14.4%
Debt / equity	—	—	—	—	—	—	—	—	0.26	0.25	0.25	0.21	0.21	0.11	0.11	0.14
Interest coverage	37.37	29.82	40.50	29.76	7.44	6.52	4.70	3.77	6.70	5.13	5.55	6.10	7.46	9.86	11.14	9.36
Asset turnover	—	—	—	—	—	—	—	—	2.53	1.73	2.00	1.68	2.07	0.82	1.00	0.91

Balance sheet

equity vs borrowings over time · ₹ crore

showing latest 6 of 7 periods

	MAR '23	SEP '23	MAR '24	SEP '24	SEP '25	MAR '26	SEP '26
Share capital	22	22	23	24	26	27	27
Other equity / reserves	292	330	442	587	1,235	1,477	1,576
Total equity	314	353	466	611	1,261	1,504	1,604
Borrowings	82	91	117	131	174	162	227
Current liabilities	332	194	194	284	536	1,117	1,818
Non-current liabilities	106	115	139	159	94	89	85
Total assets	752	662	798	1,055	2,047	2,843	3,509
Property, plant & equipment	147	169	202	221	197	152	166
Capital work-in-progress	3	2	9	37	13	10	14
Investments	74	74	74	48	39	0	0
Inventories	11	6	7	12	60	76	113
Receivables	245	263	306	472	583	886	1,251
Cash & equivalents	10	13	33	4	233	184	322

Cash flow

annual · ₹ crore · line = free cash flow

	FY23	FY24	FY26
Cash from operations	28	3	107
Cash from investing	-78	-42	-268
Cash from financing	60	62	65
Capex	72	38	0
Free cash flow	-44	-35	107
Dividends paid	0	6	6

Where the assets sit

Sep '26 · ₹ crore

Fixed assets (PPE)

₹166 cr5%

CWIP

₹14 cr0%

Inventories

₹113 cr3%

Receivables

₹1,251 cr36%

Cash & equivalents

₹322 cr9%

Other assets

₹1,643 cr47%

Peer comparison

largest in Utilities · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
VA Tech Wabag Limited	12,426	1,988.20	36.5	4.52	12.4%
ION Exchange (India) Limited	4,320	303.60	—	3.46	-2.6%
Refex Industries Limited	3,105	226.25	12.0	1.94	16.2%
Enviro Infra Engineers Limited	3,013	171.66	17.4	2.29	13.2%

StoxGud checklist: Neutral setup · 4/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month-15.1%

6 months-14.5%

1 year-36.2%

3Y CAGR+27.9%

5Y CAGR+55.2%

10Y CAGR+53.1%

50-day avg₹260.52

200-day avg₹267.76

RSI (14)32

FAQs

What is the share price of Refex Industries Limited?

Refex Industries Limited (REFEX) closed at ₹226.25 on NSE on 06 Nov 2026.

What is the market cap of Refex Industries Limited?

₹3,105 crore at the latest close.

What is the P/E ratio of Refex Industries Limited?

12.0, on trailing-twelve-month earnings from its filings.

How fast is Refex Industries Limited growing?

Refex Industries Limited: revenue has compounded at 53.2% a year over three years; net profit at 70.6% a year. Latest-quarter revenue is up 78.4% year on year, profit up 35.4%.

How profitable is Refex Industries Limited?

On a trailing-twelve-month basis return on equity is 16.2%, return on capital employed 25.1%, operating margin 14.4%, net margin 8.1%.

How much debt does Refex Industries Limited have?

Refex Industries Limited is lightly geared: debt to equity is 0.14 with borrowings of ₹227 cr against cash of ₹322 cr (balance sheet of 2026-09-30). Operating profit covers interest 9.4 times.

Financials parsed from Refex Industries Limited's own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from JUN '19, annual from FY20, balance sheet from Mar '23. * = derived (full year or half year minus earlier quarters). Information only, not investment advice.