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Refex Industries Limited
(REFEX)
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Rating:63Neutral
Price Target:
₹269.00
▲(2.63% Upside)
Action:Reiterated
Date:09/22/26
The score is driven primarily by stronger profitability and a much-improved, low-leverage balance sheet, but is capped by volatile cash-flow conversion and a sharp FY2026 free-cash-flow decline. Technicals are mixed with negative MACD and price below key medium-term averages, while valuation is supportive but not compelling given the low dividend yield.
Positive Factors
Low and Improving Leverage
The substantial reduction in leverage strengthens Refex’s financial resilience and lowers dependence on creditors. A larger equity base and conservative debt position should provide greater flexibility to fund operations, absorb volatility, and pursue growth over the coming quarters.
Negative Factors
Weak Earnings-to-Cash Conversion
Low operating cash flow relative to accounting earnings raises questions about the quality and repeatability of recent profit growth. Persistent conversion weakness can constrain internally funded investment, increase reliance on working-capital management, and reduce financial flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Low and Improving Leverage
The substantial reduction in leverage strengthens Refex’s financial resilience and lowers dependence on creditors. A larger equity base and conservative debt position should provide greater flexibility to fund operations, absorb volatility, and pursue growth over the coming quarters.
Read all positive factors
Refex Industries Limited (REFEX) vs. iShares MSCI India ETF (INDA)
Market Cap
₹34.84B
Dividend Yield0.59%
Average Volume (3M)34.58K
Price to Earnings (P/E)13.9
Beta (1Y)1.02
Revenue Growth26.49%
EPS Growth51.28%
CountryIN
Employees534
SectorGeneral
Sector StrengthN/A
IndustryCoal
Share Statistics
EPS (TTM)18.11
Shares Outstanding137,228,550
10 Day Avg. Volume27,430
30 Day Avg. Volume34,575
Financial Highlights & Ratios
PEG Ratio0.68
Price to Book (P/B)1.68
Price to Sales (P/S)1.11
P/FCF Ratio132.14
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Refex Industries Limited Business Overview & Revenue Model
Company Description
Refex Industries Limited, an Indian firm, specializes in the responsible handling and disposal of fly ash generated by power plants. Its diversified operations encompass several key areas: the management of coal and ash, the generation and related...
How the Company Makes Money
Refex Industries Limited makes money through multiple business lines that generate revenue from (1) sale/trading and distribution of refrigerants and related products, where revenue is earned from product sales to customers and the spread between ...
Refex Industries Limited Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
84
Very Positive
Cash Flow
38
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 28.53B | 22.77B | 24.68B | 13.83B | 16.29B | 4.44B |
| Gross Profit | 4.85B | 3.75B | 2.15B | 1.90B | 2.00B | 904.65M |
| EBITDA | 4.44B | 4.22B | 2.60B | 1.64B | 1.75B | 762.34M |
| Net Income | 2.46B | 2.03B | 1.59B | 938.70M | 1.16B | 453.90M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 28.43B | 17.99B | 7.98B | 7.52B | 3.81B |
| Cash, Cash Equivalents and Short-Term Investments | 3.98B | 1.91B | 3.12B | 647.85M | 346.21M | 287.37M |
| Total Debt | 0.00 | 2.25B | 2.86B | 2.15B | 1.49B | 851.00M |
| Total Liabilities | -15.09B | 13.34B | 5.87B | 3.33B | 4.38B | 1.97B |
| Stockholders Equity | 15.09B | 15.04B | 12.13B | 4.66B | 3.14B | 1.84B |
Cash Flow | ||||||
| Free Cash Flow | 449.28M | 190.84M | -4.75B | -427.01M | -443.74M | -233.62M |
| Operating Cash Flow | 738.52M | 795.44M | -2.65B | 28.48M | 276.15M | -169.50M |
| Investing Cash Flow | -963.62M | -2.73B | -897.04M | -418.76M | -775.61M | -13.11M |
| Financing Cash Flow | -236.06M | 979.14M | 6.03B | 618.70M | 598.92M | 20.06M |
Refex Industries Limited Technical Analysis
Negative
262.10
Price Trends
283.17
Negative
302.25
Negative
269.31
Negative
Market Momentum
-7.23
Positive
33.48
Neutral
7.99
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:REFEX, the sentiment is Negative. The current price of 262.1 is below the 20-day moving average (MA) of 272.13, below the 50-day MA of 283.17, and below the 200-day MA of 269.31, indicating a bearish trend. The MACD of -7.23 indicates Positive momentum. The RSI at 33.48 is Neutral, neither overbought nor oversold. The STOCH value of 7.99 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:REFEX.
Refex Industries Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | ₹65.90B | 47.12 | ― | 0.23% | 91.44% | 19.67% | |
64 Neutral | ₹58.16B | 34.11 | ― | 0.51% | 18.56% | 60.06% | |
63 Neutral | ₹34.84B | 13.91 | ― | 0.59% | 26.49% | 51.28% | |
57 Neutral | ₹23.61B | 15.68 | ― | 0.12% | 19.47% | 11.49% | |
56 Neutral | ₹66.82B | 32.93 | ― | 0.53% | 11.08% | 34.10% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹43.74B | 83.81 | ― | 0.11% | 41.09% | 618.16% |
* General Sector Average
IN:REFEX
Refex Industries Limited
252.30
-108.40
-30.05%
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Balaji Amines Limited
2,084.55
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55.45%
IN:FCL
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56.64
32.98
139.34%
IN:IOLCP
IOL Chemicals & Pharmaceuticals Ltd.
195.30
100.49
105.98%
IN:ROSSARI
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428.20
-218.22
-33.76%
IN:TATVA
Tatva Chintan Pharma Chem Limited
1,836.90
737.77
67.12%
Refex Industries Limited Corporate Events
Refex corrects ash-lifting contract size to 10 lakh tonnes, confirms INR 160 crore order intact
Sep 19, 2026
Refex Industries Limited has clarified that a recently awarded contract from a public sector undertaking in Madhya Pradesh involves lifting 10 lakh metric tons of pond ash and fly ash under a Road-cum-Rail mode, not 10 metric tons as it inadverten...
Refex Industries Holds NCLT-Directed Meetings on Composite Amalgamation Scheme
Aug 5, 2026
Refex Industries Limited has reported the conduct of three court-convened meetings of equity shareholders, secured creditors and unsecured creditors on August 5, 2026, following directions from the National Company Law Tribunal in Chennai. The mee...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.