Refex Industries Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Refex Industries Ltd filed with BSE on 04 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Refex Industries reported standalone revenue of INR619 crores for Q1 FY27, up 76% year-on-year, with EBITDA of INR105 crores and PAT of INR73.6 crores, up 123% year-on-year. Management described continued growth in the ash and coal handling business alongside early-stage execution in the wind turbine business, which delivered INR295 crores of revenue in the quarter with a small margin. The mobility business demerger is progressing through NCLT approval, with a shareholders meeting scheduled for the following month.
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Numbers mentioned
Revenue: INR619 crores (Q1 FY27)
p. 4
“revenue for the continuing operations for the quarter stood at INR619 crores compared to INR351 crores in the corresponding quarter in the previous financial year, representing a year-on-year growth of 76%”
Dinesh Kumar Agarwal, page 4 of the filed PDF · View the filing
EBITDA: INR105 crores (Q1 FY27)
p. 5
“EBITDA for the quarter stood at INR105 crores compared to INR39.6 crores in the corresponding quarter for the previous financial year.”
Dinesh Kumar Agarwal, page 5 of the filed PDF · View the filing
EBITDA margin: 17% (Q1 FY27)
p. 5
“EBITDA margin stood at 17%.”
Dinesh Kumar Agarwal, page 5 of the filed PDF · View the filing
Profit after tax: INR73.6 crores (Q1 FY27)
p. 5
“Profit after tax for the quarter stood at INR73.6 crores compared to INR33 crores during the same period in the previous financial year, which represents a growth of 123%.”
Dinesh Kumar Agarwal, page 5 of the filed PDF · View the filing
PAT margin: 11.9% (Q1 FY27)
p. 5
“PAT margin improved to 11.9% compared to the previous period in the same financial year.”
Dinesh Kumar Agarwal, page 5 of the filed PDF · View the filing
Wind business execution: INR295 crores (Q1 FY27)
p. 5
“Yes, INR295 crores, to be precise.”
Dinesh Kumar Agarwal, page 5 of the filed PDF · View the filing
Ash and coal handling volume run rate: 65,000 to 70,000 tons per day (Q1 FY27)
p. 5
“It is 65,000 to 70,000.”
Dinesh Kumar Agarwal, page 5 of the filed PDF · View the filing
Wind business order book executed: INR525 crores (FY27)
p. 7
“As of now, INR1,860 crores of order is there in the hand. In that, already INR525 crores order has been executed, and the balance what, INR1,300 crores order will get executed in the current”
Dinesh Kumar Agarwal, page 7 of the filed PDF · View the filing
Coal and ash handling order book: INR1,635 crores
p. 11
“As of now, INR1,635 crores of coal and ash handling order book is there”
Dinesh Kumar Agarwal, page 11 of the filed PDF · View the filing
One-time bank processing charges: INR4 crores (Q1 FY27)
p. 7
“That is INR4 crores.”
Dinesh Kumar Agarwal, page 7 of the filed PDF · View the filing
Thermal power plants served: 42
p. 10
“currently, we are working in 42 thermal power plant, and penetration is we are working in 30%-35% of the thermal power plant in India today”
Dinesh Kumar Agarwal, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Ash and coal handling run rate — close to 90,000 tons per day · Q4 FY27
stated firmly by Dinesh Kumar Agarwal
p. 5
“Target is there to close to 90,000.”
Dinesh Kumar Agarwal, page 5 of the filed PDF · View the filing
Wind business execution — INR1,700 crores to INR1,800 crores · FY27
stated firmly by Dinesh Kumar Agarwal
p. 5
“Yes, it should be close to 1,700, 1,800.”
Dinesh Kumar Agarwal, page 5 of the filed PDF · View the filing
Wind business net margin — 5% to 6% · FY27
stated firmly by Dinesh Kumar Agarwal
p. 6
“It should be around 5% to 6%.”
Dinesh Kumar Agarwal, page 6 of the filed PDF · View the filing
Ash and coal handling CAGR — FY27
stated as an aspiration by Dinesh Kumar Agarwal
p. 6
“We'll be maintaining a better CAGR in the current financial year.”
Dinesh Kumar Agarwal, page 6 of the filed PDF · View the filing
Ash and coal handling EBITDA margin — 15% to 18%
stated firmly by Dinesh Kumar Agarwal
p. 9
“We always maintain that EBITDA margin will be 15% to 18%, and net margin will be 10% to 12%.”
Dinesh Kumar Agarwal, page 9 of the filed PDF · View the filing
Ash and coal handling run rate — 75,000-80,000 tons per day · Q4 FY27
stated firmly by Dinesh Kumar Agarwal
p. 10
“We'll be, crossing 75,000-80,000 in the Q4 of this financial year.”
Dinesh Kumar Agarwal, page 10 of the filed PDF · View the filing
Blade localization — 6 to 12 months
stated firmly by Anil Jain
p. 10
“So, in about 6 to 12 months, we'll have our own localization done in India.”
Anil Jain, page 10 of the filed PDF · View the filing
Wind business profitability — 5% to 6% margin · end of this year
stated firmly by Anil Jain
p. 12
“this business will achieve about 5% to 6% margin by end of this year, and this will become profitable by end of this year.”
Anil Jain, page 12 of the filed PDF · View the filing
Wind business component localization — 85% of components localized · 12 months from now
stated firmly by Anil Jain
p. 16
“I think 12 months from now, we'll have about 85% of the components localized, so we can see a similar margin 2 years down the line when the localization and the plant capacity increases.”
Anil Jain, page 16 of the filed PDF · View the filing
Discontinued mobility operations — no further loss impact · by end of Q3 FY27
stated conditionally by Dinesh Kumar Agarwal
p. 6
“the Refex mobility, that is green mobility business, which I anticipate by end of Q3, it should go off completely.”
Dinesh Kumar Agarwal, page 6 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the current run rate is 65,000 to 70,000 tons per day, with Q2 slower and Q3/Q4 scaling up toward a target of 90,000.
Answered by Dinesh Kumar Agarwal
Asked by Deepak Poddar: What is the ash and coal handling per day volume run rate and how will it scale through the year?
p. 5
“Q2 will be little slow, Q3 and Q4 will be scaling up.”
Dinesh Kumar Agarwal, page 5 of the filed PDF · View the filing
Management attributed the difference to a one-time bank processing charge related to a loan takeover from Indian Overseas Bank.
Answered by Dinesh Kumar Agarwal
Asked by Sudhir Bheda: Why was Q1 margin lower than Q4 despite similar revenue?
p. 7
“Margin is close to the same only, Sudhir-ji. Only there is a one-time expenses of -- other expenses it has been booked is the bank processing charges since we have -- there is a takeover happened and we got a better term from the Indian Overseas Bank”
Dinesh Kumar Agarwal, page 7 of the filed PDF · View the filing
Management said the focus remains entirely domestic with no immediate export plans.
Answered by Dinesh Kumar Agarwal
Asked by Pinaki Banerjee: Are the ash handling and wind businesses expanding internationally?
p. 8
“No, it is only for domestic. Focus is as of now only to strengthen our presence in the domestic market, and there is no immediate plans for the export.”
Dinesh Kumar Agarwal, page 8 of the filed PDF · View the filing
Management said the partner does not hold equity but manages operations, while the company owns approximately 76-77% and the partner about 23%.
Answered by Dinesh Kumar Agarwal
Asked by Chintan Mehta: How is the wind turbine joint venture structured with the technology partner?
p. 9
“we have a partner, they own 23%, and our company owns somewhat close to 76%-77%.”
Dinesh Kumar Agarwal, page 9 of the filed PDF · View the filing
Management explained this was to allow a fair year-on-year comparison since the wind business did not exist in the prior year period, and consolidated reporting would begin once wind contributes meaningfully.
Answered by Dinesh Kumar Agarwal
Asked by Miten Shah: Why does the presentation highlight standalone rather than consolidated numbers?
p. 13
“it is a right comparison of apple-to-apple, and because of that only, there is no other specific reason.”
Dinesh Kumar Agarwal, page 13 of the filed PDF · View the filing
Management said competition would help by creating market awareness rather than posing a threat, given the size of the opportunity.
Answered by Dinesh Kumar Agarwal
Asked by Miten Shah: How does the company view rising competitive intensity in ash handling?
p. 14
“It will help only, the competition is going to help, Miten bhai, because it will create more awareness among the customer, more awareness in among the vendor partners, and it will help the business.”
Dinesh Kumar Agarwal, page 14 of the filed PDF · View the filing
Management clarified the company only supplies turbines and is not involved in EPC, installation, or land/connectivity arrangements, which are handled by customers.
Answered by Anil Jain
Asked by Miten Shah: How does land acquisition and grid connectivity work for wind projects given the company's role?
p. 14
“So, for us it's very simple. We are only a product supplier, we don't do any part of EPC at all.”
Anil Jain, page 14 of the filed PDF · View the filing
Management said the shift to rail, including their own Rail-cum-Road service, would help the industry and open new geographic markets.
Answered by Dinesh Kumar Agarwal
Asked by Udit Sehgal: How does increased use of railways for coal and ash transport affect the business?
p. 16
“This is going to affect positively only. This is railway transport is there for long time, and we have started also into the that is called RCR, Rail-cum-Road.”
Dinesh Kumar Agarwal, page 16 of the filed PDF · View the filing
Risks flagged
Diesel supply constraints and logistics disruptions from geopolitical developments affected operations
p. 3
“During the quarter, we also witnessed intermittent diesel supply constraints and logistics disruptions arising from ongoing geopolitical developments.”
Anil Jain, page 3 of the filed PDF · View the filing
Acute diesel shortages at many locations
p. 3
“There were acute shortages of diesel supply at many of our locations, but we still managed to cover most of it.”
Anil Jain, page 3 of the filed PDF · View the filing
Wind business new orders remain difficult to quantify or predict in conversion timing
p. 11
“I think it's very difficult to quantify, because the inquiry could be in gigawatts, but the actual conversions how it works in India, it's not very easy to predict the actual conversion.”
Anil Jain, page 11 of the filed PDF · View the filing
No orders yet received for blade replacement despite ongoing industry discussion
p. 14
“We haven't got any orders for a replacement. Still, it is still in discussion with various forums, but on ground, we have not seen any orders yet for us.”
Anil Jain, page 14 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.