Refex Industries Limited (REFEX) — Annual Report

1 Annual Report 🔴 High Importance Neutral 📄 PDF

📢 Key Event
Refex Industries submitted its FY2025-26 Business Responsibility and Sustainability Report to BSE and NSE on July 8, 2026, for regulatory compliance under SEBI LODR Regulation 34(2)(f).

🔄 What Changed
Revenue increased to ₹2,302 crores; carbon neutrality target set for 2035 (net zero by 2040); 100% renewable energy adopted at one plant; CSR spend of ₹1.5–3 crores annually; expansion into wind energy and EV mobility; zero fatalities reported; water stress risks highlighted in operational zones.

🔮 What's Next
Carbon Neutral Company by 2035 (Net Zero by 2040); Water Positive Status by 2035; 50% Green Energy Across Operations target; ESG governance strengthened with Board-level Sustainability Committee; expansion of clean energy verticals including Venwind and Refex Mobility; adoption of rooftop solar and EV fleet; TCFD-aligned climate scenario analysis; pursuit of green finance and sustainability-linked loans.

💡 Investor Takeaway
Refex is strategically pivoting toward clean energy and circular economy models, with clear long-term ESG targets and governance enhancements, but faces material transition risks from coal-adjacent operations and water-stressed zones requiring careful management.

Refex Industries Limited submitted its Business Responsibility and Sustainability Report for FY 2025-26 to BSE and NSE on July 8, 2026, as mandated under SEBI LODR Regulation 34(2)(f). The consolidated report, assured by SGS India, details performance across governance, environmental, and social principles, including revenue of ₹2,302 crores, 83% ash handling dominance, and progress toward carbon neutrality by 2035. Key disclosures include zero fatalities, 100% renewable energy adoption at one plant, ₹1.5–3 crores annual CSR spend, and expansion into wind energy and EV mobility. Material risks include regulatory non-compliance exposure, water stress in operational zones, and transition challenges from coal-adjacent operations. The report emphasizes stakeholder engagement, circular economy initiatives, and ESG governance enhancements, reflecting Refex’s strategic pivot toward clean energy and sustainable infrastructure.

2 Annual Report 🔴 High Importance Neutral 📄 PDF

📢 Key Event
24th AGM scheduled for July 31, 2026, to approve FY2026 financials, declare ₹1 final dividend, and reallocate ₹19.07 crore from capex to working capital.

🔄 What Changed
Reallocation of ₹19.07 crore from capital expenditure to working capital in preferential issue proceeds; no material changes to dividend or director reappointment.

🔮 What's Next
No explicit future guidance or deadlines beyond AGM date and e-voting period (July 28–30, 2026).

💡 Investor Takeaway
The AGM will finalize FY2026 results and capital reallocation, with no new strategic updates; shareholders must act by July 30 to vote or claim dividends.

Refex Industries Limited announced its 24th Annual General Meeting (AGM) on July 31, 2026, via video conferencing, to adopt FY2026 audited financials, declare a final dividend of ₹1 per share (50% of face value), reappoint Chairman Anil Jain, and seek shareholder approval for reallocating ₹19.07 crore from capital expenditure to working capital in its ₹219.69 crore preferential issue. The meeting will feature e-voting via NSDL/CDSL, with shareholder participation capped at 1,000 attendees on a first-come-first-served basis, excluding large shareholders and institutional investors. Key investor actions include submitting Form 121 by July 30, 2026, for dividend TDS compliance, and accessing voting instructions through NSDL’s platform using DP ID/Client ID or Beneficiary ID. The filing confirms no insolvency proceedings, material litigation, or auditor resignations, and highlights a strong cash position exceeding debt.

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