Integrated Filing — IndAS



General information about company
Scrip Code 532884
NSE Symbol REFEX
MSEI Symbol NOTLISTED
ISIN INE056I01025
Name of company REFEX INDUSTRIES LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-Apr-2025
Date of end of financial year 31-Mar-2026
Date of board meeting when results were approved 12-Aug-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 05-Aug-2025
Description of presentation currency INR (in Actuals)
Reporting Type Quarterly
Reporting Quarter First quarter
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 12-Aug-2025   13:47:00
End date and time of board meeting 12-Aug-2025   15:45:00
Whether cash flow statement is applicable on company
Type of cash flow statement
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable
Whether the company has any related party?
Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure?
(I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public
(II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure.
Whether the company is a high value debt listed entity according to regulation 15 (1A)?
(a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication?
(b) If answer to above question is No, please explain the reason for not complying.
Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company?
Latest Date on which RPT policy is updated
Indicate Company website link for updated RPT policy of the Company
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? Yes
No. of times funds raised during the quarter 4
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? No
NA



Financial Results Ind-AS
Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-Apr-2025
B Date of end of reporting period 30-Jun-2025
C Whether results are audited or unaudited Unaudited
D Nature of report standalone or consolidated Standalone
Part I Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1 Income
Revenue from operations 3652555000
Other income 113410000
Total income 3765965000
2 Expenses
(a) Cost of materials consumed 1570444000
(b) Purchases of stock-in-trade 1587682000
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade -62446000
(d) Employee benefit expense 100115000
(e) Finance costs 57866000
(f) Depreciation, depletion and amortisation expense 39338000
(f) Other Expenses
1 Other Expenses 57270000 57270000
Total other expenses 57270000
Total expenses 3350269000
3 Total profit before exceptional items and tax 415696000
4 Exceptional items 0
5 Total profit before tax 415696000
6 Tax expense
7 Current tax 79743000
8 Deferred tax 4527000
9 Total tax expenses 84270000
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0
11 Net Profit Loss for the period from continuing operations 331426000
12 Profit (loss) from discontinued operations before tax -2296000
13 Tax expense of discontinued operations -578000
14 Net profit (loss) from discontinued operation after tax -1718000
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0
16 Total profit (loss) for period 329708000
17 Other comprehensive income net of taxes 5198000
18 Total Comprehensive Income for the period 334906000
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 258561000
Face value of equity share capital 2
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 2.56
Diluted earnings (loss) per share from continuing operations 2.44
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations -0.01
Diluted earnings (loss) per share from discontinued operations -0.01
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 2.55
Diluted earnings (loss) per share from continuing and discontinued operations 2.43
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results



Remarks
Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-Apr-2025
Date of end of reporting period 30-Jun-2025
Whether accounts are audited or unaudited Unaudited
Nature of report standalone or consolidated Standalone
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Ash & Coal Handling Business 3470789000 3470789000
2 Refrigerant Gas- Manufacturing(Refilling) and Sales 141502000 141502000
3 Sale of Service 0 0
4 Power Trading 6135000 6135000
5 Solar Power - Generation and Related Activities 27284000 27284000
6 Others 12980000 12980000
7 Unallocable Expenditure 0 0
Total Segment Revenue 3658690000
Less: Inter segment revenue
Revenue from operations 3658690000
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Ash & Coal Handling Business 408643000 408643000
2 Refrigerant Gas- Manufacturing(Refilling) and Sales 1282000 1282000
3 Sale of Service 0 0
4 Power Trading -2296000 -2296000
5 Solar Power - Generation and Related Activities 11828000 11828000
6 Others 1258000 1258000
7 Unallocable Expenditure -62859000 -62859000
Total Profit before tax 357856000
i. Finance cost 57866000 57866000
ii. Other Unallocable Expenditure net off Unallocable income -113410000 -113410000
Profit before tax 413400000
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Ash & Coal Handling Business 11112543000 11112543000
2 Refrigerant Gas- Manufacturing(Refilling) and Sales 335209000 335209000
3 Sale of Service 0 0
4 Power Trading 154347000 154347000
5 Solar Power - Generation and Related Activities 514171000 514171000
6 Others 15088000 15088000
7 Unallocable Expenditure 0 0
Total Segment Asset 12131358000 12131358000
Un-allocable Assets 4477409000 4477409000
Net Segment Asset 16608767000 16608767000
4 Segment Liabilities
Segment Liabilities
1 Ash & Coal Handling Business 2507616000 2507616000
2 Refrigerant Gas- Manufacturing(Refilling) and Sales 34385000 34385000
3 Sale of Service 0 0
4 Power Trading 11459000 11459000
5 Solar Power - Generation and Related Activities 629586000 629586000
6 Others 0 0
7 Unallocable Expenditure 0 0
Total Segment Liabilities 3183046000 3183046000
Un-allocable Liabilities 13425721000 13425721000
Net Segment Liabilities 16608767000 16608767000
Disclosure of notes on segments Textual Information(2)



Text Block
Textual Information(2) The above standalone unaudited financial results of the Company for the Quarter ended 30th June 2025 have been reviewed by the Audit Committee and approved by the Board at their meeting held on August 11 2025 and August 12 2025 respectively. nThe Statutory auditors of the company have carried out their limited review on the above results for the Quarter ended 30th June 2025. nThe financial results of the company have been prepared in accordance with the Indian Accounting Standards IND-AS as prescribed under section 133 of the Companies Act 2013. nThe Company's business activities falls into the following segments: Ash & Coal Handling Business . Solar Power - Generation and Related Activities Refrigerant Gases- Manufacturing Refilling. Sale of Services Power Trading and Other segment which currently includes solar module trading. Unallocable expenditure includes those expenses which are common for the entire enterprise. nPower trading segment has not been a significant profit driver for Refex with low volumes lower margins high compliance costs and limited strategic fit with our core logistics and energy infrastructure strengths. Hence the board on its meeting held on August 12 2025 has approved the discontinuation of Power-Trading business subject to all statutory and Regulatory approvals. This process includes Surrendering the trading license settling all statutory obligations and transparently communicating the rationale for exiting to key stakeholders. As a result the activity qualifies as a discontinued operation under Ind AS 105. Accordingly the company has disclosed the profit from discontinued operations separately from the profit from continuing operations in the Statement of Profit and Loss. nThe above Loss from discontinuing operation with respect to power trading segment consist of Revenue of Rs. 61 .35 Lakhs and Purchases of power trading for Rs. 84.31 Lakhs resulting in Loss before tax of discontinued operation of an amount Rs. 22.96 Lakhs and Tax Expense of Rs. 5.78 Lakhs resulting in Loss after tax of discontinued operation of an amount Rs. 17 .18 Lakhs nThe Company on July 22 2024 has made allotment of 5000000 equity shares of face value of Rs 2 each to Refex Holding Private Limited Previously known as Sherisha Technologies Private Limited Promoter of the Company upon exercise of conversion of Warrants at an issue price of Rs 125 per share overall value Rs 62.5 Crores and received the balance consideration of 75percent i.e. Rs 46.88 Crores pursuant to the preferential allotment approved by way of special resolutions passed by the shareholders in the EOGM of the Company held on March 27 2024. nOn November 07 2024 the company made allotment of 8177068 equity shares for an aggregate amount of Rs 382.69 Crores being 100percent upfront consideration and 11170000 warrants for an aggregate amount of Rs 130.69 crores being 25percent upfront consideration. nOut of the proceeds from preferential issues as stated above the Company has utilized an amount of Rs 499.88 crores towards purposes objects specified in the explanatory statements to the Notices seeking shareholders' approval for preferential issues. nDuring the Quarter the company has recognised unrealised gain on RKG Fund for 8.72 Crores under IND-AS 109 which is included in other income. nThe Company on June 05 2025 has made allotment of 98334 equity shares on Rs 2 each in lieu of exercise of vested Employee Stock Options under Refex Employee Stock Option Scheme 2021 to the eligible employees pursuant to exercise of options granted thereunder. nThis is in addition to the allotment of 294530 equity shares of face value of Rs 2each made in the month of January 2025. nThe Authorized Share Capital of the Company has been increased from Rs 40 Crore divided into 175000000 Seventeen Crore Fifty Lakh Only equity shares Rs 2 each and 500000 Five Lakh cumulative redeemable preference shares Rs 100 each to Rs 100 Crore divided into 475000000 Forty Seven Crore and Fifty Lakh equity shares of Rs 2 each and 500000 Five Lakh cumulative redeemable preference shares of Rs 100 each vide shareholders approval in the 23rd Annual General Meeting held on July 18 2025. nFigures have been re-grouped re-classified restated to make them comparable to the figures wherever necessary. nFigures in brackets are representing negative values. n



Other Comprehensive Income
Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-Apr-2025
B Date of end of reporting period 30-Jun-2025
C Whether results are audited or unaudited Unaudited
D Nature of report standalone or consolidated Standalone
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss 0
3 Amount of items that will be reclassified to profit and loss
1 Profit / (Loss) due to cash flow hedge 5453000 5453000
2 Remeasurements of defined benefit plan actuarial gains/ (losses) -255000 -255000
Total Amount of items that will be reclassified to profit and loss 5198000
4 Income tax relating to items that will be reclassified to profit or loss 0
5 Total Other comprehensive income 5198000





Statement on Deviation or Variation for proceeds of Public Issue, Rights Issue, Preferential Issue, Qualified Institutions Placement Etc. (1)
Mode of Fund Raising Preferential Issues
Description of mode of fund raising (Applicable in case of others is selected)
Date of Raising Funds 28-Mar-2024
Amount Raised 625000000
Report filed for Quarter ended 30-Jun-2025
Monitoring Agency Applicable
Monitoring Agency Name, if applicable CARE Ratings Limited
Is there a Deviation / Variation in use of funds raised No
If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders
If Yes, Date of shareholder Approval
Explanation for the Deviation / Variation
Comments of the Audit Committee after review The Audit Committee has noted there was no deviation/ variation in the utilization of funds raised through Preferential Issue of Shares/ Warrants
Comments of the auditors, if any NIL
Sr. Original Object Modified Object, if any Original Allocation Modified allocation, if any Funds Utilised Amount of Deviation/Variation for the quarter according to applicable object Remarks if any


Statement on Deviation or Variation for proceeds of Public Issue, Rights Issue, Preferential Issue, Qualified Institutions Placement Etc. (2)
Mode of Fund Raising Preferential Issues
Description of mode of fund raising (Applicable in case of others is selected)
Date of Raising Funds 11-Apr-2024
Amount Raised 1571900000
Report filed for Quarter ended 30-Jun-2025
Monitoring Agency Applicable
Monitoring Agency Name, if applicable CARE Ratings Limited
Is there a Deviation / Variation in use of funds raised No
If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders
If Yes, Date of shareholder Approval
Explanation for the Deviation / Variation
Comments of the Audit Committee after review The Audit Committee has noted there was no deviation/ variation in the utilization of funds raised through Preferential Issue of Shares/ Warrants
Comments of the auditors, if any NIL
Sr. Original Object Modified Object, if any Original Allocation Modified allocation, if any Funds Utilised Amount of Deviation/Variation for the quarter according to applicable object Remarks if any


Statement on Deviation or Variation for proceeds of Public Issue, Rights Issue, Preferential Issue, Qualified Institutions Placement Etc. (3)
Mode of Fund Raising Preferential Issues
Description of mode of fund raising (Applicable in case of others is selected)
Date of Raising Funds 07-Nov-2024
Amount Raised 3826900000
Report filed for Quarter ended 30-Jun-2025
Monitoring Agency Applicable
Monitoring Agency Name, if applicable CARE Ratings Limited
Is there a Deviation / Variation in use of funds raised No
If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders
If Yes, Date of shareholder Approval
Explanation for the Deviation / Variation
Comments of the Audit Committee after review The Audit Committee has noted there was no deviation/ variation in the utilization of funds raised through Preferential Issue of Shares/ Warrants
Comments of the auditors, if any NIL
Sr. Original Object Modified Object, if any Original Allocation Modified allocation, if any Funds Utilised Amount of Deviation/Variation for the quarter according to applicable object Remarks if any


Statement on Deviation or Variation for proceeds of Public Issue, Rights Issue, Preferential Issue, Qualified Institutions Placement Etc. (4)
Mode of Fund Raising Preferential Issues
Description of mode of fund raising (Applicable in case of others is selected)
Date of Raising Funds 07-Nov-2024
Amount Raised 1306890000
Report filed for Quarter ended 30-Jun-2025
Monitoring Agency Applicable
Monitoring Agency Name, if applicable CARE Ratings Limited
Is there a Deviation / Variation in use of funds raised No
If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders
If Yes, Date of shareholder Approval
Explanation for the Deviation / Variation
Comments of the Audit Committee after review The Audit Committee has noted there was no deviation/ variation in the utilization of funds raised through Preferential Issue of Shares/ Warrants
Comments of the auditors, if any NIL
Sr. Original Object Modified Object, if any Original Allocation Modified allocation, if any Funds Utilised Amount of Deviation/Variation for the quarter according to applicable object Remarks if any


Signatory Details
Name of signatory Ankit Poddar
Designation of person Company Secretary and Compliance Officer
Place Chennai
Date 12-Aug-2025