Refex Industries has officially disclosed a major contract win worth ₹27.50 crores for transportation of pond ash to NHAI road projects. The company filed the disclosure under Regulation 30 of SEBI Listing Regulations on December 17, 2025, providing formal notification of this significant business development.

Contract Details and Official Disclosure

The transportation contract has been awarded by a Major Power Producer (PSU) and involves the movement of pond ash for NHAI road construction projects. The following table summarizes the key contract parameters as disclosed in the official filing:

Regulatory Compliance and Documentation

Refex Industries Limited filed the mandatory disclosure through Company Secretary and Compliance Officer Ankit Poddar (ACS-25443). The disclosure was submitted to both BSE Limited (Scrip Code: 532884) and National Stock Exchange of India Limited (Symbol: REFEX) in compliance with SEBI Master Circular requirements.

The contract involves scope of supply and services specifically focused on transportation of pond ash to NHAI road projects. The company confirmed that promoters, promoter groups, or group companies have no interest in the entity that awarded the contract, and the transaction does not fall within related party transactions.

Business Impact and Strategic Significance

This contract win represents a notable addition to Refex Industries' project portfolio in the infrastructure and transportation sector. The ₹27.50 crore value demonstrates the company's capability to secure substantial contracts from major power sector entities for critical infrastructure support services.

The involvement of a Major Power Producer (PSU) as the contracting entity highlights Refex Industries' established relationships within the public sector infrastructure ecosystem. Pond ash transportation plays a crucial role in sustainable road construction, as this coal combustion byproduct serves as an environmentally friendly construction material for road base and sub-base applications.

Refex Industries Limited has received a demand order from tax authorities totaling ₹35.29 lakh for the financial year 2021-22. The company disclosed this development to stock exchanges on December 16, 2025, pursuant to regulatory requirements under SEBI listing obligations.

CGST Demand Order Details

The Assistant Commissioner, CGST Central Excise, Raipur issued the demand order on December 15, 2025, under Section 73 of the CGST Act, 2017. The order imposes both tax and penalty components for alleged violations during FY2021-22.

Nature of Alleged Violation

The demand order alleges short payment of Reverse Charge Mechanism (RCM) liability based on figures reflected in the auto-populated GSTR-2A. The tax authorities have identified discrepancies in the company's GST compliance for the specified financial year.

According to the company's assessment, the alleged RCM liability has arisen due to erroneous filing of GST returns by one of its suppliers. The transaction in question pertains to an exempt supply, for which no tax is payable under RCM, and consequently, the supplier was not required to report the same in GST returns.

Company's Response and Impact Assessment

Refex Industries believes the demands are not maintainable and has indicated its intention to prefer an appeal against the order within the prescribed time period. The company's management has assessed that the demanded amount, along with interest and penalty, will not have any material impact on the company's financials.

The management further stated that the demand order will not affect the company's operational activities or other business functions.

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notification was sent to both BSE Limited and National Stock Exchange of India Limited, ensuring transparency with stakeholders regarding this regulatory development.

Refex Industries operates from its registered office in Chennai, Tamil Nadu, and maintains manufacturing facilities in the same state. The company continues its business operations while addressing this tax-related matter through appropriate legal channels.