Refex Industries Limited has announced the approval of 46,809 Employee Stock Options (ESOPs) to eligible employees under its Employee Stock Option Scheme 2021. The Nomination and Remuneration Committee approved this grant during its meeting held on January 21, 2026, in compliance with SEBI regulations.

ESOP Grant Details

The approved stock options cover 46,809 equity shares with a face value of ₹2.00 each. The scheme operates under two distinct categories with different pricing structures and vesting mechanisms.

Pricing Structure and Categories

The ESOPs are structured into two main categories with distinct exercise prices. Time-based options represent 30% of the total grants, while performance-based options constitute the remaining 70%.

Vesting Schedule Framework

The time-based options follow a graduated vesting schedule over five years. The first vesting occurs after one year at 10% of total time-based options, followed by 20% each in years two through four, and concluding with 30% in the fifth year.

Performance-based options vest at 20% annually over five years, contingent upon achieving specific performance criteria. The company must achieve more than 105% of approved Annual Operations Plan (AOP) targets for turnover and gross margin in the respective financial years.

Performance Criteria Structure

The performance-based vesting depends on two key metrics: company performance and individual employee performance. Company performance is measured against AOP targets with varying vesting percentages based on achievement levels.

Individual employee performance is evaluated through the Performance Management System, with ratings from 90-100% receiving full benefits, while lower ratings receive proportionally reduced vesting percentages.

Regulatory Compliance

The ESOP scheme complies with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The grant follows proper disclosure requirements under Regulation 30 of SEBI Listing Regulations, with detailed documentation provided to stock exchanges.

The options can be exercised within a minimum period of one year from the grant date, with a maximum exercise window of 10 years. Future determinations regarding options exercised, money realized, and diluted earnings per share will be made after the exercise period concludes.

Refex Industries has reported improved financial performance in its third quarter results, with net profit showing substantial year-on-year growth. The company's bottom line demonstrated resilience and operational efficiency during the reporting period.

Financial Performance Highlights

The company's third quarter financial results show a positive trajectory in profitability metrics. The net profit figures indicate sustained business momentum and effective cost management strategies.

Year-on-Year Growth Analysis

The 15.3% increase in net profit from ₹59.00 crores to ₹68.00 crores demonstrates the company's ability to enhance its earnings performance. This growth indicates effective operational management and potentially improved market conditions for the company's business segments.

The consistent profitability growth suggests that Refex Industries has maintained its competitive position while optimizing its operational efficiency. The year-on-year comparison provides a clear indication of the company's financial health and business trajectory.

Business Performance Overview

The third quarter results reflect the company's ongoing efforts to strengthen its market position and operational capabilities. The improved net profit margins indicate successful implementation of business strategies and effective resource utilization across various operational areas.