Refex Industries Limited , a leading player in the ash and coal handling sector, has reported a robust performance for the second quarter of fiscal year 2026. The company's financial results showcase significant growth and operational improvements, despite challenges posed by extended monsoon conditions.

Financial Highlights

• Total income from continuing operations reached INR 431.00 crores, marking a 15% sequential growth
• EBITDA nearly doubled to INR 74.00 crores from the previous quarter
• Net profit stood at INR 52.00 crores
• Margins for the quarter ranged between 10-12%, surpassing the typical 8-11% range

Operational Performance

The company's growth was primarily driven by its ash and coal handling operations. Refex Industries currently maintains a robust order book of approximately INR 1,200.00 crores in coal and ash handling services.

Business Segments and Strategy

Ash and Coal Handling

• The company is actively working across 40 thermal power plants, with multiple contracts in place
• Refex aims to increase its daily ash handling capacity by 60-65% over the next three years, targeting 105,000 to 110,000 metric tons per day

Wind Turbine Manufacturing

• Revenue from wind turbine manufacturing is anticipated to begin in Q3 and Q4 of FY2026, with the majority expected in Q4
• The company has secured orders for 253.7 megawatts of wind turbines, valued at approximately INR 1,225.00 crores

Mobility Vertical

• Refex is progressing with plans to demerge its mobility vertical into a separate listed entity called Refex Mobility Limited
• The demerger process is expected to take 6-7 months, subject to regulatory approvals

Power Trading

• The company has completely wound down its power trading operations to focus on core businesses with higher strategic and financial alignment

Management Commentary

Anil Jain, Chairman and Managing Director of Refex Industries, commented on the results: "Q2 FY2026 marked a period of steady improvement across our coal and ash handling business, despite the early and intense monsoon-led disruptions. With the monsoon period now largely behind us, we are seeing a steady pickup in site activity and volumes across our core ash and coal handling operations."

Future Outlook

Refex Industries remains optimistic about its growth prospects, particularly in the ash and coal handling segment. The company is actively participating in tenders across the country and expects to see continued momentum in the coming quarters. Additionally, the wind turbine manufacturing business is poised for growth, with the company targeting to scale up to competition in the next two years.

The management's focus on disciplined execution and operational efficiency, coupled with a strong order book and diversified portfolio, positions Refex Industries for consistent long-term value creation in the evolving energy and environmental services sector.

Refex Industries Limited (RIL) has recently secured a significant contract worth INR 30.12 crores from a major power producer in the public sector. This development marks an important milestone for the company in its transportation services segment.

Contract Details

Scope of Work

The contract involves the transportation of pond ash from the power producer's facility to National Highways Authority of India (NHAI) road projects. This service falls under Refex Industries' supply and services scope, highlighting the company's capabilities in handling specialized transportation requirements.

Significance of the Contract

This order is noteworthy for several reasons:

1. Diversification: It demonstrates Refex Industries' ability to secure contracts in the transportation sector, potentially indicating a diversification of their service offerings.

2. Public Sector Engagement: Winning a contract from a major public sector undertaking could open doors for future collaborations with government entities.

3. Environmental Impact: The transportation of pond ash for use in road projects suggests a potential contribution to sustainable practices in infrastructure development.

Company Disclosure

In line with regulatory requirements, Refex Industries has made it clear that:

• The contract does not involve any related party transactions.
• Neither the promoters, promoter groups, nor any group companies have any interest in the entity that awarded the contract.

This transparency in disclosure aligns with good corporate governance practices and provides clarity to stakeholders.

Market Implications

While the immediate financial impact of this contract on Refex Industries' overall performance remains to be seen, it certainly positions the company as a player in the industrial transportation sector. Investors and market watchers may want to keep an eye on how this contract affects the company's revenue streams and operational capabilities in the coming quarters.

As the infrastructure sector continues to grow, particularly with government-led initiatives, companies like Refex Industries that can secure such contracts may find themselves well-positioned for future opportunities in this space.