Refex Industries has formally notified stock exchanges about its upcoming Board of Directors meeting scheduled for January 21, 2026. The meeting will focus on reviewing and approving the company's quarterly financial performance for the third quarter of the current financial year.

Board Meeting Details

The company has communicated to both BSE and NSE regarding the board meeting scheduled for Wednesday, January 21, 2026. The primary agenda includes consideration and approval of unaudited financial results for a specific reporting period.

Trading Window Restrictions

Refex Industries has implemented trading window restrictions in accordance with regulatory requirements. The company previously announced the closure of trading window on December 26, 2025, which became effective from January 1, 2026.

Regulatory Compliance

The board meeting notification has been issued under Regulation 29(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates listed companies to inform stock exchanges about board meetings where financial results will be considered.

The trading window closure aligns with the company's internal code of conduct for regulating, monitoring and reporting of trading in securities by insiders. This measure ensures compliance with SEBI's prohibition of insider trading regulations.

Company Information

Refex Industries operates from its registered office located at Refex Towers, Sterling Road, Nungambakkam, Chennai, Tamil Nadu. The company maintains its manufacturing facility at Thiruporur in Chengalpattu District, Tamil Nadu. The notification was signed by Company Secretary and Compliance Officer Ankit Poddar on January 16, 2026.

Refex Industries Limited has received a credit rating reaffirmation from Acuité Ratings & Research Limited, a SEBI-registered credit rating agency. The rating agency, through its press release dated January 08, 2026, reaffirmed the company's credit ratings across its bank loan facilities totaling ₹300.00 crores.

Credit Rating Details

The reaffirmation covers both long-term and short-term bank loan facilities with specific ratings maintained across different facility types.

Rating Rationale and Company Strengths

The rating reaffirmation reflects several key strengths in Refex Industries' business profile. The company demonstrated improved operating performance supported by a healthy order book position and maintains a healthy financial risk profile with adequate financial flexibility for availing loans from banks and financial institutions. The rating draws additional strength from the promoters' extensive experience in the industry and the company's long track record of operations.

Refex Industries reported consolidated revenue of ₹2,467.66 crores in FY25, representing significant growth from ₹1,383.43 crores in FY24. The growth was primarily driven by the ash and coal handling segment, which contributed ₹2,235.57 crores in FY25 compared to ₹945.59 crores in FY24. The company maintains an unexecuted order book of ₹2,524.60 crores as of November 2025, providing visibility for future revenues.

Financial Performance and Risk Profile

The company's financial risk profile remained healthy, marked by strong net worth, low gearing, and robust debt protection metrics. The tangible net worth increased significantly to ₹1,192.43 crores in FY25 from ₹462.86 crores in FY24, primarily due to additional equity shares and warrants allotted through a preferential issue in November 2024 amounting to ₹905.00 crores.

Business Operations and Challenges

Refex Industries Limited, incorporated in 2002 in Chennai, Tamil Nadu, operates primarily in coal trading, ash handling for power plants, and refilling of refrigerant gases in India. The company has also expanded into logistics services for power plants, including handling and disposal of fly ash and crushing of uncrushed coal. Additionally, the company operates a 5.18 megawatt solar power plant at Vituza village, Barmer, Rajasthan.

However, the rating acknowledges certain constraints, including working capital intensive operations and the presence of intense competition in the sectors where the company operates. The company's operations remain working capital intensive, as reflected by gross current assets of 204 days in FY25 against 132 days in FY24.

Corporate Compliance and Disclosure

The company has fulfilled its regulatory obligations under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, by informing both BSE Limited and the National Stock Exchange of India Limited about the credit rating reaffirmation. The press release from Acuité Ratings has been made available on the company's website at www.refex.co.in for stakeholder reference.

The rating agency maintains a stable outlook for Refex Industries, indicating confidence in the company's ability to maintain its current credit profile over the medium term, supported by expected steady cash accruals and adequate liquidity position.

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