Refex Industries Limited
NSE: REFEX · Industrial Gases
Snapshot
Unlock Refex Industries Limited's vital signs
Growth · Profitability · Valuation · Strength · Conviction
Company Overview
Business
Refex Industries Limited is an Indian company primarily engaged in the handling and disposal of fly ash from power plants, alongside the manufacturing and refilling of refrigerant gases. The company also operates in the solar power generation sector and provides coal crushing and yard management services.
Business Model
The company generates revenue through a diversified portfolio including the sale of hydrofluorocarbon refrigerants, provision of coal and ash handling services, and the generation and distribution of solar energy. It leverages industrial partnerships to manage waste from power plants while maintaining a presence in the automotive and HVAC supply chains.
- Incorporation Year:2002
Growth Outlook
Growth is expected to be driven by the increasing demand for refrigerant gases in the automotive and air-conditioning sectors, alongside the expansion of coal and ash handling services. Continued investment in solar power generation provides a secondary avenue for long-term sustainable revenue.
Key Risks
- Regulatory Compliance. The company faces stringent environmental regulations regarding the handling of fly ash and the manufacturing of refrigerant gases.
- Commodity Price Volatility. Fluctuations in the prices of coal and raw materials for refrigerants can significantly impact operating margins.
- Sectoral Dependency. The business is heavily reliant on the performance of the power generation and automotive sectors in India.
Price
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Key Metrics
REVENUE
₹2,320 Cr
TTM · consolidated
NET PROFIT
₹204 Cr
TTM · consolidated
EPS
₹17.12
TTM · consolidated
RETURN ON EQUITY
15.8%
TTM · consolidated
RETURN ON CAPITAL EMPLOYED
23.8%
TTM · consolidated
P/E
18.5x
Q4 FY26 · consolidated
EV/EBITDA
11.3x
Q4 FY26 · consolidated
EBITDA MARGIN
16.5%
TTM · consolidated
NET PROFIT MARGIN
10.1%
Q4 FY26 · consolidated
DEBT TO EQUITY
0.1x
Q4 FY26 · consolidated
Peers · Industrial Gases
| Company | Mkt Cap (Cr) | P/E | EV/EBITDA | Rev Gr YoY | EBITDA Mgn | ROE | ROCE | 1Y Return |
|---|---|---|---|---|---|---|---|---|
Refex Industries LimitedREFEX | 2,693 | 18.49 | 11.28 | -6.0% | 16.5% | 15.8% | 23.8% | -28.6% |
Linde India Ltd.LINDEINDIA | 63,256 | 110.73 | 65.43 | 1.8% | 36.6% | 14.0% | 16.4% | +5.6% |
Ellenbarrie Industrial Gases LtdELLEN | 2,853 | 39.33 | 26.08 | — | 48.7% | 10.7% | 13.0% | -48.3% |
Stallion IndiaSTALLION | 1,266 | 38.84 | 25.47 | — | 14.2% | 11.1% | 15.1% | +107.9% |
As of Q4 FY26
Financials
Refex Industries Limited
NSE: REFEX · Industrial Gases
Snapshot
Unlock Refex Industries Limited's vital signs
Growth · Profitability · Valuation · Strength · Conviction
Company Overview
Business
Refex Industries Limited is an Indian company primarily engaged in the handling and disposal of fly ash from power plants, alongside the manufacturing and refilling of refrigerant gases. The company also operates in the solar power generation sector and provides coal crushing and yard management services.
Business Model
The company generates revenue through a diversified portfolio including the sale of hydrofluorocarbon refrigerants, provision of coal and ash handling services, and the generation and distribution of solar energy. It leverages industrial partnerships to manage waste from power plants while maintaining a presence in the automotive and HVAC supply chains.
- Incorporation Year:2002
Growth Outlook
Growth is expected to be driven by the increasing demand for refrigerant gases in the automotive and air-conditioning sectors, alongside the expansion of coal and ash handling services. Continued investment in solar power generation provides a secondary avenue for long-term sustainable revenue.
Key Risks
- Regulatory Compliance. The company faces stringent environmental regulations regarding the handling of fly ash and the manufacturing of refrigerant gases.
- Commodity Price Volatility. Fluctuations in the prices of coal and raw materials for refrigerants can significantly impact operating margins.
- Sectoral Dependency. The business is heavily reliant on the performance of the power generation and automotive sectors in India.
Price
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Start your research today
Unlock AI insights, financials, peers and live data on Refex Industries Limited and 5,000+ companies — free.
Key Metrics
REVENUE
₹2,320 Cr
TTM · consolidated
NET PROFIT
₹204 Cr
TTM · consolidated
EPS
₹17.12
TTM · consolidated
RETURN ON EQUITY
15.8%
TTM · consolidated
RETURN ON CAPITAL EMPLOYED
23.8%
TTM · consolidated
P/E
18.5x
Q4 FY26 · consolidated
EV/EBITDA
11.3x
Q4 FY26 · consolidated
EBITDA MARGIN
16.5%
TTM · consolidated
NET PROFIT MARGIN
10.1%
Q4 FY26 · consolidated
DEBT TO EQUITY
0.1x
Q4 FY26 · consolidated
Peers · Industrial Gases
As of Q4 FY26