Refex Industries

₹225.86As of Sun 8 Nov 2026, 12:00 UTC

NSE:REFEXEnergy

Country India

PE (Fwd) 8.845

TSR 10Y CAGR 52.77%

Div yield 0.66%

ROE —

Thermal Coal

Beta (5Y) 1.77

PE TTM 14.96

TSR TTM (38.46%)

Mkt cap ₹31.80B

ROIC —

SE Grade™

—

Value

Quality

Moat

—

1Y Price

Reference

₹250

10.87%

(45.45%)

Price above Reference Value

TTM

FYE 31 Mar INR

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026

FY2027E

Trend

10Y

Peers

22.77

Revenue₹B

—

4.440

16.29

13.83

22.59

22.77

30.59

50.48%

0.77

Revenue growth%

—

266.96

(15.12)

63.39

0.77

34.37

32.08

—

18.95

Gross margin%

—

20.29

12.63

13.77

11.56

18.95

18.71

13.77

14.91

Operating margin%

—

11.78

10.30

10.08

8.53

14.91

14.87

10.30

8.93

Net margin%

—

10.22

7.12

6.79

7.03

8.93

8.83

7.12

14.96

P/E ratio (avg)x

—

6.459

4.253

14.05

27.84

19.68

11.26

14.05

8.961

EV/EBITx

—

5.606

2.942

9.466

22.92

11.79

6.690

9.466

—

FCF yield (avg)%

—

FCF margin%

—

FCF / Net incomex

—

ROIC%

—

Return on equity%

—

Return on assets%

—

15.10

EPS₹

—

4.32

10.77

8.44

12.41

15.10

20.06

36.71%

—

21.64

EPS growth%

—

149.15

(21.62)

47.02

21.64

32.91

34.33

—

Bookvalue per sh₹

—

FCF per share₹

—

1.50

Dividend per sh₹

—

0.40

0.50

—

1.50

1.71

55.36%

—

0.66

Div yield (avg)%

—

0.87

0.42

—

0.50

0.76

0.50

—

9.93

Payout ratio%

—

3.71

5.98

—

9.93

8.53

3.71

134.7

Shares (diluted)M

—

105.0

107.8

111.2

128.0

134.7

◌134.7

6.42%

(5.29)

Buyback yield%

—

(2.63)

(3.19)

(15.05)

(5.29)

◌—

(4.24)

—

D/E ratiox

—

30.43

Enterprise value₹B

—

2.932

4.936

13.19

44.20

40.02

30.43

92.21%

—

LT debt₹M

—

Peers (US$330.3M)

Cap (US$)

Gujarat Mineral…

1.577B

22.40x

GMR Power And Urban…

766.9M

—

Caliber Mining and…

362.1M

18.73x

PT ABM Investama Tbk

375.6M

2.912x

Capital

TTM

10Y

Leveragex

—

EBIT/Intx

11.62

Own earn%

—

Sh yield%

(4.62)

(3.77)

Owners

Insiders/Inst%

—

0.47

Short interest%

—

SBC / revenue%

0.06

Record

10Y

Profitable years

5/5

Revenue growth years

3/4

EPS growth years

3/4

Dividend streakyrs

Op margin range%

9–15

$1 testx

—

Incr. ROIC%

—

Refex Industries Limited engages in handling and disposal of fly ash in India. The company engages in solar power generation and related activities; coal trading; and providing coal yard management services and solar module trading. It also engages in providing transport services using electric vehicles.

Growth vs revenue

Latest

Trend

4Y CAGR

Rel growth

Revenue

₹22.77B

50.48%

1.00×

Cost of revenue

₹18.45B

51.12%

1.02×

Operating expenses

₹918.2M

24.86%

0.47×

Revenue by region

No breakdown available

Reinvestment returns

n/m

Trend

Reinvestment rate

n/m

Return on capital

n/m

Spread over hurdle

n/m