Refex Industries Limited has informed the Exchange about Transcript of the Earnings Conference Call held for the 1st quarter ended June 30, 2025
REFEX · price
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Refex Industries reported weak Q1 FY26 results due to an unusually early and intense monsoon that hit its core coal and ash handling business (95% of revenue). Standalone revenue fell to INR365.9 crores with EBITDA of INR39.7 crores and PAT of around INR33 crores (8.7% margin). Consolidated PAT was INR20.4 crores, dragged by Green Mobility (-50% margin) and wind operations. Management expects a sharp recovery from Q3 FY26 as monsoon ends, new ash handling contracts commence, and daily volume scales from 70,000 to 90,000 tons. The Board declared a dividend of INR0.50 per share (25% of face value), resuming payouts after skipping last year. The company has INR237 crores cash and effectively no debt, only working capital and vehicle loans.
Short-term sentiment may be weak due to monsoon hit and ongoing losses in Green Mobility and wind segments, but the strong order pipeline, debt-free balance sheet, and dividend resumption support medium-term confidence. Stock could see positive movement if Q3 recovery materializes as guided, with new contracts starting and power trading (loss-making) being wound down to improve consolidated margins.