Unaudited financial results for Q1FY26
Awaiting price reaction for this filing.
Refex Renewables & Infrastructure Ltd reported its Q1FY26 results with standalone revenue from operations rising sharply to ₹400 lakhs from ₹196 lakhs in Q1FY25, but the company posted a standalone loss after tax of ₹147 lakhs (vs ₹220 lakhs loss a year ago). On a consolidated basis, revenue dipped slightly to ₹1,674 lakhs (from ₹1,801 lakhs) with a loss after tax of ₹761 lakhs, slightly improved from ₹860 lakhs. The auditor has flagged a 'Material Uncertainty Related to Going Concern' on both standalone and consolidated results, noting that the company has incurred losses and its net worth has been fully eroded. The consolidated review report carries a qualified opinion due to ₹449.43 lakhs of unverified outstanding liabilities in two subsidiaries, and an emphasis of matter on a subsidiary's non-compliance with RBI/FEMA regulations on foreign currency transactions.
This is a serious red flag for shareholders — the auditor has explicitly questioned the company's ability to continue as a going concern, net worth is fully eroded, and the consolidated report carries a qualified opinion. While the promoter has provided a letter of support and standalone revenue nearly doubled, persistent losses and governance concerns around subsidiaries are likely to weigh on the stock and investor sentiment.