Refex Green Power Limited, a wholly owned subsidiary of Refex Renewables and Infrastructure Limited, has acquired equity stakes in three special purpose vehicles (SPVs) for a total consideration of ₹2.55 crore. The acquisition aims to strengthen the company's renewable energy portfolio and expand its presence in the wind power generation sector.

The transaction involves the acquisition of Refex Vayu SPV 1 Private Limited, Refex Vayu SPV 2 Private Limited, and Grey To Green Transition Private Limited (proposed to be renamed Reflex Vayu SPV 3 Private Limited). Following the deal, these entities will operate as step down subsidiaries or associate companies of the listed entity.

Acquisition details and structure

The acquisition was executed on September 25, 2026, via cash consideration. The shares were purchased from Refex Holding Private Limited, the promoter and holding company, making this a related party transaction conducted at arm's length based on independent valuation.

Note: Post-acquisition holdings refer to the stake held by Refex Green Power Limited.

Strategic rationale

The company stated that Refex Green Power Limited has been awarded tenders for wind power projects requiring new SPVs for setup. These entities are intended to be utilized for establishing wind independent power producers (IPPs) and entering into power purchase agreements (PPAs) in a timely manner. All three target entities are yet to commence operations and reported nil turnover for FY26.

What the numbers show

A comparison of the net worth figures against the acquisition cost reveals a significant divergence in asset valuation across the three entities. While Refex Vayu SPV 1 and SPV 2 report positive net worths of ₹2.55 crore and ₹5.16 crore respectively, Grey To Green Transition Private Limited reports a negative net worth of (₹96.22 lakh). Despite the negative net worth of one entity, the aggregate acquisition price of ₹2.55 crore appears primarily driven by the fair value assessment of the two positive net worth entities, as indicated by the arm's length valuation basis disclosed in the filing.

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.