Refex Renewables & Infrastructure Limited has reported its audited financial results for the fourth quarter and fiscal year ended March 31, 2026. The Board of Directors approved the results during a meeting held on May 21, 2026. The company reported a consolidated net loss of ₹4,296 lakh for the financial year, widening from the net loss of ₹3,639 lakh recorded in the previous year. On a standalone basis, the company reported a net loss of ₹1,200 lakh for FY26.

Consolidated Performance

For the year ended March 31, 2026, the consolidated revenue from operations decreased to ₹6,647 lakh from ₹6,799 lakh in the prior year. Total income stood at ₹7,262 lakh, down from ₹7,397 lakh in FY25. The company faced significant finance costs, which amounted to ₹4,805 lakh during the year, contributing to the overall loss. The basic earnings per share (EPS) for the year was reported at (₹95.27), compared to (₹81.26) in the previous year.

The auditors, M/s A B C D & Co. LLP, issued a modified opinion on the consolidated financial results. The qualification relates to two subsidiaries, Ishaan Solar Power Private Limited and SEI Tejas Private Limited, where sufficient audit evidence was not available for certain liabilities aggregating to ₹375.51 lakh, a long-term borrowing of ₹1,270.25 lakh, and a fixed deposit of ₹40.10 lakh. Additionally, liabilities of ₹57.47 lakh written back as income were not supported by audit evidence.

Standalone Results

On a standalone basis, the company reported a total income of ₹1,295 lakh for FY26, a decline from ₹2,053 lakh in the previous year. The net loss for the year stood at ₹1,200 lakh, compared to a net loss of ₹919 lakh in FY25. Revenue from operations dropped to ₹990 lakh from ₹1,876 lakh in the prior year. The standalone results received an unmodified opinion from the auditors.

Financial Position and Cash Flows

The consolidated balance sheet as of March 31, 2026, showed total assets of ₹51,730 lakh, slightly lower than the ₹51,735 lakh reported in the previous year. The company's equity remained in negative territory, with total equity recorded at (₹8,152) lakh. The net cash generated from operating activities for the year was ₹1,587 lakh, while the company reported a net decrease in cash and cash equivalents of ₹584 lakh, bringing the closing balance to ₹585 lakh.

Going Concern and Segment Performance

The financial statements have been prepared on a going concern basis, supported by a letter of support from a promoter shareholder. However, the auditors noted a material uncertainty regarding the company's ability to continue as a going concern due to the erosion of net worth. The company operates primarily in the Commercial and Industrial segment and Compressed Bio Gas segment. The Commercial and Industrial segment reported revenue of ₹6,043 lakh for the year, while the Compressed Bio Gas segment contributed ₹505 lakh.

Refex renewables infrastructure has announced a strategic leadership reorganization with the re-designation of Mr. Rajeev Vaze as Chief Operating Officer for its Compressed Bio-Gas (CBG) Business. The appointment, effective May 01, 2026, represents the company's continued focus on strengthening its renewable energy operations and expanding its CBG vertical.

Leadership Transition Details

The reorganization involves Vaze transitioning from his current position as Vice-President and Head of Supply Chain Management to take on comprehensive responsibility for the CBG business operations. As part of this change, his payroll will be transferred to Refex Sustainability Solutions Limited (RSSL), the company's wholly-owned subsidiary that serves as the holding company for the CBG vertical.

Key Responsibilities and Strategic Focus

In his new role, Vaze will drive the complete operations of the CBG Business with a comprehensive mandate covering multiple strategic areas. His responsibilities will encompass strategic planning and development of the Compressed Biogas division, including scouting for new inorganic growth opportunities such as mergers, acquisitions, joint ventures, and strategic partnerships.

The role also involves:

• Identifying potential acquisition targets that align with Refex's strategic objectives
• Ensuring seamless integration of acquired entities into the CBG business
• Developing and managing the budget for the CBG vertical
• Overseeing the setup of CBG production facilities, including site selection and equipment procurement

Professional Background and Expertise

Vaze brings over 30 years of extensive experience in driving strategic initiatives across the renewable energy and infrastructure sectors. He is recognized as a leader in Strategic Procurement, Cost Optimization, and Project Execution, with a proven track record at industry-leading companies.

Regulatory Compliance

The announcement was made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the SEBI Master Circular dated January 30, 2026. The disclosure ensures transparency regarding the internal reorganization and leadership changes within the company's operational structure.

This strategic appointment reflects Refex Renewables' commitment to strengthening its CBG business operations and positioning the company for growth in the compressed biogas sector through experienced leadership and focused operational management.