Slide 1: Cover letter to stock exchanges
July 29, 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: REF
Slide 2: Investor Presentation Q1 FY27 Results
REFEX INDUSTRIES LIMITED I N V E S TO R P R E S E N TAT I O N Q1 FY27 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 Q1 FY27
Financial Overview Q1 FY27
Slide 5: Key Highlights – Q1 FY27
Key Highlights Financial Highlights – Q1 FY27 (Standalone – Continuing operations on Y-o-Y basis) Updates for the Quarter ✓ Revenue growth was supported by strong operational capabilities and INR 619.3 Cr growing order book. REVENUE +76.4% ✓ Ash & Coal Business - Secured new orders worth ₹279 crore.
Slide 6: Q1 FY27 Standalone Financial Performance (Y-o-Y)
Q1 FY27 Standalone Financial Performance (Y-o-Y) from Continuing Operations Revenues (₹ Cr) EBIDTA (₹ Cr) PAT (₹ Cr) 76.4% +166.0% +122.8% 619.3 105.4 73.6 351.1 39.6 33.0 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 EBIDTA % PAT % 17.0% 11.9% 9.4% 11.3% Q1FY26 Q1FY27 Q1FY26 Q1FY27 5
Slide 7: Q1 FY27 Standalone Profit & Loss Statement
Q1 FY27 Standalone Profit & Loss Statement Particulars (₹ Cr) Q1 FY27 Q1 FY26 Y-o-Y FY26 FY25 Y-o-Y Continuing Operations Revenue from Operations 619.3 351.1 2,039.2 2,259.4 Total Revenue 619.3 351.1 76.4% 2,039.2 2,259.4 -9.7% Cost of Material/Services Purchased 500.4 296.6 1,642.8 1,996.9 Change i
Slide 8: Company Overview
ofex COMPANY OVERVIEW
Slide 9: 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 8
Slide 10: 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 – 22.0% 14+ Net Profit - ₹ 247 Cr Presence Across States FY26 (Standalone) FY26 (Standalone) 9
Slide 11: 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) 2018 2012 2009 Commenced ash and coal Renamed as Refex Industrie
Slide 12: Ash and Coal Handling
ofex ASH AND COAL HANDLING
Slide 13: 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 14: 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 15: 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 16: 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 ₹1,635 Cr Revenue CAGR from FY22 to PAT CAGR from FY22 to Owned or Leased Fleets Ash Handling Per Day Order Book as on 30th June’ 26 FY26 FY26 Refex’s Ash Handling Business Refex’s Operating Location
Slide 17: 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 18: Our Esteemed Clients
Our Esteemed Clients Concessionaires Thermal Power Plants Major Cement Companies 17
Slide 19: 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 20: 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 21: Venwind Refex Power Limited - VRPL [Subsidiary]
VENWIND REFEX POWER LIMITED - VRPL [SUBSIDIARY]
Slide 22: 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% grow nearly tenfold b
Slide 23: 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 24: 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 25: 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 26: Order Book & Manufacturing Footprint
Order Book & Manufacturing Footprint On-Track Progress Maiden Factory Commissioned at Silvassa WTG erection underway at customer sites, turbine deliveries progressing for existing orders, and technology teams undergoing localisation training > 400 MW Orderbook Secured ₹1,860 Cr Confirmed Orderbook A
Slide 27: Refex Green Mobility Limited - RGML
REFEX GREEN MOBILITY LIMITED - RGML [WHOLLY OWNED SUBSIDIARY]
Slide 28: 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 Corporate Rentals Rent-A-C
Slide 29: 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 30: Key Growth Drivers
Key Growth Drivers
Slide 31: 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 32: ESG & Strong Leadership
ESG & Strong Leadership
Slide 33: 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 34: 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 35: Strong Leadership Team – 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 36: Strong 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 37: 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 38: Historical Financials
Historical Financials
Slide 39: Standalone Performance Highlights
Standalone Performance Highlights (₹ Cr) Capital Employed & ROCE(%) Shareholder’s Funds & ROE(%) 2,000 20 2,000 22% 25 16% 15% 18% 20 1,500 13% 15 1,500 17% 15 1,000 10 1,000 1,571.7 1,400.4 1,493.5 1,652.8 10 1,250.2 1,336.8 500 5 500 5 0 0 0 0 Mar-25 Sep-25 Mar-26 Mar-25 Sep-25 Mar-26 ROCE (%) Cap
Slide 40: 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 41: 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 42: 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 43: 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 44: 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 137,219,448 0.1 CMP (28th Jul’26) 328.7 FY21 FY23 FY24 FY26 Strengthening dividend track
Slide 45: 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 Solitaire Corporate Park, Guru A part of MUFG Corporate Markets, a division of Sterling