Refex Q2 FY27: PAT ₹7,363.78 Cr & Rev ₹62,725.7 Cr

1 Financial Results 🔴 High Importance Neutral 📄 PDF

Investor Takeaways

Reported Q1 FY2026 revenue of ₹62,725.70 lakhs (₹62725.7 Cr) and net profit of ₹7,339.10 lakhs (₹7363.78 Cr) from continuing operations.

Discontinued operations incurred a loss of ₹997.63 lakhs (₹997.63 Cr) due to segment closures.

Board approved Ms. Lalitha Uthayakumar's re-designation effective August 1, 2026, and finalized a scheme of arrangement involving amalgamation.

Shareholders face near-term losses from discontinued segments but may benefit from strategic realignment.

Overall Tone: Cautious based on the numbers only.

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹62725.7 Cr	N/A
Net Profit	₹7363.78 Cr	N/A
EBITDA	Not available	N/A
EPS	[amount context mismatch] (Q3FY25)	N/A
OPM	7.13% (Q3FY25)	N/A

What Changed

The filing reveals a significant shift in operational focus due to the discontinuation of certain segments, which directly impacted profitability. Q1 FY2026 results show revenue of ₹62,725.70 lakhs and net profit of ₹7,339.10 lakhs from continuing operations, but discontinued operations contributed a loss of ₹997.63 lakhs. This loss reflects the financial drag of exiting non-core or underperforming business areas. The company finalized a scheme of arrangement involving amalgamation and regulatory approvals, signaling structural realignment. Leadership changes, including Ms. Lalitha Uthayakumar's re-designation effective August 1, 2026, were also approved. The company scheduled shareholder and creditor meetings for August 5, 2026, to advance the scheme. Quarterly trends indicate declining revenue and profit momentum over the past four quarters, with Q3FY25 revenue at ₹717.13 Cr and profit at ₹50.05 Cr, down from Q4FY24’s ₹342.35 Cr revenue and ₹33.38 Cr profit. The current market cap stands at ₹3,811.4 Cr with a P/E ratio of 22.86. Peer comparisons show Refex’s valuation is more attractive than Solar Industries (P/E 132.27) and SRF (P/E 69.51), though Pidilite (P/E 75.73) has a lower P/E. However, Refex’s profitability metrics, including OPM and EPS, have shown signs of compression in recent quarters.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Refex Industries Limited	22.86	N/A	N/A	3,811.4
Solar Industries India Limited	132.27	N/A	N/A	1,56,674.48
Pidilite Industries Limited	75.73	N/A	N/A	1,49,378.89
SRF Limited	69.51	N/A	N/A	79,723.46

Refex trades at a significantly lower P/E multiple compared to peers, suggesting potential undervaluation or market skepticism about future earnings sustainability. However, peers like Solar Industries and Pidilite operate in more stable, high-margin segments with stronger profitability trends, while Refex’s recent performance shows declining operational efficiency.

Risks & Concerns

Discontinued operations resulted in a loss of ₹997.63 Cr, indicating ongoing financial pressure from legacy segments.

Convertible warrants lapsed and were forfeited, though the exact amount is not verified in the provided data.

Quarterly revenue and profit trends show consistent decline over the last four quarters, with OPM compressing from 12.05% (Q4FY24) to 7.13% (Q3FY25).

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	717.13	50.05	7.13
Q2FY25	527.65	31.06	8.8
Q1FY25	595.12	29.35	8.14
Q4FY24	342.35	33.38	12.05

2 Financial Results 🔴 High Importance ✨ Positive 📄 PDF

Metric	Value
Revenue	₹619.3 Cr
Net Profit (PAT)	₹73.6

📢 Key Event
Refex Industries announced unaudited Q1 FY27 financial results showing revenue growth and PAT increase.

🔄 What Changed
Revenue up 76.4% YoY to ₹619.3 crores; PAT up 122.8% YoY to ₹73.6 crores; EBITDA margin improved to 17.0% from 11.3% YoY.

🔮 What's Next
The company expects Wind Energy business to scale, strengthening return ratios and earnings quality as it transitions into active execution phase.

💡 Investor Takeaway
Strong growth in core Ash & Coal business and early traction in Wind Energy signal expanding margins and future earnings potential.

Refex Industries reported Q1 FY27 revenue of ₹619.3 crores, up 76.4% YoY, driven by strong Ash & Coal orders and new wind turbine deliveries, with PAT rising 122.8% YoY to ₹73.6 crores on improved margins.

3 Financial Results 🔴 High Importance Neutral 📄 PDF

📢 Key Event
Refex Industries reported Q1 FY27 unaudited financial results with strong growth and strategic updates.

🔄 What Changed
Revenue (+76.4%), EBITDA (+166.0%), PAT (+122.8%); new ash orders (₹279 Cr); orderbook (₹1,635 Cr); demerger progress.

🔮 What's Next
Wind energy capacity target of 50 GW by 2030; ALMM certification for 5.3MW turbines; demerger of RGML to unlock value.

💡 Investor Takeaway
Strong quarterly growth and strategic progress position Refex for long-term value creation in clean energy and mobility sectors.

Refex Industries reported Q1 FY27 unaudited results showing revenue of ₹619.3 Cr (+76.4%), EBITDA of ₹105.4 Cr (+166.0%), and PAT of ₹73.6 Cr (+122.8%), driven by new ash handling orders and operational progress. The company secured ₹279 Cr in fresh ash orders, maintains a ₹1,635 Cr orderbook, and advanced its demerger with NCLT approval. VRPL's 5.3MW wind turbines are ALMM-certified with 1.5GW orders, targeting 50GW capacity by 2030. Standalone ROCE stands at 22% with 0.3% proposed dividend yield. Market tailwinds include ₹8,500 Cr fly ash and ₹67,080 Cr pond ash utilization opportunities.

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About Refex Industries Limited (REFEX)

Chemicals · Chemicals & Petrochemicals · Listed on NSE

Market Cap: ₹3,811.4 Cr P/E: 22.9

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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