Refex Industries Limited · NSE:REFEX
Refex Industries — Q1 FY26 Earnings Presentation
49 slides from Refex Industries's earnings presentation, Aug 13, 2025
Slide 1: Cover letter to stock exchanges
Date: August 13, 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: 532884
Slide 2: Refex Industries Limited Q1 & FY26 Investor Presentation
Refex Industries Limited Q1 & 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 Business Overview 13 Management Overview 26 Industry Overview 31 Q1 FY26 Operational & Financial Highlights 35 Financial Overview 39 The Way Ahead 49 Investor Presentation 3
Slide 5: Company Overview
Company Overview
Slide 6: Refex Industries: Spearheading Exponential Growth in Sustainable Solutions
Refex Industries: Spearheading Exponential Growth in Sustainable Solutions Established in 2002, Refex Industries Limited (Refex, The Company), headquartered in Chennai, is a pioneer in sustainability-driven solutions in India. With over 22 years of expertise, Refex has built a diverse portfolio enco
Slide 7: Insights into Refex: Essential Facts
Insights into Refex: Essential Facts Ash & Coal Handling – 70,000 MT Daily 22+ PAN India 5 500+ Years of Experience Presence Business Verticals Team Size Refrigerant Gases Capacity - 3,000 MTPA CO2 abated due to zero tailpipe Emissions of RGML Fleet – 31 lakh+ KGs Total Fleets Owned / Leased Segment
Slide 8: Guiding Principles: Vision & Mission
Guiding Principles: Vision & Mission Vision Mission Refex aims to be a globally Refex shall create enduring value admired conglomerate, driving across industries through long-term sustainable growth innovation, operational excellence, through innovation, purposeful and sustainable practices thereby
Slide 9: Defining Direction: Core Values, Purpose & Goals
Defining Direction: Core Values, Purpose & Goals Core Values Leadership Integrity Customer by & Value Example Transparency Fairness Excellence Purpose Goals To contribute towards a carbon At the core of our business remains our neutral world by accelerating the commitment to our clients to position
Slide 10: A Path of Innovation & Sustainability
A Path of Innovation & Sustainability 2002 Refex Industries Limited, formerly known as Refex Refrigerant Limited, was founded 2003 - 2004 • Established a refrigerant gas refilling facility in Chennai • Commended by the Minister of State for Commerce & Industry, Government of India for introducing en
Slide 11: Refex's Vertical Wise Presence: Spanning Across the Nation
Refex’s Vertical Wise Presence: Spanning Across the Nation Haryana Delhi Rajasthan Uttar Pradesh Bihar Jharkhand Madhya Pradesh West Bengal Gujarat Chhattisgarh Maharashtra Odisha Mumbai Telangana Karnataka Headquarter Andhra Pradesh Refrigerant Gas Bengaluru Chennai Green Mobility Ash & Coal Handli
Slide 12: Proud Moments: Awards & Accolades
Proud Moments: Awards & Accolades Refex eVeelz has been Refex eVeelz has been awarded as awarded as Service Excellence Awards for Company Excellence Fleet Management Service Awards for Mid size Fleet Provider of the year by India of the year by India Fleet Fleet Excellence Awards 2025 Excellence Awa
Slide 13: Leading the Charge: Commitment to Sustainability Through Innovative Practices
Leading the Charge: Commitment to Sustainability Through Innovative Practices Energy Conservation Environmental Restoration • Committed to a clean energy transition, relying • The Company prioritizes ecosystem restoration more on renewable energy sources for its and biodiversity conservation operati
Slide 14: Business Overview
Business Overview
Slide 15: Backbone of Refex: Exploring Business Verticals
Backbone of Refex: Exploring Business Verticals Ash and Coal Refrigerant Gases Power Trading Green Mobility Wind Energy Handling Investor Presentation 14
Slide 16: Revolutionizing Ash Disposal: Refex Setting the Standards for Sustainability
Revolutionizing Ash Disposal: Refex Setting the Standards for Sustainability In MT Ash Disposed Refex forayed into the Ash & Coal Handling business in 2018. The 1,00,00,000+ Company is a prominent player in the ash disposal sector, mitigating the environmental pollution caused by the combustion of c
Slide 17: Efficient Coal Handling Solutions: End-to-End Coal Handling Expertise
Efficient Coal Handling Solutions: Refex's End-to-End Coal Handling Expertise The Company provides comprehensive services for coal yard management in thermal power plants. Refex is engaged in - Coal Trading - Round-the-clock management of coal yards - Over Burden (OB) Excavation - O&M of Ash handlin
Slide 18: Insights on Refex's Fleet for Ash handling
Insights on Refex's Fleet for Ash handling Refex operates 2,000+ owned & leased fleets exclusively for Ash handling Investor Presentation 17
Slide 19: Data Analysis & GPS Tracking: Enhancing Efficiency
Data Analysis & GPS Tracking: Enhancing Efficiency In commitment towards digital transformation of the Company, Refex prioritizes leveraging technology to enhance operational efficiency, and profitability, ultimately driving sustained value and growth. Snapshot of the Software Centralized data colle
Slide 20: Esteemed Clients – Ash & Coal Handling
Esteemed Clients – Ash & Coal Handling Thermal Power Plants Cement Companies Concessionaires Investor Presentation 19
Slide 21: Towards Greener Horizons: Refex Green Mobility's Integrated Mobility Services
Towards Greener Horizons: Refex Green Mobility's Integrated Mobility Services Refex Green Mobility Limited (RGML), a wholly-owned subsidiary of Refex Industries Limited, commenced Green Mobility operations in Bengaluru in March 2023. The Company provides bundled offerings that include electric vehic
Slide 22: Green Mobility Consumers
Green Mobility Consumers Investor Presentation 21
Slide 23: Eco Friendly Refrigerant Gases: Leading the Sustainable Cooling Revolution
Eco Friendly Refrigerant Gases: Refex Leading the Sustainable Cooling Revolution Since inception in 2002, Refex Industries Limited has been a pioneering force in the realm of eco-friendly refrigerant gases. The Company is a prominent supplier of HFC refrigerant gases within India, specializes in pro
Slide 24: Diversification into Wind Turbine business
Toward Renewable Energy committment: Refex's Diversification into Wind Turbine business Venwind Refex Power Limited, a strategic subsidiary of Refex Industries Limited, has been established in 2024 to mark Refex’s foray into Renewable energy components’ manufacturing. The company shall focus on manu
Slide 25: Management Overview
Management Overview
Slide 26: Guiding the Way: 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 27: Leadership Roles: Driving Growth & Innovation
Leadership Roles: Driving Growth & Innovation Mr. Anil Jain Mr. Dinesh Kumar Agarwal Chairman & Managing Director Whole-time Director & CFO Mr. Anil Jain epitomizes the essence of entrepreneurial success, embarking on Mr. Dinesh Agarwal, with his extensive background in Corporate Finance, has his jo
Slide 28: Vertical Leadership: Key Managers Driving Excellence
Vertical Leadership: Key Managers Driving Excellence Lalitha Uthayakumar Purvesh Kapadia Sahil Singla Sachin Navtosh Jha President – Refrigerant Gas CHRO Head – Corporate Finance Chief of Staff – Green Mobility Experience: 30+ Years Experience: 25+ Years Experience: 19+ Years & Power Trading Qualifi
Slide 29: Vertical Leadership: Key Managers Driving Excellence
Vertical Leadership: Key Managers Driving Excellence Sonal Jain Harini S Ankit Poddar Gagan Bihari Pattnaik Srividya N Head - FP&A Head – Legal Company Secretary & Head – ESG & Sustainability Head – Corporate Experience: 19+ Years Experience: 17+ Years Compliance Officer Experience: 18+ Years Commun
Slide 30: Industry Overview
Industry Overview
Slide 31: India's Coal Market: Growth and Opportunities
India’s Coal Market: Growth and Opportunities Rising Demand India’s coal demand is projected to reach 1462 MT by 2030 Logistics & Supply Chain Strengthening and 1755 MT by 2047, driven by industrial expansion and Government initiatives like First Mile Connectivity (FMC) energy security needs. projec
Slide 32: India's Coal Market: Insights
India’s Coal Market: Insights Coal Demand (MT) Coal Production (MT) 1755 2000 1200 1800 997.82 1600 1462 1000 1400 1200 800 1200 609.18 1000 600 800 400 600 400 200 200 0 0 2024 2030 2047 2014 2024 Coal Demand (MT) Coal Production (MT) Coal Import Reduction Coal Dispatch & Logistics 100 94.65 900 84
Slide 33: Global Fluorochemicals Industry: A High-Growth Market
Global Fluorochemicals Industry: A High-Growth Market Game-Changing Industry Trends Challenges to Watch Regional Powerhouses • Eco-Friendly Revolution – Rise of low-GWP • Regulatory Crackdown – Stricter rules pushing • Asia-Pacific: Fastest-growing region, fueled by fluorochemicals for safer alterna
Slide 34: India's EV Industry: Strong Growth & Investment Momentum
India’s EV Industry: Strong Growth & Investment Momentum Rapid Sales Growth: Market Expansion: Massive Investments: EV sales in India surged 20% YoY India’s EV market is Tata, JSW, and others to invest in 2024, reaching nearly 100,000 projected to grow from $30B+ in EVs & supply chain, units, despit
Slide 35: India's Wind Energy Market: A High-Demand, Supply-Constrained Growth Arena
India’s Wind Energy Market: A High-Demand, Supply-Constrained Growth Arena The Indian wind energy market offers a transformational growth opportunity, but success hinges on strategic supply partnerships, technology alignment, and execution agility. • India has signed approximately 35-40 GW of renewa
Slide 36: Q1 FY26 Operational & Financial Highlights
Q1 FY26 Operational & Financial Highlights
Slide 37: Q1 FY26 Key Financial Highlights - Standalone
Q1 FY26 Key Financial Highlights - Standalone Total Income EBITDA & EBITDA Margin PAT & PAT Margin EBITDA EBITDA Margin (%) PAT PAT Margin 592.05 35.97 52.24 32.97 39.72 377.21 8.74 10.86 8.86 6.08 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 All Figures In ₹ Cr and Margin In % Investor Presentat
Slide 38: Q1 FY26 Financial Performance - Standalone
Q1 FY26 Financial Performance - Standalone In ₹ Cr Particulars Q1 FY26 Q1 FY25 Revenues 365.87 589.65 Other Income 11.34 2.40 Total Income 377.21 592.05 Total Expenditure 326.15 537.41 EBITDA 39.72 52.24 EBIDTA Margin (%) 10.86% 8.86% Finance Costs 5.79 4.34 Depreciation 3.93 2.24 Exceptional PBT 41
Slide 39: Financial Overview
Financial Overview
Slide 40: Profit & Loss Statement
Profit & Loss Statement In ₹ Cr Particulars FY25 FY24 FY23 Revenues 2,430.02 1,370.56 1,629.15 Other Income 52.50 18.14 8.04 Total Income 2,482.52 1388.70 1,637.19 Raw Material Costs 2,154.39 1,181.82 1,422.47 Employee Costs 28.71 16.21 14.04 Other Expenses 30.50 23.77 17.99 Total Expenditure 2,213.
Slide 41: Balance Sheet
Balance Sheet In ₹ Cr Equities & Liabilities FY25 FY24 FY23 Assets FY25 FY24 FY23 Equity 25.84 23.14 22.11 Non Current Assets Reserves 1224.39 449.52 292.29 Fixed Assets 204.73 152.82 150.01 Net Worth 1250.23 472.66 314.40 Non Current Investments 113.81 81.12 73.85 Non Current Liabilities Other Non
Slide 42: Cash Flow Statement
Cash Flow Statement In ₹ Cr Particulars FY25 FY24 FY23 Cashflow from Operations -262.25 -4.49 27.91 Cashflow from Investments -74.32 -15.62 -77.66 Cashflow from Financing 567.61 42.83 59.64 Net Cash flow 231.03 22.72 9.89 Opening Cash Balance 32.90 10.18 0.29 Closing Cash Balance 263.93 32.90 10.18
Slide 43: Vertical-Specific Revenue Insights (Consolidated)
Vertical-Specific Revenue Insights (Consolidated) FY25 (In %) FY24 (In %) FY23 (In %) 4.06% 0.42% 0.48% 0.31% 4.17 0.19% 0.76% 0.71 0.69 2.53% 5.28% 4.49% 3.95 11.51 20.50% 78.96 69.00% 92.00% Solar Power Generation Ash & Coal Handling Business Power Trading Refrigerant Gas Sale of Service Other Inc
Slide 44: Stock Data and Share Performance
0 600 400 1000 200 800 01-Jan-14 01-Mar-14 Source - BSE Source - BSE 01-May-14 01-Jul-14 Face Value (₹) Share Price (₹) Investor Presentation 01-Sep-14 Stock Data 01-Nov-14 01-Jan-15 52-week High-Low (₹) 01-Mar-15 01-May-15 No. of Shares Outstanding 01-Jul-15 Market Capitalization (₹ Cr) 01-Sep-15 0
Slide 45: The Way Ahead
The Way Ahead
Slide 46: Strategic Initiatives for Ash & Coal Handling Expansion
Strategic Initiatives for Ash & Coal Handling Expansion Ash & Coal Handling • Increasing Capacity: Doubling the capacity for ash collection, transportation, and disposal to accommodate larger volumes of ash and coal • Geographical Expansion: Exploring international markets for exports • Fleet Expans
Slide 47: Driving Growth: Green Mobility
Driving Growth: Green Mobility Green Mobility • New Contracts: The Company will continue to explore organic expansion strategy to deploy more vehicles to support the improvement in usage of 4-wheeler EV for people mobility. [B2B & B2B2C] • Increase in Fleet: The Company will focus on increasing its
Slide 48: Growth Outlook: Wind turbine business expansion
Growth Outlook: Wind turbine business expansion Wind turbine manufacturing • The company is focused on manufacturing 5.3 MW (and above) wind turbines with a target of reaching 5 GW annual production capacity within 5 years. • A major step toward this vision has been achieved with the inauguration of
Slide 49: Thank You
Thank You Refex Industries Limited 2nd Floor, No.313, Refex Towers, Sterling Road, Nungambakkam, Chennai, Tamil Nadu – 600034 E-mail: investor.relations@refex.co.in Phone: 044 4340 5900 Website: www.refex.co.in Kirin Advisors Private Limited 713-B, Lodha Supremus II, Wagle Estate, Thane West – 400 6