Refex Industries Limited reported a standalone net profit of ₹73.39 crore for the quarter ended June 30, 2026 (Q1FY27), a sharp 122% increase from ₹32.97 crore in Q1FY26. The surge was primarily driven by a 76% year-on-year jump in revenue from continuing operations to ₹619.25 crore, alongside substantial non-operating gains. Consolidated net profit attributable to owners rose 202% YoY to ₹63.80 crore, reflecting strong operational momentum in its core business segments despite losses in discontinued operations.

The Board of Directors approved the unaudited financial results on July 29, 2026, following a review by the Audit Committee and limited review reports issued by statutory auditors A B C D & Co LLP. The filing, made under Regulation 30 and 33 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, also disclosed organizational changes and progress on corporate restructuring plans.

Financial Performance

Standalone revenue from operations stood at ₹619.25 crore in Q1FY27, compared to ₹351.11 crore in the previous year's corresponding quarter. Total income reached ₹627.26 crore, aided by other income of ₹800.61 lakh, which included proceeds from forfeited convertible warrants. Profit before tax from continuing operations was ₹98.35 crore, up significantly from ₹41.44 crore in Q1FY26. After tax expenses of ₹24.71 crore, the company posted a net profit of ₹73.64 crore from continuing operations. Discontinued operations contributed a loss of ₹24.68 lakh, resulting in a total standalone net profit of ₹73.39 crore. EBITDA margin improved to 17% in Q1FY27 from 11.3% in Q1FY26, reflecting enhanced operational efficiency.

On a consolidated basis, revenue from operations grew to ₹916.31 crore from ₹351.86 crore in Q1FY26. Consolidated profit before tax from continuing operations was ₹100.55 crore. However, discontinued operations incurred a loss of ₹99.76 crore after tax, pulling down the total consolidated net profit to ₹64.55 crore. Basic earnings per share from continuing operations were ₹5.37 on a standalone basis and ₹5.38 on a consolidated basis.

EBITDA approximated as Profit before tax + Finance Costs + Depreciation/Amortization for continuing operations.

Segmental Insights

The Ash & Coal Handling Business remained the primary revenue driver, contributing ₹610.50 crore in segment revenue for Q1FY27, up from ₹347.08 crore in Q1FY26. The segment generated an EBIT of ₹111.47 crore, demonstrating strong profitability. In contrast, the Green Mobility segment, classified as a discontinued operation in the consolidated accounts, reported a segment loss of ₹13.61 crore. The Windpower segment contributed ₹297.05 crore in revenue with a marginal EBIT loss of ₹0.34 crore.

Corporate Developments

The company disclosed that Ms. Lalitha Uthayakumar has been redesignated from President – Refrigerant Gas Business to General Manager – Accounts, effective August 01, 2026, following the discontinuation of the Refrigerant Gas Business. She will cease to be a Senior Managerial Personnel from the same date.

Regarding corporate restructuring, the National Company Law Tribunal (NCLT), Chennai Bench, has directed the company to convene meetings of equity shareholders and creditors on August 05, 2026, concerning the Composite Scheme of Amalgamation and Arrangement involving Refex Green Mobility Limited and Refex Mobility Limited. The scheme seeks approval under Sections 230 to 232 of the Companies Act, 2013.

Additionally, the company forfeited ₹130.69 crore received as upfront payment for 1,11,70,000 convertible warrants allotted in November 2024, as the balance consideration was not received within the stipulated 18-month period ending May 06, 2026. This amount has been recognized as income during the quarter.

What the Numbers Show

The dramatic year-on-year growth in both revenue and profit is largely structural, stemming from the exclusion of volatile trading businesses — Power Trading and Refrigerant Gases — which are now classified as discontinued operations. The core Ash & Coal Handling business shows robust health, with EBIT margins remaining high. The improvement in EBITDA margin to 17% from 11.3% further underscores the enhanced profitability of the continuing business. Furthermore, the significant boost to bottom-line figures from the forfeiture of warrant payments highlights the impact of capital market transactions on current period profitability, suggesting that operational cash flows should be monitored alongside these accounting gains.

Refex Industries has announced that its Q1 earnings call is scheduled for July 30 at 11:30 AM. The call will provide investors, analysts, and other stakeholders with an opportunity to receive updates on the company's financial performance for the quarter.

Earnings Call Details

The following details have been announced regarding the upcoming earnings call:

Stakeholders are encouraged to note the scheduled date and time to stay informed about Refex Industries' latest quarterly financial results and any related management commentary.