Nifty
:
25114.00
Sensex
:
81904.70
108.50 (0.43%)
355.97 (0.44%)
Nifty
Sensex
:
:
25114.00
81904.70
108.50 (0.43%)
355.97 (0.44%)

Refex Industries Ltd.

Industrial Gases & Fuels

Rating :
60/99

BSE: 532884 | NSE: REFEX

NSE BSE
351.90
12-Sep-2025
  • Open
  • High
  • Low
  • Previous Close
  •  356.2
  •  356.25
  •  348.55
  •  353.50
  • Volume
  • Traded Value (lacs)
  • 52 Week High
  • 52 Week Low
  •  122363
  •  43033921.2
  •  600
  •  334

Stock Summary

  • Market Cap(Crs)
  • Stock P:E
  • Face Value
  • 4,550.03
  • 30.21
  • 2
  • Enterprise Value(Crs)
  • Dividend Yield
  • Price:Book Value
  • 4,369.66
  • N/A
  • 4.22

Shareholding Pattern

  • Promoter
  • Corporate
  • Public
  • 53.33%
  • 7.14%
  • 34.72%
  • FII
  • DII
  • Others
  • 1.86%
  • 0.15%
  • 2.80%

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 41.27
  • 31.29
  • 14.84

EBITDA CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 54.89
  • 25.40
  • 3.74

PAT CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 40.43
  • 31.07
  • 10.92

P:E (Median)

  • 8 Years
  • 5 Years
  • 3 Years
  • 12.87
  • 12.11
  • 20.37

P:BV (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 3.22
  • 3.64
  • 4.93

EV:EBITDA (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 10.96
  • 10.56
  • 15.19

Earnings Forecasts:

(Updated: 08-09-2025)
Description
2024
2025
2026
2027
Adj EPS
12.96
P/E Ratio
27.15
Revenue
2460.08
EBITDA
209.81
Net Income
158.78
ROA
12.23
P/B Ratio
3.75
ROE
18.92
FCFF
-460.33
FCFF Yield
-8.13
Net Debt
-65.98
BVPS
93.88

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone
Description
Jun 25
Jun 24
Var%
Mar 25
Mar 24
Var%
Dec 24
Dec 23
Var%
Sep 24
Sep 23
Var%
Net Sales
383.25
595.12
-35.60%
627.76
342.35
83.37%
717.13
305.99
134.36%
527.65
352.21
49.81%
Expenses
345.41
546.70
-36.82%
563.94
301.10
87.29%
666.01
271.70
145.13%
481.21
318.04
51.30%
EBITDA
37.84
48.43
-21.87%
63.82
41.25
54.72%
51.12
34.28
49.12%
46.45
34.17
35.94%
EBIDTM
9.87%
8.14%
10.17%
12.05%
7.13%
11.20%
8.80%
9.70%
Other Income
10.65
2.09
409.57%
16.13
7.96
102.64%
24.79
3.20
674.69%
7.08
5.22
35.63%
Interest
9.93
5.84
70.03%
8.81
8.50
3.65%
7.69
8.31
-7.46%
5.36
6.18
-13.27%
Depreciation
14.14
5.61
152.05%
11.62
4.16
179.33%
8.91
3.98
123.87%
6.42
2.90
121.38%
PBT
24.42
39.06
-37.48%
59.52
36.58
62.71%
59.31
25.19
135.45%
42.02
30.35
38.45%
Tax
3.88
9.72
-60.08%
11.60
3.21
261.37%
9.26
8.30
11.57%
10.96
8.91
23.01%
PAT
20.54
29.35
-30.02%
47.92
33.37
43.60%
50.05
16.89
196.33%
31.06
21.44
44.87%
PATM
5.36%
4.93%
7.63%
9.75%
6.98%
5.52%
5.89%
6.09%
EPS
1.64
2.60
-36.92%
3.74
2.96
26.35%
3.88
1.53
153.59%
2.57
1.94
32.47%

Annual Results

Consolidated Figures in Rs. Crores /

Standalone
Description
TTM
Mar 25
Mar 24
Mar 23
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Mar 15
Net Sales
2,255.79
2,467.66
1,382.87
1,629.15
632.66
660.74
461.05
76.86
37.72
77.95
84.66
Net Sales Growth
41.37%
78.44%
-15.12%
157.51%
-4.25%
43.31%
499.86%
103.76%
-51.61%
-7.93%
 
Cost Of Goods Sold
1,971.22
2,151.90
1,179.85
1,388.31
526.78
557.30
403.06
56.98
19.80
59.90
64.10
Gross Profit
284.57
315.77
203.02
240.84
105.88
103.45
57.99
19.88
17.92
18.05
20.57
GP Margin
12.61%
12.80%
14.68%
14.78%
16.74%
15.66%
12.58%
25.87%
47.51%
23.16%
24.30%
Total Expenditure
2,056.57
2,257.85
1,236.89
1,454.50
564.99
609.40
432.78
75.13
35.53
75.31
79.13
Power & Fuel Cost
-
0.95
0.55
0.12
4.57
0.52
0.32
0.07
0.08
0.07
0.07
% Of Sales
-
0.04%
0.04%
0.01%
0.72%
0.08%
0.07%
0.09%
0.21%
0.09%
0.08%
Employee Cost
-
38.12
19.65
13.20
5.19
2.77
2.26
1.02
0.55
0.17
0.13
% Of Sales
-
1.54%
1.42%
0.81%
0.82%
0.42%
0.49%
1.33%
1.46%
0.22%
0.15%
Manufacturing Exp.
-
28.34
9.84
34.16
2.28
0.62
0.82
1.35
0.91
0.05
0.24
% Of Sales
-
1.15%
0.71%
2.10%
0.36%
0.09%
0.18%
1.76%
2.41%
0.06%
0.28%
General & Admin Exp.
-
32.48
22.70
13.20
12.99
17.15
19.02
15.21
13.97
14.80
14.37
% Of Sales
-
1.32%
1.64%
0.81%
2.05%
2.60%
4.13%
19.79%
37.04%
18.99%
16.97%
Selling & Distn. Exp.
-
3.42
1.66
0.62
1.48
1.27
4.91
0.27
0.16
0.23
0.17
% Of Sales
-
0.14%
0.12%
0.04%
0.23%
0.19%
1.06%
0.35%
0.42%
0.30%
0.20%
Miscellaneous Exp.
-
2.65
2.64
4.89
11.70
29.78
2.38
0.22
0.05
0.09
0.17
% Of Sales
-
0.11%
0.19%
0.30%
1.85%
4.51%
0.52%
0.29%
0.13%
0.12%
0.06%
EBITDA
199.23
209.81
145.98
174.65
67.67
51.34
28.27
1.73
2.19
2.64
5.53
EBITDA Margin
8.83%
8.50%
10.56%
10.72%
10.70%
7.77%
6.13%
2.25%
5.81%
3.39%
6.53%
Other Income
58.65
50.36
18.26
8.29
4.44
4.79
1.85
2.04
1.69
0.04
0.05
Interest
31.79
27.70
29.36
19.41
8.97
0.91
0.30
1.21
2.56
1.34
0.03
Depreciation
41.09
32.56
13.54
6.89
5.29
1.39
0.96
0.83
0.79
1.02
2.49
PBT
185.27
199.91
121.33
156.63
57.85
53.83
28.87
1.73
0.53
0.32
3.07
Tax
35.70
41.53
28.35
40.33
16.91
14.89
-2.76
0.80
0.07
-5.00
0.00
Tax Rate
19.27%
20.77%
23.37%
25.79%
29.23%
31.01%
-9.56%
46.24%
13.21%
-1612.90%
0.00%
PAT
149.57
158.38
92.98
116.06
40.94
33.13
31.63
0.94
0.46
5.31
3.02
PAT before Minority Interest
150.77
158.38
92.98
116.06
40.94
33.13
31.63
0.94
0.46
5.31
3.02
Minority Interest
1.20
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
PAT Margin
6.63%
6.42%
6.72%
7.12%
6.47%
5.01%
6.86%
1.22%
1.22%
6.81%
3.57%
PAT Growth
48.02%
70.34%
-19.89%
183.49%
23.57%
4.74%
3,264.89%
104.35%
-91.34%
75.83%
 
EPS
11.57
12.25
7.19
8.98
3.17
2.56
2.45
0.07
0.04
0.41
0.23

Results Balance Sheet

Consolidated Figures in Rs. Crores /

Standalone
Description
Mar 25
Mar 24
Mar 23
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Mar 15
Shareholder's Funds
1,212.79
465.58
314.39
139.51
75.80
42.73
11.10
10.16
9.71
4.39
Share Capital
25.84
23.14
22.11
21.00
15.48
15.48
15.48
15.48
15.48
15.48
Total Reserves
1,031.88
442.10
292.04
118.51
60.33
27.25
-4.38
-5.31
-5.77
-11.08
Non-Current Liabilities
177.42
134.80
103.98
70.11
10.39
-8.72
41.43
35.84
-0.34
4.89
Secured Loans
90.57
52.96
40.46
0.09
0.00
0.09
6.34
0.60
0.06
0.06
Unsecured Loans
1.27
0.00
0.00
0.00
0.00
0.09
34.61
34.36
0.00
0.00
Long Term Provisions
2.37
1.27
0.47
9.49
6.09
0.16
0.31
0.31
0.29
0.29
Current Liabilities
396.25
193.91
332.00
134.95
62.85
121.91
44.94
13.43
107.75
60.69
Trade Payables
171.73
54.33
192.59
100.38
41.20
101.18
41.41
8.47
62.71
49.41
Other Current Liabilities
60.79
33.63
25.09
16.80
5.79
14.26
3.53
4.53
7.85
1.79
Short Term Borrowings
79.84
64.20
41.37
0.02
1.72
0.00
0.00
0.00
36.76
9.06
Short Term Provisions
83.90
41.74
72.95
17.74
14.14
6.46
0.00
0.43
0.43
0.43
Total Liabilities
1,785.84
793.40
750.37
344.57
149.04
155.92
97.47
59.43
117.12
69.97
Net Block
345.40
204.11
146.76
86.78
21.94
14.88
14.31
14.60
15.04
15.84
Gross Block
390.73
216.97
152.78
94.65
24.56
16.67
15.14
27.92
27.58
27.41
Accumulated Depreciation
45.33
12.86
6.02
7.86
2.63
1.79
0.83
13.31
12.53
11.57
Non Current Assets
404.43
291.30
224.12
167.78
28.94
18.27
18.40
18.92
17.59
16.63
Capital Work in Progress
17.22
8.61
3.25
0.00
0.00
0.27
0.00
0.00
0.00
0.00
Non Current Investment
30.74
73.62
73.75
74.00
0.00
0.00
0.00
0.01
0.01
0.01
Long Term Loans & Adv.
11.06
4.95
0.36
7.00
7.00
3.12
4.09
1.92
1.75
0.78
Other Non Current Assets
0.00
0.01
0.00
0.00
0.00
0.00
0.00
2.40
0.79
0.00
Current Assets
1,381.41
502.09
526.26
176.79
120.11
137.65
79.07
40.50
99.53
53.34
Current Investments
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Inventories
7.41
7.23
10.81
5.49
3.18
7.59
5.23
1.22
1.21
0.62
Sundry Debtors
676.77
305.94
245.17
92.96
72.27
87.50
36.51
8.98
80.26
49.88
Cash & Bank
352.05
48.23
10.23
17.25
20.96
3.87
0.70
0.77
0.25
0.62
Other Current Assets
345.18
10.90
7.93
3.47
23.70
38.69
36.64
29.53
17.81
2.22
Short Term Loans & Adv.
292.29
129.79
252.12
57.63
21.54
38.62
36.52
27.97
17.81
0.94
Net Current Assets
985.16
308.19
194.26
41.84
57.26
15.74
34.14
27.08
-8.23
-7.35
Total Assets
1,785.84
793.39
750.38
344.57
149.05
155.92
97.47
59.42
117.12
69.97

Cash Flow

Consolidated Figures in Rs. Crores /

Standalone
Description
Mar 25
Mar 24
Mar 23
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Mar 15
Cash From Operating Activity
-264.81
2.85
27.62
123.29
11.89
44.19
-4.41
4.15
-24.56
-3.12
PBT
199.91
121.33
156.39
57.85
48.03
28.87
1.73
0.53
0.31
3.02
Adjustment
14.93
38.52
23.90
19.39
30.50
-0.59
0.76
1.65
2.34
2.51
Changes in Working Capital
-416.37
-133.34
-136.16
46.04
-54.23
22.49
-6.90
1.98
-27.20
-8.66
Cash after chg. in Working capital
-201.53
26.52
44.12
123.29
24.30
50.76
-4.41
4.15
-24.56
-3.12
Interest Paid
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Tax Paid
-63.28
-23.67
-16.50
0.00
-12.41
-6.58
0.00
0.00
0.00
0.00
Other Direct Exp. Paid
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Extra & Other Items
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Cash From Investing Activity
-89.70
-41.88
-77.56
-122.27
4.56
0.05
-0.59
-0.45
-1.97
4.15
Net Fixed Assets
-62.48
-6.99
-65.93
-65.54
-7.62
-1.80
12.78
-0.34
-0.17
-0.50
Net Investments
-32.69
-7.27
0.20
-74.00
0.00
0.00
0.01
0.00
0.00
0.18
Others
5.47
-27.62
-11.83
17.27
12.18
1.85
-13.38
-0.11
-1.80
4.47
Cash from Financing Activity
603.05
61.87
59.89
-4.72
0.63
-41.06
3.64
-3.18
26.15
-1.60
Net Cash Inflow / Outflow
248.54
22.84
9.95
-3.71
17.08
3.18
-1.36
0.52
-0.38
-0.58
Opening Cash & Equivalents
33.08
10.23
0.29
20.96
3.87
0.70
0.77
0.25
0.62
1.20
Closing Cash & Equivalent
281.62
33.08
10.23
17.25
20.96
3.87
-0.59
0.77
0.25
0.62

Financial Ratios

Consolidated /

Standalone
Description
Mar 25
Mar 24
Mar 23
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Mar 15
Book Value (Rs.)
81.88
40.22
28.42
66.43
47.46
26.75
6.95
6.36
6.08
2.75
ROA
12.28%
12.05%
21.20%
16.59%
21.72%
24.97%
1.19%
0.52%
5.68%
5.74%
ROE
20.80%
23.86%
51.17%
38.03%
55.89%
117.52%
8.82%
4.59%
75.40%
104.82%
ROCE
23.14%
30.79%
65.61%
61.55%
81.11%
61.13%
6.04%
6.73%
5.48%
23.15%
Fixed Asset Turnover
8.12
7.48
13.17
10.61
32.05
29.00
3.59
1.37
2.84
3.17
Receivable days
72.68
72.73
37.88
47.66
44.13
49.09
107.31
427.08
304.59
116.06
Inventory Days
1.08
2.38
1.83
2.50
2.97
5.07
15.21
11.64
4.28
9.96
Payable days
14.67
31.02
32.42
49.05
46.04
63.06
128.31
20.93
3.82
0.00
Cash Conversion Cycle
59.09
44.09
7.29
1.11
1.06
-8.90
-5.79
417.79
305.05
126.02
Total Debt/Equity
0.16
0.25
0.26
0.00
0.02
0.01
3.71
3.44
3.79
2.09
Interest Cover
8.22
5.13
9.06
7.45
54.01
98.25
2.43
1.21
1.23
104.00

Annual Reports:

FY 2025
FY 2024
FY 2023
FY 2022
FY 2021
FY 2020
FY 2019
FY 2018
FY 2017
FY 2016
FY 2015

News Update:


  • Refex Industries incorporates wholly owned subsidiary
    13th Sep 2025, 11:28 AM

    The company has incorporated WOS in the name of ‘Refex Mobility’ on September 12, 2025

    Read More
  • Refex Industries secures order worth Rs 25 crore
    2nd Sep 2025, 14:48 PM

    The order is for transportation of Pond ash

    Read More
  • Refex Industries - Quarterly Results
    12th Aug 2025, 18:06 PM

    Read More
  • Refex Industries secures order worth Rs 50 crore
    4th Aug 2025, 12:18 PM

    The order is for transportation and unloading of pond ash

    Read More
  • Refex Industries secures order worth Rs 250 crore
    8th Jul 2025, 11:21 AM

    The order is for comprehensive ash disposal along with O&M of fly ash systems

    Read More

Source: www.accordfintech.com | DISCLAIMER: Information is provided " as is" and solely for informational purposes, not for trading purposes or advice, and may be delayed.