Disclosure under Regulation 30 and 33 of Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations, 2015, as amended ( SEBI ListingRegulations - Outcome of the meeting of the Board of Directors held on November 04, 2025

Emphasis Of MatterRevenue DeclinePat Growth 25pctEbitda Margin ExpansionRelated Party TransactionsResults RestatedResults View source PDF Explain this filing

REFEX · price

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Price reactionminutes from the announcement price · days from the prior close

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Nifty Microcap 250market · index membership as recorded later (tracked since Jun 2026)-1.7%-0.3% vs market

Waste Management peers, median of 7sector-1.9%-0.1% vs sector

On the reaction day the stock moved 0.3 pts less than Nifty Microcap 250 and 0.1 pts less than its Waste Management peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

Refex Industries' board, at its meeting on November 4, 2025, approved the unaudited financial results for Q2 FY26 and H1 FY26 (quarter and half year ended September 30, 2025) on both standalone and consolidated basis, with a limited review report from statutory auditor M/s A B C D & Co LLP. On a standalone basis, Q2 FY26 revenue from operations came in at around Rs 423 crore with net profit from continuing operations at about Rs 52 crore, up roughly 55% year-on-year, while H1 FY26 revenue fell about 22% YoY to Rs 788 crore but profit from continuing operations grew about 22% to Rs 85 crore. The Power Trading segment has been discontinued, and the Green Mobility segment has also been classified as a discontinued operation with related assets and liabilities shown as held for sale. The auditor drew specific attention to these discontinued operations notes as an emphasis of matter, and the company also received the second tranche of promoter warrants worth Rs 94.68 crore from Refex Holding Private Limited on October 3, 2025, alongside incorporating a new wholly-owned subsidiary Refex Mobility Limited.

Likely market impact

Profit growth and margin expansion in Q2 FY26 are positive signals, but the 22% drop in H1 revenue and the exit from the Power Trading and Green Mobility segments may keep the stock volatile in the near term; long-term story now hinges on the core Ash & Coal Handling and Refrigerant Gas businesses plus the pending composite scheme of amalgamation.