Refex Industries Limited reported a standalone net profit of ₹73.39 crore for Q1FY27, a 122% year-on-year increase driven primarily by the recognition of ₹130.69 crore from forfeited convertible warrants. During its earnings call on July 30, 2026, management clarified that operational momentum remains strong, with the core Ash & Coal Handling business targeting a daily run rate of 90,000 tons by Q4FY27 and the new Wind Energy segment aiming for a 5% to 6% net profit margin by year-end.

The Board approved the results on July 29, 2026, following review by statutory auditors A B C D & Co LLP. The filing under Regulation 30 of SEBI Listing Regulations also detailed organizational changes, including the redesignation of Ms. Lalitha Uthayakumar, and progress on the NCLT-approved demerger of the Green Mobility business. Standalone revenue from operations rose 76% to ₹619.25 crore, while EBITDA margin improved to 17% from 11.3% in Q1FY26.

Financial Performance

Standalone revenue from continuing operations reached ₹619.25 crore in Q1FY27, compared to ₹351.11 crore in Q1FY26. Total income stood at ₹627.26 crore, aided by other income of ₹800.61 lakh, which included proceeds from the forfeited warrants. Profit before tax from continuing operations was ₹98.35 crore, resulting in a net profit of ₹73.64 crore after tax expenses of ₹24.71 crore. Discontinued operations contributed a loss of ₹24.68 lakh, leading to a total standalone net profit of ₹73.39 crore.

On a consolidated basis, revenue grew to ₹916.31 crore from ₹351.86 crore in Q1FY26. However, discontinued operations incurred a loss of ₹99.76 crore after tax, reducing the total consolidated net profit to ₹64.55 crore. Basic earnings per share 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 and Guidance

The Ash & Coal Handling Business contributed ₹610.50 crore in segment revenue, generating an EBIT of ₹111.47 crore. Management noted that despite intermittent diesel supply constraints due to geopolitical developments, the company maintained uninterrupted service delivery. The current daily volume run rate is between 65,000 and 70,000 tons. While Q2 is expected to be slower, management targets scaling up to close to 90,000 tons per day by Q4FY27. The company currently operates in 42 thermal power plants, covering 30% to 35% of India’s thermal power plant market.

The Wind Energy segment reported revenue of ₹295 crore (approximated from segment data) with a marginal EBIT loss of ₹0.34 crore. A key milestone was the successful erection of India’s first 5.3 megawatt wind turbine in Koppal, Karnataka. Management guided that the wind business should achieve a net margin of 5% to 6% by the end of FY27, with total execution targeted at ₹1,700 crore to ₹1,800 crore for the year. The company holds an order book of ₹1,860 crore in wind energy, of which ₹525 crore has been executed.

Corporate Developments

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 NCLT Chennai Bench directed 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 mobility business is expected to be fully demerged by the end of Q3FY27, operating as an independent listed entity.

Additionally, the company disclosed a reduction in pledged shares, with further releases expected in the next two weeks as per the repayment plan. Promoters indicated they may continue acquiring shares from the market when opportunities arise.

What the Numbers Show

The significant profit surge is largely non-operational, stemming from the ₹130.69 crore warrant forfeiture. Excluding this, the core Ash & Coal Handling business demonstrates robust health with high EBIT margins. The Wind Energy segment, while currently operating at a loss due to pre-operational expenses, shows clear path to profitability with a 5-6% net margin target by FY27 end. The transition away from discontinued operations (Refrigerant Gas and Mobility) simplifies the financial structure, allowing investors to focus on the growth trajectory of the two main pillars: established cash flow from ash handling and future scale from wind energy.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE056I01025/2672ae4c-38d3-4b7c-937a-171c9fb1335f.pdf

Refex Industries shareholders approved key corporate actions at the company’s 24th Annual General Meeting (AGM) held on July 31, 2026, including the adoption of audited financial statements for FY26 and the declaration of a final dividend. The meeting also saw the re-appointment of Anil Jain as a director liable to retire by rotation and approval for varying the utilization of proceeds from a previous preferential issue, signaling strong promoter alignment with board proposals.

The AGM was conducted through Video Conferencing (VC) / Other Audio-Visual Means (OAVM) in compliance with Ministry of Corporate Affairs (MCA) and Securities and Exchange Board of India (SEBI) circulars. The meeting commenced at 11:00 A.M. IST and concluded at 12:04 p.m. IST, including time allocated for e-voting. Mr. Anil Jain, Chairman and Managing Director, chaired the meeting, while Mr. Dinesh Kumar Agarwal, Whole-time Director & CFO, and other board members were present. CS Mehak Gupta of Mehak Gupta & Associates served as the scrutinizer for the e-voting process.

Voting Results Overview

All five resolutions placed before the shareholders were approved by the requisite majority. The promoter group, holding 77,623,085 shares, voted in favor of all resolutions. Public institutional and non-institutional shareholders also largely supported the agenda items, though some dissent was recorded on the director re-appointment and proceeds variation resolutions.

Key Resolutions Approved

The ordinary business items included the adoption of both standalone and consolidated audited financial statements for the financial year ended March 31, 2026, along with the reports of the Board of Directors and Auditors. Shareholders also approved the declaration of a final dividend for the financial year 2025-26. While the dividend amount per share is not disclosed in the voting results, the resolution received near-unanimous support from promoters and institutions.

Under special business, shareholders approved a variation in the utilization of proceeds amounting to ₹19.07 crore out of the preferential issue aggregating to ₹219.69 crore. This preferential issue had been previously approved by shareholders in an extraordinary general meeting held on March 27, 2024. The resolution required a special majority and passed with 99.97% support.

Director Re-appointment

Mr. Anil Jain (DIN: 00181960), who retires by rotation, offered himself for re-appointment as a director liable to retire by rotation. The resolution passed with 99.94% of votes polled in favor. Dissenting votes were primarily from public non-institutional shareholders, who cast 25,502 votes against the resolution during remote e-voting and 24,949 votes against during the AGM.

What the Numbers Show

The high level of promoter participation, with 100% of their shares voted in favor across all resolutions, underscores strong insider alignment with the board’s proposals. However, the dissenting votes from public non-institutional shareholders on the director re-appointment and proceeds variation suggest some minority scrutiny. The remote e-voting period ran from July 28 to July 30, 2026, allowing shareholders ample time to cast their votes before the virtual meeting.