Refex Industries Limited specializes in trading eco-friendly refrigerant gases and providing comprehensive solutions for responsible coal procurement and ash disposal.[1]
Business Verticals1) Ash & Coal Handling Business (93% in Q1 FY25 vs 72% in FY22):The company entered the ash and coal handling business in 2018, offering services for the processing and disposal of ash and coal. It is thelargest organized player in ash handling in India, managing 50,000 MT of ash daily.[1][2]In FY24, it received significant tenders from NTPC and State Run Power plants for the ash disposal requirements. Other clients include Ultra Tech Cement, Adani, ACC, etc.[3]It caters to 19+ power plants operates across MP, Karnataka, Chhattisgarh, Bihar, Maharashtra, etc.[4]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Linde India | 5968.00 | 100.54 | 50872.45 | 0.08 | 169.01 | 61.90 | 644.19 | 1.54 | 16.90 | 2413.01 | 36.53 | 505.97 | 169.01 | 12.88 | 8.99 | 0.02 |
| 2. | Ellen.Indl.Gas | 321.10 | 51.84 | 4524.74 | 0.00 | 36.72 | 23.84 | 89.17 | -5.85 | 18.23 | 312.48 | 35.15 | 80.22 | 36.72 | 4.91 | 10.57 | 0.13 |
| 3. | Refex Industries | 249.35 | 16.95 | 3416.67 | 0.20 | 52.03 | 54.52 | 423.21 | -1.12 | 25.28 | 2107.79 | 10.94 | 201.63 | 52.09 | 2.41 | 15.59 | 0.12 |
| 4. | Stallion India | 237.72 | 41.82 | 1875.33 | 0.00 | 11.42 | 1243.53 | 105.56 | 56.25 | 19.67 | 452.75 | 13.90 | 44.84 | 11.42 | 5.93 | 12.12 | 0.00 |
| 5. | Hilltone Softwar | 77.32 | – | 84.52 | 0.00 | -0.71 | -745.45 | 3.45 | 65.07 | 2.34 | 9.21 | -13.79 | -1.26 | -0.71 | 5.73 | -0.96 | 0.03 |
| 6. | Natl. Oxygen | 93.46 | – | 47.12 | 0.00 | 7.04 | 9.24 | 6.37 | -39.96 | -21.54 | 33.35 | -12.05 | -7.52 | -1.08 | – | -21.51 | – |
| 7. | Gagan Gases | 21.63 | 81.47 | 9.78 | 0.00 | -0.01 | -112.50 | 1.65 | 15.38 | 10.64 | 5.42 | 3.69 | 0.12 | -0.01 | 3.02 | 7.16 | 0.12 |
| – | Median: 4 Co. | 285.23 | 46.83 | 3970.7 | 0.04 | 44.38 | 58.21 | 264.38 | 0.21 | 18.95 | 1280.27 | 24.52 | 140.93 | 44.41 | 5.42 | 11.34 | 0.07 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 380 | 302 | 708 | 381 | 585 | 365 | 630 | 337 | 611 | 353 | 350 | 428 | 423 |
Expenses | 341 | 268 | 655 | 345 | 533 | 325 | 557 | 294 | 548 | 317 | 315 | 385 | 349 |
Operating Profit | 40 | 34 | 53 | 37 | 52 | 40 | 74 | 44 | 64 | 37 | 35 | 43 | 74 |
Other Income | 1 | 3 | 25 | 2 | 2 | 11 | 2 | 8 | 16 | 2 | 5 | 12 | 8 |
Profit before tax | 36 | 27 | 71 | 30 | 48 | 41 | 68 | 43 | 72 | 34 | 32 | 49 | 71 |
Tax % | 26% | 28% | 17% | 26% | 25% | 20% | 25% | 16% | 21% | 26% | 27% | 23% | 27% |
Net Profit | 26 | 20 | 59 | 22 | 36 | 33 | 51 | 36 | 57 | 25 | 23 | 37 | 52 |
EPS in Rs | 2.37 | 1.79 | 4.58 | 1.99 | 3.11 | 2.55 | 4.59 | 3.09 | 4.42 | 2.42 | 2.12 | 3.09 | 4.02 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 25 | 85 | 78 | 38 | 77 | 461 | 661 | 633 | 444 | 1,629 | 1,371 | 2,430 | 2,108 |
Expenses | 22 | 79 | 75 | 36 | 75 | 433 | 609 | 565 | 383 | 1,454 | 1,222 | 2,214 | 1,877 |
Operating Profit | 2 | 6 | 3 | 2 | 2 | 28 | 51 | 68 | 61 | 175 | 149 | 216 | 231 |
Other Income | 3 | -0 | 0 | 2 | 2 | 2 | -1 | 4 | 18 | 8 | 18 | 52 | 61 |
Interest | 2 | 0 | 1 | 3 | 1 | 0 | 1 | 9 | 13 | 19 | 26 | 18 | 22 |
Depreciation | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 5 | 6 | 7 | 9 | 11 | 14 |
Profit before tax | 1 | 3 | 0 | 1 | 2 | 29 | 48 | 58 | 61 | 156 | 132 | 241 | 256 |
Net Profit | 1 | 3 | 5 | 0 | 1 | 32 | 33 | 41 | 45 | 116 | 101 | 189 | 201 |
EPS in Rs | 0.11 | 0.29 | 0.51 | 0.04 | 0.09 | 3.01 | 3.16 | 3.90 | 4.32 | 10.50 | 8.73 | 14.66 | 15.57 |
Dividend Payout % | -0% | -0% | -0% | -0% | -0% | -0% | -0% | 8% | -0% | 4% | 6% | -0% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 21 | 21 | 22 | 23 | 26 | 26 |
Reserves | -14 | -11 | -6 | -5 | -4 | 27 | 60 | 119 | 163 | 292 | 450 | 1,224 | 1,311 |
Borrowings | 11 | 9 | 37 | 35 | 41 | 0 | 9 | 74 | 85 | 149 | 161 | 158 | 165 |
Other Liabilities | 23 | 56 | 71 | 15 | 45 | 115 | 53 | 128 | 112 | 288 | 114 | 272 | 292 |
Total Liabilities | 35 | 70 | 118 | 60 | 98 | 159 | 138 | 341 | 381 | 752 | 748 | 1,681 | 1,793 |
Fixed Assets | 17 | 16 | 15 | 15 | 14 | 15 | 22 | 87 | 85 | 147 | 144 | 199 | 191 |
Gross Block | 26.44 | 27.41 | 27.58 | 27.92 | 16.10 | 16.67 | 24.56 | 90.10 | 89.15 | 152.78 | 158.89 | 219.63 | – |
Accumulated Depreciation | 9.31 | 11.57 | 12.53 | 13.31 | 1.79 | 1.79 | 2.63 | 3.31 | 4.12 | 6.02 | 14.69 | 20.77 | – |
CWIP | 0 | -0 | -0 | -0 | -0 | 0 | -0 | -0 | 0 | 3 | 9 | 6 | 8 |
Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 74 | 74 | 74 | 81 | 114 | 145 |
Other Assets | 17 | 54 | 103 | 45 | 83 | 143 | 116 | 181 | 222 | 528 | 514 | 1,362 | 1,449 |
Total Assets | 35 | 70 | 118 | 60 | 98 | 159 | 138 | 341 | 381 | 752 | 748 | 1,681 | 1,793 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 9 | -2 | -25 | 4 | -4 | 44 | 12 | 123 | -14 | 28 | 10 | -262 |
Cash from Investing Activity | 13 | 4 | -2 | -0 | 1 | 0 | 5 | -122 | -5 | -78 | -30 | -74 |
Cash from Financing Activity | -21 | -2 | 26 | -3 | 4 | -41 | 1 | -5 | 2 | 60 | 43 | 568 |
Net Cash Flow | 0 | -1 | -0 | 1 | -0 | 3 | 17 | -4 | -17 | 10 | 23 | 231 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 65 | 215 | 376 | 87 | 173 | 69 | 40 | 54 | 96 | 55 | 81 | 101 |
Inventory Days | 174 | 4 | 7 | 22 | 33 | 7 | 2 | 4 | 8 | 3 | 3 | 2 |
Days Payable | 321 | 281 | 382 | 156 | 264 | 92 | 27 | 70 | 79 | 49 | 21 | 37 |
Cash Conversion Cycle | -82 | -63 | 1 | -47 | -57 | -15 | 15 | -12 | 24 | 8 | 63 | 66 |
Working Capital Days | -273 | -34 | -40 | 255 | 159 | 9 | 20 | 14 | 70 | 41 | 74 | 99 |
ROCE % | 15% | 24% | 6% | 7% | 6% | 61% | 85% | 45% | 25% | 48% | 29% | 25% |
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Stock Analysis
Refex Industries Limited is a diversified company involved in refrigerant gas trading, and operations in coal and ash handling, green mobility, and wind energy.
Management is expected to discuss the company's performance and outlook, potentially covering growth drivers in its core businesses during the Q3 FY26 earnings call.
Currently no data available for Order Book.
Currently no data available for Key Red Flags.
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