New Order: Refex Industries secures contract for pond ash transport to NHAI Road Projects

Synopsis: Refex Industries secured a ₹43.74 crore order for pond ash excavation and transport for NHAI projects, executed over four months.

The shares of Small-Cap Company, specializing in eco-friendly refrigerant gases, coal and ash management, renewable energy projects, and clean mobility solutions, are in focus upon securing an order from a large business conglomerate. 

With a market capitalization of Rs. 3,457.04 Crores on Wednesday, the shares of Refex Industries Ltd jumped upto 0.01 percent, reaching a high of Rs. 257.50 compared to its previous closing price of Rs. 257.45.

What Happened 

Refex Industries Ltd, engaged in eco-friendly refrigerant gases, coal and ash management, renewable energy projects, and clean mobility solutions, has secured a domestic order from a large business conglomerate.

The order is for the excavation, loading, transportation, and unloading of pond ash to National Highways Authority of India (NHAI) road projects. The order, valued at ~Rs. 43.74 crore, is to be executed over a period of four months. 

Financials & Others

The company’s revenue declined by 0.27 percent from Rs. 428 crores to Rs. 427 crores in Q2FY25-26. Meanwhile, Net profit rose from Rs. 31 crores to Rs. 36 crores in the same period.

The company shows strong profitability with ROCE of 20.9% and ROE of 18.9%, indicating efficient use of both capital employed and shareholders’ equity. Its stock P/E of 19.8 is significantly lower than the industry average P/E of 46.6, suggesting the stock may be undervalued relative to peers.

The balance sheet remains healthy with a low debt-to-equity ratio of 0.14, reflecting conservative leverage and financial stability. Additionally, promoter holding has increased by 2.58% in the last quarter, which is a positive sign of promoter confidence in the company’s prospects.

Refex Industries Limited, established in 2002 and headquartered in Chennai, is a pioneer in sustainability-driven solutions in India. With over 23 years of experience, the company has built a diversified portfolio spanning Ash & Coal Handling, Clean Mobility Solutions, and Wind Turbine Manufacturing, consistently focusing on environmentally responsible innovation.

The company to strengthen its green commitment, it has expanded into electric mobility through its subsidiary Refex Green Mobility Limited, providing EV solutions for passenger, corporate, and B2B2C transportation. Further, Venwind Refex Power Limited drives its wind turbine manufacturing ambitions, reinforcing Refex’s purpose-led mission to address environmental challenges and contribute to a cleaner, more sustainable future for India.

Refex Industries handles 70,000 MT of ash and coal daily, and its zero-tailpipe emission fleet in Refrigerant Gases Mobility Limited (RGML) has abated over 36 lakh kilograms of CO2, highlighting its strong commitment to sustainability.

The segment-wise standalone revenue for Q2 FY25 is primarily driven by Ash & Coal Handling, contributing Rs. 408.91 crore, while Other segments accounted for Rs. 14.47 crore, highlighting the company’s strong performance in its core operations.

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