Refex Industries Ltd
Refex Industries Ltd (REFEX) last reported results for the quarter ended Jun 2026, with sales of ₹916 crore and net profit of ₹65 crore. The stock last traded at ₹269, a market capitalisation of ₹3,691 crore, on a P/E of 12.9. Over the past 52 weeks the stock has ranged between ₹188 and ₹382. Figures are as of 6 Oct 2026 and are not real time.
Refex Industries Ltd share price and key metrics
- Current price
- ₹269
- Market cap
- ₹3,691 cr
- Stock P/E
- 12.9
- Book value
- ₹110
- ROE
- 17.8%
- ROCE
- 22.7%
- Dividend yield
- 0.55%
- 52w high / low
- 382/188
Metrics as of 6 Oct 2026. Not real time.
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Refex Industries Ltd growth and returns
- 10 Years
- 40%
- 5 Years
- 29%
- 3 Years
- 12%
- TTM
- 38%
- 10 Years
- 46%
- 5 Years
- 43%
- 3 Years
- 28%
- TTM
- 56%
- 10 Years
- 57%
- 5 Years
- 56%
- 3 Years
- 29%
- 1 Year
- -25%
- 10 Years
- %
- 5 Years
- %
- 3 Years
- 19%
- Last Year
- 18%
Refex Industries Ltd quarterly results
In the quarter ended Jun 2026, sales were ₹916 cr, up 160.2% from ₹352 cr a year earlier. Net profit was ₹65 cr, up 225.0% year on year.
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 428 | 686 | 594 | 352 | 415 | 576 | 934 | 916 |
| Expenses | 385 | 633 | 534 | 315 | 344 | 486 | 775 | 809 |
| Operating profit | 43 | 53 | 60 | 37 | 71 | 90 | 160 | 107 |
| OPM % | 10% | 8% | 10% | 10% | 17% | 16% | 17% | 12% |
| Other income | 5 | 16 | 3 | 2 | -4 | -3 | -8 | 2 |
| Interest | 4 | 5 | 5 | 6 | 7 | 9 | 10 | 13 |
| Depreciation | 2 | 3 | 3 | 5 | 5 | 5 | 5 | 6 |
| Profit before tax | 42 | 62 | 55 | 28 | 55 | 73 | 136 | 91 |
| Tax % | 27% | 19% | 13% | 26% | 34% | 28% | 31% | 29% |
| Net profit | 31 | 50 | 48 | 20 | 36 | 53 | 94 | 65 |
| EPS (₹) | 2.57 | 3.88 | 3.74 | 1.64 | 2.90 | 3.93 | 6.62 | 4.65 |
Consolidated figures as reported by the company. Percentages are as published; totals may not sum exactly.
Refex Industries Ltd annual results
| ₹ crore | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 78 | 38 | 77 | 461 | 661 | 633 | 1,629 | 1,383 | 2,259 | 2,277 | 2,841 |
| Operating profit | 3 | 2 | 2 | 28 | 51 | 68 | 175 | 146 | 206 | 362 | 427 |
| OPM % | 3.4% | 6% | 2.3% | 6% | 8% | 11% | 11% | 11% | 9% | 16% | 15% |
| Net profit | 5 | 0 | 1 | 32 | 33 | 41 | 116 | 93 | 158 | 204 | 248 |
| EPS (₹) | 0.51 | 0.04 | 0.09 | 3.01 | 3.16 | 3.90 | 10.50 | 8.11 | 12.29 | 14.82 | 18.10 |
TTM is the trailing twelve months to the most recent quarter.
Refex Industries Ltd balance sheet
| ₹ crore | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 15 | 15 | 15 | 15 | 15 | 21 | 22 | 23 | 26 | 27 |
| Reserves | -6 | -5 | -4 | 27 | 60 | 119 | 292 | 442 | 1,187 | 1,477 |
| Borrowings | 37 | 35 | 41 | 0 | 9 | 74 | 149 | 215 | 286 | 225 |
| Other liabilities | 71 | 15 | 45 | 115 | 53 | 128 | 288 | 118 | 300 | 1,113 |
| Total liabilities | 118 | 60 | 97 | 159 | 138 | 341 | 752 | 798 | 1,799 | 2,843 |
| Fixed assets | 15 | 15 | 14 | 15 | 22 | 87 | 147 | 204 | 345 | 212 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 9 | 17 | 18 |
| Investments | 0 | 0 | 0 | 0 | 0 | 74 | 74 | 74 | 31 | 0 |
| Other assets | 103 | 45 | 83 | 143 | 116 | 181 | 529 | 512 | 1,406 | 2,613 |
| Total assets | 118 | 60 | 97 | 159 | 138 | 341 | 752 | 798 | 1,799 | 2,843 |
As reported by the company. Total assets equal total liabilities by construction.
Refex Industries Ltd cash flow
| ₹ crore | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | -25 | 4 | -4 | 44 | 12 | 123 | 28 | 3 | -248 | 107 |
| Cash from investing | -2 | -0 | -1 | 0 | 5 | -122 | -78 | -42 | -105 | -268 |
| Cash from financing | 26 | -3 | 4 | -41 | 1 | -5 | 60 | 62 | 602 | 65 |
| Net cash flow | -0 | 1 | -1 | 3 | 17 | -4 | 10 | 23 | 248 | -95 |
| Free cash flow | -25 | 4 | -5 | 42 | 12 | 118 | -44 | -43 | -414 | 47 |
| CFO / operating profit | -930% | 190% | -248% | 180% | 47% | 182% | 25% | 18% | -90% | 35% |
Negative figures are outflows. CFO / operating profit is a ratio, not an amount.
Refex Industries Ltd operating ratios
| Per year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 6% | 7% | 6% | 61% | 85% | 45% | — | 26% | 23% | 23% |
| Debtor days | 376 | 87 | 173 | 69 | 40 | 54 | 55 | 81 | 109 | 142 |
| Inventory days | 7 | 22 | 33 | 7 | 2 | 4 | 3 | 3 | 1 | 15 |
| Days payable | 382 | 156 | 264 | 92 | 27 | 70 | 49 | 20 | 31 | 92 |
| Cash conversion cycle | 1 | -47 | -57 | -15 | 15 | -12 | 8 | 63 | 79 | 65 |
| Working capital days | -40 | 255 | 159 | 9 | 20 | 14 | 41 | 69 | 102 | 144 |
Ratios as computed by the source from the reported statements. Rows a company does not report are omitted.
Refex Industries Ltd shareholding pattern
Promoters held 56.57% at Jun 2026, up from 53.33% at Jun 2025. FIIs 0.93% and DIIs 0.38%.
| % held | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 57.12% | 53.49% | 53.37% | 53.33% | 53.33% | 55.80% | 55.85% | 56.57% |
| FIIs | 1.53% | 1.76% | 2.00% | 1.86% | 1.71% | 2.03% | 1.37% | 0.93% |
| DIIs | 0.00% | 0.00% | 0.11% | 0.16% | 0.15% | 0.16% | 0.13% | 0.38% |
| Public | 41.35% | 44.75% | 44.51% | 44.65% | 44.81% | 42.01% | 42.66% | 42.13% |
| No. of shareholders | 81,302 | 81,857 | 81,739 | 85,429 | 89,568 | 97,015 | 94,159 | 91,033 |
As disclosed by the company to the exchanges. The last row is a count of shareholders, not a percentage.
Refex Industries Ltd corporate filings
- Refex Industries Promoter Encumbrance Disclosure Filed on October 01, 2026Insider Trading / SASTlow impact
Cruxal's analysis: The exchange received a disclosure regarding encumbrance by promoter of Refex Holding Pvt…
Read the full analysis - Refex Industries Limited creates multiple pledges over significant shareholdings, indicating increased collateralization possibly for debt servicing or strategic purposes.Insider Trading / SASThigh impact
Cruxal's analysis: Refex Industries Limited has announced the creation of pledges over substantial…
Read the full analysis - Intimation of Closure of Trading Window for the 2nd quarter of FY 2026-27 ending September 30, 2026.Insider Trading / SASTlow impact
- Refex Industries commences commercial operations for Ready-Mix Concrete (RMC) businessCompany Updatemedium impact
Cruxal's analysis: Refex Industries has officially commenced commercial operations for its Ready-Mix…
Read the full analysis - Refex Industries Ltd reports promoter encumbrance disclosure by Refex Holding Pvt LtdInsider Trading / SASTlow impact
Cruxal's analysis: The company has filed a disclosure under Regulation 31(1) read with Regulation 28(3) of…
Read the full analysis - Refex Industries Limited: Promoter Group Discloses Significant Pledging and Release of Equity SharesInsider Trading / SASTmedium impact
Cruxal's analysis: Refex Industries Limited has reported a series of complex pledge creations and releases…
Read the full analysis - Refex Industries Ltd schedules Analyst/Institutional Investor meetCompany Updatelow impact
Cruxal's analysis: Refex Industries Limited has issued an intimation regarding an upcoming…
Read the full analysis - Refex Industries Ltd: Disclosure of reasons for promoter encumbrance by Refex Holding Pvt LtdInsider Trading / SASTlow impact
Cruxal's analysis: The company has filed a disclosure regarding the reasons for the encumbrance of shares…
Read the full analysis - Refex Industries Limited: Promoter Entity Discloses Creation of New Share PledgesInsider Trading / SASTmedium impact
Cruxal's analysis: Refex Industries Limited has reported that its promoter, Refex Holding Private Limited…
Read the full analysis - Refex Industries Limited: Promoter releases pledge on 24.08 lakh shares, reducing total encumbrance to 22.86%Insider Trading / SASTmedium impact
Cruxal's analysis: Refex Industries Limited has announced a reduction in promoter encumbrance, with Refex…
Read the full analysis - Refex Industries Limited: Promoter Pledges Additional 20.90 Lakh Shares as CollateralInsider Trading / SASTmedium impact
Cruxal's analysis: Refex Industries Limited has disclosed that its promoter, Refex Holding Private Limited…
Read the full analysis - Refex Industries Ltd publishes notice for NCLT petition regarding Scheme of ArrangementCompany Updatelow impact
Cruxal's analysis: Refex Industries has published a newspaper advertisement as per Regulation 47 of SEBI…
Read the full analysis - Refex Industries Limited clarifies order win for 10 lakh metric tonnes of Pond and Fly Ash valued at 160 croreCompany Updatehigh impact
Cruxal's analysis: Refex Industries Limited has issued a corrigendum to correct a typographical error in its…
Read the full analysis - Refex Industries secures INR 160 crore contract for fly ash management from Madhya Pradesh PSUCompany Updatehigh impact
Cruxal's analysis: Refex Industries Limited has been awarded a contract valued at approximately INR 160…
Read the full analysis - Refex Industries Limited schedules Analyst/Institutional Investor meetCompany Updatelow impact
Cruxal's analysis: Refex Industries Limited has issued an intimation regarding an upcoming…
Read the full analysis - Refex Industries Ltd: Disclosure of reasons for promoter encumbrance by Refex Holding Pvt LtdInsider Trading / SASTlow impact
Cruxal's analysis: The exchange received a disclosure regarding the reasons for encumbrance of shares by…
Read the full analysis - Refex Industries Limited: Promoter Entity Discloses Creation of New Share PledgesInsider Trading / SASTmedium impact
Cruxal's analysis: Refex Industries Limited has reported that its promoter, Refex Holding Private Limited…
Read the full analysis - Refex Industries Ltd: Disclosure of promoter encumbrance by Refex Holding Pvt LtdInsider Trading / SASTlow impact
Cruxal's analysis: The company has filed a disclosure under Regulation 31(1) read with Regulation 28(3) of…
Read the full analysis - Refex Industries Limited: Promoter Entity Discloses Creation of New Share Pledge for Loan CollateralInsider Trading / SASTmedium impact
Cruxal's analysis: Refex Industries Limited has reported that its promoter, Refex Holding Private Limited…
Read the full analysis - Refex Industries Limited secures new fly ash management contracts worth INR 33.70 croreCompany Updatemedium impact
Cruxal's analysis: Refex Industries Limited has announced the acquisition of two new contracts from a…
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