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 Quarterly Growth: Revenue rose 15% to INR 431 crores in Q2, with EBITDA nearly doubling to INR 74 crores and net profit at INR 52 crores, despite continued monsoon disruptions.
Margin Expansion: Ash and coal handling margins surged to 10%–12% this quarter, mainly due to favorable product mix and reduced rainfall at some sites, but are expected to normalize to 8%–11%.
Order Book Strength: The order book for coal and ash handling stands at approximately INR 1,200 crores, supporting positive momentum for the next 6 months.
Wind Business Update: The wind turbine manufacturing business has secured two orders (including a 153.7 MW order valued at INR 750 crores) and expects most revenue recognition from these in Q3 and Q4.
Mobility Demerger: The demerger of Refex Green Mobility is in process, aiming for a separate listing within 6–7 months and enabling each vertical to pursue independent growth.
Power Trading Exit: Refex is winding down its low-margin power trading operations permanently to focus on core businesses.
Future Capacity Growth: The company targets a 60%–65% increase in daily ash handling capacity over the next 3 years, aiming for over 105,000–110,000 metric tons per day.
