Refex Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Refex Industries Ltd filed with BSE on 02 Jun 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 Q4 FY26 standalone revenue of Rs 701 crore, up 18% year-on-year, with EBITDA of Rs 141 crore and EBITDA margin of 20.1%. For the full year, revenue was Rs 2,039 crore against Rs 2,259 crore in FY25, while EBITDA grew 68% to Rs 350 crore and PAT rose to Rs 247 crore. Management discussed growth in the Ash & Coal Handling order book to nearly Rs 1,500 crore, execution beginning in the wind turbine business with Rs 233 crore of revenue in the quarter, and progress on the mobility business demerger through the NCLT process.
Numbers mentioned
Revenue: INR701 crores (Q4 FY26)
p. 5
“Refex Industries has reported standalone basis for the continuing operations, INR701 crores of revenue compared to INR594 crores of revenue in the corresponding quarter in the previous financial year, representing a year-on-year growth of 18%.”
Dinesh Agarwal, page 5 of the filed PDF · View the filing
EBITDA: INR141 crores (Q4 FY26)
p. 5
“EBITDA for the quarter stood at INR141 crores as against the INR62 crores in the corresponding quarter in the previous financial year.”
Dinesh Agarwal, page 5 of the filed PDF · View the filing
EBITDA margin: 20.1% (Q4 FY26)
p. 5
“EBITDA margin has improved current quarter at 20.1% compared to the previous 10.4% in the corresponding last year.”
Dinesh Agarwal, page 5 of the filed PDF · View the filing
PAT: INR94 crores (Q4 FY26)
p. 5
“PAT for the quarter -- Q4 financial year '26 stood at INR94 crores compared to INR56 crores in the previous year, registering a growth of 67% year-on-year and PAT margin for the quarter improved to 13.4%.”
Dinesh Agarwal, page 5 of the filed PDF · View the filing
Revenue: INR2,039 crores (FY26)
p. 5
“Standalone revenue for the -- from the continuing operations stood at INR2,039 crores as against INR2,259 crores in the previous financial year.”
Dinesh Agarwal, page 5 of the filed PDF · View the filing
EBITDA: INR350 crores (FY26)
p. 5
“EBITDA for the financial year '26 is INR350 crores compared to INR208 crores in the previous financial year, representing a growth of 68%, while the EBITDA margin improved to 17.2%.”
Dinesh Agarwal, page 5 of the filed PDF · View the filing
PAT: INR247 crores (FY26)
p. 6
“PAT for the financial year 31st March 2026 stood at INR247 crores compared to INR184 crores in the previous financial year.”
Dinesh Agarwal, page 6 of the filed PDF · View the filing
PAT margin: 12.12% (FY26)
p. 6
“PAT margin has improved to 12.12%.”
Dinesh Agarwal, page 6 of the filed PDF · View the filing
Wind business revenue contribution: approximately INR233 crores (Q4 FY26)
p. 4
“The contribution from this vertical during the quarter was approximately INR233 crores, representing the initial phase of execution.”
Anil Jain, page 4 of the filed PDF · View the filing
Ash & Coal Handling order pipeline: nearly INR1,500 crores
p. 4
“With these additions, the ash and coal business now has an order pipeline of nearly INR1,500 crores, providing strong medium-term revenue visibility.”
Anil Jain, page 4 of the filed PDF · View the filing
Wind business order book: INR1,860 crores
p. 6
“already having an order of INR1,860 crores, we have executed INR238 crores during the last financial year, and we are confident to execute the balance, whatever the pending order of INR1,500 crores in the current financial year”
Dinesh Agarwal, page 6 of the filed PDF · View the filing
Ash & Coal Handling adjusted growth: 28% (FY26)
p. 9
“It is 28% to be precise.”
Dinesh Agarwal, page 9 of the filed PDF · View the filing
Wind EBITDA margin: around 8%
p. 15
“Yes. This current EBITDA margin is around 8%.”
Dinesh Agarwal, page 15 of the filed PDF · View the filing
Ash handling daily quantity: 68,000 to 70,000 tons per day
p. 20
“We are doing currently 68,000 to 70,000 every day.”
Dinesh Agarwal, page 20 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 & Coal Handling business growth — FY27
stated firmly by Dinesh Agarwal
p. 6
“We'll be continuing the same growth like last financial year in the current year for the Coal & Ash Handling business.”
Dinesh Agarwal, page 6 of the filed PDF · View the filing
Wind business pending order execution — balance of INR1,500 crores order · current financial year
stated firmly by Dinesh Agarwal
p. 6
“we are confident to execute the balance, whatever the pending order of INR1,500 crores in the current financial year”
Dinesh Agarwal, page 6 of the filed PDF · View the filing
Ash handling ramp-up to 90,000-95,000 tons per day — 90,000 to 95,000 tons per day · current financial year
stated conditionally by Dinesh Agarwal
p. 7
“It is a gradual ramp-up. And we are confident to achieve in the current financial year.”
Dinesh Agarwal, page 7 of the filed PDF · View the filing
Wind capacity — about 2 gigawatts · by next year-end
stated as an aspiration by Anil Jain
p. 8
“I would say, we will reach about 2 gigawatts by next year-end by capacity-wise.”
Anil Jain, page 8 of the filed PDF · View the filing
Wind EBITDA margin
stated as an aspiration by Anil Jain
p. 8
“We will keep trying to improve the EBITDA margin.”
Anil Jain, page 8 of the filed PDF · View the filing
EBITDA margin — 15% to 18% · FY27
stated firmly by Dinesh Agarwal
p. 10
“Margin will be around the same. There was a service mix. Because of that, margin has improved. And the EBITDA margin anywhere, it will be between the 15% to 18% always.”
Dinesh Agarwal, page 10 of the filed PDF · View the filing
Demerger completion timeline — 90 days
stated conditionally by Dinesh Agarwal
p. 15
“Same time should take 90 days here also and should get completed in the next 90 days.”
Dinesh Agarwal, page 15 of the filed PDF · View the filing
Promoter pledge removal — large part removed · 6 months
stated conditionally by Dinesh Agarwal
p. 19
“We expect on various stages over a period of next 6 months, pledge removal will happen.”
Dinesh Agarwal, page 19 of the filed PDF · View the filing
Ash & Coal Handling market share — double-digit percentage · next few years
stated as an aspiration by Anil Jain
p. 18
“So, we'll aspire to grow to a better and respectable percentage, maybe 2 digits over the next few years.”
Anil Jain, page 18 of the filed PDF · View the filing
Ash & Coal Handling growth — current financial year
stated firmly by Dinesh Agarwal
p. 20
“There is no capacity constraint. And we will be -- current year also, we'll have a good growth. Like last year, we'll be growing in a double-digit percentage compared to the last year.”
Dinesh Agarwal, page 20 of the filed PDF · View the filing
Blended EBITDA margin
stated conditionally by Dinesh Agarwal
p. 21
“Organization is doing a very good EBITDA margin. Sustaining the same EBITDA margin will be a great thing looking into the other geopolitical situations currently.”
Dinesh Agarwal, page 21 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 Refrigerant Gas stock has been liquidated and Power Trading exited, with full focus now on Coal & Ash Handling and wind execution.
Answered by Dinesh Agarwal
Asked by Sucrit D. Patil: What strategic levers are being put in place in FY27 to sustain Ash & Coal Handling while scaling wind and managing risk from discontinued segments?
p. 6
“With respect to the Refrigerant Gas business, we have completely liquidated the stock. There is certain part of receivable is still pending, which we expect to close in the current quarter. And Power Trading, we have completely come out of the Power Trading business.”
Dinesh Agarwal, page 6 of the filed PDF · View the filing
Management clarified the 90,000-95,000 figure was guidance for a future period, not the prior quarter, and that ramp-up is ongoing.
Answered by Dinesh Agarwal
Asked by Udit Sehgal: Why does the presentation show 70,000 tons per day of ash handling when guidance had suggested 90,000-95,000?
p. 7
“It was informed that in the future, we'll be improving from 95,000 -- 90,000 to 95,000. It was not for the last quarter.”
Dinesh Agarwal, page 7 of the filed PDF · View the filing
Management explained a large long-term order (APGENCO) was added at the start of the year and accounts for the apparent gap.
Answered by Dinesh Agarwal
Asked by Ronak Singhvi: Is there a mismatch between the reported order book and fresh order additions in Ash & Coal Handling?
p. 8
“There is a few order which gets -- a long-term order, which is not reflecting in this, which has been disclosed last year. And that has been part of this order, which has been added, like the APGENCO order, which is a large order for a 3 years contract”
Dinesh Agarwal, page 8 of the filed PDF · View the filing
Management said only 40-60% of such costs are recoverable depending on the contract, with the rest a pass-through the company absorbs.
Answered by Dinesh Agarwal
Asked by Ronak Singhvi: Are rising diesel costs recoverable from customers via escalation clauses?
p. 8
“All our contract has the escalation clause, but not completely, it will be recoverable. There will be 40% to 60%, depending on the contract to contract, it is recoverable.”
Dinesh Agarwal, page 8 of the filed PDF · View the filing
Management stated the adjusted growth was 28%.
Answered by Dinesh Agarwal
Asked by Deepak Poddar: What was the adjusted (like-for-like) growth in the Ash & Coal Handling business in FY26 excluding discontinued trading businesses?
p. 9
“It is 28% to be precise.”
Dinesh Agarwal, page 9 of the filed PDF · View the filing
Management said the margin is sustainable, though will typically range between 15-18%.
Answered by Dinesh Agarwal
Asked by Sudhir Bheda: Is the 20% EBITDA margin achieved in Q4 sustainable going into FY27?
p. 10
“No, it is sustainable, sir.”
Dinesh Agarwal, page 10 of the filed PDF · View the filing
Management said imported coal has much lower ash content than domestic coal, so gasification and import trends will not affect the ash handling business, and thermal capacity additions will keep driving growth.
Answered by Dinesh Agarwal
Asked by Rohit Ladha: Will coal gasification or import trends affect the ash handling business?
p. 13
“Coal import effect will not be to the ash handling business because imported coal always had a 12% to 13% of ash content, whereas domestic ash, domestic coal, ash content is as higher 37% to 40% per ton of the coal.”
Dinesh Agarwal, page 13 of the filed PDF · View the filing
Management clarified the earlier 11-12% figure referred to net profit margin, not EBITDA, and that margin improvement reflects business mix change after exiting trading businesses.
Answered by Dinesh Agarwal
Asked by Ayush Dandia: Why did EBITDA margin guidance change from 11-12% to around 22%?
p. 12
“That was the 11% to 12% was always on the net profit. That's not on the EBITDA.”
Dinesh Agarwal, page 12 of the filed PDF · View the filing
Management said there is no challenge, courts are on summer vacation, and the process should complete in 60-75 days from the first week of June hearing.
Answered by Dinesh Agarwal
Asked by Vidyashankar Ramakrishnan: What is the status of the mobility demerger and any obstacles at NCLT?
p. 12
“We expect very soon to get the demerger process being done. Currently, the courts are on holidays. It is a summer vacation in the court.”
Dinesh Agarwal, page 12 of the filed PDF · View the filing
Management said all disclosures were made at every stage and they see no challenges from the IT matter, while the demerger aims to unlock shareholder value by separating investor bases.
Answered by Dinesh Agarwal
Asked by Maya: Was there financial or reputational impact from the IT search, and what is the purpose of the demerger?
p. 15
“The IT issue, we have done all the disclosure at various point of time. I mean every stages of the disclosure, it has been done. And we are confident about the governance in the company, and we don't see any challenges from the IT for the company.”
Dinesh Agarwal, page 15 of the filed PDF · View the filing
Management said the focus for the next 5 years will be scaling the ash handling business, aiming to keep the nearest competitor far behind, backed by proprietary technology built over 7-8 years.
Answered by Anil Jain
Asked by Miten Shah: What is the company's vision and moat over the next 5 years given the pivot from refrigerant gases and power trading to ash handling and wind?
p. 16
“the focus will be for Refex Industries is on growing the ash business. We currently are India's largest, and we will want to just grow so big that the number 2 and number 3 are not very close to us”
Anil Jain, page 16 of the filed PDF · View the filing
Management said pledge removal only happens on final loan closure and expects some relief in the coming week, with a large part removed over the next six months.
Answered by Dinesh Agarwal
Asked by Shreya Ruia: Why has the promoter pledge increased to 41% despite prior comments about reducing it, and when will it be reduced?
p. 19
“This reduction is happening. Every month, payments are happening. But as per the contract, pledge removal happens on the closure of last money of the payment.”
Dinesh Agarwal, page 19 of the filed PDF · View the filing
Management said the non-subscription was a deliberate decision, and the company has sufficient cash, banking limits and internal accruals with no immediate need for fresh funds.
Answered by Dinesh Agarwal
Asked by Saket Kapoor: Why did the promoter and non-promoter warrant subscription get cancelled, and how will the funding gap be met?
p. 21
“It was a deliberate decision. And company has sufficient cash balance and the banking limit and the internal accrual.”
Dinesh Agarwal, page 21 of the filed PDF · View the filing
Risks flagged
Receivables collection cycle from customers can extend due to billing and certification timelines
p. 13
“Always, it will be taking time. And always receivable will be between the, it will be between 105 days to 125 days.”
Dinesh Agarwal, page 13 of the filed PDF · View the filing
Diesel cost increases are only partially recoverable through contract escalation clauses
p. 13
“There is, certainly, there is an impact of the, will be there in the diesel cost increase because 40% to 60% will be a pass on, and there will be, the rest will be a cost impact.”
Dinesh Agarwal, page 13 of the filed PDF · View the filing
Quarter 2 revenue is typically impacted by monsoons
p. 14
“Quarter 2 gets impacted due to the monsoons in the, every year, whereas Q1, Q3, Q4, Q3 will be moderate.”
Dinesh Agarwal, page 14 of the filed PDF · View the filing
Wind business new order pipeline remains unconfirmed and cannot be disclosed until finalized
p. 7
“There are multiple discussions going on. Currently, we do not have a firm order for us to disclose over here today.”
Anil Jain, page 7 of the filed PDF · View the filing
Demerger timeline depends on NCLT court process, which is subject to delays including court vacations
p. 12
“It all depended on the court time and other process. But from our side, 100% of the all compliances is done.”
Dinesh Agarwal, page 12 of the filed PDF · View the filing
Geopolitical changes are a factor management is monitoring in relation to maintaining EBITDA margin
p. 21
“Sustaining the same EBITDA margin will be a great thing looking into the other geopolitical situations currently.”
Dinesh Agarwal, page 21 of the filed PDF · View the filing
Finance costs include a one-time hit from transitioning bank relationships for better borrowing terms
p. 21
“We have closed one limit with the new -- I mean, old bank and gone to move to new bank. Because of that, there is a hit of around INR2 crores to INR2.2 crores to be precise.”
Dinesh Agarwal, page 21 of the filed PDF · View the filing
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