Slide 1: Exchange filing cover letter for Q3 FY26 investor presentation
Date: January 21, 2026 The BSE Ltd. The National Stock Exchange of India Ltd. 1st Floor, New Trading Wing, Rotunda Building Exchange Plaza, 5th Floor, C – 1, Block G Phiroze Jeejeebhoy Towers, Dalal Street, Fort Bandra – Kurla Complex, Bandra (E) Mumbai – 400001 Mumbai – 400051 Security Code: 532884
Slide 2: Refex Industries Limited Q3 FY26 Investor Presentation
Refex Industries Limited Q3 FY26 Investor Presentation
Slide 3: Safe Harbour Statement
Safe Harbour Statement This presentation and the accompanying slides (Presentation), which have been prepared by Refex Industries Limited (Refex, The Company) solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, an
Slide 4: Index
Index Contents Page No. Company Overview 4 Industry and Business Overview 8 Management Overview 31 Q3 FY26 Operational & Financial Highlights 35 Financial Overview 38 PRIVATE AND CONFIDENTIAL
Slide 5: Company Overview
Company Overview
Slide 6: Refex Industries Limited: Pioneering Sustainability since 2002
Refex Industries Limited : Pioneering Sustainability since 2002 Established in 2002 and headquartered in Chennai, Refex Industries Limited (Refex) is a pioneer in sustainability-driven solutions in India. With over 23 years of expertise, Refex has built a diverse portfolio encompassing Ash & Coal Ha
Slide 7: ESG at Refex: Powering Responsible Growth
ESG at Refex: Powering Responsible Growth Implementing water restoration projects to go Water Neutral by 2035 and Water Positive beyond that. Biodiversity conservation Transparency, Ethics, and programs to protect & promote Stakeholder welfare are the 3 variety of Life on Earth. Launched pillars of
Slide 8: Refex at a glance
Total Fleets Owned / Leased 23+ 3,400+ Total Fleets Owned / Leased 23+of Experience Years 3,600+ For Green Mobility Ð 1,400+ Years of Experience For Ash & Coal Handling Ð 2,000+ For Green Mobility Ð 1,600+ For Ash & Coal Handling Ð 2,000+ PAN India Segment Wise Presence Q2 FY26 Revenue (Standalone)
Slide 9: Business Overview
Business Overview
Slide 10: Backbone of Refex: Business Verticals
Backbone of Refex: Business Verticals Ash and Coal Green Mobility Wind Energy Handling Subsidiary Subsidiary [undergoing a demerger via a composite scheme] PRIVATE AND CONFIDENTIAL
Slide 11: Ash Handling – Market Overview
Ash Handling Ð Market Overview Ash generation process Ash utilization avenues Penalties for ash non- disposal Cement and Concrete Roads and Flyovers Bricks, Blocks and Tiles Low lying The MoEF&CCÕs 2021 notification • In thermal power plants, coal is burnt in boilers to produce heat, which (S.O. 548
Slide 12: Ash Supply Projected to Grow Steadily Over the Next Decade
Market Overview - Ash Supply Is Projected To Grow Steadily Over The Next Decade, Driven By IndiaÕs Continued Reliance On Coal For Energy Production Market Opportunity and Growth Potential Installed Capacity 205.6 251.6 (Giga Watt) Quantity of coal 786 1274 consumed (Million MT) Electricity generatio
Slide 13: 250+ Coal-Fired Plants Across India
Market Overview - 250+ Coal-Fired Plants Across India: Inland States Utilising Domestic Coal Lead in Ash Generation .I0*$F1* >3F#$II%?* >3F#$II%?* :F1*F#(;<=5I%* ! "#$#%F '()*(+*,--F 2%3%4$#5(3* @$=$;5#0* @$=$;5#0* 675II5(3*8,9 675II5(3*8,9 68A9*6BCBM9 68A9*6BCBN9 ! "##$%%&G($)# *+ *H-!. /!0-.. /*1/
Slide 14: Ash Handling – Business Overview
Ash Handling Ð Business Overview RefexÕs Operating Locations • Refex, a leader in the ash utilization sector since its entry in 2018, specializes in providing thermal ash management services for coal- fired power plants. • As the largest organized player in India's ash management industry, Headquart
Slide 15: Revolutionizing Ash Utilization, Setting a New Standard
Business Overview - Revolutionizing Ash Utilization, Setting A New Standard For Sustainability Ash Utilization Growth (In Lakh MT) LARGEST Organized Player for Ash Handling ~43.8% CAGR from FY21 to FY25 2000+ Owned or Leased Fleets 70,000+ MT Ash Handling Per Day FY 21 FY 22 FY 23 FY 24 FY 25 Curren
Slide 16: 2,000+ owned & leased fleet
Business Overview - 2,000+ owned & leased fleet PRIVATE AND CONFIDENTIAL
Slide 17: Esteemed Clientele
Business Overview Ð Esteemed Clientele Thermal Power Plants Cement Companies Concessionaires PRIVATE AND CONFIDENTIAL
Slide 18: Our Competitive Edge in the Ash Handling Business
Business Overview - Our Competitive edge in the Ash Handling Business Customer Centricity Safety & Efficiency & Innovation & Environmental Cost-Effective & Communication Compliance Reliability Adaptability Responsibility Solutions The company prioritizes The company upholds The company delivers The
Slide 19: Fuel Sensors and Centralized GPS Technology to Optimize Trips
Business Overview - Refex Leverages Fuel Sensors And Centralized GPS Technology To Optimize Trips And Ensure Fuel Efficiency Mandatory installation of fuel sensors in all vehicles Identification of loading and The vehicle is tracked throughout unloading locations via its journey Chennai ÒgeofencingÓ
Slide 20: Way Forward - Integrated Ash Handling Model
Business Overview Ð Way Forward - Integrated Ash Handling Model • An integrated approach that combines the Operation & Maintenance of the Ash Handling Plant with the complete utilisation of ash in a power plant (Fly Ash, Bottom Ash and Pond Ash) ensures reliable maintenance and efficient ash evacuat
Slide 21: Refex Green Mobility Limited [Wholly Owned Subsidiary]
Refex Green Mobility Limited [Wholly Owned Subsidiary]
Slide 22: Green Mobility – Business Overview
Green Mobility Ð Business Overview 7.50+ 48.5+ Trusted by Leading Corporates and Hotels Android a p p for drivers: trips, payouts, training, control++ Web a n d a p p solutions for corporates, fleets & ground-staff Bundled offering of 100% 4-wheeler [currently running on cleaner fuel] + drivers (tra
Slide 23: Green Mobility - Demerger
Green Mobility - Demerger The proposed composite (eventually leading to the demerger of the mobility business) has been structured to streamline RefexÕs business portfolio and create a focused, growth-oriented Green Mobility platform thereby unlocking value for public investors and promoters by capi
Slide 24: VenWind Refex Power Limited [Subsidiary]
VenWind Refex Power Limited [Subsidiary]
Slide 25: Wind Energy – Business Overview
Wind Energy Ð Business Overview • Venwind Refex is a strategic subsidiary of Refex Industries, established to revolutionize manufacturing in the wind energy sector in India through cutting-edge technology, localized production, and sustainable growth. • The company is focused on manufacturing 5.3 MW
Slide 26: Successful Factory Setup
Business Overview Ð Successful Factory Setup • Wind Turbine Assembly Operations Initiated : World-class facility • FactoryÕs compliance with international quality and certification recently inaugurated at Silvassa, Gujarat, strategically designed standards critical for wind turbine manufacturing : S
Slide 27: Recent Wins
Business Overview Ð Recent wins Venwind Refex Power Limited (VRPL), a subsidiary of the Company, has achieved two significant milestones, marking its formal entry into IndiaÕs large-scale wind energy segment and reflecting steady business progress. • Regulatory milestone: VRPL has been included in t
Slide 28: Management Overview
Management Overview
Slide 29: Refex's Board of Directors
Guiding the Way: RefexÕs Board of Directors Anil Jain Dinesh Kumar Agarwal Susmitha Siripurapu Chairman & Managing Director Whole-time Director & CFO Non-Executive Director Latha Venkatesh Ramesh Dugar Sivaramakrishnan Vasudevan Dr. Vineet Kothari Independent Director Independent Director Independen
Slide 30: Vertical Leadership: Key Managers Driving Excellence
Vertical Leadership: Key Managers Driving Excellence Anil Jain Dinesh Agarwal Anirudh Khemka Anirudh Arun Purvesh Kapadia Archit Khemka Tarun Arora Jagdish Jain Chairman & MD Group CEO CEO - Venwind CEO Ð Green Group CHRO Chief Business Officer Ð Business Head Ð Ash COO - Venwind Mobility Ash Handli
Slide 31: Awards & Accolades
Awards & Accolades Refex eVeelz has been Refex eVeelz has been (KSK Mahanadi) awarded as awarded first place for awarded as Service Excellence Efficient Management of Company Excellence Fly Ash TPP >=500MW (at Awards for Fleet Awards for Mid size the FLY ASH UTILISATION Management Service Fleet of t
Slide 32: Q3 FY26 Operational & Financial Highlights
Q3 FY26 Operational & Financial Highlights
Slide 33: Q3 FY26 Key Financial Highlights – Standalone (Q2 vs Q3)
Q3 FY26 Key Financial Highlights Ð Standalone (Q2 vs Q3) Rs. In Crores Total Income EBITDA & EBITDA Margin PAT & PAT Margin EBITDA EBITDA Margin (%) PAT PAT Margin 93.91 590.29 66.91 73.75 431.18 52.03 17.42% 16.10% 12.07% 11.33% Q2 FY26 Q3 FY26 Q2 FY26 Q3 FY26 Q2 FY26 Q3 FY26 Q2 FY26 numbers includ
Slide 34: Q3 FY26 Key Financial Highlights – Standalone (FY25 vs FY26)
Q3 FY26 Key Financial Highlights Ð Standalone (FY 25 vs FY 26) Rs. In Crores Total Income EBITDA & EBITDA Margin PAT & PAT Margin 733.48 EBITDA EBITDA Margin (%) PAT PAT Margin 93.91 66.91 590.29 59.04 53.28 16.10% 11.33% 8.05% 7.52% Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 ** Following a str
Slide 35: 9M FY26 Key Financial Highlights – Standalone
9M FY26 Key Financial Highlights Ð Standalone (FY 25 vs FY 26) Rs. In Crores Total Income EBITDA & EBITDA Margin PAT & PAT Margin 1853.44 EBITDA EBITDA Margin (%) PAT PAT Margin 151.91 207.38 132.32 1398.68 153.21 15.11% 10.86% 7.14% 8.43% 9M FY25 9M FY26 9M FY25 9M FY26 9M FY25 9M FY26 ** EBITDA ma
Slide 36: Q3 FY26 Financial Performance – Standalone (Q2 vs Q3)
Q3 FY26 Financial Performance Ð Standalone (Q2 vs Q3) In ₹ Cr Particulars Q3 FY26 Q2 FY26 Revenues 583.26 423.39 Other Income 7.03 7.79 Total Income 590.29 431.18 Total Expenditure 489.35 349.64 EBITDA 93.91 73.75 EBIDTA Margin (%) 16.10% 17.42% Finance Costs 8.30 6.20 Depreciation 3.99 3.98 Excepti
Slide 37: Q3 FY26 Financial Performance – Standalone (FY25 vs FY26)
Q3 FY26 Financial Performance Ð Standalone (FY 25 vs FY 26) In ₹ Cr Particulars Q3 FY26 Q3 FY25 Revenues 583.26 708.25 Other Income 7.03 25.23 Total Income 590.29 733.48 Total Expenditure 489.35 654.97 EBITDA 93.91 53.28 EBIDTA Margin (%) 16.10% 7.52% Finance Costs 8.30 4.70 Depreciation 3.99 2.83 E
Slide 38: Financial Overview
Financial Overview
Slide 39: Profit & Loss Statement - Standalone
Profit & Loss Statement - Standalone In ₹ Cr 9M 9M Particulars FY25 FY24 FY23 FY26 FY25 Revenues 1,372.52 1,817.70 2,430.02 1,370.56 1,629.15 Other Income 26.17 35.74 52.50 18.14 8.04 Total Income 1,398.68 1,853.44 2,482.52 1388.70 1,637.19 Raw Material Costs 1,119.39 1,625.65 2,154.39 1,181.82 1,42
Slide 40: Vertical-Specific Revenue Insights
Vertical-Specific Revenue Insights FY26 9M FY25 FY24 (In %) (In %) (In %) 4.06% 0.42% 0.16% 0.48% 0.31% 0.45% 0.19% 0.76% 1.24% 2.53% 5.28% 0.01% 4.49% 69.00% 97.09% 92.00% 20.50% (In ₹ Cr) Solar Power Generation Ash & Coal Handling Business Power Refrigerant Sale of Service Other Income and Related
Slide 41: Thank You
Thank You PRIVATE AND CONFIDENTIAL