Refex Industries Limited · NSE:REFEX
Refex Industries — Q2 FY2027 Earnings Presentation
51 slides from Refex Industries's earnings presentation, Oct 28, 2026
Slide 1: Exchange filing cover letter
October 28, 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:
Slide 2: Investor Presentation Q2 & H1FY27 Results
REFEX INDUSTRIES LIMITED I N V E S TO R P R E S E N TAT I O N Q2 & H1FY27 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 Q2 & H1FY27
Financial Overview Q2 & H1FY27
Slide 5: Key Financial Highlights
Key Financial Highlights Standalone – Continuing operations on Y-o-Y basis Q2FY27 H1FY27 REVENUE EBITDA PAT REVENUE EBITDA PAT ₹ 560 Cr ₹ 91 Cr ₹ 60 Cr ₹ 1,179 Cr ₹ 196 Cr ₹ 133 Cr +36.1% +21.7% +13.1% +54.7% +71.8% +55.4% Updates for the Quarter Ash & Coal Business Wind Business RGML Demerger Stron
Slide 6: Q2 & H1FY27 Standalone Financial Performance
Q2 & H1FY27 Standalone Financial Performance (Y-o-Y) from Continuing Operations Revenues (₹ Cr) EBIDTA (₹ Cr) +54.7% +71.8% +36.1% 1,178.8 +21.7% 195.9 762.2 411.1 559.5 90.5 114.0 74.4 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1 FY26 H1 FY27 PAT (₹ Cr) Strong Growth Driven by a Record Order Book +
Slide 7: Standalone Profit & Loss Statement
Standalone Profit & Loss Statement Particulars (₹ Cr) Q2 FY27 Q2 FY26 Y-o-Y H1 FY27 H1 FY26 Y-o-Y Continuing Operations Revenue from Operations 559.5 411.1 1,178.8 762.2 Total Revenue 559.5 411.1 36.1% 1,178.8 762.2 54.7% Cost of Material/Services Purchased 436.8 324.3 937.2 620.9 Change in Inventor
Slide 8: Standalone Balance Sheet
Standalone Balance Sheet EQUITY AND LIABILITIES (₹ Cr) 30-Sep-26 31-Mar-26 ASSETS (₹ Cr) 30-Sep-26 31-Mar-26 Equity Non-current assets Equity share capital 27.4 27.4 Property, plant and equipment 137.2 136.8 Other equity 1,664.0 1,544.2 Right-of-use assets 45.0 47.2 Total equity 1,691.4 1,571.7 Capi
Slide 9: Standalone Cash Flow Statement
Standalone Cash Flow Statement Cash Flow Statement (₹ Cr) Sep-26 Sep-25 Cash Flow from Operating Activities Profit before Tax 177.5 112.7 Adjustment for Non-Operating Items 27.0 3.2 Operating Profit before Working Capital Changes 204.5 115.9 Movement in working capital: -165.4 -43.7 Cash Generated f
Slide 10: Company Overview
ofex COMPANY OVERVIEW
Slide 11: 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 10
Slide 12: Scaling business through execution strength
Refex Industries Ltd: Scaling business through execution strength 24+ 3 600+ Years of Experience Business Verticals Team Size (Consolidated) ROE –15.6% Revenue – ₹ 2,039 Cr ROCE – 22.0% 14+ EBITDA - ₹ 350 Cr Net Profit - ₹ 247 Cr Presence Across States FY26 (Standalone) FY26 (Standalone) 11
Slide 13: Journey: A path of innovation & sustainability
Journey : A path of innovation & sustainability 2023 2024 2026 Established & operationalized the Incorporated Venwind Refex - Demerger of RGML Mobility business (Launched operations Power Limited to expand into - Commenced Venwind Operations of RGML in Chennai in Sep’23) wind energy sector - Entered
Slide 14: Ash and Coal Handling
efex ASH AND COAL HANDLING
Slide 15: 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 16: 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 17: 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 18: 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 ₹1,721 Cr Revenue CAGR from FY22 to PAT CAGR from FY22 to Owned or Leased Fleets Ash Handling Per Day Order Book as on 30th Sept’ 26 FY26 FY26 Refex’s Ash Handling Business Refex’s Operating Location
Slide 19: 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 20: Our Esteemed Clients
Our Esteemed Clients Concessionaires Thermal Power Plants Major Cement Companies 19
Slide 21: 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 22: 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 23: Ready Mix Concrete (RMC) - Market Overview
Ready Mix Concrete (RMC) - Market Overview Market size in volume (MM3) Market size in ₹ lakh crore Market Highlights 2030 347 1.74 India's ready mix concrete market (RMC) is large, under-penetrated, and won locally. Sustained infrastructure allocations continue to drive demand across highways, 2029
Slide 24: RMC: Forward Integration to Ash Business
Ready Mix Concrete (RMC) : Forward Integration to Ash Business Strategic Forward Integration: Leveraging its deep expertise in ash handling, Refex’s entry into RMC expands its presence downstream into construction materials, creating opportunities to utilise fly ash as a partial replacement for ce
Slide 25: RMC: Core Strengths
Ready Mix Concrete (RMC) : Core Strengths High-Performance Concrete Meeting the demands of vertical urbanization through advanced concrete formulations and new age tech Automation Durability Addressing labour shortages and Developing fly ash-blended concrete for consequential modifications in concre
Slide 26: RMC: Product Portfolio
Ready Mix Concrete (RMC) : Product Portfolio 25
Slide 27: Venwind Refex Power Limited - VRPL [Subsidiary]
VENWIND REFEX POWER LIMITED - VRPL [SUBSIDIARY]
Slide 28: 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% grow nearly tenfold b
Slide 29: 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 30: 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 31: 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 32: Order Book & Manufacturing Footprint
Order Book & Manufacturing Footprint On-Track Progress Maiden Factory Commissioned at Silvassa Successfully completed the first set of deliveries to all three customers > 400 MW Orderbook Secured ₹1,124 Cr Confirmed Orderbook ALMM Approved ALMM Listing for 5.3 MW GWH Turbine has been completed 1.5 G
Slide 33: Refex Green Mobility Limited - RGML
REFEX GREEN MOBILITY LIMITED - RGML [WHOLLY OWNED SUBSIDIARY]
Slide 34: 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 Operating Cities Business Segments Employee Transport Service (ETS) Delhi NCR B2B aggregators Mumbai Pune Corporate Rent
Slide 35: 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 36: Key Growth Drivers
Key Growth Drivers
Slide 37: 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 38: ESG & Strong Leadership
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Slide 39: 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 40: 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 With more than 20 years of leadership experience, has built Refex into a Senior Advocate of the Supreme Court with deep expertise in taxation, diversified focussed gr
Slide 41: Leadership Team - Business Teams
Strong Leadership Team Focussing On Growth – Business Teams Anil Jain Tarun Arora Jagdish Jain Harsh Dugar Vishesh Mehta Anil Kulkarni CBO - Ash Handling COO – Ash Handling CGO – Ash Handling CBDO – Ash & Mining CBO – Ready Mix Concrete Chairman & MD Subramanian S Anirudh Khemka Archit Khemka Jahanv
Slide 42: Leadership Team - 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 Sonal Jain Sahil Singla Suhail Shariff Mili Dubey Head – Accounts & Taxation Head – Corporate Fina
Slide 43: 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 44: Historical Financials
Historical Financials
Slide 45: Standalone Profit & Loss Statement
Standalone Profit & Loss Statement Profit & Loss Statement (₹ Cr) FY26 FY25 FY24 Revenue from Operations 2,039.2 2,259.4 1,370.6 Cost of Materials Consumed 1,642.8 1,996.9 267.9 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
Slide 46: 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 1,544.2 1,224.4 449.5 Total equity 1,571.7 1,250.2 472.7 Non-current liabilities Financial liabilities (i) Borrowings 26.1 36.8 39.0 (ii) Lease lia
Slide 47: 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 48: 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 49: Standalone Performance Highlights
Standalone Performance Highlights (₹ Cr) Capital Employed & ROCE(%) Shareholder’s Funds & ROE(%) 2,000 20 2,000 22% 23% 25 15.6% 15.7% 18% 20 1,500 12.7% 15 1,500 15 1,000 10 1,000 1,571.7 1691.4 1,652.8 1,722.4 10 1,336.8 1,493.5 500 5 500 5 0 0 0 0 Sep-25 Mar-26 Sep-26 Sep-25 Mar-26 Sep-26 ROCE (%
Slide 50: Ownership Structure & Corporate Actions Overview
Ownership Structure & Corporate Actions Overview Stock Information Part of Indices Value creation through stock split (1:5 ratio) in FY24 NSE Scrip Code REFEX NSE BSE BSE Scrip Code 532884 Nifty Total Market BSE ALLCAP, BSE 1000 Outstanding Shares 13,72,28,548 Nifty Smallcap 500 BSE SMALLCAP CMP (27
Slide 51: Thank You
Refex Industries Limited INVESTOR RELATIONS ADVISORS: CIN: L45200TN2002PLC049601 Registered office: Mumbai office: 2nd Floor, No. 313, Refex Towers, 212, 1st Floor, Building #2, MUFG Intime India Private Limited Sterling Road, Valluvar Kottam Road, Solitaire Corporate Park, Guru A part of MUFG Corpo