| Revenue Growth YoY | 76%Standalone Basis |
|---|---|
| Market Capitalization | ₹4,098 CrMid-cap |
| Revenue TTM | ₹2,853 CrOperating Revenue |
| RSI | 38.45Daily Chart |
Key highlights
- Standalone revenue from continuing operations grew 76% YoY to ₹619 crore
- Net profit (PAT) increased by 123% YoY to ₹73.6 crore for the quarter
- Ash handling volumes reached 65,000 to 70,000 tonnes per day (TPD)
- Wind energy segment executed orders worth ₹295 crore during the quarter
- Successfully erected India’s first 5.3 MW wind turbine in Karnataka
- Management targets ash handling volumes of 90,000 TPD by the end of FY27
Financial Performance and Margins
During the first quarter of FY27, Refex Industries demonstrated significant growth in its standalone financials. Standalone revenue for continuing operations stood at ₹619 crore, a sharp rise from ₹351 crore in the corresponding quarter of the previous year. EBITDA for the quarter was reported at ₹105 crore, while the EBITDA margin settled at 17%.
The company's profitability saw a substantial boost, with Profit After Tax (PAT) growing 123% YoY to ₹73.6 crore. Management noted that while wind energy margins are currently impacted by pre-operating expenses, they expect a consolidated net margin of 5-6% for the wind business by the end of the fiscal year.
Strategic Segment Updates
- Ash Handling: The company currently operates across 42 thermal power plants, benefiting from the regulatory mandate for 100% ash utilization. EBITDA margins in this segment remain stable between 15-18%.
- Wind Energy: The segment is transitioning to a product-only supplier model. Refex currently holds an order book of ₹1,860 crore, of which ₹525 crore has been executed to date.
- Corporate Mobility: The demerger process is progressing, with NCLT approval received to convene meetings of shareholders and creditors for the restructuring.
- Component Localization: Plans are underway to localize 85% of wind turbine components within the next 12 months to improve supply chain efficiency and margins.
Management on Operational Momentum
We have entered FY27 with a strong momentum across our businesses supported by a robust execution, a healthy order pipeline and continued progress across our strategic growth platforms.
What to Watch
- Achievement of 90,000 TPD ash handling volume run rate by Q4 FY27.
- Revenue target realization of ₹1,700-1,800 crore from the wind segment for the full fiscal year.
- The upcoming equity shareholders meeting scheduled for next month regarding the mobility business demerger.
- Progress on the reduction of promoter pledge, which currently stands at approximately 43.5%.
“Profit after tax for the quarter stood at 73.6 crore compared to 33 crore during the same period in the previous financial year, which represents a growth of 123%.”
| Share price | ₹298.65 |
|---|---|
| Market capitalisation | ₹4,098.06 Cr |
| Revenue (annual) | ₹2,276.74 Cr |
| Net profit (annual) | ₹203.35 Cr |
| Revenue (latest quarter) | ₹916.31 Cr-1.91% vs previous quarter |
| Net profit (latest quarter) | ₹63.80 Cr-29.75% vs previous quarter |
| P/E (TTM) | 16.66×Sector 59.8× |
| Promoter holding | 56.57%+0.72% QoQ |
| FII holding | 0.93%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Refex Industries Ltd announcing the transcript of the Q1 FY27 earnings conference call. Market figures from a third-party data provider.
