| 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 | 21-01-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 17-01-2026 |
| Description of presentation currency | INR |
| Level of rounding used in financial results | Lakhs |
| Reporting Type | Quarterly |
| Reporting Quarter | Third 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 | Unaudited |
| Segment Reporting | Multi segment |
| Description of single segment | |
| Start date and time of board meeting | 21-01-2026 09:05:00 |
| End date and time of board meeting | 21-01-2026 09:55:00 |
| 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 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 |
| No default on loans | |
| 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 | 01-10-2025 | 01-04-2025 |
| B | Date of end of reporting period | 31-12-2025 | 31-12-2025 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| 1 | Income | ||
| Revenue from operations | 57,601.22 | 1,33,817.20 | |
| Other income | 703.21 | 2,616.65 | |
| Total income | 58,304.43 | 1,36,433.85 | |
| 2 | Expenses | ||
| (a) | Cost of materials consumed | 19,208.73 | 45,814.94 |
| (b) | Purchases of stock-in-trade | 27,345.29 | 62,834.02 |
| (c) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | 49.90 | (22.00) |
| (d) | Employee benefit expense | 765.04 | 2,530.50 |
| (e) | Finance costs | 830.06 | 2,029.29 |
| (f) | Depreciation, depletion and amortisation expense | 379.56 | 1,132.07 |
| (f) | Other Expenses | ||
| 1 | Other Expenses | 744.55 | 1,772.33 |
| Total other expenses | 744.55 | 1,772.33 | |
| Total expenses | 49,323.13 | 1,16,091.15 | |
| 3 | Total profit before exceptional items and tax | 8,981.30 | 20,342.70 |
| 4 | Exceptional items | 0.00 | 0.00 |
| 5 | Total profit before tax | 8,981.30 | 20,342.70 |
| 6 | Tax expense | ||
| 7 | Current tax | 2,189.03 | 4,925.40 |
| 8 | Deferred tax | 14.92 | 70.80 |
| 9 | Total tax expenses | 2,203.95 | 4,996.20 |
| 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 | 6,777.35 | 15,346.50 |
| 12 | Profit (loss) from discontinued operations before tax | (115.87) | (208.04) |
| 13 | Tax expense of discontinued operations | (29.16) | (52.36) |
| 14 | Net profit (loss) from discontinued operation after tax | (86.71) | (155.68) |
| 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 | 6,690.64 | 15,190.82 |
| 17 | Other comprehensive income net of taxes | (9.52) | 73.28 |
| 18 | Total Comprehensive Income for the period | 6,681.12 | 15,264.10 |
| 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 | 2,742.59 | 2,742.59 | |
| 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 | 4.95 | 11.64 | |
| Diluted earnings (loss) per share from continuing operations | 4.9 | 11.5 | |
| ii | Earnings per equity share for discontinued operations | ||
| Basic earnings (loss) per share from discontinued operations | -0.06 | -0.12 | |
| Diluted earnings (loss) per share from discontinued operations | -0.06 | -0.12 | |
| ii | Earnings per equity share | ||
| Basic earnings (loss) per share from continuing and discontinued operations | 4.89 | 11.52 | |
| Diluted earnings (loss) per share from continuing and discontinued operations | 4.84 | 11.38 | |
| 24 | Debt equity ratio | ||
| 25 | Debt service coverage ratio | ||
| 26 | Interest service coverage ratio | ||
| 27 | Disclosure of notes on financial results | Textual Information(1) | |
| Textual Information(1) | 1.The above standalone unaudited financial results of the Company for the Quarter and Nine months ended 31st Decemeber 2025 have been reviewed by the Audit Committee and approved by the Board at their meeting held on 20th January 2026 and 21st January 2026 respectively. The Statutory auditors of the company have carried out their limited review on the above results for the Quarter and Nine months ended 31st Decemeber 2025 . 2. The financial results of the company have been prepared in accordance with the Indian Accounting Standards IND-AS as prescribed u/s 133 of the Companies Act 2013.. 3. The Group'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, Green Mobility ,Windpower and Other segment.Other segment currently includes solar module trading. Unallocable expenditures includes those expenses which are common for the entire enterprise. 4. 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. 5. The Board of Directors approved the discontinuation of the Refrigerant Gases business segment at its meeting held on January 21, 2026. The segment accounted for approximately 2.50 percent of the Companys total revenue and was impacted by operational and financial challenges due to heightened competition and pricing pressures. The discontinuation is intended to enable better allocation of management focus and capital towards the Company’s core, higher-growth businesses, thereby improving capital efficiency and long-term value creation.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. 6. In Lakhs Particulars Quarter Ended Nine Months Ended Dec 31 2025 Dec 31 2025 Revenue from discontinuing operation 724.68 3434.40 Other Income 0 0 Total Expenses 840.55 3642.44 Profit before Tax -115.87 -208.04 Tax Expenses -29.16 -52.36 Profit after Tax -86.71 -155.68 7. 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 1,25,75,000 warrants to Refex Holding Private Limited formerly Sherisha Technologies Private Limited RHPL Promoter of the Company. Upon exercise of conversion of warrants, the Company allotted 50,00,000 equity shares of Rs2 each to RHPL on July 22, 2024, at an issue price of Rs125 per share, for a total consideration of Rs62.50 crore, after receipt of the balance 75percent consideration of Rs46.88 crore. Subsequently, upon exercise of conversion of warrants for the second tranche, the Company allotted the remaining 75,75,000 equity shares on October 3, 2025, at an issue price of Rs125 per share, for an aggregate consideration of Rs94.68 crore, after receipt of the balance 75percent consideration of�Rs71.02�crore. 8. The Company, on November 20, 2025 has made allotment of 2,73,925 equity shares of Rs2 each, in lieu of exercise of vested Employee Stock Options ESOPs under Refex Employee Stock Option Scheme 2021 ESOP 2021, to the eligible employees. 9. On November 07, 2024, the company made allotment of 81,77,068 equity shares for an aggregate amount of Rs382.69 Crores being 100percent upfront consideration and 1,11,70,000 warrants, for an aggregate amount of Rs130.69 crores being 25percent upfront consideration. Out of the proceeds from preferential issues as stated above, the Company has utilized an amount of Rs499.88 crores towards purposes/objects specified in the explanatory statements to the Notices seeking shareholders’ approval for preferential issues. 10. 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. 11. During the current quarter, the Company diluted its holding of 540 equity shares constituting 0.40percent of the total paid up share capital in Venwind Refex Power Limited pursuant to an internal structural realignment.After the dilution, percentage of share holding of the company stands at 74.40percent 12. Figures have been re-grouped re-classified restated to make them comparable to the figures wherever necessary. |
|---|
| Debt equity ratio | |
|---|---|
| Debt service coverage ratio | |
| Interest service coverage ratio |
| 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 | 01-10-2025 | 01-04-2025 | |||||
| Date of end of reporting period | 31-12-2025 | 31-12-2025 | |||||
| Whether results are audited or unaudited | Unaudited | Unaudited | |||||
| Nature of report standalone or consolidated | Standalone | Standalone | |||||
| 1 | Segment Revenue (Income) | ||||||
| (net sale/income from each segment should be disclosed) | |||||||
| 1 | Ash & Coal Handling Business� | 56,630.50 | 1,32,230.10 | ||||
| 2 | Refrigerant Gas- Manufacturing(Refilling) and Sales� | 0.007204 | 3,351.43 | ||||
| 3 | Sale Of Service� | 0.007066 | 0.007066 | ||||
| 4 | Power Trading | 0.0000427 | 0.0008297 | ||||
| 5 | Solar Power - Generation and Related Activities | 0.0026412 | 0.0075069 | ||||
| 6 | Others | 0.00 | 0.0012981 | ||||
| 7 | Unallocable expenditure | 0.00 | 0.00 | ||||
| Total Segment Revenue | 58,325.89 | 1,37,251.60 | |||||
| Less: Inter segment revenue | 0.00 | 0.00 | |||||
| Revenue from operations | 58,325.89 | 1,37,251.60 | |||||
| 2 | Segment Result | ||||||
| Profit (+) / Loss (-) before tax and interest from each segment | |||||||
| 1 | Ash & Coal Handling Business� | 9,674.99 | 21,284.22 | ||||
| 2 | Refrigerant Gas- Manufacturing(Refilling) and Sales� | (110.84) | (172.50) | ||||
| 3 | Sale Of Service� | 180.75 | 180.75 | ||||
| 4 | Power Trading | (5.04) | (35.55) | ||||
| 5 | Solar Power - Generation and Related Activities | 119.06 | 303.52 | ||||
| 6 | Others | 0.00 | 12.58 | ||||
| 7 | Unallocable expenditure | (866.65) | (2,025.73) | ||||
| Total Profit before tax | 8,992.27 | 19,547.29 | |||||
| i. Finance cost | 830.06 | 2,029.29 | |||||
| ii. Other Unallocable Expenditure net off Unallocable income | (703.22) | (2,616.66) | |||||
| Profit before tax | 8,865.43 | 20,134.66 | |||||
| 3 | (Segment Asset - Segment Liabilities) | ||||||
| Segment Asset | |||||||
| 1 | Ash & Coal Handling Business� | 1,47,405.90 | 1,47,405.90 | ||||
| 2 | Refrigerant Gas- Manufacturing(Refilling) and Sales� | 1,627.26 | 1,627.26 | ||||
| 3 | Sale Of Service� | 968.15 | 968.15 | ||||
| 4 | Power Trading | 51.39 | 51.39 | ||||
| 5 | Solar Power - Generation and Related Activities | 5,096.11 | 5,096.11 | ||||
| 6 | Others | 0.00 | 0.00 | ||||
| 7 | Unallocable expenditure | 0.00 | 0.00 | ||||
| Total Segment Asset | 1,55,148.81 | 1,55,148.81 | |||||
| Un-allocable Assets | 64,812.42 | 64,812.42 | |||||
| Net Segment Asset | 2,19,961.23 | 2,19,961.23 | |||||
| 4 | Segment Liabilities | ||||||
| Segment Liabilities | |||||||
| 1 | Ash & Coal Handling Business� | 57,346.04 | 57,346.04 | ||||
| 2 | Refrigerant Gas- Manufacturing(Refilling) and Sales� | 15.52 | 15.52 | ||||
| 3 | Sale Of Service� | 309.15 | 309.15 | ||||
| 4 | Power Trading | 33.77 | 33.77 | ||||
| 5 | Solar Power - Generation and Related Activities | 6,146.98 | 6,146.98 | ||||
| 6 | Others | 0.00 | 0.00 | ||||
| 7 | Unallocable expenditure | 0.00 | 0.00 | ||||
| Total Segment Liabilities | 63,851.46 | 63,851.46 | |||||
| Un-allocable Liabilities | 1,56,109.77 | 1,56,109.77 | |||||
| Net Segment Liabilities | 2,19,961.23 | 2,19,961.23 | |||||
| Disclosure of notes on segments | |||||||
| 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 | 01-10-2025 | 01-04-2025 |
| B | Date of end of reporting period | 31-12-2025 | 31-12-2025 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Standalone | 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 | 0.00 | 0.00 |
| 3 | Amount of items that will be reclassified to profit and loss | ||
| 1 | Profit / (Loss) due to cash flow hedge | (9.52) | 45.01 |
| 2 | Remeasurements of defined benefit plan actuarial gains/ (losses) | 0.00 | 28.27 |
| Total Amount of items that will be reclassified to profit and loss | (9.52) | 73.28 | |
| 4 | Income tax relating to items that will be reclassified to profit or loss | 0.00 | 0.00 |
| 5 | Total Other comprehensive income | (9.52) | 73.28 |
| Mode of Fund Raising | Preferential Issues |
|---|---|
| Description of mode of fund raising (Applicable in case of others is selected) | |
| Date of Raising Funds | 28-03-2024 |
| Amount Raised | 6,250.00 |
| Report filed for Quarter ended | 31-12-2025 |
| 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 |
| Mode of Fund Raising | Preferential Issues |
|---|---|
| Description of mode of fund raising (Applicable in case of others is selected) | |
| Date of Raising Funds | 11-04-2024 |
| Amount Raised | 15,719.00 |
| Report filed for Quarter ended | 31-12-2025 |
| 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 |
| Mode of Fund Raising | Preferential Issues |
|---|---|
| Description of mode of fund raising (Applicable in case of others is selected) | |
| Date of Raising Funds | 07-11-2024 |
| Amount Raised | 38,269.00 |
| Report filed for Quarter ended | 31-12-2025 |
| 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 |
| Mode of Fund Raising | Preferential Issues |
|---|---|
| Description of mode of fund raising (Applicable in case of others is selected) | |
| Date of Raising Funds | 07-11-2024 |
| Amount Raised | 13,068.90 |
| Report filed for Quarter ended | 31-12-2025 |
| 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 |
| 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 |
| Name of signatory | Ankit Poddar |
| Designation of person | Company Secretary and Compliance Officer |
| Place | Chennai |
| Date | 21-01-2026 |