Unaudited financial results for Q2H1FY26, both on standalone and consolidated basis.
Awaiting price reaction for this filing.
Refex Renewables reported weak Q2FY26 results with a standalone loss after tax of ₹372 lakhs (vs ₹254 lakhs loss in Q2FY25) and a consolidated loss of ₹1,432 lakhs (vs ₹1,269 lakhs loss in Q2FY25). Standalone revenue from operations fell sharply to ₹188 lakhs in Q2FY26 and ₹588 lakhs in H1FY26 (down ~42% YoY from ₹1,009 lakhs), while consolidated revenue was broadly flat at ₹3,102 lakhs. The company's net worth is fully eroded with negative reserves of ₹6,270 lakhs standalone, and operating cash flow was negative at ₹(383) lakhs for H1FY26. The auditor issued a qualified opinion on the consolidated results (due to ₹449.43 lakhs of unverified liabilities and ₹1,125 lakhs of prior-year written-back liabilities in two subsidiaries), flagged a material uncertainty on going concern, and highlighted RBI/FEMA non-compliance in a subsidiary. The board also approved ESOP allotments, a postal ballot for renaming the company to 'Ecosphere Sustainable Energy Limited', and subsidiary restructuring including disinvestment in Flaunt Solar and acquisition of Spectrum Renewable Energy.
This is a high-risk filing for shareholders — losses are widening, standalone revenue is collapsing, net worth is negative, and the auditor has flagged going concern uncertainty along with a qualified opinion on consolidated numbers. The promoter letter of support keeps operations going for now, but the stock faces significant fundamental pressure and credibility concerns; investors should brace for continued volatility.