Audited financial results for the 4th quarter and financial year ended March 31, 2026, both on standalone and consolidated basis.
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Refex Renewables & Infrastructure Limited reported severe financial deterioration for FY26 ending March 31, 2026. Standalone revenue collapsed to ₹990 lakhs from ₹1,876 lakhs in FY25 (47% decline), while consolidated revenue remained nearly flat at ₹6,647 lakhs (vs ₹6,799 lakhs). The company reported substantial losses with standalone loss of ₹1,200 lakhs and consolidated loss of ₹4,296 lakhs, both worsening from prior year. Net worth is fully eroded with negative reserves of ₹6,919 lakhs on standalone basis. Auditors raised material uncertainty about the company's ability to continue as a going concern in both standalone and consolidated results. The consolidated auditor issued a qualified opinion due to unsupported liabilities of ₹375.51 lakhs and inadequate documentation for borrowings of ₹1,270.25 lakhs at two subsidiaries. SEI Tejas Private Limited (subsidiary) has been prepared on liquidation basis with eroded net worth. An insolvency petition has been filed against Sherisha Solar LLP (step-down subsidiary) for alleged default of ₹34.24 crore under IBC.
The company faces critical financial distress with fully eroded net worth, mounting losses, and qualified audit opinion. Going concern uncertainty, pending NCLT insolvency case, and compliance violations at subsidiary level present substantial risks for shareholders. The stock faces extreme downside risk.