Refex Industries Secures INR 29.12 Crore Ash Transportation Contract for NHAI Road Project

Refex Industries Limited (RIL) has announced a significant new contract, marking a positive development for the company. A Maharashtra-based entity has awarded RIL an order for the transportation of ash for a National Highways Authority of India (NHAI) Road Project.

Contract Details

Aspect	Details
Contract Value	INR 29.12 crores
Nature of Work	Transportation of ash for NHAI Road Project
Duration	5 months
Client Location	Maharashtra
Type of Operation	Domestic

Key Points

The contract involves domestic operations, reinforcing RIL's presence in the Indian market.
RIL has confirmed that neither the promoters nor any group companies have interests in the entity awarding the contract.
The transaction does not fall under related party transactions, ensuring transparency and compliance with regulatory standards.

Company Disclosure

In adherence to regulatory requirements, Refex Industries Limited has made this disclosure under Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015. This disclosure was signed by Ankit Poddar, the Company Secretary & Compliance Officer of RIL.

This new contract represents a positive step for Refex Industries Limited, potentially contributing to its revenue stream and operational growth in the coming months.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.77%	-4.61%	-1.72%	-14.27%	-27.77%	+3,033.13%

Refex Industries Limited has submitted monitoring agency reports for two preferential issues, detailing the utilization of funds raised through equity shares and warrants. The reports, prepared by CARE Ratings Limited for the quarter ended September 30, 2025, provide insights into the company's financial activities and adherence to stated objectives.

First Preferential Issue

The first preferential issue involved 50,00,000 equity shares and 1,25,75,000 warrants, totaling Rs. 219.69 crore. The company has received:

100% of equity share proceeds (Rs. 62.50 crore)
54.82% of warrant proceeds (Rs. 86.18 crore)

Second Preferential Issue

The second preferential issue comprised 81,77,068 equity shares and 1,11,70,000 warrants, amounting to Rs. 905.44 crore. The company has received:

100% of equity proceeds (Rs. 382.69 crore)
25% of warrant proceeds (Rs. 130.68 crore)

Fund Allocation

The funds have been allocated across various objectives, as outlined in the following table:

Objective	Original Amount (Rs. Crore)	Revised Amount (Rs. Crore)	Amount Utilized (Rs. Crore)
Working Capital	419.81	837.19	351.45
Capital Expenditure	105.00	88.48	3.48
Investment in Subsidiaries	310.00	364.48	136.89
Repayment of Loans	59.00	36.63	36.63
General Corporate Purposes	254.00	289.21	120.11

Key Observations

No Deviation: The monitoring agency reported no deviation from the stated objectives for fund utilization.
Promoter Share Pledge: There has been a significant increase in the promoter share pledge, rising from 10.37% in Q1FY26 to 30.19% in Q2FY26.
Loan Repayment Delay: Some loan repayments were completed 50 days after the stipulated three-month timeline.
Unutilized Funds: A portion of the unutilized funds has been parked in fixed deposits with Union Bank, earning interest rates of 7.25% and 7.50%.
Ongoing Implementation: The implementation of most objectives, including working capital, capital expenditure, and investment in subsidiaries, is ongoing and within the specified timelines.

The monitoring agency reports indicate that Refex Industries is largely adhering to its stated objectives for fund utilization. However, the increase in promoter share pledge and the slight delay in loan repayments may warrant attention from investors and stakeholders. The company continues to deploy funds across various segments of its business, with a significant portion allocated to working capital and investments in subsidiaries.