Refex Industries Limited
₹212.25-₹9.90 (-4.5%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹3,314 Cr
- P/E
- 16.4x
- EV / EBITDA
- 20.2x
- Revenue
- ₹2,430 Cr
- Net margin
- 7.4%
- ROCE
- 23.5%
Price chart
Technical chartScreen technicals →-41.9% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- -20.2%
- 3M
- -29.0%
- 6M
- -19.6%
- 1Y
- -41.9%
- 5Y
- +725.9%
52-week range
Day change -₹9.90 (-4.5%) from ₹222 to ₹212 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in REFEX, bought on each weekday since 2021.
AI Summary
Indian StockStrengths1
- Strong 5-year revenue CAGR of 15.7%
Concerns1
- Negative free cash flow (₹336 Cr)
Rule-based from financial data. Not advice.
About the company
Refex Industries Limited engages in handling and disposal of fly ash in India. It provides refills hydrofluorocarbons, which is used in air conditioners, refrigerators, and refrigeration systems. The company engages in solar power generation and related activities; coal trading; and providing coal yard management services and power trading solutions. It also owns and operates electric vehicles. The company was formerly known as Refex Refrigerants Limited and changed its name to Refex Industries Limited in November 2013. The company was incorporated in 2002 and is based in Chennai, India.
- Sector
- Materials
- Shares outstanding
- 13.7 Cr shares
- ISIN
- INE056I01025
- BSE code
- 532884
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹3,314 Cr
- P/E
- 16.4x
- P/B
- 2.3x
- EV / EBITDA
- 20.2x
- EV / Sales
- 2.5x
- P/S
- 2.4x
- Earnings yield
- 6.1%
- 52-week high
- ₹374.75
- 52-week low
- ₹189.20
Profitability
- Operating margin
- 10.9%
- Net margin
- 7.4%
- EBITDA margin
- 12.2%
- ROE
- 21.4%
- ROCE
- 23.5%
- ROA
- 13.5%
- Dividend payout
- 6.0%
- Tax rate
- 23.0%
- Other income, % of PBT
- 13.6%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹2,430 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 77.2%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 15.7%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹167 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -8.7%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 87.1%
- Net profit CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 25.1%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹10.0 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -64.3%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹231 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -0.5%
Solvency and efficiency
- Current ratio
- 5.22
- Debt / Equity
- 0.34
- Debt / Assets
- 0.22
- Debt / EBITDA
- 0.96
- Interest coverage
- 5.73
- Financial leverage
- 1.58
- CFO / Net profit
- 0.10
- Cash / Market cap
- 15.5%
- Cash per share
- ₹37.53
- Asset turnover
- 1.83
- Fixed asset turnover
- 9.52
- Capital intensity
- 0.11
- Debtor days
- 81 days
- Inventory turnover
- 121.67
- Cash conversion cycle
- 63 days
Where the revenue went
Some FY2025 lines are not reported, so the ones that are appear as a table.
| Line | FY2025 |
|---|---|
| Sales | ₹2,430 Cr |
| Expenses | ₹2,214 Cr |
| Operating profit | ₹216 Cr |
| Other income | ₹52 Cr |
| Interest | ₹18 Cr |
| Depreciation | ₹11 Cr |
| Profit before tax | ₹241 Cr |
| Tax and other | ₹52 Cr |
| Net profit | ₹189 Cr |
Revenue and net profit
Revenue grew 77.2% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹633 Cr | ₹41 Cr |
| FY2022 | ₹444 Cr | ₹45 Cr |
| FY2023 | ₹1,629 Cr | ₹116 Cr |
| FY2024 | ₹1,371 Cr | ₹101 Cr |
| FY2025 | ₹2,430 Cr | ₹189 Cr |
Cash flows
FY2025: -₹262 Cr from operations, -₹336 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹123 Cr | ₹1 Cr |
| FY2022 | -₹14 Cr | -₹19 Cr |
| FY2023 | ₹28 Cr | -₹50 Cr |
| FY2024 | ₹10 Cr | -₹20 Cr |
| FY2025 | -₹262 Cr | -₹336 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹2,430 Cr+77.2%1Y
- Net profit
- ₹189 Cr+87.1%1Y
- Cash from operations
- -₹262 Cr
- Free cash flow
- -₹336 Cr
- Revenue CAGR, 5Y
- 15.7%
- EBITDA CAGR, 5Y
- 27.3%
- Net profit CAGR, 5Y
- 25.1%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹2,430 Cr | ₹216 Cr | — | ₹189 Cr | -₹262 Cr | -₹336 Cr | 15.1% | +77.2% | +87.1% |
Monthly returns
Month-by-month returns of REFEX across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹1,681 Cr |
| Equity capital | ₹26 Cr |
| Reserves | ₹1,224 Cr |
| Borrowings | ₹158 Cr |
| Other liabilities | ₹272 Cr |
| Assets | ₹1,681 Cr |
| Fixed assets | ₹199 Cr |
| Capital work in progress | ₹6 Cr |
| Investments | ₹114 Cr |
| Other assets | ₹1,362 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
REFEX trades at 16.4x earnings against a peer median of 35.5x (a 54% discount).
Not shown (no positive earnings and no EV / Sales): BN AGROCHEM LIMITED.
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| Refex Industries LimitedREFEXthis companyP/E ↓ discount | ₹3,314 Cr | 16.4x | 2.3x | 21.4% | 20.2x |
| Vishnu Chemicals LimitedVISHNU | ₹3,484 Cr | 46.8x | 4.2x | 14.9% | 20.6x |
| Neogen Chemicals LimitedNEOGEN | ₹3,443 Cr | 69.7x | 4.1x | 5.4% | 29.5x |
| ORIENT CEMENT LIMITEDORIENTCEM | ₹3,400 Cr | 11.1x | 1.6x | 10.0% | 7.4x |
| BN AGROCHEM LIMITEDBNAGROCHEM | ₹3,398 Cr | — | 10.6x | -4.2% | -1133.0x |
| Styrenix Performance Materials LimitedSTYRENIX | ₹3,375 Cr | 16.3x | 3.8x | — | — |
| Grauer & Weil (India) Ltd.GRAUWEIL | ₹3,354 Cr | 22.2x | 3.4x | 17.9% | 14.7x |
| KIRI INDUSTRIES LIMITEDKIRIINDUS | ₹3,217 Cr | 242.0x | 4.1x | -23.7% | -126.1x |
| Steel Strips & Wheels LtdSSWL | ₹3,161 Cr | 15.6x | 1.9x | 16.3% | 8.2x |
| Peer median | — | 35.5x | 3.7x | 12.9% | 19.2x |
Year-to-date ROI
REFEX since 1 January, against earlier years.
Historical volatility
REFEX's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 11.0% |
| FY2022 | 14.0% |
| FY2023 | 11.0% |
| FY2024 | 11.0% |
| FY2025 | 9.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹2,430 Cr |
| Costs | |
| Interest | ₹18 Cr |
| Expenses | ₹2,214 Cr |
| Operating profitOperating Profit | ₹216 Cr |
| Other income and charges | |
| Profit before tax | ₹241 Cr |
| Tax | |
| Net profitNet Profit | ₹189 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹1,681 Cr |
| Equity capitalEquity Capital | ₹26 Cr |
| Reserves | ₹1,224 Cr |
| Borrowings | ₹158 Cr |
| Other liabilitiesOther Liabilities | ₹272 Cr |
| AssetsTotal Assets | ₹1,681 Cr |
| Fixed assetsFixed Assets | ₹199 Cr |
| Capital work in progressCWIP | ₹6 Cr |
| Investments | ₹114 Cr |
| Other assetsOther Assets | ₹1,362 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | -₹262 Cr |
| Investing cash flowCash from Investing Activity | -₹74 Cr |
| Financing cash flowCash from Financing Activity | ₹568 Cr |
| Change in cashNet Cash Flow | ₹231 Cr |
Learn while you research
Academy chapters picked for Refex Industries Limited and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Growth Investing77% revenue growth is in the top tier, learn how to value growth.7 min read
- 04 Stock Market RisksSmall caps carry concentrated, idiosyncratic risk, learn to manage it.6 min read
- 05 Business Cycles & StocksThese cyclical sectors win and lose in different macro phases.6 min read
- 06 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read