Investor Presentation on Audited Financial Results for the 4th quarter and Financial Year ended March 31, 2026.
REFEX · price
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Refex Industries reported FY26 standalone revenue of ₹2,039 Cr, down 9.7% from ₹2,259 Cr in FY25, but EBITDA surged 68.5% to ₹350 Cr and PAT grew 34.7% to ₹247 Cr. EBITDA margin expanded significantly to 17.2% from 9.2% previously, indicating improved earnings quality. The company operates three verticals: Ash & Coal Handling (order book ~₹1,500 Cr), Wind Energy (subsidiary Venwind Refex Power with 406 MW secured orders worth ₹1,860 Cr and ALMM approval for 5.3 MW turbine), and Mobility (1,750+ vehicles across 5 cities). The proposed demerger of RGML mobility business has received BSE, NSE, and lender approvals with NCLT application filed in March 2026. The wind segment entered active execution phase in Q4 with ₹233 Cr revenue contribution. ROCE improved to 19.4% and Debt-to-Equity remains healthy at 0.10.
The strong margin expansion and order book visibility signal operational efficiency gains and bode well for profitability. The upcoming RGML demerger could unlock value for shareholders, while the wind energy vertical's ALMM approval and growing order pipeline (1.5 GW) represent a new growth vector. The stock split history and improving dividend track record reflect management's focus on shareholder returns.