REFEX
Refex Industries Limited (REFEX) Stock Analysis
Refex Industries Limited provides refrigerant gases, coal ash handling, and power trading-related services. It serves utilities and industrial customers with environmental and energy solutions. The company has diversified into renewables and related ventures. It is listed on Indian stock exchanges.
Energy › Thermal Coal
₹254.40
-6.23% 1W | -27.50% 52W
Market Cap
3.5k CR
P/E Ratio
12.4
52W High
₹382
52W Low
₹188
Div. Yield
0.77%
Beta
1.7
50 DMA
₹283.8
200 DMA
₹268.8
Profit Margin
8.7%
Inst. Own.
0.5%
📉 CONSOLIDATING DOWN
📉 CONSOLIDATING DOWN
Fundamentals
Profit & Loss
| Metric | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 382 | 352 | 306 | 342 | 591 | 428 | 686 | 594 | 352 | 415 | 576 | 934 | 916 |
| Expenses | 346 | 318 | 272 | 301 | 543 | 385 | 633 | 534 | 315 | 344 | 486 | 775 | 809 |
| Operating Profit | 36 | 34 | 34 | 41 | 48 | 43 | 53 | 60 | 37 | 71 | 90 | 160 | 107 |
| OPM % | 10% | 10% | 11% | 12% | 8% | 10% | 8% | 10% | 10% | 17% | 16% | 17% | 12% |
| Other Income | 2 | 5 | 3 | 8 | 2 | 5 | 16 | 3 | 2 | -4 | -3 | -8 | 2 |
| Interest | 6 | 6 | 8 | 8 | 6 | 4 | 5 | 5 | 6 | 7 | 9 | 10 | 13 |
| Depreciation | 3 | 3 | 4 | 4 | 6 | 2 | 3 | 3 | 5 | 5 | 5 | 5 | 6 |
| Profit before tax | 29 | 30 | 25 | 37 | 39 | 42 | 62 | 55 | 28 | 55 | 73 | 136 | 91 |
| Tax % | 27% | 29% | 33% | 9% | 25% | 27% | 19% | 13% | 26% | 34% | 28% | 31% | 29% |
| Net Profit | 21 | 21 | 17 | 33 | 29 | 31 | 50 | 48 | 20 | 36 | 53 | 94 | 65 |
| EPS in Rs | 1.92 | 1.94 | 1.53 | 2.96 | 2.60 | 2.57 | 3.88 | 3.74 | 1.64 | 2.90 | 3.93 | 6.62 | 4.65 |
| Metric | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 85 | 78 | 38 | 77 | 461 | 661 | 633 | 1,629 | 1,383 | 2,259 | 2,277 | 2,841 |
| Expenses | 79 | 75 | 36 | 75 | 433 | 609 | 565 | 1,454 | 1,237 | 2,053 | 1,915 | 2,414 |
| Operating Profit | 6 | 3 | 2 | 2 | 28 | 51 | 68 | 175 | 146 | 206 | 362 | 427 |
| OPM % | 7% | 3.4% | 6% | 2.3% | 6% | 8% | 11% | 11% | 11% | 9% | 16% | 15% |
| Other Income | 0 | 0 | 2 | 2 | 2 | -1 | 4 | 8 | 18 | 29 | -13 | -12 |
| Interest | 0 | 1 | 3 | 1 | 0 | 1 | 9 | 19 | 29 | 18 | 37 | 39 |
| Depreciation | 2 | 1 | 1 | 1 | 1 | 1 | 5 | 7 | 14 | 10 | 20 | 21 |
| Profit before tax | 3 | 0 | 1 | 2 | 29 | 48 | 58 | 156 | 121 | 207 | 292 | 355 |
| Tax % | 0% | -1,613% | 13% | 46% | -10% | 31% | 29% | 26% | 23% | 24% | 30% | |
| Net Profit | 3 | 5 | 0 | 1 | 32 | 33 | 41 | 116 | 93 | 158 | 204 | 248 |
| EPS in Rs | 0.29 | 0.51 | 0.04 | 0.09 | 3.01 | 3.16 | 3.90 | 10.50 | 8.11 | 12.29 | 14.82 | 18.10 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 8% | 4% | 6% | 4% | 7% |
Growth — CAGR
| Metric | 3Y | 5Y | 10Y |
|---|---|---|---|
| Revenue CAGR | 12.0% | 29.0% | 40.0% |
| Profit CAGR | 28.0% | 43.0% | 46.0% |
Shareholding Pattern
Promoters53.33%
FIIs1.86%
DIIs0.16%
Public44.65%
Promoters53.33%
FIIs1.71%
DIIs0.15%
Public44.81%
Promoters55.80%
FIIs2.03%
DIIs0.16%
Public42.01%
Promoters55.85%
FIIs1.37%
DIIs0.13%
Public42.66%
Promoters56.57%
FIIs0.93%
DIIs0.38%
Public42.13%
Promoters52.70%
FIIs0.07%
Public47.23%
Promoters55.28%
FIIs0.22%
Public44.50%
Promoters53.37%
FIIs2.00%
DIIs0.11%
Public44.51%
Promoters55.85%
FIIs1.37%
DIIs0.13%
Public42.66%
Promoters56.57%
FIIs0.93%
DIIs0.38%
Public42.13%
REFEX
Holdings Analysis
Key strengths & risk signals
64
Overall
65
Fundamental
64
Technical
Risks (4)
TOO MUCH PUBLIC HOLDING! 46.17% public ownership - higher volatility risk.
POOR YEAR! Stock declined 27.5% in the last year.
WEAK POSITION! Current price (254.4) is below both moving averages.
NEGATIVE MOMENTUM! Price declined across timeframes - down 6.2% (1 week), 6.9% (1 month), 26.2% (3 months).
Strengths (4)
UNDERVALUED! PEG of 0.60 indicates stock is cheap relative to growth.
BULLISH TREND! 50-day average (283.8) is above 200-day average (268.8) - positive signal.
BULLISH SENTIMENT! In last 30 days: 9 up days, 20 down days. Avg volume on up days: 1,062,538 vs down days: 236,078. Ratio: 4.5x
APPROACHING OVERSOLD! RSI at 33.8 - watch for reversal.
Fundamental & Technical Analysis
64Overall
65Fundamental
64Technical
Fundamental Breakdown
Growth Quality
26/30
Revenue CAGR: 12.0% (GOOD, 11/15). Profit CAGR: 20.6% (EXCELLENT, 15/15).
Profit Margin
3/10
LOW MARGIN! 8.7% profit margin - thin profits.
PEG Valuation
10/10
UNDERVALUED! PEG of 0.60 indicates stock is cheap relative to growth.
Dividend Yield
3/10
NEGLIGIBLE DIVIDEND! 0.77% yield - little to no income.
Debt to Equity
10/10
VERY LOW DEBT! D/E of 0.24 - excellent financial health.
Public Holding
5/20
TOO MUCH PUBLIC HOLDING! 46.17% public ownership - higher volatility risk.
Stability Index
8/10
GOOD STABILITY! Only 1 revenue dip in history. Strong business fundamentals.
Technical Breakdown
Moving Averages
12/10
BULLISH TREND! 50-day average (283.8) is above 200-day average (268.8) - positive signal.
Price Position
2/10
WEAK POSITION! Current price (254.4) is below both moving averages.
Trend Pattern
10/20
Current trend: CONSOLIDATING DOWN
52W Performance
1/10
POOR YEAR! Stock declined 27.5% in the last year.
Volume Sentiment
30/30
BULLISH SENTIMENT! In last 30 days: 9 up days, 20 down days. Avg volume on up days: 1,062,538 vs down days: 236,078. Ratio: 4.5x
RSI
4/5
APPROACHING OVERSOLD! RSI at 33.8 - watch for reversal.
52W Range
2/5
LOWER HALF! Trading at 34.2% of 52W range - weakness visible.
Momentum
1/5
NEGATIVE MOMENTUM! Price declined across timeframes - down 6.2% (1 week), 6.9% (1 month), 26.2% (3 months).
Beta
2/5
HIGH VOLATILITY! Beta of 1.70 - significantly more volatile, higher risk.
REFEX
Concall / Investor Presentation
Earnings call transcripts & AI summaries
| Quarter | Concall | Summary |
|---|---|---|
| Q1FY272026-08-04 | Concall PDF | |
| Q4FY262026-06-02 | Concall PDF | |
| Q3FY262026-01-27 | Concall PDF | |
| Q2FY262025-11-11 | Concall PDF |
Peer Comparison
Energy · Thermal Coal · 8 stocks
| Stock | Price | P/E | Profit Margin | Revenue CAGR 5Y | Profit CAGR 5Y | 52W Change | Stock Strength | Trendline | YoY Profit | QoQ Profit | YoY Revenue | QoQ Revenue |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| REFEX | ₹254.40 | 12.4 | 8.7% | 12.0% | 20.6% | -27.5% | 64 | CONSOLIDATING DOWN | +200.9% | -29.7% | +160.4% | -1.9% |
| ANMOL | ₹12.20 | 5.9 | 0.9% | 0.1% | -15.4% | -16.3% | 59 | BREAKOUT | +5.3% | +140.0% | -21.1% | +47.7% |
| GMRP&UI | ₹98.10 | 12.1 | 7.7% | 11.4% | -20.2% | -9.5% | 56 | BREAKOUT | +432.1% | -62.8% | +3.4% | -14.9% |
| GMDCLTD | ₹462.10 | 15.4 | 33.8% | -8.8% | -7.4% | -23.6% | 55 | BREAKDOWN | -0.2% | -15.8% | +23.8% | +11.4% |
| COALINDIA | ₹411.60 | 8.1 | 18.1% | 9.3% | -0.7% | +6.5% | 61 | APPROACHING SUPPORT | +0.6% | -18.3% | +7.8% | -0.5% |
| ADANIENT | ₹2,634.40 | 42.5 | 6.5% | -7.7% | 55.9% | +1.8% | 68 | BREAKDOWN | -231.1% | +425.7% | +49.9% | +1.5% |
| PRABHA | ₹219.20 | 2435.8 | 16.5% | -43.4% | -46.7% | +3.1% | 60 | BREAKDOWN | -250.0% | +200.0% | +54.5% | +21.4% |
| TRUALT | ₹427.20 | 23.2 | 7.2% | 13.5% | 25.1% | -13.6% | 70 | BREAKOUT | +1,117.0% | -6.1% | +106.3% | +5.3% |
Data from TradeAlone · Updated daily
REFEX News
Refex Industries Limited (NSE: REFEX) breaks below support, falls 5%2026-07-30Refex Industries Limited (NSE: Refex) Q1 FY27: Revenue Up 76.4%, PAT Surges 122.8%2026-07-29Refex Industries Limited (NSE: REFEX) extends gains, moves up 5% intraday2026-07-09Refex Industries Limited (NSE: Refex) Q4 FY26: Revenue Reaches ₹701.03 Cr2026-05-26
