Refex Industries Limited has informed the Exchange about Credit Rating
REFEX · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Acuité Ratings has reaffirmed Refex Industries' credit ratings on its Rs. 300 crore bank loan facilities — ACUITE A- (Stable) for long-term loans of Rs. 165 crore and ACUITE A2+ for short-term loans of Rs. 135 crore. The ratings agency cited improved operating performance, a healthy order book of Rs. 2,524.60 crore, strong financial risk profile with low gearing (0.24x), and promoter experience as strengths. Concerns include working capital intensity (204 days in FY25), intense competition, and recent income tax search operations in December 2025 along with an insider trading penalty on the promoter, which Acuité flagged as key monitorables. Consolidated FY25 revenue grew to Rs. 2,467.66 crore from Rs. 1,383.43 crore, though operating margins dipped to 8.54% from 10.61%, and H1FY26 revenue declined year-on-year.
The reaffirmation with a Stable outlook signals continued lender confidence despite tax-related scrutiny, which should keep borrowing costs stable for shareholders. However, the tax search, insider trading penalty on the promoter, and margin compression in FY25 are negative overhangs that investors should watch closely.