Refex Renewables & Infrastructure Limited reported a widening consolidated loss of ₹42.9 crore for the financial year ended March 31, 2026 (FY26), compared to a loss of ₹36.4 crore in the previous year.

The company’s standalone turnover contracted significantly to ₹9.9 crore from ₹18.7 crore in FY25, while standalone losses rose to ₹11.9 crore from ₹9.1 crore. Consolidated revenue also dipped slightly to ₹66.5 crore from ₹67.9 crore.

Financial Performance

The financial results reflect the transition phase across the company’s Compressed Biogas (CBG) and Solar & Wind Independent Power Producer (IPP) businesses. Management emphasized that the focus remains on execution, capacity creation, and building sustainable cash-generating assets despite the current investment-heavy period.

Business Developments

In the CBG segment, Refex completed the acquisition of a controlling stake in its Kolhapur plant. The company secured four greenfield CBG projects in Tamil Nadu—Salem, Coimbatore, Madurai, and Trichy—with an aggregate capacity of 34 tonnes per day. A tripartite agreement with GAIL provides assured offtake for these projects.

In the IPP segment, the company won two 80 MW wind power projects through competitive bidding by SJVN and SECI, adding 160 MW to its renewable energy portfolio. Additionally, the 100 MW NTPC Solar Project received connectivity approval at NP Kunta PGCIL GSS in Andhra Pradesh.

What the Numbers Show

The divergence between standalone and consolidated figures highlights the operational scale of subsidiaries. While standalone revenue fell nearly 47% to ₹9.9 crore, consolidated revenue remained relatively stable at ₹66.5 crore, indicating that the majority of the group's top-line contribution comes from subsidiary entities rather than the parent company itself.

AGM Outcomes

Shareholders approved all four resolutions at the 32nd Annual General Meeting held on September 18, 2026. Key approvals included:

• Adoption of audited standalone and consolidated financial statements for FY26.
• Re-appointment of Mr. Kalpesh Kumar as Managing Director.
• Revision in remuneration payable to Mr. Kalpesh Kumar during his term till September 30, 2027.

Promoter entity Refex Holding Private Limited now holds approximately 75% of the equity share capital. The statutory auditor’s report on consolidated financial statements contained qualifications regarding two subsidiaries.

Refex Renewables & Infrastructure Limited has secured a 25-year power purchase agreement from SJVN Limited for an 80-MW wind power project at a tariff of ₹3.88 per kWh.

Agreement details

The key terms of the power purchase agreement are outlined below: