Dashboard Tools Market News Investing Ideas Pricing About Us
Sign Up
Log in

Refex Industries Ltd
NSE:REFEX

Watchlist Manager
Refex Industries Ltd Logo
Refex Industries Ltd
NSE:REFEX
Watchlist
Price: 228 INR -2.03% Market Closed
Market Cap: ₹31.3B
Write Note Create Alert Ask AI
Financials Section:
Income Statement Balance Sheet Cash Flow Statement

Income Statement

Revenue
+
3Y
+71%
5Y
+233%
10Y
+2 329%
Operating Income
+
3Y
+99%
5Y
+364%
10Y
+753 087%
Net Income
+
3Y
+80%
5Y
+460%
10Y
+229 685%

Earnings Waterfall
Refex Industries Ltd

Income Statement
Refex Industries Ltd

Rotate your device to view
Income Statement
Currency: INR
Mar-2007 Jun-2007 Sep-2007 Dec-2007 Mar-2008 Jun-2008 Sep-2008 Dec-2008 Mar-2009 Jun-2009 Sep-2009 Dec-2009 Sep-2010 Dec-2010 Mar-2011 Jun-2011 Sep-2011 Dec-2011 Mar-2012 Jun-2012 Sep-2012 Dec-2012 Mar-2013 Jun-2013 Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2019 Sep-2019 Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Dec-2021 Mar-2022 Jun-2022 Sep-2022 Dec-2022 Mar-2023 Jun-2023 Sep-2023 Dec-2023 Mar-2024 Jun-2024 Sep-2024 Dec-2024 Mar-2025 Jun-2025 Sep-2025 Dec-2025
Revenue
Interest Expense
3
4
6
6
5
7
12
20
29
35
39
37
17
21
29
0
0
0
32
0
0
0
2
0
0
0
16
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9
0
0
0
89
0
0
0
92
0
0
0
134
0
0
0
172
0
0
0
222
0
0
0
Revenue
513
N/A
564
+10%
643
+14%
722
+12%
899
+25%
1 021
+13%
1 098
+8%
973
-11%
895
-8%
713
-20%
506
-29%
473
-6%
189
-60%
406
+115%
802
+98%
881
+10%
993
+13%
785
-21%
419
-47%
382
-9%
180
-53%
148
-18%
169
+15%
186
+10%
214
+15%
236
+10%
245
+4%
230
-6%
203
-12%
175
-14%
847
+384%
838
-1%
836
0%
829
-1%
780
-6%
798
+2%
987
+24%
1 003
+2%
377
-62%
1 393
+269%
3 000
+115%
5 369
+79%
6 607
+23%
5 995
-9%
6 965
+16%
6 041
-13%
6 327
+5%
6 380
+1%
4 742
-26%
4 195
-12%
4 440
+6%
6 258
+41%
8 853
+41%
11 759
+33%
16 291
+39%
17 463
+7%
17 451
0%
16 706
-4%
13 829
-17%
15 957
+15%
17 711
+11%
21 823
+23%
24 677
+13%
22 558
-9%
21 550
-4%
20 139
-7%
Gross Profit
Cost of Revenue
(429)
(452)
(480)
(546)
(713)
(801)
(885)
(837)
(775)
(622)
(446)
(349)
(104)
(285)
(638)
(716)
(881)
(768)
(493)
(437)
(198)
(110)
(22)
(36)
(45)
(56)
(84)
(69)
(51)
(43)
(641)
(638)
(648)
(636)
(599)
(614)
(769)
(777)
(198)
(1 218)
(2 588)
(4 444)
(5 575)
(4 932)
(5 761)
(5 037)
(5 270)
(5 338)
(3 897)
(3 454)
(3 543)
(5 194)
(7 540)
(10 175)
(14 226)
(15 270)
(15 264)
(14 547)
(11 904)
(13 871)
(15 461)
(19 283)
(21 815)
(19 712)
(18 415)
(16 646)
Gross Profit
84
N/A
113
+35%
163
+45%
176
+8%
187
+6%
220
+18%
213
-3%
137
-36%
120
-12%
91
-24%
60
-34%
124
+107%
86
-31%
121
+41%
163
+35%
165
+1%
111
-33%
17
-85%
(74)
N/A
(56)
+25%
(18)
+68%
38
N/A
148
+291%
150
+2%
170
+13%
180
+6%
161
-11%
160
0%
152
-5%
132
-13%
206
+56%
200
-3%
188
-6%
193
+3%
181
-6%
184
+2%
217
+18%
226
+4%
179
-21%
174
-3%
412
+137%
924
+124%
1 033
+12%
1 063
+3%
1 204
+13%
1 003
-17%
1 057
+5%
1 042
-1%
844
-19%
741
-12%
897
+21%
1 063
+19%
1 312
+23%
1 584
+21%
2 066
+30%
2 193
+6%
2 186
0%
2 160
-1%
1 925
-11%
2 086
+8%
2 250
+8%
2 540
+13%
2 862
+13%
2 846
-1%
3 135
+10%
3 493
+11%
Operating Income
Operating Expenses
(21)
(31)
(44)
(52)
(41)
(59)
(53)
(80)
(69)
(65)
(74)
(60)
(47)
(63)
(77)
(79)
(86)
(77)
(131)
(159)
(180)
(179)
(256)
(298)
(299)
(257)
(161)
(161)
(157)
(146)
(175)
(174)
(174)
(192)
(164)
(172)
(174)
(163)
(166)
(77)
(190)
(462)
(534)
(646)
(634)
(516)
(433)
(390)
(304)
(248)
(375)
(440)
(445)
(447)
(388)
(379)
(413)
(461)
(490)
(671)
(748)
(915)
(972)
(1 262)
(1 301)
(1 233)
Selling, General & Administrative
(17)
(5)
(7)
(8)
(34)
(10)
(11)
(14)
(41)
(16)
(16)
(14)
(6)
(6)
(48)
(13)
(14)
(13)
(96)
(8)
(6)
(3)
(219)
(2)
(1)
(2)
(1)
(2)
(2)
(2)
(1)
(1)
(2)
(2)
(2)
(2)
(3)
(4)
(7)
(8)
(15)
(24)
(31)
(33)
(41)
(49)
(60)
(83)
(101)
(116)
(318)
(142)
(148)
(146)
(319)
(137)
(148)
(172)
(357)
(251)
(280)
(326)
(648)
(448)
(477)
(476)
Depreciation & Amortization
(4)
(5)
(5)
(8)
(7)
(11)
(14)
(20)
(24)
(22)
(21)
(16)
(11)
(8)
(25)
(29)
(31)
(43)
(29)
(35)
(36)
(31)
(32)
(29)
(26)
(22)
(23)
(22)
(21)
(20)
(25)
(21)
(21)
(19)
(10)
(11)
(8)
(7)
(8)
(2)
(4)
(7)
(14)
(15)
(16)
(16)
(53)
(64)
(75)
(86)
(57)
(58)
(61)
(64)
(69)
(78)
(90)
(113)
(135)
(166)
(202)
(251)
(326)
(411)
(398)
(360)
Other Operating Expenses
0
(21)
(33)
(36)
0
(38)
(27)
(46)
(4)
(28)
(37)
(30)
(30)
(48)
(4)
(37)
(41)
(21)
(6)
(116)
(138)
(145)
(6)
(267)
(272)
(233)
(136)
(137)
(134)
(124)
(149)
(151)
(151)
(171)
(153)
(158)
(163)
(152)
(151)
(67)
(170)
(431)
(488)
(599)
(577)
(451)
(320)
(242)
(128)
(47)
0
(241)
(236)
(236)
0
(164)
(174)
(177)
2
(253)
(266)
(338)
1
(402)
(426)
(398)
Operating Income
63
N/A
82
+31%
119
+45%
125
+5%
146
+17%
161
+10%
161
0%
56
-65%
51
-10%
26
-50%
(14)
N/A
64
N/A
39
-39%
58
+49%
86
+49%
86
0%
26
-70%
(61)
N/A
(205)
-239%
(215)
-5%
(197)
+8%
(141)
+28%
(109)
+23%
(148)
-36%
(129)
+13%
(77)
+40%
(0)
+100%
(0)
+50%
(5)
-5 100%
(14)
-162%
30
N/A
26
-14%
14
-47%
0
-98%
16
+5 267%
13
-20%
43
+235%
63
+46%
14
-78%
98
+618%
222
+127%
462
+108%
500
+8%
417
-17%
570
+37%
487
-15%
624
+28%
652
+5%
541
-17%
492
-9%
522
+6%
623
+19%
868
+39%
1 137
+31%
1 678
+48%
1 814
+8%
1 774
-2%
1 698
-4%
1 434
-16%
1 415
-1%
1 502
+6%
1 624
+8%
1 889
+16%
1 584
-16%
1 834
+16%
2 260
+23%
Pre-Tax Income
Interest Income Expense
(3)
(4)
(6)
(6)
(5)
(8)
(12)
(20)
(29)
(35)
(39)
(37)
(17)
(21)
(36)
(39)
(40)
(42)
(34)
(27)
(16)
(4)
(4)
(10)
(9)
(11)
(16)
(16)
(16)
(14)
(0)
0
0
0
0
(13)
(26)
(32)
0
(0)
(0)
(1)
(9)
(11)
(13)
(15)
(89)
(109)
(129)
(151)
(50)
(111)
(123)
(137)
(61)
(222)
(249)
(294)
(106)
(288)
(280)
(274)
161
(318)
(330)
(345)
Non-Reccuring Items
0
0
0
0
0
0
0
0
0
(8)
(8)
(8)
0
0
0
0
0
0
(1)
(1)
(1)
(1)
(44)
0
0
(44)
(0)
(0)
(0)
(0)
(1)
0
0
0
0
0
0
0
0
0
0
0
(58)
0
(58)
(58)
0
0
0
0
134
132
128
129
(2)
(2)
2
1
0
0
3
0
0
0
0
0
Gain/Loss on Disposition of Assets
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(0)
(0)
(0)
(0)
0
0
0
0
0
0
0
0
0
0
0
0
2
0
0
0
1
0
0
0
(0)
0
0
0
2
0
0
0
Total Other Income
0
0
0
4
7
8
8
5
12
12
13
14
1
13
22
28
29
16
6
3
1
1
0
3
3
3
29
35
34
34
1
1
1
1
(13)
0
0
0
(8)
10
27
27
48
38
26
26
44
58
68
77
2
59
72
76
(51)
79
103
121
(115)
185
203
419
(53)
586
568
378
Pre-Tax Income
60
N/A
78
+30%
114
+46%
123
+8%
147
+20%
162
+10%
157
-3%
41
-74%
33
-19%
(5)
N/A
(48)
-796%
33
N/A
23
-30%
50
+118%
72
+43%
74
+3%
15
-80%
(86)
N/A
(234)
-171%
(240)
-2%
(213)
+11%
(145)
+32%
(157)
-8%
(155)
+1%
(135)
+13%
(129)
+5%
12
N/A
18
+53%
12
-32%
6
-52%
30
+412%
27
-12%
14
-46%
1
-95%
3
+343%
(0)
N/A
17
N/A
31
+78%
5
-83%
108
+1 932%
249
+131%
489
+97%
480
-2%
444
-8%
525
+18%
440
-16%
579
+31%
601
+4%
479
-20%
419
-13%
610
+46%
704
+15%
945
+34%
1 206
+28%
1 564
+30%
1 668
+7%
1 630
-2%
1 526
-6%
1 213
-21%
1 312
+8%
1 429
+9%
1 770
+24%
1 999
+13%
1 853
-7%
2 072
+12%
2 292
+11%
Net Income
Tax Provision
(13)
(14)
(21)
(21)
(27)
(38)
(45)
(5)
(11)
2
23
(10)
(6)
(16)
0
(1)
5
15
0
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
50
50
50
50
(1)
(21)
(44)
(112)
(149)
(147)
(186)
(153)
(169)
(174)
(137)
(129)
(156)
(183)
(244)
(312)
(403)
(433)
(435)
(424)
(284)
(301)
(322)
(331)
(415)
(357)
(434)
(541)
Income from Continuing Operations
47
64
92
102
120
124
112
36
22
(3)
(24)
23
17
35
72
74
20
(72)
(234)
(239)
(213)
(145)
(157)
(155)
(135)
(129)
12
18
12
6
30
27
14
1
53
50
67
81
5
87
205
378
331
297
339
287
409
427
342
290
454
521
701
894
1 161
1 235
1 195
1 103
930
1 011
1 107
1 438
1 584
1 496
1 638
1 751
Income to Minority Interest
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9
9
9
9
4
12
24
37
Equity Earnings Affiliates
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(0)
0
(0)
(0)
0
0
0
0
0
Net Income (Common)
47
N/A
64
+38%
92
+44%
102
+11%
120
+18%
124
+3%
112
-10%
36
-68%
22
-38%
(3)
N/A
(24)
-650%
23
N/A
17
-27%
35
+108%
72
+108%
74
+2%
20
-73%
(72)
N/A
(234)
-227%
(239)
-2%
(213)
+11%
(145)
+32%
(157)
-8%
(155)
+1%
(135)
+13%
(129)
+5%
12
N/A
18
+53%
12
-32%
6
-52%
30
+412%
27
-12%
14
-46%
1
-95%
53
+7 486%
50
-6%
67
+35%
81
+20%
5
-94%
87
+1 791%
205
+136%
378
+84%
331
-12%
297
-10%
339
+14%
287
-15%
409
+43%
427
+4%
342
-20%
290
-15%
454
+57%
521
+15%
701
+34%
894
+28%
1 161
+30%
1 235
+6%
1 195
-3%
1 103
-8%
939
-15%
1 019
+9%
1 116
+9%
1 447
+30%
1 588
+10%
1 506
-5%
1 570
+4%
1 608
+2%
EPS (Diluted)
3.96
N/A
5.44
+37%
7.76
+43%
8.3
+7%
7.67
-8%
7.74
+1%
6.95
-10%
2.24
-68%
1.38
-38%
-0.2
N/A
-1.52
-660%
1.44
N/A
1.05
-27%
2.18
+108%
4.52
+107%
4.61
+2%
1.23
-73%
-4.48
N/A
-14.65
-227%
-15.14
-3%
-13.37
+12%
-9.16
+31%
-9.8
-7%
-9.66
+1%
-8.34
+14%
-8.07
+3%
0.74
N/A
1.12
+51%
0.77
-31%
0.38
-51%
1.89
+397%
1.67
-12%
0.91
-46%
0.04
-96%
3.33
+8 225%
3.18
-5%
4.21
+32%
5.06
+20%
0.29
-94%
5.44
+1 776%
12.73
+134%
23.59
+85%
20.7
-12%
19.16
-7%
16.15
-16%
13.67
-15%
19.49
+43%
20.33
+4%
16.28
-20%
13.8
-15%
21.61
+57%
24.82
+15%
33.37
+34%
40.63
+22%
10.77
-73%
11.13
+3%
10.74
-4%
9.94
-7%
8.44
-15%
8.52
+1%
9.26
+9%
11.16
+21%
12.41
+11%
10.74
-13%
14.08
+31%
11.6
-18%

See Also

Summary
REFEX intrinsic value, competitors valuation, and company profile.
DCF Valuation
REFEX stock valuation using Discount Cash Flow valuation method.
Relative Valuation
REFEX stock valuation using valuation multiples.
Wall Street Estimates
REFEX price targets and financial estimates made by Wall st analysts.
Profitability Analysis
Detailed analysis of the company's profitability.
Solvency Analysis
Analysis of the financial position and solvency of the company.
Financials
Income Statement, Balance Sheet, Cash Flow Statement.
Discount Rate
REFEX stock discount rate: cost of equity and WACC.
Summary
DCF Valuation
Relative Valuation
Wall Street Estimates
Profitability Analysis
Solvency Analysis
Financials
Discount Rate
Discover More
ALPHA SPREAD
Follow us
Join more than 315,700+ value investors using Alpha Spread
Create Free Account
or see our plans & pricing

Company

About Us Careers Pricing Affiliate Program Terms of Service Privacy Policy

Help

What is Intrinsic Value? Help Center Contact Us

Tools

Stock Screener Intrinsic Value Calculator DCF Value Calculator Discount Rate Calculator

Stocks

Most Undervalued Stocks Wide Economic Moat Stocks High Profitability Stocks High Solvency Stocks Most Popular Stocks

© 2026 Alpha Spread Limited. All Rights Reserved.

www.alphaspread.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on www.alphaspread.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. In no event shall Alpha Spread Limited be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on www.alphaspread.com, or relating to the use of, or inability to use, www.alphaspread.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance.