Refex Industries Limited · NSE:REFEX
Refex Industries — Q4 FY26 Earnings Presentation
47 slides from Refex Industries's earnings presentation, May 26, 2026
Slide 1: Exchange cover letter for investor presentation
May 26, 2026 The BSE Ltd. The National Stock Exchange of India Ltd. 1st Floor, New Trading Wing, Rotunda Exchange Plaza, 5th Floor, C – 1, Block G Building Phiroze Jeejeebhoy Towers, Bandra – Kurla Complex, Bandra (E) Dalal Street, Fort Mumbai – 400001 Mumbai – 400051 Scrip Code: 532884 Symbol: REFE
Slide 2: Refex Industries Limited Investor Presentation Q4 & FY26 Results
REFEX INDUSTRIES LIMITED I N V E S TO R P R E S E N TAT I O N Q4 & FY26 Results
Slide 3: Safe Harbor Statement
Safe Harbor Statement This presentation and the accompanying slides (the “Presentation”), which have been prepared by Refex Industries Limited (the “Company’), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe fo
Slide 4: Financial Overview Q4 & FY26
Financial Overview Q4 & FY26
Slide 5: Key Quarterly Highlights
Key Quarterly Highlights Order Book Additions Strong Financials • Secured ~₹78.35 Crore order for Excavation, Loading, FY26 Standalone (Continuing Operations) Transportation & Unloading of Pond Ash for NHAI road projects • Revenue : ₹ 2,039 Cr • Won ₹49.22 Crore Material Handling & Transit Operation
Slide 6: Q4 & FY26 Standalone Financial Performance (Y-o-Y) from Continuing Operations
Q4 & FY26 Standalone Financial Performance (Y-o-Y) from Continuing Operations Revenues (₹ Cr) EBIDTA (₹ Cr) PAT (₹ Cr) -9.7% +68.5% +34.7% 2,259.4 350.0 247.2 2,039.2 183.6 +128.8% +66.9% 17.9% 207.8 141.1 93.7 594.5 701.0 61.7 56.2 Q4FY25 Q4FY26 FY25 FY26 Q4FY25 Q4FY26 FY25 FY26 Q4FY25 Q4FY26 FY25
Slide 7: Standalone Performance Highlights
Standalone Performance Highlights (₹ Cr) Capital Employed & ROCE(%) Networth & ROE(%) 19% 1,500 20 2,000 18% 20 16% 17% 15% 13% 15 1,500 15 1,000 1,440.1 10 1,000 1,870.1 10 1,096.9 1,182.7 1,400.4 1,493.5 500 5 500 5 0 0 0 0 Mar-25 Sep-25 Mar-26 Mar-25 Sep-25 Mar-26 ROCE (%) Capital Employed ROE(%)
Slide 8: Q4 & FY26 Standalone Profit & Loss Statement
Q4 & FY26 Standalone Profit & Loss Statement Particulars (₹ Cr) Q4 FY26 Q4 FY25 Y-o-Y Q3 FY26 Q-o-Q FY26 FY25 Y-o-Y Continuing Operations Revenue from Operations 701.0 594.5 576.0 2039.2 2259.4 Total Revenue 701.0 594.5 17.9% 576.0 21.7% 2039.2 2259.4 -9.7% Cost of Material/Services Purchased 556.3
Slide 9: Standalone Balance Sheet as at 31st March 2026
Standalone Balance Sheet as at 31st March 2026 EQUITY AND LIABILITIES (₹ Cr) 31-Mar-26 31-Mar-25 ASSETS (₹ Cr) 31-Mar-26 31-Mar-25 Equity Non-current assets Equity share capital 27.4 25.8 Property, plant and equipment 136.8 138.9 Other equity 1544.2 1,224.4 Right-of-use assets 47.2 51.7 Total equity
Slide 10: Standalone Cash Flow Statement for year ended 31st March 2026
Standalone Cash Flow Statement for year ended 31st March 2026 Cash Flow Statement (₹ Cr) Mar-26 Mar-25 Cash Flow from Operating Activities Profit before Tax 332.9 240.7 Adjustment for: 29.2 17.3 Operating Profit before Working Capital Changes 362.1 223.4 Movement in working capital: -310.5 -414.6 Ca
Slide 11: Company Overview
ofex COMPANY OVERVIEW
Slide 12: Company Overview
Company Overview Refex Industries Limited (RIL) Ash – Sustainable utilization of ash Wind – Global tech powered wind turbine manufacturing Premium Corporate Mobility – Tech-led mobility solutions 11
Slide 13: Refex Industries Ltd: Scaling business through execution strength
Refex Industries Ltd: Scaling business through execution strength 23+ 3 500+ Years of Experience Business Verticals Team Size (Consolidated) Revenue – ₹ 2,039 Cr ROE –15.6% EBITDA - ₹ 350 Cr ROCE – 19.4% 15 Net Profit - ₹ 247 Cr Presence Across States FY26 (Standalone) FY26 (Standalone) 12
Slide 14: Journey: A path of innovation & sustainability
Journey : A path of innovation & sustainability 2023 2024 Established & operationalized the Mobility Incorporated Venwind Refex Power business (Launched operations of RGML in Limited to expand into wind energy sector Chennai in Sep’23) 2017 2012 2009 Commenced ash and coal Renamed as Refex Industrie
Slide 15: Ash and Coal Handling
ofex ASH AND COAL HANDLING
Slide 16: Ash Generation & Utilization Process
Ash Generation & Utilization Process Ash generation at thermal plants unutilized fly ash Coal source Coal pulverizer Boiler Electrostatic Fly ash silo dry Pond Ash (Wet) Precipitator/Baghouse storage Raw coal extracted from Coal is crushed into fine Combustion generates Electrostatic Collected direc
Slide 17: Market Overview - An Untapped opportunity
Market Overview - An Untapped opportunity Name No. Ash Ash Installed Market opportunity and growth potential Sr. No. of of Coal Consumed (LMT) Generation Utilization % Utilization Capacity State Plants (LMT) (LMT) ( MW) 1 Chhattisgarh 24 1205.04 497.90 505.73 101.57 23493 Installed Capacity (GW) 205
Slide 18: Regulatory Compliance & Penalties
Regulatory Compliance & Penalties Compliance Mandates MoEF & CC Notification (31.12.2021) Financial Implications & Amendment (30.12.2022) Penalties & Operational Costs Non-Compliance Penalties Mandate: Thermal power plants must achieve 100% ash utilization. Deadlines vary based on current utilizatio
Slide 19: Ash & Coal Handling: Largest Organized Player in India
Ash & Coal Handling: Largest Organized Player in India Key Statistics 46.4% 52.56% 2,000+ 70,000+ Mt ₹1,500 Cr Revenue CAGR from FY22 to PAT CAGR from FY22 to Owned or Leased Fleets Ash Handling Per Day Current Order Book FY26 FY26 Refex’s Ash Handling Business Refex’s Operating Locations • Establis
Slide 20: Execution Strength: Backed by integrated capabilities
Execution Strength: Backed by integrated capabilities Execution-intensive model enabled by deep expertise, integration, and technology End-to-end integrated Technology-enabled Strong driver partner Deep expertise in Formalizing a Robust compliance Strong industrial ash management platform with ecosy
Slide 21: Our Esteemed Clients
Our Esteemed Clients Concessionaires Thermal Power Plants Major Cement Companies 20
Slide 22: Technological Advancement & Edge
Technological Advancement & Edge BUSINESS IMPACT Accuracy & Transparency • Digital audit trail for every trip Digital • Reduces fake trips and discrepancies • Automated reconciliation ensures accuracy Workflow Across Operations Efficiency Improvement • Faster challan processing • Reduced manual inte
Slide 23: Integrated Ash Handling Model: Way Forward
Integrated Ash Handling Model: Way Forward An integrated approach that combines the O&M of the Ash Handling Plant with the complete utilization of ash in a power plant (Fly Ash, Bottom Ash and Pond Ash) ensures reliable maintenance and efficient ash evacuation while placing full responsibility for a
Slide 24: Venwind Refex Power Limited - VRPL [Subsidiary]
VENWIND REFEX POWER LIMITED - VRPL [SUBSIDIARY]
Slide 25: Supported By Industry Tailwind & Favourable Government Policies
Supported By Industry Tailwind & Favourable Government Policies Key Growth Drivers ~50 GW Updated national climate targets GST reduction on wind equipment Renewable energy capacity to India’s Installed Wind Power Capacity (as of set 60% non-fossil installed power from 12% to 5% to further grow nearl
Slide 26: About VRPL: Overview & capabilities
About VRPL: Overview & capabilities Strategic subsidiary of Refex Industries Ltd. Venwind Refex Power Limited, aims to transform India’s wind energy manufacturing through advanced technology, local production, and sustainable growth Focused on high- Growth Wind Energy The company is focused on manuf
Slide 27: Strategic Partnerships Driving Growth
Strategic Partnerships Driving Growth End-to-End Lifecycle Higher Energy Capture & Support Wind Performance Exclusive know-how technology license partner Specializes in permanent magnet generator technology Built for India’s low-wind Advanced, Grid- & tropical conditions Friendly Technology Strategi
Slide 28: Engineered With Precision For Enhanced Performance
Engineered With Precision For Enhanced Performance Drivetrain High-efficiency drivetrain with advanced PMG technology for superior performance Nacelle Robust, precision-engineered assembly housing critical systems for efficient and reliable operation Blade Aerodynamically optimized blades for high e
Slide 29: Order Book & Manufacturing Footprint
Order Book & Manufacturing Footprint Factory Commissioned On-Track Progress At Silvassa, with hub, nacelle, and drivetrain production Foundation layout, equipment delivery in progress for the lines fully operational first customer order, team training in Laos 406 MW Orderbook Secured ₹1,860 Cr Confi
Slide 30: Refex Green Mobility Limited - RGML [Wholly Owned Subsidiary]
REFEX GREEN MOBILITY LIMITED - RGML [WHOLLY OWNED SUBSIDIARY]
Slide 31: Refex Mobility: Sustainable enterprise mobility solution
Refex Mobility: Sustainable enterprise mobility solution Tech-driven premium corporate mobility platform Providing clean, safe, & reliable transportation solutions for enterprises Business Segments Employee Transport B2B aggregators Corporate Rentals 1,750+ Vehicles* Service (ETS) Rent-A-Car (RAC) O
Slide 32: A Planned Demerger To Unlock Shareholder Value
A Planned Demerger To Unlock Shareholder Value The Structure Mobility undertaking is carved out RGML merges into RIL; RGML’s RML will issue shares to all RIL RML shares will be listed as an from RIL into a new company — shares held by RIL get cancelled shareholders at a 1:1 swap ratio independent en
Slide 33: Key Growth Drivers
Key Growth Drivers
Slide 34: Diversified Businesses To Support Growth
Diversified Businesses To Support Growth Strategic Portfolio • Shift towards value-added services offering long-term revenue visibility and margin accretion Realignment • Asset-light expansion of corporate mobility platform to accelerate growth • Targeting ~5 GW annual production capacity over the n
Slide 35: ESG & Strong Leadership
ESG & Strong Leadership
Slide 36: Embedding ESG Into Long Term Value Creation
Embedding ESG Into Long Term Value Creation “Sustainability embedded at the core of business.” • Business model evolving with eco-friendly propositions (new wind turbine entity, sustainable mobility business) Environmental • Certified with ISO 14001:2015 Environmental Management System Protection “T
Slide 37: Board Of Directors With Diverse Domain Expertise
Board Of Directors With Diverse Domain Expertise Dr. Vineet Kothari Mr. Anil Jain Independent Director Chairman and Managing Director Senior Advocate of the Supreme Court with deep expertise in taxation, Founded Refex in 2002 with a refrigerant gas refilling plant. Anil has arbitration, corporate la
Slide 38: Strong Leadership Team Focussing On Growth – Business Teams
Strong Leadership Team Focussing On Growth – Business Teams Tarun Arora Jagdish Jain Harsh Dugar Vishesh Mehta Anil Jain CBO - Ash Handling COO – Ash Handling CGO – CBDO – Ash & Mining Chairman & MD Ash Handling Subramanian S Anirudh Khemka Archit Khemka Jahanvi Khedwal Dinesh Agarwal Whole-Time Dir
Slide 39: Strong Leadership Team Focussing On Growth – Functional Teams
Strong Leadership Team Focussing On Growth – Functional Teams Srivaths Varadharajan Gautam Jain Srividya N Purvesh Kapadia Head – Investor Relations Head – Corporate Communications Group CHRO Group CTO Jaya Krishna Sonal Jain Sahil Singla Suhail Shariff Director – Corporate Finance Head – Accounts &
Slide 40: Recognized Through Leading Industry Awards & Accolades
Recognized Through Leading Industry Awards & Accolades REFEX certified as a 'Great Place Awarded as Most To Work' by GPTW in April 2026 preferred Workplace Awarded as Best CSR Project of for the fourth year in a row 2025-2026 the year 2025 by UBS Forums by Marksmen Daily Refex eVeelz has been awarde
Slide 41: Historical Financials
Historical Financials
Slide 42: Standalone Profit & Loss Statement
Standalone Profit & Loss Statement Profit & Loss Statement (₹ Cr) FY26 FY25 FY24 Revenue from Operations 2039.2 2259.4 1,370.6 Cost of Materials Consumed 1642.8 1996.9 267.9 Purchase of stock-in-trade 0.0 0.0 910.9 Changes in Inventories of Finished Goods and Work in Progress -10.4 0.0 3.1 Gross Pro
Slide 43: Standalone Historical Balance Sheet
Standalone Historical Balance Sheet EQUITY AND LIABILITIES (₹ Cr) 31- Mar-26 31-Mar-25 31-Mar-24 Equity Equity share capital 27.4 25.8 23.1 Other equity 1544.2 1224.4 449.5 Total equity 1571.7 1250.2 472.7 Non-current liabilities Financial liabilities (i) Borrowings 26.1 36.8 39.0 (ii) Lease liabili
Slide 44: Standalone Historical Balance Sheet
Standalone Historical Balance Sheet ASSETS (₹ Cr) 31-Mar-26 31-Mar-25 31-Mar-24 Non-current assets Property, plant and equipment 136.8 138.9 88.1 Right-of-use assets 47.2 51.7 56.1 Capital work-in-progress 1.4 5.9 8.6 Goodwill 0.0 0.0 0.0 Other intangible assets 7.7 8.2 0.0 Intangible asset under De
Slide 45: Standalone Cash Flow Statement
Standalone Cash Flow Statement Cash Flow Statement (₹ Cr) Mar-26 Mar-25 Mar-24 Cash Flow from Operating Activities Profit before Tax 332.9 240.7 131.7 Adjustment for non-operating items 29.2 -17.3 30.7 Operating Profit before Working Capital Changes 362.1 223.4 162.4 Changes in Working Capital -310.
Slide 46: Ownership Structure & Corporate Actions Overview
Ownership Structure & Corporate Actions Overview Stock Split 1:5 1.5 Stock Information NSE Scrip Code REFEX Value creation through stock split (1:5 ratio) in FY24 BSE Scrip Code 532884 0.4 0.3 Outstanding Shares 137,199,391 0.1 CMP (26th May’26) 294.9 FY21 FY23 FY24 FY26 Strengthening dividend track
Slide 47: Thank You
Refex Industries Limited CIN: L45200TN2002PLC049601 Registered office: Mumbai office: 2nd Floor, No. 313, Refex Towers, 212, 1st Floor, Building #2, Sterling Road, Valluvar Kottam Road, Solitaire Corporate Park, Guru Nungambakkam, Chennai, Hargovindji Rd, Chakala, Andheri East, Tamil Nadu 600034 Mum