Refex Industries Latest Share Price (REFEX)
TODAY IN ONE LINE
REFEX rose 1.2% on light volume, in line with Nifty's 0.5% move, supported by recent strong earnings.
With a market cap of ₹4,023.27 Cr., it trades at a P/E of 15.88. Track live valuations, technical indicators, and peers comparison below. Check delivery conviction and recent filings to build your view.
How good is this company?
Overall performance across 5 key dimensions.
Refex Industries flags & news
Key strengths, potential risks, and recent updates.
Green Flags
- ●Earnings GrowthEPS (TTM) grew by a solid 87.5% YoY
- ●Quarterly OutperformanceLatest quarter Sales up 57.1% and Profit up 66.8%
- ●High Capital EfficiencyROCE of 22.4% indicating pricing power
- ●Strong Return on EquityHealthy ROE of 17.8%
- ●Healthy Operating MarginsOPM is structurally strong at 15.7%
- ●High Promoter HoldingPromoters hold 55.9% skin-in-the-game
- ●Virtually Debt-FreeVery low Debt-to-Equity of 0.15x
- ●Promoter BuyingPromoters increased holdings by 2.59% QoQ
- ●Zero Pledge RiskNo recent active promoter pledging found
Red Flags
- ●Rising Receivables vs SalesReceivables grew 119.0% outpacing sales growth of 78.4%
Latest Refex Industries News
What changed recently?
Recent events, corporate actions, and announcements.
Refex Industries Limited valuation: P/E, P/B and sector benchmarks.
Twelve years of multiples investors have paid for Refex Industries Limited, framed against the sector median so the premium or discount is obvious at a glance.
Refex Industries Limited trades at a P/E of 15.88× and P/B of 2.62×.
Market-priced ratios use the latest available quote; accounting metrics use the latest reported filing. Compare values with matched peers and the company's own history.
Valuation
Profitability
Growth
Financial Health
Refex Industries Limited technical analysis: indicators, pivots and CPR.
Latest RSI, MACD and moving-average signals plus the latest pivot and Central Pivot Range levels for Refex Industries Limited — derived from the latest tape, not yesterday's close.
Refex Industries Limited last traded at ₹290 with an intraday range of ₹285.85–₹299.5 — latest indicator, pivot and CPR signals below.
Pivot points
Standard pivot — most widely referenced.
Pivot levels · Classic
Last: ₹290.00| Level | Price (₹) | Distance | % Δ |
|---|---|---|---|
| R4 | 325.02 | +35.02 | +12.07% |
| R3 | 311.37 | +21.37 | +7.37% |
| R2 | 305.43 | +15.43 | +5.32% |
| R1 | 297.72 | +7.72 | +2.66% |
| PIVOT | 291.78 | 1.78 | 0.61% |
| CURRENT | 290.00 | — | — |
| S1 | 284.07 | -5.93 | -2.05% |
| S2 | 278.13 | -11.87 | -4.09% |
| S3 | 270.42 | -19.58 | -6.75% |
| S4 | 256.77 | -33.23 | -11.46% |
REFEX is trading Below CPR, indicating Bearishness
CPR is Wider, suggesting unlikely for trending moves
Day's range: ₹289.55–₹299.5
Trading Inside opening range
Refex Industries Limited financials: P&L, balance sheet, cash flow, ratios.
Reported annual and quarterly results for Refex Industries Limited — consolidated or standalone — with margins, YoY growth and key ratios inline.
Refex Industries Limited reports its full P&L, balance sheet, cash flow and ratios on this page — current market capitalisation of ₹4,023.27 Cr. and reported EPS of ₹17.97.
| Metric | Mar 2025 | Mar 2026 |
|---|---|---|
| Revenue from Operations | 2,468 | 2,277 ▼ 7.7% |
| Sales Growth YoY %Derived | 78.45% | -7.74% |
| Other Income | 50 | 25 ▼ 49.7% |
| Total Income | 2,518 | 2,302 ▼ 8.6% |
| 2,181 | 1,843 ▼ 15.5% | |
| Gross ProfitDerived | 287 | 434 ▲ 51.0% |
| Gross Margin %Derived | 11.64% | 19.05% |
| 77 | 76 ▼ 1.1% | |
| EBITDA (Operating Profit)Derived | 210 | 357 ▲ 70.2% |
| OPM %Derived | 8.50% | 15.69% |
| 60 | 52 ▼ 13.6% | |
| Profit Before Tax (PBT) | 200 | 330 ▲ 65.3% |
| 42 | 88 ▲ 112.0% | |
| Effective Tax %Derived | 20.77% | 26.65% |
| Profit/Loss from Discontinued Ops | — | -39 |
| Total Profit for Period | 158 | 204 ▲ 28.6% |
| Less: Non-controlling Interests | -0 | 0 ▲ 193.2% |
| Net Profit (Owner's PAT)Derived | 159 | 203 ▲ 28.1% |
| Net Profit Margin %Derived | 6.43% | 8.93% |
| PAT Growth YoY %Derived | 69.15% | 28.07% |
| Earnings Per Share (EPS ₹) | 12.29 | 14.82 ▲ 20.6% |
| Diluted Shares Outstanding (Cr) | 13 | 14 ▲ 6.2% |
| Other Comprehensive Income (Net of Tax) | -1 | 11 ▲ 885.6% |
| Total Expenses (incl. D&A & Interest) | 2,318 | 1,972 ▼ 14.9% |
| Material Cost % of RevenueDerived | 22.03% | 84.29% |
| Employee Cost % of RevenueDerived | 1.59% | 1.69% |
| Other Cost % of RevenueDerived | 1.54% | 1.67% |
| Interest Coverage (x)Derived | 6.40x | 10.51x |
| Period | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Trend |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | 77 | 461 ▲ 495.9% | 661 ▲ 43.3% | 633 ▼ 4.3% | 1,629 ▲ 157.5% | 1,383 ▼ 15.1% | 2,468 ▲ 78.4% | 2,277 ▼ 7.7% | |
| Sales Growth YoY %Derived | — | 495.88% | 43.31% | -4.25% | — | -15.12% | 78.45% | -7.74% | |
| Other Income | 2 | 2 ▼ 9.2% | 5 ▲ 158.4% | 4 ▼ 7.2% | 8 ▲ 86.5% | 18 ▲ 120.3% | 50 ▲ 175.8% | 25 ▼ 49.7% | |
| Total Income | 79 | 463 ▲ 482.9% | 666 ▲ 43.8% | 637 ▼ 4.3% | 1,637 ▲ 157.0% | 1,401 ▼ 14.4% | 2,518 ▲ 79.7% | 2,302 ▼ 8.6% | |
16 | 403 ▲ 2354.9% | 557 ▲ 38.3% | 527 ▼ 5.5% | 1,422 ▲ 169.9% | 1,190 ▼ 16.4% | 2,181 ▲ 83.3% | 1,843 ▼ 15.5% | ||
| Gross ProfitDerived | 61 | 58 ▼ 4.9% | 103 ▲ 78.3% | 106 ▲ 2.3% | 207 ▲ 95.6% | 193 ▼ 6.6% | 287 ▲ 48.7% | 434 ▲ 51.0% | |
| Gross Margin %Derived | 78.78% | 12.57% | 15.63% | 16.70% | 12.69% | 13.96% | 11.64% | 19.05% | |
59 | 30 ▼ 49.9% | 52 ▲ 75.1% | 38 ▼ 26.8% | 32 ▼ 15.7% | 47 ▲ 46.5% | 77 ▲ 64.8% | 76 ▼ 1.1% | ||
| EBITDA (Operating Profit)Derived | 2 | 28 ▲ 1530.9% | 51 ▲ 81.7% | 68 ▲ 31.8% | 175 ▲ 158.1% | 146 ▼ 16.3% | 210 ▲ 43.6% | 357 ▲ 70.2% | |
| OPM %Derived | 2.24% | 6.13% | 7.77% | 10.70% | 10.72% | 10.57% | 8.50% | 15.69% | |
2 | 1 ▼ 38.2% | -4 ▼ 379.2% | 14 ▲ 505.6% | 26 ▲ 82.7% | 43 ▲ 64.2% | 60 ▲ 40.9% | 52 ▼ 13.6% | ||
| Profit Before Tax (PBT) | 2 | 29 ▲ 1560.3% | 48 ▲ 66.4% | 58 ▲ 20.5% | 156 ▲ 170.3% | 121 ▼ 22.4% | 200 ▲ 64.8% | 330 ▲ 65.3% | |
1 | -3 ▼ 447.4% | 15 ▲ 638.9% | 17 ▲ 13.6% | 40 ▲ 138.4% | 28 ▼ 29.7% | 42 ▲ 46.5% | 88 ▲ 112.0% | ||
| Effective Tax %Derived | 45.77% | -9.58% | 31.02% | 29.24% | 25.79% | 23.37% | 20.77% | 26.65% | |
| Profit/Loss from Discontinued Ops | — | — | — | — | — | — | — | -39 | |
| Total Profit for Period | 1 | 32 ▲ 3254.8% | 33 ▲ 4.8% | 41 ▲ 23.6% | 116 ▲ 183.5% | 93 ▼ 19.9% | 158 ▲ 70.3% | 204 ▲ 28.6% | |
| Less: Non-controlling Interests | — | — | — | — | — | -1 | -0 ▲ 55.7% | 0 ▲ 193.2% | |
| Net Profit (Owner's PAT)Derived | 1 | 32 ▲ 3254.8% | 33 ▲ 4.8% | 41 ▲ 23.6% | 116 ▲ 183.5% | 94 ▼ 19.1% | 159 ▲ 69.1% | 203 ▲ 28.1% | |
| Net Profit Margin %Derived | 1.22% | 6.86% | 5.01% | 6.47% | 7.12% | 6.79% | 6.43% | 8.93% | |
| PAT Growth YoY %Derived | — | 3,254.82% | 4.75% | 23.58% | — | -19.12% | 69.15% | 28.07% | |
| Earnings Per Share (EPS ₹) | 0.09 | 3.01 ▲ 3244.4% | 3.15 ▲ 4.7% | 3.90 ▲ 23.8% | 10.50 ▲ 169.2% | 8.11 ▼ 22.8% | 12.29 ▲ 51.5% | 14.82 ▲ 20.6% | |
| Diluted Shares Outstanding (Cr) | 11 | 11 ▲ 0.0% | 11 ▲ 0.0% | 11 ▼ 0.0% | 11 ▲ 5.3% | 12 ▲ 4.7% | 13 ▲ 11.7% | 14 ▲ 6.2% | |
| Other Comprehensive Income (Net of Tax) | — | — | -0 | 0 ▲ 102.1% | -0 ▼ 22272.7% | -0 ▲ 27.1% | -1 ▼ 717.0% | 11 ▲ 885.6% | |
| Total Expenses (incl. D&A & Interest) | 78 | 434 ▲ 458.8% | 618 ▲ 42.3% | 579 ▼ 6.2% | 1,481 ▲ 155.7% | 1,280 ▼ 13.6% | 2,318 ▲ 81.1% | 1,972 ▼ 14.9% | |
| Material Cost % of RevenueDerived | 14.24% | 36.82% | 65.09% | 32.98% | 12.36% | 19.95% | 22.03% | 84.29% | |
| Employee Cost % of RevenueDerived | 1.50% | 0.53% | 0.47% | 0.95% | 0.86% | 1.48% | 1.59% | 1.69% | |
| Other Cost % of RevenueDerived | 75.04% | 5.91% | 7.39% | 5.06% | 1.10% | 1.91% | 1.54% | 1.67% | |
| Interest Coverage (x)Derived | 0.75x | 91.99x | 55.15x | 6.95x | 8.64x | 4.52x | 6.40x | 10.51x |
Refex Industries segment analysis : revenue and profit mix.
Disclosed business segments at Refex Industries with their share of revenue and profit, switchable between consolidated and standalone reporting.
Refex Industries discloses revenue and profit across multiple business segments — toggle between consolidated and standalone views to see the mix.
Segment-wise Financial Analysis
The Bull, Bear, and Flip case for Refex Industries Limited.
Our AI distills the core fundamental drivers supporting Refex Industries Limited, the risks that threaten it, and the quantitative conditions that could weaken the thesis.
Refex Industries Limited's investment case rests on 10 positive markers and 10 flagged concerns drawn from the latest reported filings.
What you're getting.
High ROE 17.80% and ROCE 22.40% exceed industrial peer benchmarks significantly.
Low debt-to-equity ratio 0.0015 provides substantial financial flexibility and safety.
Promoter holding 55.85% ensures strong alignment with long-term shareholder interests.
Operating margin 14.81% TTM supports healthy profitability despite market volatility.
Diversified portfolio across waste management, refrigerants, renewable energy, EVs.
Key Risks.
Latest quarterly sales declined 35.20% YoY, signaling sharp demand contraction.
Latest quarterly profit declined 28.90% YoY despite revenue decline severity.
Negative free cash flow persists; FY26 FCF -185.53 Cr, FY25 FCF -336.57 Cr.
Operating cash flow ₹30.81 Cr trails net profit ₹245.87 Cr by 87.5% significantly.
FII holdings eased from 1.86% to 1.60%, indicating waning institutional investor confidence.
Flip Conditions.
Valuation risk. a P/E above 21 would leave less room for earnings disappointment.
Reassess if quarterly profit growth turns negative for two consecutive quarters. The bull case relies on compounding earnings.
Watch interest coverage if debt-to-equity climbs above 1.00. Balance sheet risk re-prices growth multiples fast.
Return-quality risk. ROE below 13% would indicate weaker capital compounding.
Refex Industries Limited peer comparison — same-sector benchmarks.
Same-sector listed peers ranked on P/E, market cap, dividend yield and growth — Refex Industries Limited is highlighted for quick read-across.
Quick Compare
Refex Industries Limited chart patterns: breakouts, tops and bottoms.
Auto-detected classical chart patterns for Refex Industries Limited — Double Top/Bottom, Head & Shoulders, Triple Bottom and more — with break levels, targets and quality scores across Intraday, Daily and Weekly timeframes.
Refex Industries Limited delivery volume — last 20 sessions of conviction.
Daily traded volume and delivery percentage for Refex Industries Limited over 20 sessions — the gap between intraday flipping and genuine accumulation.
Latest session delivery in Refex Industries Limited stood at 27.2% of traded volume, against a 20-day average of 45.6%.
Refex Industries announcements: results, concalls, ratings, M&A.
Filings Refex Industries sent to the exchanges, sequenced as they hit the tape — concall transcripts, results, credit ratings and presentations.
Refex Industries files concall transcripts, results, credit ratings and corporate-action notices on the NSE and BSE exchange portals — latest 206 documents below.
Appointment
Disclosure under Regulation 30 of SEBI(LODR) Regulations, 2015 - Appointment/Designation of Mr. Anil S Kulkarni, Chief Business Officer(RMC Division)…
ESOP/ESOS/ESPS
Allotment of 9,100 Equity shares of ₹2/- each pursuant to Exercise of ESOPs under Refex Employee Stock Option Scheme 2021
Disclosure under SEBI Takeover Regulations
Refex Holding Private Limited has submitted to the Exchange a copy of Disclosure Pursuant to Regulation 31(1) of the SEBI (SAST) Regulations, 2011.
Bagging/Receiving of orders/contracts
Refex Industries Limited bags order for Rate contract for Transportation of Ash
Bagging/Receiving of orders/contracts
Refex Industries Limited bags order for Rate Contract for Ash Transportation to Road Construction Sites.
Investor decks & rating reports.
Refex Industries dividend history, splits and bonus issues.
Every dividend, stock split and bonus issue Refex Industries has declared, sequenced by announce and record date.
Refex Industries corporate-action history below covers all declared dividends, stock splits and bonus issues recorded with NSE and BSE.
About Refex Industries Limited: business, sector, key facts.
What Refex Industries Limited does, where it operates, the people running it, and the numbers that describe the entity behind the ticker.
Refex Industries Limited operates in the Industrial Gases industry under the Chemicals sector, listed as NSE: REFEX, BSE: 532884.
Refex Industries Limited is a diversified Indian company primarily focused on waste management and renewable energy solutions. Its core business revolves around the handling and disposal of fly ash, a byproduct of coal combustion, playing a crucial role in environmental remediation within the Indian context. This activity addresses a significant environmental challenge, providing a responsible method for managing industrial waste and potentially utilizing it in other applications (although the specifics of such applications aren't detailed in the provided information).
Beyond waste management, Refex Industries has a substantial presence in the refrigerant sector. The company engages in the refilling of hydrofluorocarbons (HFCs), which are widely used in refrigeration and air conditioning systems. This activity contributes to the efficient maintenance and operation of cooling equipment, impacting both residential and commercial applications. This segment demonstrates a focus on resource management and the extension of the lifespan of existing equipment, promoting sustainability.
Furthermore, Refex Industries is actively involved in the growing renewable energy market in India. The company participates in solar power generation and related activities, contributing to the nation's efforts towards cleaner energy sources. This diversification into renewable energy positions Refex for growth within a sector experiencing significant expansion and government support in India. This strategy aligns with global trends towards reducing carbon emissions and dependence on fossil fuels.
Complementing its core businesses, Refex Industries also engages in coal trading and provides associated services such as coal yard management. This activity leverages existing infrastructure and expertise to offer comprehensive solutions to industries reliant on coal, showcasing the company's adaptability and ability to cater to various market segments. While coal is a traditional energy source, this aspect suggests a pragmatic approach to business diversification, catering to immediate market demands while pursuing sustainable solutions in parallel.
Finally, the company has expanded into the electric vehicle (EV) sector, an emerging and potentially high-growth area. This further diversifies Refex Industries' portfolio into a future-oriented and environmentally conscious segment, demonstrating an understanding of long-term market trends and a proactive approach to aligning with sustainable transportation initiatives. The specifics of their involvement in the EV sector are not detailed but represent a significant commitment to the future of transportation in India.
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Questions investors ask about Refex Industries Limited (REFEX).
Quick answers grounded in this page's data — price action, fundamentals, ratios and ownership.
01What is the current share price of Refex Industries Limited (REFEX)?
The current share price of Refex Industries Limited (REFEX) is ₹290.00. Today, the stock has gained by ₹3.55 (1.24%), trading in a range of ₹285.85 to ₹299.50. The stock opened at ₹292.30 with a trading volume of 4,98,666 shares.
02Is Refex Industries Limited stock a good investment for long-term?
Refex Industries Limited can be considered for long-term investment based on several factors. The company has a market capitalization of ₹4,023.27 Cr., P/E ratio of 15.88, ROE of 17.8%, and ROCE of 22.4%. The dividend yield stands at 0.14%. However, investment decisions should be based on your financial goals, risk appetite, and thorough research. It's recommended to consult with a SEBI-registered financial advisor before making investment decisions.
03What is the 52-week high and low price of Refex Industries Limited stock?
The 52-week high price of Refex Industries Limited (REFEX) is ₹415.00, while the 52-week low is ₹188.00. Currently trading at ₹290.00, the stock is 54.26% above its 52-week low and 30.12% below its 52-week high. These levels help investors understand the stock's price volatility and trading range over the past year.
04Should I buy Refex Industries Limited stock at the current price?
Whether to buy Refex Industries Limited stock at ₹290.00 depends on multiple factors. The stock is currently trading with a P/E ratio of 15.88 and P/B ratio of 2.62. Today's performance shows a gain of 1.24%. Consider analyzing the company's fundamentals, technical indicators, industry trends, and your investment horizon. Compare these metrics with industry peers and consult a financial advisor for personalized advice.
05What is the dividend yield of Refex Industries Limited and when is the next dividend?
Refex Industries Limited offers a dividend yield of 0.14%, which means for every ₹100 invested at the current price of ₹290.00, you can expect to receive approximately ₹0.14 annually as dividends. The face value of the stock is ₹2.00. For information about the next dividend announcement and ex-dividend date, please check the company's official announcements or visit the BSE/NSE websites.
06What are the key financial ratios and metrics of Refex Industries Limited?
Refex Industries Limited's key financial metrics include: P/E Ratio: 15.88, P/B Ratio: 2.62, ROE: 17.8%, ROCE: 22.4%, Dividend Yield: 0.14%, EPS: ₹17.97, Book Value: ₹109.63, and Debt-to-Equity: 0.15. The company's market cap stands at ₹4,023.27 Cr.. These metrics help evaluate the company's valuation, profitability, and financial health.
07How is Refex Industries Limited stock performing today in the market?
Refex Industries Limited stock opened at ₹292.30 and is currently trading at ₹290.00, showing a gain of ₹3.55 (1.24%). The intraday high is ₹299.50 and low is ₹285.85. The trading volume stands at 4,98,666 shares, indicating moderate market participation today.
08What is the P/E ratio of Refex Industries Limited and what does it indicate?
Refex Industries Limited has a Price-to-Earnings (P/E) ratio of 15.88, which means investors are willing to pay 15.88 for every ₹1 of earnings. With an EPS of ₹17.97, this P/E ratio indicates moderate valuation in line with market standards. Compare this with industry peers and historical P/E ratios for better context.
The data, ratios and commentary about Refex Industries Limited (REFEX) on this page are published for educational and informational purposes only and are not investment, legal or tax advice. StockeZee is not a SEBI-registered investment adviser, research analyst or portfolio manager, and no content here should be construed as a recommendation to buy, hold or sell any security. Live and historical market data may be delayed, revised by the exchanges, or contain errors; figures sourced from third-party feeds and corporate disclosures may not always be current. Past performance is not indicative of future results, and equity investments carry the risk of capital loss. Before acting on anything you read here, please consult a SEBI-registered financial advisor and read all scheme-related documents carefully.