Refex Industries Limited

Utilities · Other Utilities

NSE: REFEX BSE: 532884

₹265.25

Sept. 30, 2026 · NSE · nse_bhavcopy

Peers in Other Utilities

The largest companies in the same industry by market cap. This company ranks #3 of 13. PE, ROE, 1Y return and scores come from the daily/weekly precomputed snapshot.

Company	Market cap (₹ Cr)	PE (TTM)	ROE	1Y return	Div. yield	Quality	Valuation	Momentum
VA Tech Wabag Limited	12,854	36.5	14.9%	44.0%	—	77	34	50
ION Exchange (India) Limited	6,030	49.1	10.7%	1.1%	—	53	15	49
Refex Industries Limited (this stock)	3,640	12.5	13.5%	-27.4%	—	77	87	63
Enviro Infra Engineers Limited	3,328	20.0	15.2%	-22.8%	—	77	63	29
EMS Limited	1,872	28.3	8.6%	-38.4%	0.44%	51	56	26
Antony Waste Handling Cell Limited	1,035	76.9	10.0%	-34.0%	0.14%	40	49	48
Eco Recycling Limited	763	32.1	21.3%	—	0.25%	77	23	20
JITF Infralogistics Limited	717	3982.9	2.2%	-18.2%	—	34	0	62

Valuation multiples

Current only. Market cap is the whole company's; sales/EBITDA are trailing-twelve-month standalone; debt and cash come from the latest filed standalone balance sheet (March 31, 2026). EBITDA = PBT + interest + depreciation.

Enterprise value

₹3,618 Cr

EV / EBITDA

8.2x

EV / Sales

1.56x

Market cap / Sales

1.57x

Earnings yield

7.98%

Quarterly Financials

Download CSV

Standalone Consolidated

↑ Positive

Quarterly Revenue

Jun 2026 quarterly revenue is Rs 627 Cr, up 66.6% YoY.

Period end	Revenue (₹ Cr)	PBT (₹ Cr)	Net profit (₹ Cr)	Basic EPS
June 30, 2026	619	98	73	₹5.3700
March 31, 2026	701	131	94	₹6.8300
Dec. 31, 2025	576	90	67	₹4.9500
Sept. 30, 2025	423	71	52	₹4.0300
June 30, 2025	365	42	33	₹2.5600
March 31, 2025	612	72	57	₹4.4200
Dec. 31, 2024	708	71	59	₹4.7000
Sept. 30, 2024	520	50	37	₹3.1200
June 30, 2024	590	48	36	₹3.1100
March 31, 2024	337	43	36	₹3.2300
Dec. 31, 2023	302	27	20	₹8.9400
Sept. 30, 2023	350	32	23	₹10.5900
June 30, 2023	381	30	22	₹9.9600

Quarterly income statement (standalone, ₹ Cr)

Indicator	Jun 26	Mar 26	Dec 25	Sep 25	Jun 25	Mar 25	Dec 24	Sep 24	Jun 24	Mar 24	Dec 23	Sep 23	Jun 23
Total income (before exceptional items)	627	705	583	431	377	629	733	528	592	346	305	355	383
Operating revenue	619	701	576	423	365	612	708	520	590	337	302	350	381
Other income	8	4	7	8	11	17	25	8	2	8	3	5	2
Operating expenses	514	560	481	349	325	549	655	472	537	294	268	315	345
Operating profit	105	141	95	74	40	63	53	48	52	44	34	35	37
Operating profit margin	17.0%	20.1%	16.5%	17.4%	10.9%	10.3%	7.5%	9.2%	8.9%	12.9%	11.2%	10.0%	9.6%
Depreciation	4	4	4	4	4	3	3	2	2	2	2	2	2
Interest	11	10	8	6	6	5	5	4	4	7	7	6	6
Exceptional items, gain / (loss)	—	—	—	—	—	—	—	0	—	0	-0	0	-0
Profit before tax	98	131	90	71	42	72	71	50	48	43	27	32	30
Tax	25	38	22	19	8	15	12	13	12	7	8	9	8
Net profit	—	—	—	—	—	57	59	37	36	36	20	23	22
EPS	5.37	6.83	4.95	4.03	2.56	4.42	4.70	3.12	3.11	3.23	8.94	10.59	9.96
Net profit (TTM)	—	—	—	—	—	189	168	129	115	101	116	122	124
EPS (TTM)	21.18	18.37	15.96	15.71	14.80	15.35	14.16	18.40	25.87	32.72	52.41	55.34	56.87

Total income excludes exceptional items, which are shown on their own row. Trendlyne and Screener fold exceptional items into revenue or other income, so their totals differ from this table by exactly that row.

Annual Financials

Year ended	Revenue (₹ Cr)	PBT (₹ Cr)	Net profit (₹ Cr)
March 31, 2026	2,039	335	246
March 31, 2025	2,430	241	189
March 31, 2023	1,629	156	116

Annual income statement (standalone, ₹ Cr; CAGR to the latest year)

Indicator	CAGR 3Y	CAGR 5Y	Mar 26	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20	Mar 19	Mar 18	Mar 17
Total income (before exceptional items)	8.1%	26.6%	2,069^†	2,482^†	1,389^†	1,637^†	449^†	637^†	666^†	463^†	80^†	39^†
Operating revenue	7.8%	26.4%	2,039	2,430	1,371^†	1,629	444^†	633^†	661^†	461^†	77^†	38^†
Other income	—	—	30^†	52^†	18^†	8^†	5^†	4^†	5^†	2^†	3^†	2^†
Operating expenses	—	—	1,716^†	2,214^†	1,222^†	1,457^†	386^†	565^†	609^†	433^†	76^†	—
Operating profit	23.4%	36.7%	323^†	216^†	149^†	172^†	58^†	68^†	52^†	28^†	2^†	—
Operating profit margin	—	—	15.9%^†	8.9%^†	10.9%^†	10.6%^†	13.0%^†	10.7%^†	7.8%^†	6.1%^†	2.1%^†	—
Depreciation	—	—	16^†	11^†	9^†	7^†	6^†	5^†	1^†	1^†	1^†	—
Interest	—	—	30^†	18^†	26^†	17^†	10^†	9^†	1^†	0^†	2^†	—
Exceptional items, gain / (loss)	—	—	0^†	0^†	-0^†	-0^†	13^†	0^†	-6^†	0^†	0^†	0^†
Profit before tax	28.9%	42.1%	335	241	132^†	156	61^†	58^†	48^†	29^†	2^†	1^†
Tax	—	—	87^†	51^†	31^†	40^†	16^†	17^†	16^†	—	—	—
Net profit	28.4%	43.1%	246	189	101^†	116	45^†	41^†	32^†	32^†	1^†	0^†
EPS	-30.0%	-2.1%	18.37^†	15.35^†	32.72^†	53.47^†	21.62^†	20.40^†	20.83^†	—	—	—

^† Derived: the sum of that fiscal year's four quarterly filings (a real annual filing is used wherever one exists). Checked against filed annual figures, the sum lands within 0.5% for about 94% of company-years.

Annual ratios (standalone)

Ratio	Mar 26	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20	Mar 19	Mar 18	Mar 17
Operating margin	15.9%^†	8.9%^†	10.9%^†	10.6%^†	13.0%^†	10.7%^†	7.8%^†	6.1%^†	2.1%^†	—
EBIT margin	17.9%^†	10.6%^†	11.5%^†	10.6%^†	15.9%^†	10.6%^†	7.5%^†	6.3%^†	4.4%^†	—
PBT margin	16.4%	9.9%	9.6%^†	9.6%	13.7%^†	9.1%^†	7.3%^†	6.3%^†	2.2%^†	1.5%^†
Net margin	12.1%	7.8%	7.4%^†	7.1%	10.2%^†	6.5%^†	4.9%^†	6.9%^†	1.2%^†	1.3%^†
Interest coverage	12.11x^†	14.70x^†	5.99x^†	10.35x^†	7.35x^†	7.45x^†	37.37x^†	98.32x^†	2.03x^†	—
Dividend payout	—	—	—	—	—	—	—	—	—	—
Earnings retention	—	—	—	—	—	—	—	—	—	—
Current ratio	2.47x	3.91x	—	—	—	—	—	—	—	—
Quick ratio	2.46x	3.88x	—	—	—	—	—	—	—	—
Debt to equity	0.10x	0.08x	—	—	—	—	—	—	—	—
Return on equity	15.6%	15.2%	—	—	—	—	—	—	—	—
Return on assets	10.1%	11.3%	—	—	—	—	—	—	—	—
Return on capital employed	22.0%^†	19.2%^†	—	—	—	—	—	—	—	—
Asset turnover	0.84x	1.45x	—	—	—	—	—	—	—	—

Margins and asset turnover use operating revenue (interest earned for banks, excluding other income), not total income. Liquidity, leverage and return ratios need a filed standalone balance sheet, which exists only for recent years; returns use year-end equity/assets. Dividend payout is shown only for companies with a dividend record. † = built from a summed fiscal year.

Revenue Mix

Data unavailable.

Cash Flow

Year ended	Operating (₹ Cr)	Investing (₹ Cr)	Financing (₹ Cr)	Capex (₹ Cr)	Free Cash Flow (₹ Cr)
March 31, 2026	31	-216	102	8	23
March 31, 2025	-262	-74	568	63	-325
March 31, 2023	28	-78	60	72	-44
March 31, 2022	-17	-1	2	6	-23

Balance Sheet (standalone)

Year ended	Total Assets (₹ Cr)	Total Equity (₹ Cr)	Reserves (₹ Cr)	Borrowings, Current (₹ Cr)	Borrowings, Non-current (₹ Cr)	Current Assets (₹ Cr)	Current Liabilities (₹ Cr)	Cash & Equivalents (₹ Cr)	Net Block (₹ Cr)	Inventory (₹ Cr)
March 31, 2026	2,422	1,572	1,544	133	26	1,899	768	180	137	10
March 31, 2025	1,681	1,250	1,224	60	37	1,302	333	264	191	7
March 31, 2023	—	—	—	—	—	—	—	—	—	—
March 31, 2022	—	—	—	—	—	—	—	—	—	—

Financial charts

Trend charts drawn from the standalone income-statement and ratio tables above (oldest year on the left); a gap means that period has no figure. Annual years marked † in the tables are derived from four quarters.