REFEX
Micro CapRefex Industries Limited
Consumer
Refex Industries Limited (RIL) operates in three key verticals: wind turbine manufacturing (through Venwind Refex Power Limited), sustainable ash utilization, and tech-led premium corporate mobility solutions (through Refex Green Mobility Limited). The company focuses on sustainable growth and value-added services.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +57% YoY · PAT +96% YoY · margin expansion · +62% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹934 Cr | +57.2% | +62.1% |
| EBITDA | ₹160 Cr | +166.7% | +77.8% |
| Operating margin | 17.0% | +700 bps | +100 bps |
| PAT | ₹94 Cr | +95.8% | +77.4% |
| PAT margin | 10.1% | +198 bps | +86 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Refex reported strong Q4 FY26 performance with Revenue up 17.9% YoY to ₹701 Cr, EBITDA up 128.8% YoY to ₹141.1 Cr, and PAT up 66.9% YoY to ₹93.7 Cr. FY26 saw EBITDA grow 68.5% to ₹350 Cr and PAT up 34.7% to ₹247 Cr, despite a 9.7% YoY revenue decline for the full year.
Strong Q4 and FY26 profit growth, driven by improved execution and business mix, supports the investment thesis. New wind energy vertical is gaining traction, and the ash handling business maintains a robust order book. Demerger of mobility business is progressing.
Wind Energy Manufacturing
Targeting ~5 GW annual production capacity over the next five years for wind energy.
Ash Handling Mandates
Long-term fly ash utilization mandates ensure sustained logistics demand for the ash handling business.
Corporate Mobility Expansion
Asset-light expansion of the corporate mobility platform is expected to accelerate growth.
Strategic Portfolio Realignment
Shift towards value-added services offering long-term revenue visibility and margin accretion.
Wind Turbine Manufacturing Facility
Factory commissioned at Silvassa, with hub, nacelle, and drivetrain production lines fully operational.
ALMM Approval for Wind Turbines
ALMM (Approved List of Models and Manufacturers) approval received during FY26 for 5.3 MW GWH Turbine.
Renewable Energy Targets
India's updated national climate targets set 60% non-fossil installed power capacity by 2035.
Wind Equipment GST Reduction
GST reduction on wind equipment from 12% to 5% is expected to further optimize LCOE (Levelized Cost of Energy).
Ash Utilization Mandates
MoEF & CC notification mandates 100% ash utilization for thermal power plants, with penalties for non-compliance.
Growing Power Demand
India's power demand is projected to grow at +5% p.a. (in TWh) and wind capacity at +10% p.a. (in GW) by 2047.
Economic Performance
Performance of the Indian economy and global markets, and the industry worldwide, can impact results.
Competition
Competition within the industry in India and worldwide poses a risk to market share and profitability.
Strategy Implementation
The Company’s ability to successfully implement its strategy, future levels of growth, and expansion are subject to risks.
Technological Changes
Technological implementation, changes, and advancements can affect business operations and competitiveness.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
QoQ comparison is relevant for Q4 FY26 due to the active execution phase of the Wind Energy vertical, which contributed significantly to quarterly revenue. YoY comparison is crucial for assessing overall annual performance and growth trends across all segments.
Gross Profit Margin
Positive trendQ4 FY26 Gross Profit Margin was 22.1%, up from 13.6% in Q4 FY25. FY26 Gross Profit Margin was 19.9%, up from 11.6% in FY25.
EBITDA Margin
Positive trendQ4 FY26 EBITDA Margin was 20.1%, up from 10.4% in Q4 FY25. FY26 EBITDA Margin was 17.2%, up from 9.2% in FY25.
PAT Margin
Positive trendQ4 FY26 PAT Margin was 13.4%, up from 9.4% in Q4 FY25. FY26 PAT Margin was 12.1%, up from 8.1% in FY25.
Ash Handling Capacity
High capacity70,000+ Mt Ash Handling Per Day.
Value Unlocking through Demerger
Proposed demerger of Refex Green Mobility Limited (RGML) into a new independent entity, Refex Mobility Limited (RML), to unlock shareholder value.
Improved Earnings Quality
Improved earnings quality is supported by stronger execution, better business mix, and disciplined capital allocation.
Sustainability Commitment
Management targets Carbon Neutral by 2040 and Water Neutral by 2035 through various environmental initiatives.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Wind Energy Order Execution | Entered active execution phase during Q4 FY26, with foundation layout and equipment delivery in progress for the first customer order. | Timely commissioning and revenue ramp-up from confirmed wind energy orders (₹1,860 Cr). |
| RGML Demerger Progress | Application filed with NCLT on 26th Mar’26, after receiving BSE, NSE, and lender approvals. | NCLT approval and successful listing of RML as an independent entity, and its impact on RIL's balance sheet. |
| Ash Handling Order Book Conversion | Secured ~₹78.35 Cr order for pond ash excavation and ₹49.22 Cr material handling contract, with total order book ~₹1,500 Cr. | Consistent conversion of the order book into revenue and securing new, large-scale ash handling contracts. |
| Margin Sustainability | FY26 EBITDA Margin 17.2% and PAT Margin 12.1%, showing significant YoY improvement. | Maintenance or further improvement of margins amidst changes in business mix and potential input cost fluctuations. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralSMA20 +15.6% / mo
Technical chart
REFEXweekly · 3Y-40.8%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 58. Wait for confirmation.
- SMA20 rising (~13.5% over last month) — short-term momentum positive.
- RSI(14) at 58 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 36% off 52W high · 64% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 73.2%.
- Growth contributes 22/25 to the score.
Main drags
- Promoter pledge is 41.3%.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Quality is weaker at 11/20; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 42nd percentile within Consumer. Main check: promoter alignment is weak at 47/100.
Healthy Trust Lite: Promoter holding is 55.9%. Key concern: Promoters have pledged 41.3% of holding.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 42nd pctile, median 67 · Micro: 26th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 55.9%.
- ▸Promoter holding increased 2.5%.
- ▸5 years of positive FCF.
- ▸ROCE is 20.9%.
Trust risks
- ▸Promoters have pledged 41.3% of holding.
- ▸Operating cash flow is negative at ₹-265 Cr.
- ▸2 recent quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -9.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 16.90
- P/B
- 2.71
- EV/EBITDA
- 11.45
- Market Cap
- 4093.00Cr
Profitability
- ROE
- 17.80%
- ROCE
- 22.40%
- ROA
- 7.18%
- Dividend Y
- 0.17%
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 43.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 28.00%
Balance Sheet
- Debt/Equity
- 0.15
- Interest Coverage
- 11.16×
- Altman Z
- 3.97
- Book Value
- 110.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 107.00 Cr
- EPS TTM
- 14.82
Shareholding
- Promoter Hold
- 55.85%
- Promoter Pledge
- 41.30%
- Momentum 52W
- 32%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.