Refex Industries Ltd
NSE:REFEX
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Refex Industries Ltd
Refex Industries Ltd. engages in the distribution of refrigerant gases. The company is headquartered in Chennai, Tamil Nadu. The company went IPO on 2007-08-26. The company is engaged in refilling non-ozone-depleting refrigerant gases known as Hydrofluorocarbons (HFC). The firm's business verticals include refrigerant gases refilling and distributing; coal and fly ash handling; coal trading; O&M services for thermal power plants; coal yard management services; and solar power generation. Its refrigerant gases are primarily used as refrigerants, blowing agents and aerosol propellants. Its coal & ash handling include Fly Ash, Pond Ash and Bottom Ash. The company supplies ash to cement manufacturers, infrastructure projects, to paver block and hollow bricks manufacturers in Maharashtra, Chhattisgarh, Madhya Pradesh, Andhra Pradesh & Karnataka. The company also provides coal yard management services to power plants in handling movement of coal within the plant from one point to another; and crushing the coal into uniform size and feeding to track hoopers.
Refex Industries Ltd. engages in the distribution of refrigerant gases. The company is headquartered in Chennai, Tamil Nadu. The company went IPO on 2007-08-26. The company is engaged in refilling non-ozone-depleting refrigerant gases known as Hydrofluorocarbons (HFC). The firm's business verticals include refrigerant gases refilling and distributing; coal and fly ash handling; coal trading; O&M services for thermal power plants; coal yard management services; and solar power generation. Its refrigerant gases are primarily used as refrigerants, blowing agents and aerosol propellants. Its coal & ash handling include Fly Ash, Pond Ash and Bottom Ash. The company supplies ash to cement manufacturers, infrastructure projects, to paver block and hollow bricks manufacturers in Maharashtra, Chhattisgarh, Madhya Pradesh, Andhra Pradesh & Karnataka. The company also provides coal yard management services to power plants in handling movement of coal within the plant from one point to another; and crushing the coal into uniform size and feeding to track hoopers.
Strong Sequential Recovery: Refex reported a 38% quarter-on-quarter jump in revenue for Q3 FY26 as activity in the Ash and Coal Handling business rebounded after monsoon disruptions.
Profitability Up: Profit before tax rose 24% QoQ to INR 89 crores, and profit after tax increased 29% QoQ to INR 67 crores, boosted by the core business shift.
Strategic Business Exit: Management has decided to exit the low-margin Power Trading and Refrigerant Gas businesses to focus on higher-margin core operations.
Order Book Strength: The Ash and Coal Handling segment has an open order book of INR 1,500 crores, while the Wind segment has secured INR 1,860 crores in orders.
Mobility Demerger Progress: The demerger of Refex Green Mobility Limited is expected to complete by April end, making Mobility an independent listed entity.
Wind Business Momentum: Wind turbine deliveries are set to begin in Q4, with management expecting this segment to become a key profit contributor.
EBITDA Margin Outlook: Management guides for 11%–12% sustainable EBITDA margins, despite recent quarters being higher due to contract mix.
No Lasting Impact from Tax Raid: Management reiterated that an income tax search has not uncovered any incriminating evidence and business remains unaffected.
