Refex Industries Limited (REFEX)

Chemicals · Chemicals & Petrochemicals · NSE · Updated 15 July 2026

₹322.1 ↓ 29.07% (1Y)

🎯 Key Takeaways

Refex Industries Limited is transitioning from a traditional chemical manufacturing base toward a strategic pivot in clean energy and sustainable infrastructure, marked by ESG commitments, capital reallocation, and structural consolidation. The company is in a transformational phase, balancing financial stability with long-term decarbonization goals, while navigating operational risks tied to its legacy coal-adjacent operations.
Revenue grew 35.9% QoQ to ₹717 in Q3FY25.
⚠️ Transition risks from coal-adjacent operations and water stress in key operational zones, as highlighted in the ESG report, could disrupt supply chain

Market Cap

₹3,811

P/E Ratio

22.9

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Refex Industries Limited is transitioning from a traditional chemical manufacturing base toward a strategic pivot in clean energy and sustainable infrastructure, marked by ESG commitments, capital reallocation, and structural consolidation. The company is in a transformational phase, balancing financial stability with long-term decarbonization goals, while navigating operational risks tied to its legacy coal-adjacent operations.

📰 What's Happening

Recent developments include the approval of a composite amalgamation scheme by the NCLT Chennai Bench (BSE filing dated 2026-06-24), which will be finalized through creditor and shareholder meetings on August 5, 2026, to consolidate operations across three entities. Concurrently, the company scheduled its 24th AGM for July 31, 2026, to adopt audited FY2026 financials, declare a final dividend of ₹1 per share, and seek shareholder approval for reallocating ₹19.07 crore from capital expenditure to working capital in its preferential issue. The AGM will feature e-voting via NSDL/CDSL, with shareholder participation capped at 1,000 attendees, excluding large and institutional investors. Additionally, Refex submitted its FY2025-26 Business Responsibility and Sustainability Report to BSE and NSE on July 8, 2026, affirming its commitment to carbon neutrality by 2035 and net zero by 2040, alongside expansion into wind energy, EV mobility, and rooftop solar adoption.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	630	382	352	306	342	595	528	717
Operating Profit	76	38	39	37	49	51	54	76
OPM %	11.7%	9.5%	9.7%	11.2%	12.1%	8.1%	8.8%	7.1%
Net Profit	51	21	21	17	33	29	31	50
EPS	₹22.92	₹9.62	₹9.70	₹7.64	₹3.02	₹2.54	₹2.60	₹3.99

Refex has demonstrated fluctuating but generally improving operational performance, with revenue rising from ₹306 crore in Q3FY24 to ₹717 crore in Q3FY25, accompanied by margin expansion in operating profit margin from 11.2% to 7.1% despite lower scale in the most recent quarter. However, the latest quarterly data (Q3FY25) shows a sequential decline in revenue and operating profit from Q2FY25 (₹528 crore revenue, ₹54 crore OP), with OPM compressing to 7.1% from 8.8%, and net profit growth slowing to ₹50 crore from ₹31 crore. This suggests that while top-line growth has resumed, profitability is under pressure, possibly due to scale inefficiencies or transitional investments. The company’s financial trajectory reflects a mix of recovery and reinvestment, consistent with its strategic shift toward higher-margin clean energy segments.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance or quantitative targets beyond the ESG milestones outlined in the FY2025-26 Business Responsibility and Sustainability Report. However, it has reaffirmed its commitment to achieving carbon neutrality by 2035, water positivity by 2035, and 50% green energy adoption across operations, supported by Board-level sustainability governance and TCFD-aligned climate scenario analysis. The company is actively pursuing green finance mechanisms, including sustainability-linked loans, and expanding its clean energy verticals through Venwind and Refex Mobility. While no short-term financial targets were disclosed, the strategic roadmap emphasizes long-term transition risks and stakeholder engagement as core priorities.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Chemicals & Petrochemicals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Solar Industries India Limited	1.57 L Cr	132.3	—	—	—
Pidilite Industries Limited	1.49 L Cr	75.7	—	—	—
SRF Limited	79,723	69.5	—	—	—
Linde India Limited	62,701	141.9	—	—	—
Gujarat Fluorochemicals Limited	40,793	89.6	—	—	—
Navin Fluorine International Limited	35,894	131.5	—	—	—
Himadri Speciality Chemical Limited	30,071	56.6	—	—	—
Deepak Nitrite Limited	24,911	33.3	—	—	—
Atul Limited	20,904	48.8	—	—	—
Tata Chemicals Limited	19,079	-47.1	—	—	—

🔗 Peer Stock Analyses

SOLARINDS PIDILITIND SRF LINDEINDIA FLUOROCHEM

⚠️ Risk Factors

1. Transition risks from coal-adjacent operations and water stress in key operational zones, as highlighted in the ESG report, could disrupt supply chains or increase compliance costs. 2. The success of the composite amalgamation scheme, pending regulatory and shareholder approvals, introduces execution and integration uncertainty. 3. Margin pressure in core chemical segments, evident from OPM compression in Q3FY25 despite revenue growth, may constrain near-term profitability if not offset by clean energy margins. 4. Limited institutional voting access and capped shareholder participation at the AGM may reduce governance scrutiny and increase reliance on management-led initiatives.

📋 Recent Filings

🧠 Analyst's Read

Refex is executing a clear but capital-intensive transition toward sustainable infrastructure, with tangible progress in ESG reporting, renewable energy adoption, and structural consolidation. Investors should monitor the outcome of the August 5 creditor and shareholder meetings on the amalgamation scheme and the pace of clean energy revenue contribution to offset pressures in legacy segments. The company’s financial resilience is supported by its cash position, but near-term profitability may remain volatile as it balances growth investments with operational restructuring.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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