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.

Refex Industries Limited has secured a domestic order worth ₹36.91 crore for the excavation, loading, and transportation of pond ash to various project sites. The contract has been awarded by a Major Power Producer Company and spans a period of two years, with operations covering Open Cast Mines, Stone Quarries, and NHAI project sites.

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that the order does not involve any related party transactions and that the promoter group has no interest in the entity awarding the contract.

Order Details

The table below outlines the key particulars of the contract:

The scope of work strictly covers the excavation, loading, and transportation activities as specified in the agreement.