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Refex Renewables & Infrastructure Ltd (REFEXRENEW) · mywealthgrid

Refex Renewables & Infrastructure Ltd

BSE:REFEXRENEW

IndustrialsConstruction

₹351.0

+0.99%1D

Mkt cap

₹158 Cr

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About

Refex Renewables & Infrastructure Ltd operates in Civil Construction within the Industrials sector.

Face value: ₹10

Market cap

₹158 Cr

P/E

—

P/B

—

Dividend yield

ROE

—

ROCE

Debt / equity

—

OPM

40.2%

EPS (TTM)

₹-93.4

Book value

₹-178.0

52-week high

—

52-week low

—

15 historical price candles were omitted because the exchange source has not been verified.

Only one verified price point is available. The trend chart will appear when more exchange closes are stored.

Quick read

rule-based

Pros

+Healthy operating margin of 40.2%
+High promoter holding of 74.9% with no pledge

Cons

−Low return on equity of -75% (3-yr avg)
−Revenue shrank over the last 5 years (-1.6% a year)
−Weak interest coverage of 0.3×

Research score

Structured signal from quality, growth, valuation and momentum.

23/100

Business quality: 33
Growth: 0
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Larsen & ToubroLTLT	₹5,05,996 Cr	₹6,27,679 Cr	₹2,90,137 Cr	₹28,950 Cr	10.2%	₹16,590 Cr	6.6%	15.4%	15.5%	-142
Rail Vikas Nigam LimitedRVNLRVNL	₹41,075 Cr	₹45,888 Cr	₹20,825 Cr	₹891 Cr	3.8%	₹900 Cr	4.3%	10.2%	9%	66
Kalpataru Projects International LimitedKPILKPIL	₹23,167 Cr	₹26,474 Cr	₹27,380 Cr	₹2,277 Cr	8.3%	₹1,136 Cr	3.8%	20.3%	14.6%	-94
Nbcc (India) LimitedNBCCNBCC	₹20,898 Cr	₹20,898 Cr	₹12,752 Cr	₹656 Cr	4.8%	₹743 Cr	5.8%	29.3%	26.2%	-7,663
Irb Infrastructure Developers LimitedIRBIRB	₹20,533 Cr	₹40,541 Cr	₹7,686 Cr	₹4,182 Cr	52.1%	₹954 Cr	11.1%	6.1%	4.2%	67
Cemindia Projects LimitedCEMPROCEMPRO	₹20,254 Cr	₹21,120 Cr	₹10,185 Cr	₹1,058 Cr	10.2%	₹602 Cr	5.9%	44.8%	28.2%	-110
Engineers India LimitedENGINERSINENGINERSIN	₹17,577 Cr	₹17,577 Cr	₹3,878 Cr	₹750 Cr	17.7%	₹784 Cr	17.6%	28.8%	23.8%	-22
Techno Electric & Engineering Company LimitedTECHNOETECHNOE	₹11,614 Cr	₹11,686 Cr	₹3,356 Cr	₹469 Cr	14.2%	₹431 Cr	14.6%	13.6%	12%	-33
Ircon International LimitedIRCONIRCON	₹10,369 Cr	₹16,033 Cr	₹9,241 Cr	₹771 Cr	8.4%	₹524 Cr	6.5%	7.8%	9.2%	-469
Rites LimitedRITESRITES	₹10,068 Cr	₹10,068 Cr	₹2,458 Cr	₹555 Cr	22.9%	₹417 Cr	18.8%	19.3%	15.4%	-2,276
Welspun Enterprises LimitedWELENTWELENT	₹10,026 Cr	₹11,998 Cr	₹3,544 Cr	₹716 Cr	20.7%	₹308 Cr	10.9%	17.3%	12.5%	-422
Kec International LimitedKECKEC	₹9,912 Cr	₹15,015 Cr	₹23,506 Cr	₹1,599 Cr	7.1%	₹554 Cr	2.6%	23.1%	10.5%	-132

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	72	54	77	76	68	66
COGS	32	10	14	6	1	4
Gross profit	40	43	62	71	67	63
	55	59	54	38	35	36
	-14	-16	8	33	32	27
OPM %	-20%	-29.1%	10.6%	43.2%	46.6%	40.2%
Depreciation	26	18	16	18	18	20
Interest	14	19	35	42	43	48
	12	21	20	18	7	6
Profit before tax	-42	-32	-23	-8	-23	-35
Tax	-15	4	8	26	14	8
Tax %	-35.7%	13.8%	33.3%	313.6%	60.4%	23.6%
PAT	-27	-37	-30	-34	-36	-43
PAT margin %	-37.2%	-69%	-39.3%	-45.2%	-53.5%	-64.6%
EPS (₹)	-59.2	-82.3	-67.2	-76.4	-81.3	-95.3
EPS adjusted (₹)	-59.2	-82.3	-67.2	-76.4	-81.1	-93.4
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	4	4	4	4	5	5
Reserves	182	57	33	9	-50	-85
Minority interest	—	8	4	—	—	—
	152	334	474	419	473	486
	51	150	87	78	90	111
Total equity & liabilities	390	553	603	510	517	517
	168	170	169	455	450	441
CWIP	33	231	288	0	0	2
Investments	3	3	3	3	3	14
	186	149	143	53	64	61
Total assets	390	553	603	510	517	517

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	56.1%	80.8%	81.1%	92.7%	98.1%	94.2%
EBITDA margin %	-20%	-29.1%	10.6%	43.2%	46.6%	40.2%
EBIT margin %	-55.7%	-63%	-10.4%	20%	20%	10.7%
PAT margin %	-37.2%	-69%	-39.3%	-45.2%	-53.5%	-64.6%
Working capital
Receivable days	333	428	303	33	31	21
Inventory days	88	114	193	42	290	156
Payable days	316	3,802	438	664	2,239	699
NWC days	105	-3,259	58	-590	-1,917	-521
Leverage
Current ratio	2.19	0.67	0.99	0.45	0.52	0.3
Debt to EBITDA	—	—	58.5	12.73	14.93	18.22
Debt to equity	0.81	5.47	12.6	30.83	-10.49	-6.07
Interest coverage	-2	-1.3	0.3	0.5	0.5	0.3
Asset turnover	0.18	0.1	0.13	0.15	0.13	0.13
Return ratios
Return on assets %	-6.9%	-6.7%	-5%	-6.7%	-7%	-8.3%
Return on capital employed %	-8.4%	-6.8%	2.7%	4.7%	4.5%	3%
Return on equity %	-14.3%	-60.5%	-80%	-253.5%	80.7%	53.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.89%	74.87%	74.87%	74.87%
FII	0%	0%	0%	0%
DII	0%	0%	0%	0%
Government	0%	0%	0%	0%
	25.11%	25.13%	25.13%	25.13%
No. of shareholders	2,690	2,926	2,824	2,702

Promoter holding down 0.02 percentage points since Sep 2025.

Kalpesh KumarManaging Director
Anil JainDirector
Mr. Pillappan AmalanathanIndependent Director
Ms. Talluri JayanthiIndependent & Non Executive Director
Mrs. Latha VenkateshNon - Executive Independent Director
Mr. Dinesh Kumar AgarwalNon - Executive Non -Independent Director
Mr. Thirunavukarasu ManikandanChief Financial Officer
Mr. Vinay AggarwalCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Refex Renewables & Infrastructure Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

No events on record

Corporate actions, results dates and filings will appear here once ingested.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

13 announcementsExport CSV

28 Sept 2026, 11:49 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

Loading announcements…

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	56.1%	80.8%	81.1%	92.7%	98.1%	94.2%
EBITDA margin %	-20%	-29.1%	10.6%	43.2%	46.6%	40.2%
EBIT margin %	-55.7%	-63%	-10.4%	20%	20%	10.7%
PAT margin %	-37.2%	-69%	-39.3%	-45.2%	-53.5%	-64.6%
Working capital
Receivable days	333	428	303	33	31	21
Inventory days	88	114	193	42	290	156
Payable days	316	3,802	438	664	2,239	699
NWC days	105	-3,259	58	-590	-1,917	-521
Leverage
Current ratio	2.19	0.67	0.99	0.45	0.52	0.3
Debt to EBITDA	—	—	58.5	12.73	14.93	18.22
Debt to equity	0.81	5.47	12.6	30.83	-10.49	-6.07
Interest coverage	-2	-1.3	0.3	0.5	0.5	0.3
Asset turnover	0.18	0.1	0.13	0.15	0.13	0.13
Return ratios
Return on assets %	-6.9%	-6.7%	-5%	-6.7%	-7%	-8.3%
Return on capital employed %	-8.4%	-6.8%	2.7%	4.7%	4.5%	3%
Return on equity %	-14.3%	-60.5%	-80%	-253.5%	80.7%	53.6%

Date	Category	Subject	Filing
28 Sept 2026, 11:49 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
18 Sept 2026, 6:49 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
18 Sept 2026, 6:45 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
5 Sept 2026, 11:33 am	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF
1 Sept 2026, 3:09 pm	AGM/EGM AGM	Corrigendum To The Notice Dated August 04, 2026 Convening 32Nd Annual General Meeting	PDF
25 Aug 2026, 8:16 pm	AGM/EGM AGM	Notice Convening 32Nd Annual General Meeting Of Refex Renewables & Infrastructure Limited	PDF
25 Aug 2026, 8:10 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
21 Aug 2026, 12:21 pm	Company Update General	Outcome Of The Meeting Of The Board Of Directors Of Refex Renewables & Infrastructure Limited ('Company') Held On August 20, 2026, Inter-Alia, For Considering Request From One Of The Promoters Of The Company For Re-Classification To 'Public' Category In The Shareholding Pattern In Accordance With The Provisions Of Regulation 31A Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-46	114	-55	121	27	16
	-62	-159	-73	-15	-40	2
	119	74	125	-107	18	-24
Net cash flow	10	29	-3	-1	5	-6
Free cash flow	-86	-119	-127	105	14	10
CFO / Operating profit %	—	—	-673.8%	366.4%	85.4%	59.4%

Refex Renewables & Infrastructure Ltd

About

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

No events on record

Announcements

No events on record

Ratio timeline

Quarterly record

Board and management

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity