Refex Industries Limited announced that the Joint Commissioner (Appeals), Central GST (Appeals), Raipur, Chhattisgarh, has quashed a GST demand of ₹35,29,002 for the Financial Year 2021-22. The order, received on June 02, 2026, nullifies the tax demand previously raised by the Assistant Commissioner, CGST & Central Excise, Raipur. This decision provides relief to the company by eliminating the financial liability associated with the disputed demand.

The initial demand of ₹35,29,002 was communicated to the company via an intimation dated December 16, 2025. This amount comprised a tax liability of ₹31,90,002 and a penalty of ₹3,39,000. Following the receipt of the intimation, the company filed an appeal before the Appellate Authority to challenge the demand.

Breakdown of Quashed Demand

The following table details the components of the GST demand that has been set aside:

The Appellate Authority reviewed the submissions made by the company and subsequently quashed the entire demand. Consequently, the tax liability of approximately ₹35,29,002 stands nullified. The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Refex Industries Limited reported a 67% year-on-year surge in standalone profit after tax (PAT) to ₹94 crores for the fourth quarter ended March 31, 2026, driven by improved operating efficiencies and a favorable business mix. Revenue from continuing operations for the quarter rose 18% to ₹701 crores compared to ₹594 crores in the corresponding period of the previous financial year. The company’s EBITDA for the quarter stood at ₹141 crores, a significant increase from ₹62 crores, with the margin expanding to 20.1% from 10.4%. Management stated that the EBITDA margin is sustainable and expects to maintain levels between 15% and 18% going forward.

For the full financial year FY26, standalone revenue from continuing operations was ₹2,039 crores, while EBITDA grew 68% to ₹350 crores with a margin of 17.2%. PAT for the year increased to ₹247 crores from ₹184 crores in the previous year. The financial performance reflects the company's strategic shift towards higher-margin service businesses like Ash & Coal Handling and the discontinuation of trading segments such as Refrigerant Gas and Power Trading.

Operational Highlights and Order Book

The Ash & Coal Handling business remains a key growth driver, securing an order pipeline of nearly ₹1,500 crores. The segment delivered 28% adjusted growth in FY26. Management confirmed that the company has completely exited the Refrigerant Gas and Power Trading businesses to focus on profitability and service revenue quality.

The Wind Energy business transitioned into active execution during the quarter, contributing approximately ₹233 crores. The subsidiary, Venwind Refex Power Limited, holds an order book of ₹1,860 crores, with ₹1,500 crores pending execution. Management expressed confidence in executing the pending wind orders in the current financial year, alongside potential new orders currently in the pipeline. The wind energy segment currently operates at an EBITDA margin of around 8%, with expectations of improvement through localization.

The Mobility business crossed ₹100 crores in revenue and is progressing towards a demerger, which is expected to be completed within 60 to 75 days pending NCLT approval. The company has filed for a change in industry classification with the exchanges to better reflect its current business profile.

Financial Metrics for Q4 and FY26

Management noted that the company is focusing on sustainable growth and maintaining current EBITDA margins between 15% and 18%. The disclosure was made in compliance with Regulation 30 of the SEBI Listing Regulations.