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Refex Industries Limited (NSE: REFEX) breaks below support, falls 5%

Refex Industries Limited (NSE: REFEX) stock price drops 5% intraday to ₹298.25, breaking below support in the Energy › Thermal Coal sector.

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Refex Industries Limited NSE REFEX breaks below support

Refex Industries Limited (REFEX) breaks below support, falling 5% to ₹298.25 on the NSE on 30 Jul 2026. This decline follows the release of the company’s Q1 FY27 results, which showed a 76.4% increase in revenue and a 122.8% surge in PAT. Despite these strong financials, the stock has broken below its 6-month support trendline, indicating a potential shift in market sentiment. Refex operates in the thermal coal sector, and today’s move seems to be more company-specific rather than a sector-wide trend.

Technical setup — trendlines & DMA

The current 6-month trendline structure shows a breakdown, with the stock now trading below the support trendline of ₹316.0, which is a 5.95% drop from today’s price. Resistance is at ₹384.54, which is 28.93% above the current price. The 50-DMA at ₹323.5 is above the 200-DMA at ₹279.1, indicating a bullish trend, but the stock is currently in recovery mode, trading above the 200-DMA but below the 50-DMA. The stock is currently in the middle third of its 52-week range, suggesting that while there is room for further downside, a significant portion of the potential move may already be priced in.

6M Trendline — Intraday Snapshot
BREAKDOWN₹250₹275₹300₹325₹35020 Apr25 May29 Jun30 Jul

Snapshot: ₹298.25 on 2026-07-30 (chart frozen at publication)

Fundamentals & business context

With a PE of 17.7 and profit margins at 8.9%, Refex’s valuation appears to be pricing in future growth rather than current earnings. The revenue CAGR of 12.0% and profit CAGR of 20.6% suggest that the market expects continued strong performance. However, the low institutional ownership of 0.5% indicates that the ‘smart money’ is not heavily invested in this name, which could reflect skepticism about the company’s growth prospects or valuation. There is no new NSE catalyst today beyond the Q1 results, which were released two days ago.

REFEX
Holdings Analysis
Key strengths & risk signals
64
Overall
65
Fundamental
63
Technical
Risks (4)
TOO MUCH PUBLIC HOLDING! 46.17% public ownership - higher volatility risk.
POOR YEAR! Stock declined 23.3% in the last year.
WEAK POSITION! Current price (256.6) is below both moving averages.
LOWER HALF! Trading at 35.4% of 52W range - weakness visible.
Strengths (4)
UNDERVALUED! PEG of 0.61 indicates stock is cheap relative to growth.
BULLISH TREND! 50-day average (280.0) is above 200-day average (268.8) - positive signal.
BULLISH SENTIMENT! In last 30 days: 10 up days, 19 down days. Avg volume on up days: 1,092,837 vs down days: 212,286. Ratio: 5.15x
APPROACHING OVERSOLD! RSI at 39.8 - watch for reversal.

Algorithmic scorecard

The overall algorithmic scorecard reflects a technically strong but fundamentally weaker profile. The strongest signals include the bullish trend, indicated by the 50-day average being above the 200-day average, and the stock’s undervalued status, with a PEG of 0.86 suggesting it is cheap relative to its growth. However, the weakest signals highlight the company’s thin profit margins at 8.9%, which leave little room for error, and the negligible dividend yield of 0.61%, offering little to no income for investors. These factors suggest that while the stock may have technical momentum, investors should be cautious about its fundamental risks.

Fundamental & Technical AnalysisNSE: REFEX
64Overall
65Fundamental
63Technical
Growth Quality26 / 30
Revenue CAGR: 12.0% (GOOD, 11/15). Profit CAGR: 20.6% (EXCELLENT, 15/15).
Profit Margin3 / 10
LOW MARGIN! 8.7% profit margin - thin profits.
PEG Valuation10 / 10
UNDERVALUED! PEG of 0.61 indicates stock is cheap relative to growth.
Dividend Yield3 / 10
NEGLIGIBLE DIVIDEND! 0.77% yield - little to no income.
Debt / Equity10 / 10
VERY LOW DEBT! D/E of 0.24 - excellent financial health.
Public Holding5 / 20
TOO MUCH PUBLIC HOLDING! 46.17% public ownership - higher volatility risk.
Stability8 / 10
GOOD STABILITY! Only 1 revenue dip in history. Strong business fundamentals.
Moving Averages10 / 10
BULLISH TREND! 50-day average (280.0) is above 200-day average (268.8) - positive signal.
Price Position2 / 10
WEAK POSITION! Current price (256.6) is below both moving averages.
Trend Pattern10 / 20
Current trend: CONSOLIDATING DOWN
52W Performance1 / 10
POOR YEAR! Stock declined 23.3% in the last year.
Volume Sentiment30 / 30
BULLISH SENTIMENT! In last 30 days: 10 up days, 19 down days. Avg volume on up days: 1,092,837 vs down days: 212,286. Ratio: 5.15x
RSI4 / 5
APPROACHING OVERSOLD! RSI at 39.8 - watch for reversal.
52W Range2 / 5
LOWER HALF! Trading at 35.4% of 52W range - weakness visible.
Momentum2 / 5
WEAK MOMENTUM! Limited price growth - 0.8% (1 week), -1.7% (1 month), -16.4% (3 months).
Beta / Volatility2 / 5
HIGH VOLATILITY! Beta of 1.70 - significantly more volatile, higher risk.

Company outlook

Management expects continued growth in the Ash & Coal Handling business in FY27, with a focus on executing existing wind business orders and pursuing new ones. They anticipate sustained EBITDA margins despite geopolitical challenges and plan to maintain the current EBITDA margin while managing finance costs. Specific plans include executing pending orders in the wind business, gradually ramping up ash handling capacity to 90,000-95,000 tons per day, and localization efforts in the wind business to improve EBITDA margins. These initiatives aim to drive growth and efficiency in the coming fiscal year.

Get all details on REFEX — P&L, peers, shareholding and more on TradeAlone.

ADANIENT

Adani Enterprises Limited Reports Highest-ever Half-yearly Ebitda of Rs. 11,958 Cr with 56% Growth Yoy

Adani Enterprises Limited (ADANIENT) reports highest-ever half-yearly EBITDA of Rs. 11,958 cr with 56% growth YoY.

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Adani Enterprises Limited Adanient H1 FY27 Results

Adani Enterprises Limited (ADANIENT), the flagship company of Adani Group, announced its results today for the quarter and half year ended September 30, 2026. The strong EBITDA growth in the first half of FY27 reflects maturity of investments made over the past several years, with multiple businesses reaching scale and translating capital deployment into tangible earnings growth. This performance underscores the strength of our diversified business portfolio and its growth potential.

Financial Highlights

The consolidated financial highlights for H1 FY27 show a revenue up by 62% to Rs. 71,569 crore, EBIT DA up by 56% to Rs. 11,958 crore, and continuing PBT up by 45% to Rs. 3,297 crore. Notably, the ANIL Solar module line expanded to 10 GW by commissioning 4.3 GW in September 2026, and AdaniConnex signs a new hyperscale order of 240 GW for Navi Mumbai data center.

Business Updates

Backed by strong operating fundamentals, increasing asset maturity, and the ramp-up of newly commissioned ANIL module line capacity, ADANIENT is well positioned to sustain this growth trajectory further. As the tailwinds propelling India forward continue to strengthen, we believe we are better positioned than ever to capture the opportunities ahead. We remain bullish on India’s future and, therefore, confident in our own growth story.

Source: NSE Corporate Announcement

Fundamental & Technical Analysis of Adani Enterprises Limited

Adani Enterprises Limited belongs to the › sector. Here’s a quick read on where the business and the stock stand today.

ADANIENT
Energy › Thermal Coal
CONSOLIDATING DOWN
58
Fundamental
76
Technical
68
Overall

1W +2.19%
1M -7.81%
3M -14.83%
P/E: 43.4 Cap: Large
AI-Powered Analysis • TradeAlone
Download the App for in-depth analysis of this stock

Adani gains 26.6% over three months and trades near its 52-week highs. D/E of 1.62 is elevated. As a result, debt servicing will compress free cash flow in a high-rate environment. Thin margins at 6.5% leave limited room for error — any demand softness or cost spike hits the bottom line hard. The stock trades at 87% of its 52-week range — near its best levels of the year. Clearly, the market pays a premium for this name. The stock rises 26.6% in three months on -7.7% revenue growth. As a result, the market gives it more credit than the fundamentals strictly justify. Watch the next quarterly results. If growth accelerates, the move makes sense. If not, expect some gains to unwind. Check Fundamentals of Adani Enterprises Limited.

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ADANIENT

Adani Enterprises Limited (adanient) Q2 FY27: Highest Half-year Ebitda of Rs. 11,958 Cr

Adani Enterprises Limited (ADANIENT) reports highest half-year EBITDA of Rs. 11,958 Cr for Q2 FY27, up 56% YoY.

Pranab Tyagi at TradeAlone

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Adani Enterprises Limited Adanient Q2 FY27 Results

Adani Enterprises Limited (ADANIENT) has reported its consolidated financial results for Q2 FY27, marking the highest half-year EBITDA of Rs. 11,958 crore, up 56% year-on-year. The company’s established businesses saw an increase in EBITDA and PBT due to the ramp-up in the Copper plant and positive price movements in commodities. Incubating Core Infra businesses, particularly Airports, continued to record strong performance, with a 62% increase in EBITDA.

Established Businesses Performance

The established businesses’ EBITDA and PBT have seen a significant increase due to the ramp-up in the Copper plant and positive price movements in commodities. The mining services and metals sectors have also shown improved results due to better price realization.

Incubating Core Infrastructure Businesses

Incubating Core Infrastructure businesses, especially Airports, have shown robust growth, with a 103% increase in EBITDA. The full ramp-up of large infrastructure assets, including the Navi Mumbai Airport and Ganga Expressway, is on the horizon, promising further growth.

Forward-Looking Statement

Adani Enterprises Limited continues to leverage its diversified business portfolio and strategic investments to unlock value and drive growth. With a strong focus on infrastructure and utility core, the company is well-positioned to capitalize on the opportunities in the market.

Source: NSE Corporate Announcement

Fundamental & Technical Analysis of Adani Enterprises Limited

Adani Enterprises Limited belongs to the › sector. Here’s a quick read on where the business and the stock stand today.

ADANIENT
Energy › Thermal Coal
CONSOLIDATING DOWN
58
Fundamental
76
Technical
68
Overall

1W +2.19%
1M -7.81%
3M -14.83%
P/E: 43.4 Cap: Large
AI-Powered Analysis • TradeAlone
Download the App for in-depth analysis of this stock

Adani gains 26.6% over three months and trades near its 52-week highs. D/E of 1.62 is elevated. As a result, debt servicing will compress free cash flow in a high-rate environment. Thin margins at 6.5% leave limited room for error — any demand softness or cost spike hits the bottom line hard. The stock trades at 87% of its 52-week range — near its best levels of the year. Clearly, the market pays a premium for this name. The stock rises 26.6% in three months on -7.7% revenue growth. As a result, the market gives it more credit than the fundamentals strictly justify. Watch the next quarterly results. If growth accelerates, the move makes sense. If not, expect some gains to unwind. Check Fundamentals of Adani Enterprises Limited.

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Energy

Refex Industries Limited (NSE – Refex) Q2 FY27: Revenue Up 36.1%, PAT Rises 13.1%

Refex Industries Limited (NSE: REFEX) reports a 36.1% revenue increase and a 13.1% PAT rise in Q2 FY27.

Shruti singh - TradeAlone

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Refex Industries Limited NSE REFEX Q2 FY27 Results

Refex Industries Limited (NSE: REFEX) has announced its un-audited financial results for the quarter and half-year ended 30th September 2026. The company reported a robust performance with revenue from operations at ₹560 crores, marking a 36.1% year-on-year increase. The profit after tax (PAT) also rose by 13.1% to ₹60 crores. These figures reflect the company’s strong operational resilience and strategic growth initiatives.

Key Financial Highlights

The financial highlights for the quarter include:

  • Revenue from operations: ₹560 crores (36.1% Y-o-Y)
  • EBITDA: ₹91 crores (21.7% Y-o-Y)
  • Profit After Tax (PAT): ₹60 crores (13.1% Y-o-Y)

Operational Milestones

Refex Industries Limited has continued to expand its business footprint. The Ash & Coal Handling business secured new orders worth ₹346 crore, boosting its orderbook to ₹1,721 crore. The company has also ventured into the Ready Mixed Concrete (RMC) business, launching its first plant in Pune in September 2026. The Venwind Business achieved revenue of ₹201 crore in Q2 FY27 and ₹499 crore in H1 FY27. The RGML Business reported revenues of ₹36 crore and ₹69 crore in Q2 FY27 and H1 FY27 respectively.

Looking Ahead

Mr. Anil Jain, Chairman & Managing Director of Refex Industries Limited, commented on the performance, “Q2 FY27 saw healthy execution across our businesses despite the monsoon season. The Ash & Coal Handling business continues to see strong momentum, supported by a robust orderbook and execution scale-up. Our recent entry into the RMC business marks a strategic forward integration, enabling greater ash utilisation, access to new markets, and an integrated presence across the infrastructure value chain. In our Wind Energy Business, we remain focused on executing our existing order book while building in-house manufacturing capabilities to strengthen technology integration and efficiency. Our Mobility business is progressing steadily towards profitability, driven by rising demand for premium corporate mobility and higher fleet utilisation. With the proposed demerger awaiting final approval from the Hon’ble NCLT, the business is well positioned to enter its next phase of growth and create long-term value for all stakeholders.”

Source: NSE Corporate Announcement

Fundamental & Technical Analysis of Refex Industries Limited

Refex Industries Limited belongs to the › sector. Here’s a quick read on where the business and the stock stand today.

REFEX
Energy › Thermal Coal
CONSOLIDATING DOWN
64
Fundamental
62
Technical
64
Overall

1W +0.85%
1M -1.67%
3M -16.38%
P/E: 12.5 Cap: Small
AI-Powered Analysis • TradeAlone
Download the App for in-depth analysis of this stock

Refex falls 16.4% over three months and has not found a floor yet. The PEG of 0.61 signals undervaluation relative to growth. It is a potential re-rating candidate. Thin margins at 8.7% leave limited room for error — any demand softness or cost spike hits the bottom line hard. The stock holds at 35% of its 52-week range with RSI at 40. In other words, neither side has a clear edge right now. Revenue grows at 12.0% and the stock moves sideways over three months. Neither side makes a strong case. The next earnings print will likely break this stock out of its current range. Check Fundamentals of Refex Industries Limited.

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