Refex Industries reported ₹2,302 crore in revenue for FY 2025-26, with ash and coal handling forming 83% of turnover. The company is strategically shifting towards becoming a green infrastructure conglomerate.
Refex Industries Charts FY26 Course: ₹2,302 Crore Revenue, Green Transformation
Refex Industries achieved consolidated revenue of ₹2,302 Crore in FY 2025-26, with its core ash and coal handling business contributing 83% to its turnover. The company also reported a strong safety record with zero fatalities and a Lost Time Injury Frequency Rate (LTIFR) of 0.78.
Reader Takeaway: Revenue ₹2,302 Cr; high worker turnover and ₹10 Cr GST order pose risks.
What just happened
Refex Industries announced its financial and operational highlights for FY 2025-26. The company reported consolidated revenues of ₹2,302 crore. Its primary business segment, Ash & Coal Handling, accounted for 83% of the total turnover. The company also reported zero fatalities and an LTIFR of 0.78, alongside significant employee turnover of 182% for permanent workers.
Why this matters
The report signals Refex Industries' strategic intent to transition into a green infrastructure conglomerate. This pivot is supported by initiatives in green finance, carbon neutrality targets, and increased ash utilization. However, it also highlights potential challenges, including significant GST assessment orders totaling ₹9.99 crore and a high permanent worker turnover rate.
The backstory
For FY 2025-26, Refex Industries continues to rely heavily on its ash and coal handling operations, which form the bulk of its revenue. Windpower and Refex Mobility represent smaller portions of its business. The company has a stated commitment to safety, aiming for a 'Zero Harm' philosophy.
What changes now
The company is actively pursuing a green transformation. This involves developing strategies for accessing cheaper green finance, setting ambitious carbon neutrality goals by 2035 (Net Zero by 2040), and achieving water positivity by 2035. Ash utilization is also a key focus, with 100% of ash being repurposed.
Risks to watch
Refex Industries faces regulatory risks from GST assessment orders amounting to ₹9.99 crore, which are currently under appeal. A significant concern is the employee turnover rate of 182% for permanent workers in FY 2025-26, a substantial increase from the previous year, which management attributes to strategic realignment.
Peer comparison
Information on direct peers for Refex Industries' specific business mix of ash handling and green infrastructure transition is not provided in the filing.
Context metrics (time-bound)
- Revenue (FY 2025-26): ₹2,302 Crore
- GST Penalties under appeal (FY 2025-26): ₹9.99 crore
- LTIFR (FY 2025-26): 0.78
- Permanent Employee Turnover (FY 2025-26): 182%
What to track next
Investors should monitor the resolution of the GST assessment orders and the company's progress in its transition towards becoming a green infrastructure conglomerate. The management of employee turnover and its impact on operational stability will also be crucial indicators.