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 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 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 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



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 01-10-2025 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 Consolidated Consolidated
1 Income
Revenue from operations 57,601.22 1,34,256.89
Other income 579.89 2,137.95
Total income 58,181.11 1,36,394.84
2 Expenses
(a) Cost of materials consumed 20,760.40 52,933.46
(b) Purchases of stock-in-trade 27,663.75 63,162.54
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (1,815.12) (7,037.42)
(d) Employee benefit expense 990.00 3,074.04
(e) Finance costs 914.23 2,192.59
(f) Depreciation, depletion and amortisation expense 503.97 1,467.19
(f) Other Expenses
1 Other Expenses 1,025.98 2,357.22
Total other expenses 1,025.98 2,357.22
Total expenses 50,043.21 1,18,149.62
3 Total profit before exceptional items and tax 8,137.90 18,245.22
4 Exceptional items 0.00 0.00
5 Total profit before tax 8,137.90 18,245.22
6 Tax expense
7 Current tax 2,189.03 4,925.40
8 Deferred tax (184.91) (320.67)
9 Total tax expenses 2,004.12 4,604.73
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 6,133.78 13,640.49
12 Profit (loss) from discontinued operations before tax (1,189.64) (3,727.27)
13 Tax expense of discontinued operations (327.18) (1,014.37)
14 Net profit (loss) from discontinued operation after tax (862.46) (2,712.90)
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 5,271.32 10,927.59
17 Other comprehensive income net of taxes 45.65 563.90
18 Total Comprehensive Income for the period 5,316.97 11,491.49
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 5,391.99 11,253.32
Total profit or loss, attributable to non-controlling interests (120.67) (325.73)
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 5,421.53 11,688.60
Total comprehensive income for the period attributable to owners of parent non-controlling interests (104.56) (197.11)
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 4.57 10.6
Diluted earnings (loss) per share from continuing operations 4.52 10.47
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations -0.63 -2.06
Diluted earnings (loss) per share from discontinued operations -0.63 -2.06
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 3.94 8.54
Diluted earnings (loss) per share from continuing and discontinued operations 3.89 8.41
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) 1.The above Consolidated unaudited financial results of the group for the Quarter and Nine months ended 31st December 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 December 2025. 2. The financial results of the group 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. 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, Refex Industries Limited and Refex Mobility Limited 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, subject to the requisite approvals of the jurisdictional bench of National Company Law Tribunal 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. 7. In Lakhs Particulars Quarter Ended Nine Months Ended Dec 31 2025 Dec 31 2025 Revenue from discontinuing operation 3533.20 10387.69 Other Income 36.73 68.62 Total Expenses 4759.57 14183.59 Profit before Tax -1189.63 -3727.27 Tax Expenses -327.18 -1014.37 Profit after Tax -862.46 -2712.89 8. 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. 9. 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. 10. 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. 11. The Companys subsidiary Venwind Refex Power Limited, has acquired 100% equity stake in Refex Engineering Products Private Limited REPPL on December 05, 2025 . As a result of this acquisition, REPPL has become a Step Down Subsidiary of the Refex Indistries Limited. Further, Venwind Refex Projects Limited was incorporated on November 25, 2025 as a wholly-owned subsidiary of Venwind Refex Power Limited. 12. 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 13. Figures have been re-grouped re-classified restated to make them comparable to the figures wherever necessary.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


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 01-10-2025 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 Consolidated Consolidated
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 Green mobility 2,808.53 6,953.29
4 Sale of Service 0.007066 0.007066
5 Power Trading 0.0000427 0.0008297
6 Solar Power - Generation and Related Activities 0.0026412 0.007507
7 Windpower 0.00 0.0043968
8 Others 0.00 0.0012981
9 Unallocable Expenditure 0.00 0.00
Total Segment Revenue 61,134.42 1,44,644.58
Less: Inter segment revenue 0.00 0.00
Revenue from operations 61,134.42 1,44,644.58
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 Green mobility (761.70) (2,508.60)
4 Sale of Service 180.75 180.75
5 Power Trading (5.04) (35.55)
6 Solar Power - Generation and Related Activities 119.06 303.52
7 Windpower (638.64) (1,466.68)
8 Others 0.00 12.58
9 Unallocable Expenditure (863.91) (2,014.53)
Total Profit before tax 7,594.67 15,583.21
i. Finance cost 1,263.03 3,271.83
ii. Other Unallocable Expenditure net off Unallocable income (616.62) (2,206.57)
Profit before tax 6,948.26 14,517.95
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 Green mobility 21,931.35 21,931.35
4 Sale of Service 968.15 968.15
5 Power Trading 51.39 51.39
6 Solar Power - Generation and Related Activities 5,096.11 5,096.11
7 Windpower 37,726.15 37,726.15
8 Others 0.00 0.00
9 Unallocable Expenditure 0.00 0.00
Total Segment Asset 2,14,806.31 2,14,806.31
Un-allocable Assets 38,663.11 38,663.11
Net Segment Asset 2,53,469.42 2,53,469.42
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 Green mobility 13,026.29 13,026.29
4 Sale of Service 309.15 309.15
5 Power Trading 33.77 33.77
6 Solar Power - Generation and Related Activities 6,146.98 6,146.98
7 Windpower 28,510.37 28,510.37
8 Others 0.00 0.00
9 Unallocable Expenditure 0.00 0.00
Total Segment Liabilities 1,05,388.12 1,05,388.12
Un-allocable Liabilities 1,48,081.30 1,48,081.30
Net Segment Liabilities 2,53,469.42 2,53,469.42
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 01-10-2025 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 Consolidated Consolidated
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, net of income tax 45.65 547.45
2 Remeasurements of defined benefit plan actuarial gains/ (losses) 0.00 16.45
Total Amount of items that will be reclassified to profit and loss 45.65 563.90
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 45.65 563.90