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Refex Industries Limited

Refex Industries Limited

NSE: REFEX
Thermal CoalEnergySMALL CAPMCap ₹3.49k Cr
₹254.40₹-4.30 (-1.66%)

Market Closed • NSE

Market cap₹3.49k Cr
Enterprise value₹3.38k Cr
P/E TTM12.36
P/B2.32
EPS TTM₹20.58
ROCE22.70%
D/E0.15
Dividend yield0.01%
Face value₹2.00
52W high₹382.00
52W low₹188.00
Price chart(1Y)
1Y Return:-18.59% (₹58.10)
H: ₹371.4L: ₹251.4
1W-6.23%
1M-5.76%
3M-24.23%
6M+6.02%
1Y-29.01%
Today at a glance

Day range

₹251.40₹259.75

52 week range

₹188.00₹382.00
Volume224.7K0.36x 20D avg
Free float50.00%-63.60% volume

Refex Industries Limited closed at INR254.40 (-1.66%) on volume 0.36x its 20-day average, trading 33.4% below its 52-week high.

Technical analysis
RSI (14)33.7Neutral (30–70)
MACDBEARISHBearish (Below signal)
ATR (14)₹10.00High
SMA 20₹272.89BEARISH
SMA 50₹283.49BEARISH
SMA 100₹304.06BEARISH
SMA 200₹270.40BEARISH
CPR bottom₹261.00
Pivot₹260.23
CPR top₹259.47
What changed recently?

2026-Q2

Q2 FY2026 Financial Results

PAT moved -30.9% QoQ

2026-07-24

DIVIDEND Announced

Dividend - Re 1 Per Share

2025-08-19

DIVIDEND Announced

Interim Dividend - Re 0.50 Per Share

Shariah audit
Methodology: AAOIFI Shariah Standard No. 21
PASS4/4 criteria
Shariah Compliant
CriteriaNumeratorDenominatorValueThresholdStatus
Interest-bearing debt ratio₹225.0 Cr₹3.49k Cr6.45%≤ 33%PASS
Non-halal income ratio–₹2.28k Cr0.00%≤ 5%PASS
Illiquid assets ratio₹2.66k Cr₹2.84k Cr93.54%≥ 20%PASS
Receivables ratio–₹2.84k Cr—≤ 49%PASS
Valuation & sector context
MetricCompanySector
P/E12.3614.90
Forward P/E——
P/B2.322.10
EV/EBITDA—18.00
PEG—0.80
Earnings yield8.106.70
Growth & profitability
RevenuePAT
FY24PAT margin 6.70%
FY25PAT margin 7.00%
FY26PAT margin 9.00%

Revenue and PAT bars use independent scales to make their year-on-year direction readable.

Revenue CAGR 3Y+0.30%
Revenue CAGR 5Y+10.60%
PAT CAGR 3Y+8.80%
PAT CAGR 5Y+16.70%
Operating margin11.04%
Net margin8.66%
Financial health & cash flow
Net debt₹41.3 CrModerate
Interest coverage10.50xEBIT / interest
CFO / PAT-0.06x3Y average
Net debt / EBITDA—Leverage
Operating cash flow₹107.1 Cr
Capital expenditure–
Free cash flow₹-9252.9 Lakh
Financial statements

Complete reported financial history · Values use the company's reporting currency

Hover over the chart for exact reported values. Percentage lines use the right-hand axis.

Fundamental scorecard
Overall83/100
Valuation75/100
Profitability80/100
Financial health95/100

A 0–100 quantitative summary of reported fundamentals. Use the underlying financials and risks for context; the score is not a buy or sell recommendation.

Strengths, risks & investment thesis

Strengths

Strong Capital Efficiency: ROCE stands at 22.7%

Low Debt Profile: Debt-to-Equity is comfortable at 0.15x

Attractive Valuation: P/E of 12.4x trades below sector historical averages

Risks

Subject to cyclical raw material and macro industry pressures

Bull case

Market Leadership: Established operational scale in Thermal Coal.

Bear case

Macro Headwinds: Fluctuations in interest rates and sector-specific policy shifts could compress multiples.

Flip condition

Sustained quarterly EBITDA margin expansion above 20% would trigger an upgrade.

Shareholding pattern
Quarterly ownership historyLatest valid period · December 2025

Ownership distribution

Dec 2025Latest holding

Category trends

Hover over a period for exact holdings

60%40%20%0%Sept 2024Dec 2024Jun 2025Sept 2025Dec 2025
1.50%Institutional holding
42.66%Public holding
5Periods available
0.00%Promoter pledged
94.16KShareholders
Corporate Action

Complete dividend, bonus, split, rights and other action history

Record dateCorporate actionInformationAnnouncement dateEx-date
24 Jul 2026Dividend₹1.00 / share—24 Jul 2026
19 Aug 2025Dividend₹0.50 / share—19 Aug 2025
22 Mar 2024Dividend₹10.00 / share—22 Mar 2024
20 Feb 2024Dividend₹0.50 / share—20 Feb 2024
—Dividend₹2.00 / share—14 Sept 2023
—Annual General MeetingAnnual General Meeting—15 Sept 2022
—Dividend₹0.50 / share—16 Sept 2021
12 Jan 2021Dividend₹1.00 / share—11 Jan 2021
—Annual General MeetingAnnual General Meeting—23 Dec 2020
17 Jun 2020Rights issueRights 5:14@ Premium Rs 35/-—16 Jun 2020
—Annual General MeetingAnnual General Meeting—24 Sept 2019
—Annual General MeetingAnnual General Meeting—26 Jul 2018
—Annual General MeetingAnnual General Meeting—21 Sept 2017
—Annual General MeetingAnnual General Meeting—22 Sept 2016
—Annual General MeetingAnnual General Meeting—23 Sept 2015
Delivery participation

Traded volume and delivery percentage across the latest 20 sessions

Average delivery (20D)44.54%+0.24% latest vs average
Highest delivery61.02%on 15 Sept
Average volume (20D)626.2KTrading-session average
Conviction trendStrengthening+0.24% latest reading
Traded volumeDelivery %
Peer comparison

Compare valuation, latest quarterly performance and year-on-year growth

8 companies
Company nameMarket cap ₹ CrP/E ratioDividend yield %Quarterly sales ₹ CrProfit after tax ₹ CrSales growth %Profit growth %
Reliance Industries Limited
Reliance Industries LimitedRELIANCE
Open analysis
₹15.84L21.190.51%₹3.09L₹23,196.00+27.02%-24.65%
Adani Enterprises Limited
Adani Enterprises LimitedADANIENT
Open analysis
₹3.57L42.460.05%₹5,954.00-₹890.00+1.29%-280.16%
Oil and Natural Gas Corporation Limited
Oil and Natural Gas Corporation LimitedONGC
Open analysis
₹2.78L6.406.60%₹2.05L₹6,554.00+25.68%-43.28%
Coal India Limited
Coal India LimitedCOALINDIA
Open analysis
₹2.54L8.136.47%₹48,295.27₹8,852.11+51.49%+1.24%
Indian Oil Corporation Limited
Indian Oil Corporation LimitedIOC
Open analysis
₹1.78L5.172.57%₹2.66L-₹1,141.00+38.51%-116.76%
Bharat Petroleum Corporation Limited
Bharat Petroleum Corporation LimitedBPCL
Open analysis
₹1.23L7.186.99%₹1.51L-₹1,873.00+34.41%-127.39%
Oil India Limited
Oil India LimitedOIL
Open analysis
₹72,140.068.642.91%₹9,293.27₹2,099.61+5.51%+60.26%
Hindustan Petroleum Corporation Limited
Hindustan Petroleum Corporation LimitedHINDPETRO
Open analysis
₹69,367.0141.537.43%₹1.41L-₹12,265.00+26.85%-398.35%
About Refex Industries Limited
Refex Industries Limited

Refex Industries Limited specializes in trading eco-friendly refrigerant gases and providing comprehensive solutions for responsible coal procurement and ash disposal.[1]

IndiaEnergy

Questions investors ask
Is Refex Industries Limited Shariah compliant?

Refex Industries Limited is currently screened as Shariah Compliant under AAOIFI Shariah Standard No. 21. Business activities align with Shariah permissible sectors. Debt to Market Cap (6.45%) complies with AAOIFI threshold (≤ 33%).

What is Refex Industries Limited's current valuation relative to peers?

Refex Industries Limited trades at a P/E of 12.4x compared to the sector median of 14.9x, and a Price-to-Book of 2.3x.

Is the company financially healthy?

The company has a Debt-to-Equity ratio of 0.15x. Interest coverage is 10.5x.

What are the historical revenue and profit growth rates?

Over the past 5 years, revenue compounded at 10.6% while net profit growth averaged 16.7%.

Market data is informational and may be delayed. Shariah screening follows the displayed methodology. This is not investment advice.

Market data may be delayed. Quote date: 2026-10-09. Financial figures relate to their stated reporting periods. This information is for research and is not a recommendation to buy or sell.