Refex Industries Limited (REFEX) AI Stock Analysis

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Refex Industries Limited

(NSE:REFEX)

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Rating:63Neutral

Price Target:INR 226.00▲(6.48% 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

Improved ProfitabilityImproved gross, operating, and net profitability indicates stronger earnings capacity in FY2026. If maintained, healthier margins can support internal investment, strengthen resilience across the company’s industrial and environmental activities, and improve the durability of future earnings.

Negative Factors

Weak Cash ConversionLow operating cash flow relative to reported earnings raises questions about the quality and repeatability of earnings conversion. Persistent gaps could constrain internally funded expansion, increase reliance on working-capital management, and reduce financial flexibility despite the stronger balance sheet.

Refex Industries Limited (REFEX) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 29.10B
Dividend Yield: 0.71%
Average Volume (3M): 36.55K
Price to Earnings (P/E): 11.7
Beta (1Y): 0.99
Revenue Growth: 47.93%
EPS Growth: 53.78%
Country: India
Employees: 534
Sector: General
Sector Strength: 55
Industry: Coal

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 ac...

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 pro...

Refex Industries Limited Financial Statement Overview

Summary

Profitability improved meaningfully in FY2026 and the balance sheet is notably stronger with low and improving leverage (debt-to-equity ~0.15). However, cash flow is a major offset: operating cash flow has been low versus earnings and free cash flow fell sharply in FY2026 versus FY2025, with prior periods showing negative OCF/FCF volatility.

Income Statement

72Positive

Balance Sheet

84Very Positive

Cash Flow

38Negative

Financial statement breakdown
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	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	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

Technical Analysis SentimentNegative

Last Price212.25

Price Trends

50DMA267.52Negative

100DMA294.04Negative

200DMA267.68Negative

Market Momentum

MACD-14.74Positive

RSI24.98Positive

STOCH4.81Positive

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 212.25 is below the 20-day moving average (MA) of 247.33, below the 50-day MA of 267.52, and below the 200-day MA of 267.68, indicating a bearish trend. The MACD of -14.74 indicates Positive momentum. The RSI at 24.98 is Positive, neither overbought nor oversold. The STOCH value of 4.81 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

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:REFEX against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:IOLCP	72Outperform	INR 52.17B	31.06	―	0.56%	18.56%	60.06%
IN:FCL	69Neutral	INR 56.58B	40.33	―	0.27%	91.44%	19.67%
IN:ROSSARI	65Neutral	INR 22.12B	14.48	―	0.13%	19.76%	11.74%
IN:REFEX	63Neutral	INR 29.13B	11.71	―	0.71%	47.93%	53.78%
IN:BALAMINES	58Neutral	INR 57.16B	27.90	―	0.63%	11.08%	34.10%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:TATVA	55Neutral	INR 38.49B	61.11	―	0.12%	49.69%	254.75%

* General Sector Average

Performance Comparison

IN:REFEX and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:REFEX	Refex Industries Limited	212.25	-160.56	-43.07%
IN:BALAMINES	Balaji Amines Limited	1764.15	351.10	24.85%
IN:FCL	Fineotex Chemical Limited	48.59	16.55	51.67%
IN:IOLCP	IOL Chemicals & Pharmaceuticals Ltd.	177.75	84.69	91.01%
IN:ROSSARI	Rossari Biotech Ltd	399.25	-242.58	-37.79%
IN:TATVA	Tatva Chintan Pharma Chem Limited	1645.45	235.40	16.69%

Refex Industries Limited Corporate Events

Refex Industries Posts Strong Q2, H1 FY27 Growth and Expands Order Book

Oct 28, 2026

Refex Industries reported strong unaudited standalone results for the quarter and half-year ended September 30, 2026, with Q2 revenue from operations rising 36.1% year-on-year to about ₹560 crore and profit after tax up 13.1%, while H1 revenue...

Refex Industries Shares Q2 and H1 FY27 Unaudited Results via Investor Presentation

Oct 28, 2026

Refex Industries Limited has notified the exchanges that it has prepared and circulated an investor presentation covering its unaudited financial results for the second quarter and half year ended September 30, 2026, of the 2026-27 financial year. Th...

Refex Industries Schedules Q2 FY27 Earnings Call for October 29

Oct 22, 2026

Refex Industries Limited has announced that it will hold an earnings call to discuss its financial results for the second quarter ended September 30, 2026, corresponding to Q2 FY27. The call is scheduled for Thursday, October 29, 2026, at 11:30 a.m....

Refex Industries Wins Rs 31.45 Crore Ash Transport Contract from Maharatna PSU

Oct 21, 2026

Refex Industries Limited has secured a slab-wise rate contract from a Maharatna public sector undertaking under the Ministry of Power for transporting ash to construction sites of road projects. The work will support projects undertaken by the Nation...

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 inadvertently...

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 meetin...

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.

Date of analysis: Sep 22, 2026

Refex Industries Limited AI Stock Analysis

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