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Refex Industries (REFEX)₹229.63+1.67%Waste Management
In the Sep 2026 quarter (consolidated), Refex Industries reported sales of ₹759 Cr, up 83.3% from Sep 2025, and net profit of ₹50.86 Cr, up 41.8% year on year. For the year to Mar 2026, sales were ₹2,272 Cr and net profit ₹203 Cr.
Company filings, consolidated accounts; latest reported quarter Sep 2026
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 305 | 341 | 590 | 427 | 685 | 593 | 352 | 414 | 575 | 932 | 915 | 759 |
| Expenses | 273 | 302 | 545 | 386 | 635 | 536 | 316 | 345 | 488 | 778 | 812 | 661 |
| Operating Profit | 33.90 | 40.90 | 47.88 | 42.92 | 52.88 | 59.87 | 36.92 | 70.91 | 89.88 | 160 | 107 | 102 |
| OPM % | 11.0% | 12.1% | 8.0% | 10.0% | 8.0% | 10.1% | 10.0% | 17.0% | 16.1% | 17.1% | 12.1% | 13.0% |
| Other Income | 2.99 | 7.99 | 1.99 | 4.99 | 15.97 | 2.99 | 1.99 | −3.99 | −2.99 | −7.98 | 1.99 | −6.99 |
| Interest | 8.03 | 8.02 | 6.01 | 4.01 | 5.01 | 5.01 | 6.02 | 7.02 | 9.03 | 10.02 | 13.03 | 17.05 |
| Depreciation | 4.01 | 4.01 | 6.01 | 2.01 | 3.01 | 3.01 | 5.01 | 5.01 | 5.01 | 5.01 | 6.02 | 6.01 |
| Profit before tax | 24.92 | 36.90 | 38.86 | 41.90 | 61.85 | 54.88 | 27.93 | 54.84 | 72.86 | 136 | 90.69 | 71.81 |
| Tax % | 32.9% | 8.9% | 25.0% | 27.0% | 19.0% | 13.0% | 26.0% | 34.0% | 28.0% | 30.9% | 28.9% | 29.0% |
| Exceptional items | 0.00 | 0.00 | 0.00 | −2.01 | −8.03 | −13.04 | −9.04 | −10.04 | −9.03 | −12.03 | −10.04 | −9.03 |
| Net Profit | 16.96 | 32.91 | 28.89 | 30.90 | 49.87 | 47.82 | 19.94 | 35.86 | 52.82 | 93.73 | 64.81 | 50.86 |
| EPS (Rs) | 1.54 | 2.97 | 2.61 | 2.58 | 3.89 | 3.75 | 1.65 | 2.91 | 3.94 | 6.63 | 4.66 | 3.66 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 84.93 | 77.93 | 37.92 | 76.84 | 461 | 660 | 632 | 1,626 | 1,381 | 2,256 | 2,272 | 3,181 |
| Expenses | 79.24 | 75.22 | 36.12 | 75.29 | 435 | 611 | 567 | 1,458 | 1,241 | 2,059 | 1,921 | 2,738 |
| Operating Profit | 5.99 | 2.99 | 1.99 | 1.99 | 27.95 | 50.86 | 67.82 | 175 | 146 | 206 | 361 | 458 |
| OPM % | 7.0% | 3.4% | 6.0% | 2.3% | 6.0% | 8.0% | 11.1% | 11.0% | 11.1% | 9.1% | 16.1% | 14.4% |
| Other Income | 0.00 | 0.00 | 1.99 | 1.99 | 1.99 | −0.99 | 3.99 | 7.99 | 17.97 | 28.97 | −12.97 | −15.97 |
| Interest | 0.00 | 1.01 | 3.01 | 1.01 | 0.00 | 1.01 | 9.02 | 19.06 | 29.07 | 18.05 | 37.09 | 49.13 |
| Depreciation | 2.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 5.01 | 7.01 | 14.02 | 10.02 | 20.04 | 22.05 |
| Profit before tax | 2.99 | 0.00 | 0.99 | 1.99 | 28.92 | 47.84 | 57.87 | 156 | 121 | 207 | 291 | 371 |
| Tax % | 0.0% | −1,613.0% | 12.9% | 45.9% | −10.0% | 31.0% | 29.0% | 26.0% | 22.9% | 24.0% | 29.9% | — |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | −5.02 | 0.00 | 0.00 | 0.00 | 0.00 | −39.11 | −40.13 |
| Net Profit | 2.99 | 4.98 | 0.00 | 0.99 | 31.91 | 32.87 | 40.84 | 116 | 92.75 | 157 | 203 | 262 |
| EPS (Rs) | 0.30 | 0.52 | 0.05 | 0.10 | 3.02 | 3.17 | 3.91 | 10.53 | 8.12 | 12.32 | 14.85 | 18.89 |
| Dividend payout % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 8.0% | 4.0% | 6.0% | 4.0% | 7.0% | — |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15.04 | 15.05 | 15.00 | 15.01 | 15.02 | 14.99 | 21.01 | 21.98 | 22.97 | 25.97 | 26.98 |
| Reserves | −11.03 | −6.02 | −5.01 | −4.02 | 27.05 | 59.97 | 119 | 292 | 441 | 1,186 | 1,476 |
| Borrowings | 9.02 | 37.07 | 34.97 | 40.99 | 0.00 | 8.99 | 73.95 | 149 | 215 | 285 | 225 |
| Other Liabilities | 55.82 | 70.71 | 14.93 | 44.78 | 114 | 52.75 | 127 | 287 | 117 | 299 | 1,108 |
| Total Liabilities | 69.85 | 118 | 59.89 | 96.76 | 159 | 138 | 340 | 750 | 796 | 1,796 | 2,836 |
| Fixed Assets | 16.02 | 15.02 | 15.02 | 14.01 | 15.01 | 22.02 | 87.02 | 147 | 204 | 346 | 212 |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.99 | 8.99 | 16.99 | 18.01 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 73.82 | 73.75 | 73.76 | 30.92 | 0.00 |
| Other Assets | 53.83 | 103 | 44.87 | 82.75 | 143 | 116 | 181 | 527 | 510 | 1,403 | 2,606 |
| Inventories | 0.99 | 0.99 | 1.01 | 4.99 | 7.99 | 2.99 | 4.99 | 10.99 | 6.99 | 7.01 | 75.97 |
| Trade receivables | 49.91 | 79.79 | 8.98 | 36.91 | 87.77 | 71.89 | 92.78 | 244 | 305 | 675 | 884 |
| Cash & equivalents | 1.01 | 0.00 | 1.01 | 1.01 | 4.01 | 21.05 | 17.04 | 10.02 | 48.12 | 353 | 394 |
| Total Assets | 69.85 | 118 | 59.89 | 96.76 | 159 | 138 | 340 | 750 | 796 | 1,796 | 2,836 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | −2.99 | −24.93 | 3.99 | −3.99 | 43.88 | 11.96 | 123 | 27.90 | 2.99 | −247 | 107 |
| Cash from investing activity | 4.01 | −2.01 | 0.00 | −1.01 | 0.00 | 5.01 | −122 | −78.23 | −42.15 | −105 | −269 |
| Cash from financing activity | −1.99 | 25.96 | −2.99 | 3.99 | −40.90 | 0.99 | −4.99 | 59.87 | 61.90 | 601 | 64.91 |
| Net cash flow | −1.01 | 0.00 | 1.01 | −1.01 | 3.01 | 17.01 | −4.01 | 10.01 | 23.01 | 248 | −95.09 |
| Capex | 0.99 | 0.00 | 0.00 | 0.99 | 1.99 | 0.00 | 5.98 | 71.82 | 45.88 | 165 | 59.85 |
| Free cash flow | −4.01 | −25.01 | 4.01 | −4.99 | 41.99 | 12.01 | 118 | −44.01 | −43.04 | −414 | 47.01 |
| CFO / OP % | −56.0% | −930.0% | 190.0% | −248.0% | 180.0% | 47.0% | 182.0% | 25.0% | 18.0% | −90.0% | 35.0% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor days | 215 | 376 | 87 | 173 | 69 | 40 | 54 | 55 | 81 | 109 | 142 |
| Inventory days | 5 | 8 | 23 | 34 | 8 | 3 | 5 | 4 | 4 | 2 | 16 |
| Days payable | 281 | 382 | 156 | 264 | 92 | 27 | 70 | 49 | 20 | 31 | 92 |
| Cash conversion cycle | −62 | 2 | −46 | −56 | −14 | 16 | −11 | 9 | 64 | 80 | 66 |
| Working capital days | −34 | −40 | 255 | 159 | 9 | 20 | 14 | 41 | 69 | 102 | 144 |
| ROCE % | — | 6.0% | 7.0% | 6.0% | 61.0% | 85.0% | 44.9% | — | 26.0% | 23.0% | 23.0% |
For the Sep 2026 quarter, Refex Industries reported sales of ₹759 Cr, up 83.3% year on year and net profit of ₹50.86 Cr, up 41.8% year on year. The operating margin was 13.0%.
Refex Industries' sales for the year to Mar 2026 were ₹2,272 Cr; over the last twelve months they were ₹3,181 Cr.
Net profit for the year to Mar 2026 was ₹203 Cr, and ₹262 Cr over the last twelve months. Earnings per share over the same trailing period were ₹18.89.
Refex Industries reported borrowings of ₹225 Cr at Mar 2026, against cash and equivalents of ₹394 Cr.
Cash from operations was ₹107 Cr in the year to Mar 2026; after capital spending, free cash flow was ₹47.01 Cr.