Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep
Source: Bse
Refex Industries Limited (REFEX)
Micro CapChemicals stocks · Micro cap · NSE
Refex Industries Limited is a diversified company operating in three key verticals: Ash & Coal Handling, providing sustainable utilization of ash; Wind, focused on global tech-powered wind turbine manufacturing; and Premium Corporate Mobility, offering tech-led mobility solutions for enterprises.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:32 pm ISTDetails
Quote19 Oct, 03:32 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result29 Jul, 06:29 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 33.1 (n=45)
Technical timing lens
Trend score and candlestick chart
36BearishSMA20 -3.6% / mo · MACD − · sector -4.2pp vs Nifty 500 (3M)
Stock trend: 29
Sector RS: 46
Sector 3M: -9.8% vs Nifty 500 -5.6%
Chemicals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
REFEXD candles · FIT view+0.8%Latest close ₹249.70 on 2026-10-19
Bar
-2.8%
RSI
36
MACD hist
-0.73
52W pos
32%
2026-10-19O ₹257.00H ₹259.50L ₹248.00C ₹249.70Vol 2.6L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
REFEXNifty ChemicalsNifty 500
- REFEX
- -19.9%
- Nifty 500
- -5.6%
- Nifty Chemicals
- -8.5%
- Vs Nifty 500
- -14.3 pp
Chart stats
19 Oct 2026- From 52W high
- -34.6%
- 52W range position
- 32%
- ATR (14)
- 4.2%
- Volume vs 20D
- 0.39x
- Avg traded value
- ₹18.7 Cr
- 20D price channel
- ₹248 - ₹297
₹382
₹188 - ₹382
₹10.4
Latest completed session
20-session average
44.2% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · UNDERVALUED70
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +160.2% · PAT +225.0% YoY
Technical
Bearish36
Price trend and sector-relative-strength timing.
Valuation
Legacy model+69.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence72
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +160% YoY · PAT +225% YoY · margin expansion · operating leverage
Filed 29 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹916 Cr | +160.2% | -1.9% |
| EBITDA | ₹107 Cr | +189.2% | -33.1% |
| Operating margin | 12.0% | +200 bps | -500 bps |
| PAT | ₹65 Cr | +225.0% | -30.9% |
| PAT margin | 7.1% | +142 bps | -296 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 12.80
- P/B
- 2.42
- EV/EBITDA
- 8.64
- Market Cap
- 3646.00Cr
Profitability
- ROE
- 17.80%
- ROCE
- 22.70%
- ROA
- 8.72%
- Dividend Y
- 0.56%
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 43.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 28.00%
Balance Sheet
- Debt/Equity
- 0.15
- Interest Coverage
- 10.95×
- Altman Z
- 4.05
- Book Value
- 110.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 107.00 Cr
- EPS TTM
- 18.10
Shareholding
- Promoter Hold
- 56.57%
- Promoter Pledge
- 43.50%
- Momentum 52W
- 40%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 2,277+0.8% vs prev
Net Profit
₹ CrLatest: 204+29.1% vs prev
Return on Equity
%Latest: 13.6+4.1% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 36. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~3.8% over last month) — short-term momentum negative.
- RSI(14) at 36 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 35% off 52W high · 33% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
30
RS percentile
Stage 1 Base / Transition
1M return
-8.1%
3M return
-19.9%
6M return
-4.2%
1Y return
-29.9%
RS 1D
-2
RS 20D
-11
Sector rank
#14
Industry rank
#41
Stage evidence
- Price is 11.7% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +2.6% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 69.02-1.67%
RS vs Nifty 50069
Valuation & peers
U-Score 70 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 70 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation18/30
Growth22/25
Quality13/20
Balance Sheet8/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
70
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
70/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 69.3%.
- Growth contributes 22/25 to the score.
Main drags
- Promoter pledge is 43.5%.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
12.8
PB
2.4
EV/EBITDA
8.6
ROE
17.8%
ROCE
22.7%
FCF Yield
—
Debt/Equity
0.1
MoS
+69.3%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
70
Previous: 70
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+69.3%
Previous: +69.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
70
70
70
70
70
70
70
70
70
70
70
70
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹211.65
-18.0% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹814.5
+69.3% MoS
PEG
0.35
Comparable companies
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
LXCHEM
Micro
Laxmi Organic Industries Limited
Retail
match 103
25
38.9
4.1%
-833%
OVERVALUED
RAIN
Micro
Rain Industries Limited
Retail
match 96
37
14.3
0.6%
-1153%
WATCHLIST
VIPIND
Micro
VIP Industries Limited
Retail
match 91
16
—
-92.4%
—
OVERVALUED
KRISHNADEF
Micro
Krishna Defence And Allied Industries Limited
Retail
match 90
59
41.5
25.4%
-19%
FAIR VALUE
KIRIINDUS
Small
Kiri Industries Limited
Retail
match 89
67
4.4
-9.1%
+99%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-12T07:14:57.465Z
Management commentary snapshot
Q1 FY27 results show robust growth with revenue up 76.4% YoY to INR 619.3 Cr, EBITDA surging 166.0% YoY to INR 105.4 Cr, and PAT increasing 122.8% YoY to INR 73.6 Cr, driven by strong operational capabilities and better business mix.
The company's Q1 FY27 performance demonstrates strong execution across its diversified segments, particularly in Ash & Coal with new orders and initial deliveries in the Wind business. The ongoing demerger of the Mobility segment is expected to unlock further value, supporting the overall growth thesis.
Growth engines
Ash & Coal Handling Market Opportunity
Thermal power plants must achieve 100% ash utilization, with non-compliance attracting significant financial penalties, creating a growing market for ash utilization businesses.
Wind Energy Manufacturing
Focused on manufacturing 5.3 MW (and above) Wind Turbine Generators with global technology, targeting ~5 GW annual production capacity over the next five years.
Premium Corporate Mobility
Tech-driven platform providing clean, safe, & reliable transportation solutions for enterprises, with 1,750+ vehicles operating across 5 cities.
Strategic Demerger
Proposed demerger of Refex Green Mobility Limited (RGML) into an independent entity (RML) to enable focused growth and value unlocking.
Capacity and execution
Wind Turbine Factory Commissioning
Maiden Factory Commissioned at Silvassa for Wind Turbine Generators.
Wind Turbine Deliveries
Delivered first 5.3 MW wind turbine at Torrent's Koppal project and started deliveries across other customers.
Tailwinds
Ash Utilization Mandates
MoEF & CC Notification mandates 100% ash utilization for thermal power plants, creating sustained logistics demand.
Renewable Energy Targets
India's target of 500 GW non-fossil fuel capacity by 2030 and 140-150 GW wind capacity by 2030 supports clean-energy expansion.
Favorable Wind Energy Policies
GST reduction on wind equipment from 12% to 5% and updated national climate targets setting 60% non-fossil installed power capacity by 2035.
Risk radar
Economic Performance
Company's performance is subject to known and unknown risks, uncertainties and assumptions, including the performance of the Indian economy.
Competition
Forward-looking statements are subject to risks including competition within the industry.
Strategy Implementation
Risks include the Company’s ability to successfully implement its strategy and future levels of growth and expansion.
Technological Changes
Technological implementation, changes and advancements are identified as potential risks.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company explicitly presents its Q1 FY27 financial highlights on a Y-o-Y basis. For businesses involving project execution (Wind) and contract-based services (Ash), YoY comparison provides a more accurate view of underlying growth and operational scaling, mitigating potential seasonality or short-term fluctuations.
Sector KPIs management disclosed
Ash & Coal Orderbook
Secured new orders worth ₹279 crore in Ash & Coal Business. Orderbook of INR 1,635 Crs as on 30th June’26.
Wind Turbine Deliveries
Delivered first 5.3 MW wind turbine at Torrent's Koppal project and started deliveries across other customers.
Wind Orderbook
Secured >400 MW orderbook, with ₹1,860 Cr confirmed orderbook.
Ash Handling Capacity
70,000+ MT Ash Handling Per Day.
Management forward view
Value Unlocking through Demerger
Strategic demerger of RGML aims to enable focused growth, value unlocking, and independent balance sheets across two differentiated business platforms.
Wind Capacity Target
Targeting ~5 GW annual production capacity over the next five years for wind energy.
Asset-Light Mobility Expansion
Asset-light expansion of corporate mobility platform to accelerate growth.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Ash & Coal Orderbook | INR 1,635 Crs as on 30th June’26 | Sustained growth in new order wins and execution against the existing order book. |
| Wind Turbine Deliveries & Orderbook | First 5.3 MW WTG delivered; confirmed orderbook of ₹1,860 Cr. | Ramp-up of deliveries, new order additions, and progress towards the 5 GW annual production capacity target. |
| RGML Demerger Progress | NCLT approval received for stakeholder meetings; Equity Shareholders' Meeting scheduled for August 5, 2026. | Timely completion of the demerger process and subsequent listing of Refex Mobility Limited. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
72Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 69th percentile of the scored universe and 49th percentile within Chemicals. Main check: promoter alignment is weak at 47/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
54 docs text-extracted · 15 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
69th percentile
overall median 67 · Chemicals: 49th pctile, median 73 · Micro: 50th pctile, median 73
Evidence depth
Financial-only
54 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
47
watch · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
75
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 56.6%.
- ▸Promoter holding increased 3.2%.
- ▸5 years of positive FCF.
- ▸ROCE is 22.7%.
Trust risks
- ▸Promoters have pledged 43.5% of holding.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Refex Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 19 Sep - Clarified 10 lakh MT ash-lifting contract worth about ₹160 crore over 18 months.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - Intimation regarding the Analyst/Institutional Investor Meet of Refex Industries Limited
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 24 Aug - Refex Industries bags two domestic fly ash contracts worth ₹33.70 crore, executable in 120 days.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.