Refex Industries LimitedQuarter ended Sep 30, 2026 Results & Financial Update
Refex Industries Limited: Quarter ended Sep 30, 2026 consolidated results and company financials – revenue ₹761.32 Cr, PAT ₹50.69 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Refex Industries Quarter ended Sep 30, 2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Refex Industries Limited registered a consolidated revenue from operations of INR 761.32 crore for the quarter ended September 30, 2026, advancing significantly compared to INR 414.69 crore in the corresponding period of the previous year, though moderating from INR 949.29 crore recorded in the preceding quarter ended June 30, 2026.
Total consolidated income for the quarter stood at INR 763.36 crore, supported by other income of INR 2.04 crore, reflecting a robust year-on-year expansion from INR 419.89 crore in Q2 FY26.
Profit before tax (PBT) from continuing operations expanded to INR 80.67 crore during the second quarter of FY27, up from INR 64.66 crore in Q2 FY26, despite seasonal monsoon headwinds affecting execution momentum across certain industrial segments.
Consolidated profit after tax (PAT) for the quarter reached INR 50.69 crore compared to INR 36.19 crore in the corresponding quarter of the previous year, translating to basic earnings per share of INR 4.34 against INR 3.55 a year ago.
Sequential comparisons indicate a moderation in consolidated revenue and profitability from the preceding quarter ended June 30, 2026, during which revenue from operations stood at INR 949.29 crore and PAT at INR 64.55 crore, partly attributable to seasonal operational pauses during the monsoon season.
The company's continuing operations were impacted by tax expenses totalling INR 21.12 crore for the quarter, leaving net profit from continuing operations at INR 59.55 crore before factoring in losses from discontinued operations.
Discontinued operations—specifically comprising the power trading, refrigerant gases manufacturing, and green mobility segments—contributed a net loss of INR 8.86 million (INR 0.89 crore) for the quarter, moderating overall consolidated net earnings.
01 · Business model
What does Refex Industries do?
Refex Industries Limited is a sustainability-focused enterprise established in 2002 and headquartered in Chennai, India. The company operates primarily as an ash and coal handling service provider for thermal power plants and industrial customers, managing critical material handling requirements across the energy sector value chain.
Over its operating history, the company has expanded its portfolio beyond core ash and coal logistics to include wind energy solutions through subsidiaries, as well as green mobility services encompassing premium corporate mobility and fleet operations.
Refex leverages strategic forward integration to capture value across complementary sustainability sectors, diversifying its business lines while maintaining its primary footprint in waste-to-wealth and environmental infrastructure support.
02 · Historical context
What shaped the business before this quarter
Established in 2002, Refex Industries Limited has built over 23 years of operating expertise in sustainability-driven solutions and industrial ash and coal handling.
The Board previously approved a draft composite scheme of amalgamation and arrangement involving Refex Green Mobility Limited and Refex Mobility Limited, with NCLT hearings underway during FY27 to convene stakeholder meetings.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended Sep 30, 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹761.32 Cr | ₹414.69 Cr | ₹949.29 Cr |
| Total income | ₹763.36 Cr | ₹419.89 Cr | ₹928.66 Cr |
| Profit before tax | ₹80.67 Cr | ₹64.66 Cr | ₹86.61 Cr |
| Profit after tax | ₹50.69 Cr | ₹36.19 Cr | ₹64.55 Cr |
| EPS | ₹4.34 | ₹3.55 | ₹4.65 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
The core ash and coal handling business continued to anchor top-line performance, backed by strong execution momentum and fresh order intake.
The Venwind wind energy business successfully completed initial batch deliveries to all three customers, achieving substantial revenue contributions during the quarter.
What drove margins
Cost of materials consumed and changes in inventories totaled INR 634.56 crore on a consolidated basis, reflecting the scale of execution in manufacturing and wind energy divisions.
Consolidated employee benefits expense stood at INR 13.40 crore for the quarter, reflecting workforce scaling across operational subsidiaries.
Finance costs stood at INR 16.92 crore and depreciation and amortization expenses reached INR 6.40 crore for the quarter, reflecting ongoing capital deployment.
05 · Demand, customers & order book
Where demand is coming from
Secured new orders worth INR 346 crore during the quarter, bringing the total ash and coal handling order book to INR 1,721 crore.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Reported segment revenue of INR 546.62 crore with an EBIT of INR 91.03 crore for the quarter ended September 30, 2026.
Generated segment revenue of INR 201.80 crore with an EBIT of INR 9.04 crore for the quarter.
Recorded segment revenue of INR 36.13 crore and a segment loss (EBIT) of INR 12.20 crore, and is classified under discontinued operations pending NCLT-approved demerger.
Power Trading and Refrigerant Gases segments, alongside Green Mobility, are classified as discontinued operations under Ind AS 105, recording total revenue of INR 36.13 crore and a net loss after tax of INR 0.89 crore for the quarter.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Entered the ready-mix concrete (RMC) business using a capital-light model, launching the first plant in Pune in September 2026 to enhance ash utilization and market reach.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Focused on executing existing wind energy order books while building in-house manufacturing capabilities to strengthen technology integration and operating efficiency.
09 · Reported developments
What changed operationally
Robust order book of INR 1,721 crore in the ash and coal division provides revenue visibility for future quarters.
10 · Pressure points & risks
What is not going smoothly
Quarterly sequential moderation in revenue and profitability was influenced by seasonal monsoon disruptions affecting execution speed.
11 · Items worth noticing
The line items that can distort a quick read
Refrigerant gases, power trading, and green mobility segments have been segregated and disclosed as discontinued operations under Ind AS 105.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash generated from operating activities for the half year ended September 30, 2026, stood at INR 190.48 crore before working capital changes, with trade receivables standing at INR 1,250.93 crore as of September 30, 2026.
Capital allocation & funding
Consolidated non-current borrowings stood at INR 29.23 crore and current borrowings at INR 197.62 crore as of September 30, 2026.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
ESOP Allotment
Allotted 9,100 equity shares of face value INR 2 each pursuant to the exercise of vested employee stock options under the Refex Employee Stock Option Scheme, 2021, increasing paid-up equity share capital.
Reported update
Demerger Progress
NCLT hearings are progressing for approval of the composite scheme of amalgamation and arrangement involving Refex Green Mobility Limited and Refex Mobility Limited.
14 · Previous-quarter changes
What changed since the previous quarter
Consolidated revenue from operations moderated by 19.8% sequentially from INR 949.29 crore in Q1 FY27 to INR 761.32 crore in Q2 FY27.
15 · Key Q&A
The quarter, answered directly
What does Refex Industries do?
Refex Industries Limited is a sustainability-focused enterprise established in 2002 and headquartered in Chennai, India. The company operates primarily as an ash and coal handling service provider for thermal power plants and industrial customers, managing critical material handling requirements across the energy sector value chain.
What is the clearest takeaway from Quarter ended Sep 30, 2026?
Refex Industries Limited registered a consolidated revenue from operations of INR 761.32 crore for the quarter ended September 30, 2026, advancing significantly compared to INR 414.69 crore in the corresponding period of the previous year, though moderating from INR 949.29 crore recorded in the preceding quarter ended June 30, 2026.
What drove revenue or demand?
The core ash and coal handling business continued to anchor top-line performance, backed by strong execution momentum and fresh order intake.
What mattered most for margins or profitability?
Cost of materials consumed and changes in inventories totaled INR 634.56 crore on a consolidated basis, reflecting the scale of execution in manufacturing and wind energy divisions.
What changed operationally beyond the headline numbers?
Entered the ready-mix concrete (RMC) business using a capital-light model, launching the first plant in Pune in September 2026 to enhance ash utilization and market reach.
What are the main pressure points disclosed for the quarter?
Quarterly sequential moderation in revenue and profitability was influenced by seasonal monsoon disruptions affecting execution speed.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
NCLT Demerger Hearings: Track further NCLT orders and shareholder meeting outcomes regarding the proposed demerger of the green mobility business.
- 02
RMC Division Scaling: Monitor the operational progress and volume ramp-up of the newly launched ready-mix concrete plant in Pune.
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