Assembled from the company's filings and exchange data as of today. Download PDF renders this page on the server; the narrative sections arrive with the Nexa composer.
Dossier · REFEX INDUSTRIES LIMITED · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
REFEX INDUSTRIES LIMITED
NSE: REFEX · BSE: 532884
NSE: REFEX · BSE: 532884
Utilities › Utilities › Other Utilities › Waste Management
REFEX INDUSTRIES LIMITED
StateQ1 FY27 filed
Last close · 28 Oct 2026₹222.50
Market cap₹3.1k cr
TTM P/E · P/B · EV/EBITDA12.3 · 2.02 · 6.7
REFEX INDUSTRIES LIMITED is a Other Utilities company listed on NSE. The annual-report business brief for this company has not been generated yet; the numbers below are as filed.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY21–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 633 | 1,629 | 1,383 | 2,468 | 2,277 |
| EBITDA (ex other income) | 68 | 174 | 146 | 210 | 357 |
| margin % | 10.7 | 10.7 | 10.6 | 8.5 | 15.7 |
| Owners' profit | 41 | 116 | 94 | 159 | 203 |
| EPS, as reported (₹) | 21.73 | 53.89 | 8.40 | 12.93 | 15.28 |
| ROE % · ROCE % | 29.3 · 31.5 | 36.9 · 41.8 | 20.0 · 24.9 | 13.1 · 16.2 | 13.5 · 21.0 |
| Debt / equity (x) | 0.00 | 0.26 | 0.25 | 0.14 | 0.11 |
| Cash from operations | 123 | 28 | 3 | (265) | 107 |
| Capex | (6) | (72) | (38) | 0 | 0 |
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · REFEX INDUSTRIES LIMITED · 29 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 528 | 717 | 628 | 383 | 427 | 576 | 934 | 916 |
| Profit before tax | 42 | 59 | 60 | 24 | 64 | 81 | 148 | 101 |
| Net profit | 31 | 50 | 48 | 20 | 36 | 53 | 94 | 65 |
| EPS (₹) | 2.60 | 3.99 | 3.71 | 1.58 | 2.80 | 3.94 | 6.62 | 4.65 |
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Ash & Coal Handling Business | 2,013 | 83.5 |
| Refrigerant Gas- Manufacturing(Refilling) and Sales | 35 | 1.4 |
| Green mobility | 82 | 3.4 |
| Sale Of Service | 8 | 0.3 |
| Power Trading | 1 | 0.0 |
| Solar Power - Generation and Related Activities | 8 | 0.3 |
| Windpower | 237 | 9.8 |
| Others | 1 | 0.1 |
| Sale of Service | 7 | 0.3 |
| Solar Power - Generation and Related Activities | 3 | 0.1 |
| Green Mobility | 17 | 0.7 |
| Wind Power | 1 | 0.0 |
| Total, before eliminations | 2,412 | 100.0 |
Source: the filed segment block, four quarters summed.
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| REFEX INDUSTRIES LIMITED ◆ | 3,053 | 12.3 | 2.02 | 7.9 | 13.5 | 19.1 | 29.2 | 13.0 |
| EMS LIMITED | 1,605 | 23.6 | 1.52 | 11.4 | 8.6 | 11.0 | — | 17.9 |
| ANTONY WASTE HDG CELL LTD | 809 | 13.8 | 0.88 | 4.8 | 10.0 | 6.9 | 17.8 | 17.3 |
| ECO RECYCLING LTD. | 778 | 33.5 | 6.94 | 23.0 | 20.4 | 26.2 | 30.6 | 64.4 |
| CONCORD ENVIRO SYSTEMS L | 480 | — | 0.84 | 9.0 | 3.5 | 4.4 | — | (10.0) |
| VVIP Infratech Limited | 387 | 6.2 | — | — | — | 15.2 | — | — |
| ORGANIC RECYCLING SYSTEMS LIMI | 179 | 4.1 | 1.46 | 7.2 | 20.4 | 15.7 | — | 21.7 |
| GEM Enviro Management Limited | 87 | 18.4 | — | — | — | 11.8 | — | — |
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.3 | 13.7 | 3 of 8 | 71% |
| P/B | 2.0 | 1.5 | 5 of 6 | 20% |
| ROCE | 19.1 | 13.8 | 2 of 9 | 88% |
| ROE | 13.5 | 11.8 | 3 of 6 | 60% |
| Debt / Equity | 0.1 | 0.2 | 2 of 6 | 80% |
| EBITDA margin | 13.0 | 17.6 | 5 of 6 | 20% |
| Revenue growth | 139.1 | 35.9 | 2 of 7 | 83% |
| Profit growth | 216.9 | (59.3) | 1 of 5 | 100% |
| Market cap | 3053 | 480 | 1 of 9 | 100% |
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · REFEX INDUSTRIES LIMITED · 29 October 2026Page 3 of 3
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Q2 PAT rises 13.1%; new orders lift order book to ₹1,721 crore | investor communications | medium | — | — |
| 28 Oct 2026 · Refex Q2 and H1 FY27: revenue up 36.1% and 54.7%, net profit up 13.1% and 55.4% | compliance | low | — | — |
| 28 Oct 2026 · Q2 FY27 revenue rises 84%, consolidated profit rises 40% | results | high | — | — |
| 28 Oct 2026 · Q2 FY27: Revenue up 83.6%, consolidated net profit up 40.1% | results | high | — | — |
| 22 Oct 2026 · Refex Industries schedules Q2 FY27 earnings call | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board to approve September 2026 quarter results on October 28 | results | low | — | — |
| 22 Oct 2026 · Refex Industries bags Rs 31.13 cr ash transport contract for NHAI road projects | business updates | medium | — | — |
| 21 Oct 2026 · Refex bags Rs 31.44 cr ash transportation contract from Maharatna PSU | business updates | medium | — | — |
| 17 Oct 2026 · Refex wins Rs 32 cr ash transport rate contract from Maharatna PSU | business updates | high | — | — |
| 15 Oct 2026 · Favourable GST appeal order vacates about Rs 29.3 crore demand | regulatory legal | high | — | — |
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in