Refex Industries Limited · NSE:REFEX
Refex Industries — Q2 FY26 Earnings Presentation
44 slides from Refex Industries's earnings presentation, Nov 5, 2025
Slide 1: Regulation 30 cover letter to stock exchanges
Date: November 05, 2025 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: 53288
Slide 2: Refex Industries Limited Q2 FY26 Investor Presentation
Refex Industries Limited Q2 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 Q2 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: FY25 FY25 ROE – – 15.15
Total Fleets Owned / Leased Total Fleets Owned / Leased 23+ 23+ 3,400+ 3,400+ Years YearsofofExperience Experience For Green Mobility – 1,400+ For Green Mobility – 1,400+ For Ash & Coal Handling – 2,000+ For Ash & Coal Handling – 2,000+ PAN PANIndia India Segment Wise Segment Wise Presence Q2 FY26 R
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 – 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&CC’s 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 India’s Continued Reliance On Coal For Energy Production Market Opportunity and Growth Potential Installed Capacity 205.6 251.6* (Giga Watt) Quantity of coal consumed (Million MT) 786 1274 Electricity generati
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 Fly ash Installed Installed Ash stockpile # States No. of TPPs generation Capacity Capacity (million MT) (million MT) (MW) (2023) (MW) (2025) 1 Chhattisgarh 30 37.14 216.44 23520 22993
Slide 14: Ash Handling – Business Overview
Ash Handling – Business Overview Refex’s 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 For Sustainability
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 PRIVAT
Slide 16: 2,000+ owned & leased fleet
Business Overview - 2,000+ owned & leased fleet PRIVATE AND CONFIDENTIAL
Slide 17: Esteemed Clientele
Business Overview – Esteemed Clientele Thermal Power Plants Cement Companies Concessionaires PRIVATE AND CONFIDENTIAL
Slide 18: Our Competitive edge in the Ash Handling
Business Overview – Our Competitive edge in the Ash Handling Business PRIVATE AND CONFIDENTIAL
Slide 19: 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 20: 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 “geofencing”
Slide 21: Impact of the monsoon season on Q1 and Q2
Business Overview – Impact of the monsoon season on Q1 and Q2 • The extended monsoon season posed significant operational challenges for ash handling activities. Continuous rainfall led to increased moisture content in ash, affecting its handling, transportation, and utilization. Wet ash is heavier
Slide 22: Way Forward - Integrated Ash Handling Model
Business Overview – 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 23: Efficient Coal Handling Solutions
Efficient Coal Handling Solutions: Refex's End-to-End Coal Handling Expertise CHP Room The Company provides comprehensive services for coal yard Operations Housekeeping management in thermal power plants. • Coal Trading • Round-the-clock management of coal yards Segregation of Services Management of
Slide 24: Refex Green Mobility Limited [Wholly Owned Subsidiary]
Refex Green Mobility Limited [Wholly Owned Subsidiary]
Slide 25: Green Mobility – Business Overview
Green Mobility – Business Overview Refex Mobility has commenced its operations from Bengaluru on 31st March 2023. • Bundled offering of 100% 4-wheeler [currently running on cleaner fuel] + drivers (trained, background verified) + technology platform + support teams • Currently, the company operates
Slide 26: Green Mobility – Esteemed Clientele
Green Mobility – Esteemed Clientele PRIVATE AND CONFIDENTIAL
Slide 27: Green Mobility - Demerger
Green Mobility - Demerger The proposed composite (eventually leading to the demerger of the mobility business) has been structured to streamline Refex’s business portfolio and create a focused, growth-oriented Green Mobility platform thereby unlocking value for public investors and promoters by capi
Slide 28: VenWind Refex Power Limited [Subsidiary]
VenWind Refex Power Limited [Subsidiary]
Slide 29: Wind Energy – Business Overview
Wind Energy – 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 30: Successful Factory Setup
Business Overview – Successful Factory Setup • Wind Turbine Assembly Operations Initiated : World-class facility • Factory’s compliance with international quality and certification recently inaugurated at Silvassa, Gujarat, strategically designed standards critical for wind turbine manufacturing : S
Slide 31: Recent wins
Business Overview – Recent wins • Venwind Refex Power Limited (VRPL), a subsidiary of the Company, has achieved two significant milestones that mark its formal entry into India’s large-scale wind energy segment. • The first milestone is a term sheet signed with a leading Independent Power Producer (
Slide 32: Management Overview
Management Overview
Slide 33: Refex's Board of Directors
Guiding the Way: Refex’s 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 34: 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 – Green Group CHRO Chief Business Officer – Business Head – Ash COO - Venwind Mobility Ash Handli
Slide 35: 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 36: Q2 FY26 Operational & Financial Highlights
Q2 FY26 Operational & Financial Highlights
Slide 37: Q2 FY26 Key Financial Highlights – Standalone
Q2 FY26 Key Financial Highlights – Standalone Rs. In Crores Total Income EBITDA & EBITDA Margin PAT & PAT Margin EBITDA EBITDA Margin (%) PAT PAT Margin 527.91 73.75 52.03 431.18 37.32 47.69 17.42% 12.07% 9.18% 7.07% Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 numbers include Revenue of
Slide 38: Q2 FY26 Financial Performance – Standalone
Q2 FY26 Financial Performance – Standalone In ₹ Cr Particulars Q2 FY26 Q2 FY25 Revenues 423.39 519.80 Other Income 7.79 8.11 Total Income 431.18 527.91 Total Expenditure 349.64 472.11 EBITDA 73.75 47.69 EBIDTA Margin (%) 17.42% 9.18% Finance Costs 6.20 3.54 Depreciation 3.98 2.35 Exceptional - - PBT
Slide 39: Financial Overview
Financial Overview
Slide 40: Profit & Loss Statement - Standalone
Profit & Loss Statement - Standalone In ₹ Cr H1 H1 Particulars FY25 FY24 FY23 FY26 FY25 Revenues 789.25 1109.45 2,430.02 1,370.56 1,629.15 Other Income 19.13 10.51 52.50 18.14 8.04 Total Income 808.38 1119.96 2,482.52 1388.70 1,637.19 Raw Material Costs 646.09 989.71 2,154.39 1,181.82 1,422.47 Emplo
Slide 41: Balance Sheet
Balance Sheet In ₹ Cr Equities & Liabilities H1FY26 FY25 FY24 FY23 Assets H1FY26 FY25 FY24 FY23 Equity 25.85 25.84 23.14 22.11 Non Current Assets Reserves 1310.96 1224.39 449.52 292.29 Fixed Assets 198.91 204.73 152.82 150.01 Net Worth 1336.82 1250.23 472.66 314.40 Non Current Investments 145.48 113
Slide 42: Cash Flow Statement
Cash Flow Statement In ₹ Cr Particulars H1FY26 H1FY25 FY25 FY24 FY23 Cashflow from Operations 61.98 (122.84) (262.25) (4.49) 27.91 Cashflow from Investments (90.29) 16.89 (74.32) (15.62) (77.66) Cashflow from Financing (5.57) 75.34 567.61 42.83 59.64 Net Cash flow (33.88) (30.60) 231.03 22.72 9.89 O
Slide 43: Vertical-Specific Revenue Insights
Vertical-Specific Revenue Insights FY26 H1 (In %) FY25 (In %) FY24 (In %) 4.06% 0.42% 0.16% 0.48% 0.31% 0.62% 0.19% 0.76% 3.33% 2.53% 5.28% 0.10% 4.49% 20.50% 69.00% 95.79% 92.00% Solar Power Generation Ash & Coal Handling Business Power Refrigerant Sale of Service Other Income and Related Activitie
Slide 44: Thank You
Thank You PRIVATE AND CONFIDENTIAL