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INDUSTRIES LIMITEDMain BoardEquity2025-04-012026-03-312026-05-262026-05-20INRLakhsQuarterlyFourth quarterMulti segment2026-05-2611:44:002026-05-2612:15:00trueCash Flow IndirectDeclaration of unmodified opiniontruetrueNANofalsetrue2026-01-21https://www.refex.co.in/investors/policiestrue2falseNo Default on Loans and Debt Securities is applicable to the entity2026-01-012026-03-31AuditedStandalone701030700038552000704885900055629990000-101817000591880009827000039447000784440005736531000131232800001312328000371704000336400037506800009372600003109000783000232600009395860001185100095143700027439900026.836.760.020.026.856.78The above standalone audited financial results of the Company for the Quarter and year ended 31st March 2026 have been reviewed by the Audit Committee and approved by the Board at their meetings held on 26th May 2026 <BR> The Statutory auditors of the Company have carried out their audit on the above results for the Quarter and year ended 31st March 2026 <BR> <BR> 2 The financial results of the Company have been prepared in accordance with the Indian Accounting Standards INDAS as prescribed us 133 of the Companies Act 2013 <BR> <BR> 3 The Companys business activities falls into the following segments Ash Coal Handling Business Solar Power Generation and Related Activities Sale of Services Refrigerant Gases Manufacturing Refilling Power Trading Discontinued operations and Other segment which currently includes solar module trading Unallocable expenditure includes those expenses which are common for the entire enterprise <BR> <BR> 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 PowerTrading business subject to all statutory and Regulatory approvalsThis 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 <BR> <BR> Further 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 250 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 Companys core highergrowth businesses thereby improving capital efficiency and longterm value creationAs 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 <BR> <BR> 5 The details of revenue and expenses related to the discontinuing operation Refrigerants and Power trading are presented as follows <BR> <BR> Amount in Lakhs <BR> <BR> Particulars Quarter ended Mar 31 2026 Year ended Mar 31 2026 <BR> <BR> Revenue from discontinuing operation 10425 353865 <BR> Total expenses 7316 371561 <BR> Profit before tax 3109 17696 <BR> Tax expenses 783 4456 <BR> Profit after tax 2326 13240 <BR> <BR> Cash flow from discontinuing operation for the year ended 31st March 2026 <BR> <BR> Particulars Amount in Lakhs <BR> <BR> Cash generated from operating activities 322712 <BR> Cash generated from Investing activities 36095 <BR> Cash generated from Financing activities <BR> <BR> 6 During the quarter the Company had granted 46809 Employee Stock Options ESOPs to eligible employees of the Company under the Refex Employee Stock Option Scheme 2021 ESOP 2021 <BR> Further during the quarter the Company had allotted 69859 equity shares of face value of 2 each pursuant to the exercise of vested Employee Stock Options by eligible employees under the said ESOP 2021 Further consequent to the aforesaid allotment the issued and paidup equity share capital of the Company stands increased accordingly <BR> <BR> 7 A writ petition was filed before the Honble High Court challenging the assessment order dated 31052023 issued by the Deputy Commissioner of Income Tax Central Circle 34 Chennai for Assessment Year 201617 involving a demand of Rs356722 lakhs The writ petition was filed on the grounds that the said assessment order was passed without providing an opportunity of being heard as mandated us 144A of the Income Tax Act 1961 and no appropriate approval obtained for issuing the notice <BR> The Honble Madras High Court after considering the submissions has set aside the aforesaid assessment order passed by the Assessing Officer Consequently the tax demand of approximately Rs356722 Lakhs raised pursuant to the said order stands nullified <BR> <BR> 8 On November 07 2024 the Company had allotted 11170000 convertible warrants on a preferential basis at an issue price of 468 per warrant including face value of 2 each to certain persons belonging to the promoter promoter group and nonpromoter category In accordance with the applicable provisions of the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations 2018 25 of the issue price was received upfront at the time of allotment and the balance 75 was payable within 18 months from the date of allotment <BR> As the balance consideration towards the warrants was not received within the stipulated period ending May 06 2026 the said warrants lapsed upon expiry of the exercise period Consequently the upfront amount received on such warrants aggregating to 1306890000 has been forfeited by the Company in accordance with the applicable provisions of the SEBI ICDR Regulations <BR> <BR> 9 The Board of Directors of Refex Industries Limited has recommended a final dividend of Rs 1 per equity share having a face value of Rs 2 each for the Financial Year 202526 subject to the approval of the shareholders <BR> <BR> 9 Figures for the quarter ended March 312026 and March 312025 represents the difference between the audited figures of the financial year ended and the published year to date figures upto the third quarter of the relevant financial year <BR> <BR> 10 Figures have been regroupedreclassifiedrestated to make them comparable to the figures wherever necessary <BR> <BR> 11 Figures in brackets are representing negative value 2025-04-012026-03-31AuditedStandalone2039202800030021700020692245000164278950000-104017000312238000301198000152654000255677000173456450003346600000033466000008642470001044400087469100002471909000-17696000-4456000-132400000245866900019179000247784800027439900021544236200018.5718.35-0.1-0.118.4718.25Other Expenses78444000Other Expenses2556770001368484000143960000076778000000105998400000108426500021442490000036039070001040170000737308900018047600006098460000626484000104141790008470126000189883220001631827000024224056000274399000154423620001571676100015716761000260965000000550448000811413000140330003036000082848200013280950000334160200033416020002115138000678483500018777600092120006969900000767881300000850729500024224056000Other Non-Current Assets611856000NA0NA0NA0NA0Right of use assets472409000NA0NA0NA0NA0NA0Other current financial assets626484000Other Current assets1128764000Contract Assets7341362000Lease Liabilities550448000NA0NA0NA0NA0NA0NA0NA0NA0NA0Other current financial liabilities2081452000Lease Liabilities33686000Other current liabilities187776000NA0NA0NA0NA0Ash & Coal Handling business6903679000Refrigerant Gas- Manufacturing (Refilling) and Sales 10365000Sale Of Service 77998000Power Trading60000Solar Power - Generation and Related Activities28630000Others0Unallocable expenses0Ash & Coal Handling business20126690000Refrigerant Gas- Manufacturing (Refilling) and Sales 345508000Sale Of Service 148658000Power Trading8357000Solar Power - Generation and Related Activities103699000Others12981000Unallocable expenses070207320002074589300000702073200020745893000Ash & Coal Handling business1409114000Refrigerant Gas- Manufacturing (Refilling) and Sales 3815000Sale Of Service 18784000Power Trading-706000Solar Power - Generation and Related Activities13328000Others-37000Unallocable expenses-69143000Ash & Coal Handling business3537536000Refrigerant Gas- Manufacturing (Refilling) and Sales -13435000Sale Of Service 36858000Power Trading-4261000Solar Power - Generation and Related Activities43680000Others1221000Unallocable expenses-2717140001375155000332988500098270000301198000-38552000-30021700013154370003328904000Ash & Coal Handling business16380999000Refrigerant Gas- Manufacturing (Refilling) and Sales 16795000Sale Of Service 115272000Power Trading4759000Solar Power - Generation and Related Activities509521000Others0Unallocable expenses017027346000719671000024224056000Ash & Coal Handling business6384502000Refrigerant Gas- Manufacturing (Refilling) and Sales 397000Sale Of Service 25528000Power Trading2821000Solar Power - Generation and Related Activities618947000Others0Unallocable expenses070321950001719186100024224056000301198000-30231000-6377430000-54377710000000170343200009149600001584770000394700001201971000000121687000970000000-17696000-469580000-2830595000516005000000207924000030808100001029414000000000360950007932400000000000000003792410000000756140000-787124000-21633940000080028800000000620426000010458600064640000229484000001022004000-8333090000-83330900026380690001804760000Remeasurements of defined benefit plan actuarial gains/ (losses)1089900010899000Remeasurements of defined benefit plan actuarial gains/ (losses)137260001372600000Profit / (Loss) due to cash flow hedge952000952000Profit / (Loss) due to cash flow hedge54530005453000001185100019179000Refex Industries Limited******Mr Anil Jain******Chairman cum Managing Director KMPRemuneration50000000-7500000-16650000Refex Industries Limited******Mr Dinesh Kumar Agarwal******Whole time Director and CFO KMPAny other transactionReimbursement of Expenses10000000-1027000-679000118000Refex Industries Limited******Mr Ramesh Dugar******Independent DirectorAny other transactionDirector's Sitting fees1200000-19000000Refex Industries Limited******Ms Sushmita Siripurapu******Non Executive DirectorAny other transactionDirector's Sitting fees1200000-13000000Refex Industries Limited******Mr Sivaramakrishnan Vasudevan******Independent DirectorAny other transactionDirector's Sitting fees1200000-21000000Refex Industries Limited******Mr Vineeth Kothari******Independent DirectorAny other transactionDirector's Sitting fees1200000-8000000Refex Industries Limited******Ms Latha Venkatesh******Independent DirectorAny other transactionDirector's Sitting fees1200000-13000000Refex Industries Limited******Refex Holding Private Limited******Holding CompanyAny other transactionRental Charges30000000-433900000Refex Industries Limited******Refex Holding Private Limited******Holding CompanyAny other transactionRental Income30000000-3720006460000Refex Industries Limited******Refex Holding Private Limited******Holding CompanyAny other transactionRental deposit given3100000-020390002039000Refex Industries Limited******Refex Holding Private Limited******Holding CompanyAny other transactionRental deposit taken30000000-0-120000-120000Refex Industries Limited******Refex Holding Private Limited******Holding CompanyAny other transactionReimbursement of Expenses25000000-1549000018560000Refex Industries Limited******Refex Renewables Infrastructure Ltd******Entities in which Key Management Personnel are interestedAny other transactionRental Income10000000-121800013460000Refex Industries Limited******Refex Renewables Infrastructure Ltd******Entities in which Key Management Personnel are interestedAny other transactionRental deposit taken10000000-0-120000-120000Refex Industries Limited******Refex Renewables Infrastructure Ltd******Entities in which Key Management Personnel are interestedSale of goods or services200000000-0145530000Refex Industries Limited******Sparzana Aviation Private Limited******Entities in which Key Management Personnel are interestedAny other transactionRental Income5000000-240000430000Refex Industries Limited******Sparzana Aviation Private Limited******Entities in which Key Management Personnel are interestedAny other transactionRental deposit taken5000000-0-120000-120000Refex Industries Limited******Refex Green Mobility Limited******Subsidiary CompanyLoan2000000000-443850000383900000827750000Refex Industries Limited******Refex Green Mobility Limited******Subsidiary CompanyInterest received180000000-3033600097450000Refex Industries Limited******Refex Green Mobility Limited******Subsidiary CompanyAny other transactionGST on corporate guarantee0-000Refex Industries Limited******Refex Green Mobility Limited******Subsidiary CompanyAny other transactionRental Income10000000-100800014130000Refex Industries Limited******Refex Green Mobility Limited******Subsidiary CompanyAny other transactionRental Deposit10000000-0-120000-120000Refex Industries Limited******Refex Green Mobility Limited******Subsidiary CompanyAny other transactionReimbursement of Expenses10000000-53000000Refex Industries Limited******Refex Green Mobility Limited******Subsidiary CompanyAny other transactionRental Expenses20000000-1296000-3340000Refex Industries Limited******Refex Green Mobility Limited******Subsidiary CompanyInvestment2000000000-0800000000800000000Refex Industries Limited******Refex Mobility Limited******Subsidiary CompanyInvestment1000000-0100000100000Refex Industries Limited******Venwind Refex Power Limited******Subsidiary CompanyInterest received180000000-12890002045700019547000Refex Industries Limited******Venwind Refex Power Limited******Subsidiary CompanyAny other transactionGST on corporate guarantee0-000Refex Industries Limited******Venwind Refex Power Limited******Subsidiary CompanyLoan2000000000-63892000063892000Refex Industries Limited******Venwind Refex Power Limited******Subsidiary CompanyInvestment1030000000-4300020005999820001029984000Refex Industries Limited******Venwind Refex Power Limited******Subsidiary CompanyAny other transactionRental Income10000000-245700000Refex Industries Limited******Ugamdevi Tarachand Foundations******Entities in which Key Management Personnel are interestedAny other transactionCorporate Social Responsibility100000000-018500000Refex Industries Limited******Aabhuti Investment Fund Trust******Entities in which Key Management Personnel are interestedAny other transactionRental Income10000000-18000000Refex Industries Limited******Aabhuti Investment Fund Trust******Entities in which Key Management Personnel are interestedAny other transactionRental Deposit120000-1200000-120000Venwind Refex Power Limited******Refex Engineering Products Private Limited******Subsidiary CompanyLoan-1047500000104750000Venwind Refex Power Limited******Refex Engineering Products Private Limited******Subsidiary CompanyInvestment-1000000100000Venwind Refex Power Limited******Refex Engineering Products Private Limited******Subsidiary CompanyInterest received-125300000Venwind Refex Power Limited******Venwind Refex Projects Limited******Subsidiary CompanyLoan-000Venwind Refex Power Limited******Venwind Refex Power Services Limited******Subsidiary CompanyLoan-000Venwind Refex Power Limited******Venwind Refex Projects Limited******Subsidiary CompanyInvestment-100000001000000Venwind Refex Power Limited******Venwind Refex Power Services Limited******Subsidiary CompanyAny other transactionReimbursement-000Venwind Refex Power Limited******Refex Green Mobility Limited******Co SubsidiaryAny other transactionTravelling expenses-34400000Venwind Refex Power Limited******Refex Holding Private Limited******Ultimate ParentAny other transactionSubscription Expense-1300000Venwind Refex Power Limited******Refex Holding Private Limited******Ultimate ParentAny other transactionInsurance-143800000Venwind Refex Power Limited******Venwind Refex Projects Limited******Subsidiary CompanyAny other transactionReimbursement-400000Venwind Refex Power Limited******Refex Engineering Products Private Limited******Subsidiary CompanyAny other transactionReimbursement-200000Venwind Refex Power Limited******Sundaram Subramaniam******KMPRemuneration-302300000Refex Green Mobility Limited******Refex EV Fleet Services Private Ltd******Subsidiary CompanyAny other transactionLoan advanced-28773000265356000280937000Refex Green Mobility Limited******Refex EV Fleet Services Private Ltd******Subsidiary CompanyAny other transactionLoan repaid-1319200000Refex Green Mobility Limited******Refex EV Fleet Services Private Ltd******Subsidiary CompanyInvestment-09900099000Refex Green Mobility Limited******Refex EV Fleet Services Private Ltd******Subsidiary CompanyInvestment-05217200052172000Refex Green Mobility Limited******Refex EV Fleet Services Private Ltd******Subsidiary CompanyAny other transactionLease rent receivable-000Refex Green Mobility Limited******Refex EV Fleet Services Private Ltd******Subsidiary CompanyInterest received-1557600000Refex Green Mobility Limited******Refex EV Fleet Services Private Ltd******Subsidiary CompanyInterest received-300000Refex Green Mobility Limited******Refex EV Fleet Services Private Ltd******Subsidiary CompanyAny other transactionPrepaid subscription charges-000Refex Green Mobility Limited******Refex EV Fleet Services Private Ltd******Subsidiary CompanyPurchase of goods or services-000Refex Green Mobility Limited******Refex EV Fleet Services Private Ltd******Subsidiary CompanyAny other transactionCross utilised expenses-53000000Refex Green Mobility Limited******Refex EV Fleet Services Private Ltd******Subsidiaries of Holding CompanyAny other transactionVehicle hiring charges expenses-000Refex Green Mobility Limited******Sachin Navtosh Jha******Whole Time Director (KMP)Any other transactionFood, Accomodation & travelling expenses-000Refex Green Mobility Limited******Yash Jain - Director******Director (KMP)Any other transactionFood, Accomodation & travelling expenses-0001175887000AuditedtrueA B C D & Co. LLPtrue2028-02-29Preferential Issues2024-03-2822000000002026-03-31trueCARE Ratings LimitedfalseThe Audit Committee has noted there was no deviation/ variation in the utilization of funds raised through Preferential Issue of Shares/ WarrantsNILAnkit PoddarCompany Secretary and Compliance OfficerChennai2026-05-26Preferential Issues2024-11-0790544000002026-03-31trueCARE Ratings LimitedfalseThe Audit Committee has noted there was no deviation/ variation in the utilization of funds raised through Preferential Issue of Shares/ WarrantsNILWorking CapitalNIL96000000008537000000Capital ExpenditureNIL200000000062000000Investment in SubsidiariesNIL50000000005000000000General Corporate ExpensesNIL54000000003870000000Working CapitalNIL3238100000026608000000Capital ExpenditureNIL8500000000348000000Investment in SubsidiariesNIL2600000000010448000000Repayment of LoansNIL36630000003663000000General Corporate PurposesNIL200000000008921000000