Audited financial results for the 4th quarter and financial year ended March 31, 2025, both on standalone and consolidated basis.
Awaiting price reaction for this filing.
Refex Renewables reported deeper losses for FY25 on both standalone and consolidated bases. Standalone revenue from operations fell to ₹1,876 lakh (vs ₹2,060 lakh in FY24) and loss after tax widened to ₹(919) lakh (vs ₹(703) lakh), with EPS at ₹(20.74). Consolidated revenue declined to ₹6,799 lakh (vs ₹7,609 lakh) and loss after tax grew to ₹(3,639) lakh (vs ₹(3,442) lakh), with EPS at ₹(81.26). Net worth on a standalone basis was fully eroded at ₹(5,294) lakh, prompting the auditor to flag a material uncertainty on going concern. The consolidated auditor issued a qualified opinion, citing issues in two subsidiaries, and added an emphasis of matter on RBI/FEMA non-compliance in one subsidiary. The Board also withdrew the previously approved ₹160 crore rights issue citing market conditions, approved sale of 100% stake in Ishaan Solar Power (buyer is a promoter-related party, for ₹3.93 crore), and assigned the SUNEDISON trademark to SILRES for ₹1 crore.
Significant red flags for shareholders — fully eroded net worth, going concern uncertainty, qualified consolidated audit opinion, and a related-party subsidiary sale. Revenue is shrinking and losses are widening, suggesting financial stress that could weigh negatively on the stock and limit near-term investor confidence.