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 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 04-11-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 28-10-2025
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Second quarter
Nature of report standalone or consolidated Consolidated
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 Unaudited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 04-11-2025   15:00:00
End date and time of board meeting 04-11-2025   15:42:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable



Financial Results Ind-AS

Amount in (Lakhs)

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 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 42,685.34 79,286.70
Other income 519.52 1,558.06
Total income 43,204.86 80,844.76
2 Expenses
(a) Cost of materials consumed 17,917.66 34,685.88
(b) Purchases of stock-in-trade 19,622.33 35,499.66
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (3,634.95) (5,259.00)
(d) Employee benefit expense 1,093.37 2,228.72
(e) Finance costs 661.51 1,278.37
(f) Depreciation, depletion and amortisation expense 515.15 1,002.34
(f) Other Expenses
1 Other Expenses 638.70 1,363.15
Total other expenses 638.70 1,363.15
Total expenses 36,813.77 70,799.12
3 Total profit before exceptional items and tax 6,391.09 10,045.64
4 Exceptional items 0.00 0.00
5 Total profit before tax 6,391.09 10,045.64
6 Tax expense
7 Current tax 1,923.42 2,720.85
8 Deferred tax (61.07) (135.76)
9 Total tax expenses 1,862.35 2,585.09
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 4,528.74 7,460.55
12 Profit (loss) from discontinued operations before tax (1,240.92) (2,475.95)
13 Tax expense of discontinued operations (331.18) (671.68)
14 Net profit (loss) from discontinued operation after tax (909.74) (1,804.27)
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 3,619.00 5,656.28
17 Other comprehensive income net of taxes 561.59 518.25
18 Total Comprehensive Income for the period 4,180.59 6,174.53
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 3,744.11 5,861.35
Total profit or loss, attributable to non-controlling interests (125.11) (205.07)
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 4,161.81 6,267.08
Total comprehensive income for the period attributable to owners of parent non-controlling interests 18.80 (92.55)
21 Details of equity share capital
Paid-up equity share capital 2,585.61 2,585.61
Face value of equity share capital 2 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 3.5 5.77
Diluted earnings (loss) per share from continuing operations 3.36 5.54
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations -0.7 -1.4
Diluted earnings (loss) per share from discontinued operations -0.7 -1.4
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 2.8 4.37
Diluted earnings (loss) per share from continuing and discontinued operations 2.66 4.14
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) The above Consolidated unaudited financial results of the group for the Quarter half year ended 30th September 2025 have been reviewed by the Audit Committee and approved by the Board at their meeting held on 4th November 2025 The Statutory auditors of the company have carried out their limited review on the above results for the Quarter and Half year ended 30th September 2025 The financial results of the group have been prepared in accordance with the Indian Accounting Standards INDAS as prescribed us 133 of the Companies Act 2013 The Groups 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 Green Mobility Windpower and Other segmentOther segment currently includes solar module trading Unallocable expenditures includes those expenses which are common for the entire enterprise Power 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 discontinuing operations separately from the profit from continuing operations in the Statement of Profit and Loss The above Loss from discontinuing operation with respect to power trading segment for the Quarter ending consist of Revenue of Rs 1735 Lakhs and expenses of Rs 2490 Lakhs resulting in Loss before tax of discontinued operation of an amount Rs 755 Lakhs and Tax Expense of Rs 190 Lakhs resulting in Loss after tax of discontinued operation of an amount Rs 565 Lakhs The Board of Directors of the Company at its meeting held on September 22 2025 had approved the draft Composite Scheme of Amalgamation and Arrangement amongst Refex Green Mobility Limited Transferor Company or RGML Refex Industries Limited Transferee Company or Demerged Company or RIL and Refex Mobility Limited Resulting Company or RML and their respective shareholders and creditors under Sections 230 to 232 read with other applicable provisions of the Companies Act 2013 and the rules framed thereunder Scheme subject to the requisite approvals of the jurisdictional bench of National Company Law Tribunal NCLT and subject to the approval of shareholders and or creditors if any of RIL Central Government or such other competent authority as may be directed by the NCLT The details of revenue expenses and cash flows related to the discontinuing operation are presented as follows In Lakhs Particulars Quarter ended Half year ended Sep 30, 2025 Sep 30, 2025 Revenue from operation 2,438.53 4,223.46 Other income 5.44 31.90 Total expenses 3,684.90 6,731.32 Profit before tax negative 1240.92 negative 2,475.95 Tax expenses negative 331.18 negative 671.68 Profit after tax negative 909.74 negative 1,804.27 Cash flow from discontinuing operation Particulars Amount in Lakhs Cash generated from operating activities 969.30 Cash generated from Investing activities negative 1307.04 Cash generated from Financing activities 495.79 Pursuant to the special resolution passed by the shareholders at the Extraordinary General Meeting held on March 27 2024 the Company approved the preferential allotment of 12575000 warrants to Refex Holding Private Limited formerly Sherisha Technologies Private LimitedRHPL Promoter of the Company Upon exercise of conversion of warrants the Company allotted 5000000 equity shares of Rs2 each to RHPL on July 22 2024 at an issue price of Rs125 per share for a total consideration of Rs6250 crore after receipt of the balance 75% consideration of Rs4688 crore Subsequently upon exercise of conversion of warrants for the second tranche the Company allotted the remaining 7575000 equity shares on October 3 2025 at an issue price of Rs125 per share for an aggregate consideration of Rs9468 crore after receipt of the balance 75% consideration of Rs7102 crore On November 07 2024 the company made allotment of 8177068 equity shares for an aggregate amount of Rs38269 Crores being 100% upfront consideration and 11170000 warrants for an aggregate amount of Rs13069 crores being 25% upfront consideration Out of the proceeds from preferential issues as stated above the Company has utilized an amount of Rs49988 crores towards purposesobjects specified in the explanatory statements to the Notices seeking shareholders approval for preferential issues The Company on September 12 2025 has incorporated a whollyowned subsidiary namely ·Refex Mobility Limited· with the main objects interalia engaging in environmentally sustainable transportation and energy services using innovative technologies including electric and other vehicles by offering related sales leasing technical solutions and softwarebased applications while developing partnerships to support transportation logistics and travel services The Company has infused initial share capital of Rs1 Lakh The Company has been allotted 43000000 Four Crore Thirty Lakh numbers of Class B 001% Optionally Convertible Debentures OCDs at a face value of Rs10 Rupees Ten Only each at par fully paid in Venwind Refex Power Limited a subsidiary company on September 06 2025 Figures have been regroupedreclassifiedrestated to make them comparable to the figures wherever necessary Figures in brackets are representing negative values



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 30-09-2025
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 19,724.12
Capital work-in-progress 1,330.74
Investment property 0.00
Goodwill 0.00
Other intangible assets 792.94
Intangible assets under development 754.52
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 3,947.17
Trade receivables, non-current 0.00
Loans, non-current 0.00
Other non-current financial assets 132.33
Total non-current financial assets 4,079.50
Deferred tax assets (net) 155.52
Other non-current assets 1,092.35
Total non-current assets 27,929.69
2 Current assets
Inventories 5,996.86
Current financial asset
Current investments 0.00
Trade receivables, current 58,336.94
Cash and cash equivalents 23,322.38
Bank balance other than cash and cash equivalents 13,805.16
Loans, current 0.00
Other current financial assets 6,416.05
Total current financial assets 1,01,880.53
Current tax assets (net) 0.00
Other current assets 48,433.19
Total current assets 1,56,310.58
3 Non-current assets classified as held for sale 20,453.79
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 2,04,694.06
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 2,585.61
Other equity 1,23,515.91
Total equity attributable to owners of parent 1,26,101.52
Non controlling interest 1,525.50
Total equity 1,27,627.02
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 9,125.41
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities
Total non-current financial liabilities 9,125.41
Provisions, non-current 247.19
Deferred tax liabilities (net) 0.00
Deferred government grants, Non-current 0.00
Other non-current liabilities 0.00
Total non-current liabilities 9,372.60
Current liabilities
Current financial liabilities
Borrowings, current 8,298.73
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 3,270.50
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 17,140.09
Total Trade payable 20,410.59
Other current financial liabilities 9,821.52
Total current financial liabilities 38,530.84
Other current liabilities 13,004.16
Provisions, current 105.12
Current tax liabilities (Net) 1,910.83
Deferred government grants, Current 0.00
Total current liabilities 53,550.95
3 Liabilities directly associated with assets in disposal group classified as held for sale 14,143.49
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 77,067.04
Total equity and liabilites 2,04,694.06
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

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 01-07-2025 01-04-2025
Date of end of reporting period 30-09-2025 30-09-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Ash & Coal Handling Business  40,891.72 75,599.61
2 Refrigerant Gas- Manufacturing(Refilling) and Sales  1,216.00 2,631.03
3 Green mobility 2,421.17 4,144.76
4 Sale Of Service  0.00 0.00
5 Power Trading 0.0001735 0.000787
6 Solar Power - Generation and Related Activities 0.0021374 0.0048657
7 Windpower 0.0036388 0.0043968
8 Others 0.00 0.0012981
9 Unallocable Expenditures 0.00 0.00
Total Segment Revenue 45,123.86 83,510.16
Less: Inter segment revenue
Revenue from operations 45,123.86 83,510.16
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Ash & Coal Handling Business  7,522.80 11,609.23
2 Refrigerant Gas- Manufacturing(Refilling) and Sales  (74.48) (61.66)
3 Green mobility (884.43) (1,746.89)
4 Sale Of Service  0.00 0.00
5 Power Trading (7.55) (30.51)
6 Solar Power - Generation and Related Activities 66.18 184.46
7 Windpower (454.83) (828.04)
8 Others 0.00 12.58
9 Unallocable Expenditures (526.63) (1,150.62)
Total Profit before tax 5,641.06 7,988.55
i. Finance cost 1,015.85 2,008.83
ii. Other Unallocable Expenditure net off Unallocable income (524.96) (1,589.97)
Profit before tax 5,150.17 7,569.69
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Ash & Coal Handling Business  1,02,761.76 1,02,761.76
2 Refrigerant Gas- Manufacturing(Refilling) and Sales  2,356.45 2,356.45
3 Green mobility 20,453.78 20,453.78
4 Sale Of Service  0.00 0.00
5 Power Trading 117.94 117.94
6 Solar Power - Generation and Related Activities 5,026.01 5,026.01
7 Windpower 27,690.02 27,690.02
8 Others 145.53 145.53
9 Unallocable Expenditures 0.00 0.00
Total Segment Asset 1,58,551.49 1,58,551.49
Un-allocable Assets 46,142.57 46,142.57
Net Segment Asset 2,04,694.06 2,04,694.06
4 Segment Liabilities
Segment Liabilities
1 Ash & Coal Handling Business  32,699.79 32,699.79
2 Refrigerant Gas- Manufacturing(Refilling) and Sales  42.55 42.55
3 Green mobility 14,143.46 14,143.46
4 Sale Of Service  0.00 0.00
5 Power Trading 73.35 73.35
6 Solar Power - Generation and Related Activities 6,139.86 6,139.86
7 Windpower 17,874.90 17,874.90
8 Others 0.00 0.00
9 Unallocable Expenditures 0.00 0.00
Total Segment Liabilities 70,973.91 70,973.91
Un-allocable Liabilities 1,33,720.15 1,33,720.15
Net Segment Liabilities 2,04,694.06 2,04,694.06
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

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 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Profit / (Loss) due to cash flow hedge, net of income tax 542.40 501.80
2 Remeasurements of defined benefit plan actuarial gains/ (losses) 31.01 28.27
3 Remeasurements of defined benefit plan actuarial gains/ (losses) - discontinuing operations (11.82) (11.82)
Total Amount of items that will not be reclassified to profit and loss 561.59 518.25
2 Income tax relating to items that will not be reclassified to profit or loss 0.00 0.00
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 561.59 518.25



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 30-09-2025
C Whether results are audited or unaudited Unaudited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 10,045.64
Adjustments for reconcile profit (loss)
Adjustments for finance costs 2,008.83
Adjustments for decrease (increase) in inventories (5,260.64)
Adjustments for decrease (increase) in trade receivables, current 8,585.26
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (21,240.28)
Adjustments for decrease (increase) in other non-current assets (880.40)
Adjustments for other financial assets, non-current (14.40)
Adjustments for other financial assets, current (1,362.73)
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 4,269.81
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 11,918.45
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 2,893.15
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current (30.36)
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current 1,098.03
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 0.00
Adjustments for interest income 0.00
Adjustments for share-based payments 39.18
Adjustments for fair value losses (gains) (872.71)
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 0.00
Other adjustments to reconcile profit (loss) (2,475.96)
Other adjustments for non-cash items (533.34)
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) (1,858.11)
Net cash flows from (used in) operations 8,187.53
Dividends received 0.00
Interest paid 802.35
Interest received 0.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 7,385.18
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 0.00
Purchase of property, plant and equipment 2,892.35
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 169.65
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (6,913.45)
Net cash flows from (used in) investing activities (9,636.15)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 163.15
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 1.97
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 1,086.21
Repayments of borrowings 0.00
Payments of lease liabilities 1,742.74
Dividends paid 646.40
Interest paid 1,346.31
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 123.54
Net cash flows from (used in) financing activities (2,360.58)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (4,611.55)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents (4,611.55)
Cash and cash equivalents cash flow statement at beginning of period 28,161.71
Cash and cash equivalents cash flow statement at end of period 23,550.16