Refex Renewables & Infrastructure Ltd shareholders approved all resolutions at the company's 32nd AGM, including the reappointment of an executive director and revision in remuneration. Management highlighted expansion in compressed biogas and renewable power projects, including four Tamil Nadu CBG projects, 160 MW of wind capacity and a 100 MW solar project. However, FY26 standalone and consolidated losses widened, while the consolidated financial statements carried a qualified audit opinion relating to two subsidiaries.
Refex Renewables AGM Approves Expansion Plans Amid Wider FY26 Losses
Standalone Turnover: ₹9.9 crore (FY26)
Consolidated Loss: ₹42.9 crore (FY26)
Reader Takeaway: Strong project pipeline offsets growth outlook, but losses and audit qualification remain key concerns.
What just happened
Refex Renewables & Infrastructure Ltd held its 32nd Annual General Meeting on September 18, 2026 through video conferencing.
Shareholders approved all four resolutions, including adoption of the FY26 standalone and consolidated financial statements, reappointment of Mr. Kalpesh Kumar as Executive Director and revision of his remuneration.
Why this matters
Management outlined an expanding renewable energy pipeline despite weaker financial performance during FY26.
In compressed biogas, the company secured four greenfield municipal solid waste-based CBG projects in Tamil Nadu covering Salem, Coimbatore, Madurai and Trichy.
It also entered into a tripartite agreement with GAIL for offtake from these projects, with an aggregate production capacity of 34 tonnes per day, and completed the acquisition of a controlling stake in the Kolhapur CBG plant.
Within renewable power, Refex secured two wind projects totaling 160 MW through competitive bidding by SJVN and SECI. The company also received grid connectivity approval for its 100 MW NTPC solar project at NP Kunta PGCIL GSS in Andhra Pradesh.
The backstory
FY26 financial performance weakened compared with the previous year.
Standalone turnover declined to ₹9.9 crore from ₹18.7 crore, while the standalone loss widened to ₹11.9 crore from ₹9.1 crore.
On a consolidated basis, turnover eased to ₹66.5 crore from ₹67.9 crore and consolidated loss increased to ₹42.9 crore from ₹36.4 crore.
Risks to watch
The statutory auditor issued a qualified opinion on the consolidated financial statements relating to matters concerning two subsidiaries. The company informed shareholders that the Board's comments on those qualifications were presented during the AGM.
The Secretarial Audit Report for FY26 contained no qualifications, reservations or adverse remarks.
What changes now
Investors should monitor execution of the CBG projects, commissioning timelines for the renewable assets, future revenue generation from the expanded portfolio and any developments relating to the qualified consolidated audit opinion.
The company's long-term growth strategy remains focused on renewable energy and compressed biogas, but improving profitability will remain an important factor to watch alongside project execution.