Refex Industries Receives Credit Rating Reaffirmation from Acuité Ratings for ₹300 Crore Bank Facilities

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.

Facility Type	Amount (₹ Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	165.00	ACUITE A- Stable Reaffirmed	-
Bank Loan Ratings	135.00	-	ACUITE A2+ Reaffirmed
Total Outstanding	300.00	-	-

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.

Financial Metric	FY25	FY24
Operating Income (₹ Cr)	2,467.66	1,383.43
PAT (₹ Cr)	158.38	92.98
PAT Margin (%)	6.42	6.72
Total Debt/Tangible Net Worth (Times)	0.24	0.46
PBDIT/Interest (Times)	9.39	5.59

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.

Source:

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.74%	-9.48%	-25.37%	-47.89%	-52.83%	+1,096.66%

Refex Industries Limited has formally disclosed securing a major contract from the National Highways Authority of India (NHAI) through a regulatory filing under SEBI Listing Regulations. The company announced the order on January 8, 2026, strengthening its position in the infrastructure services sector.

Contract Details

The company has received an order worth approximately ₹34.61 crores for comprehensive pond ash management services from a Maharashtra-based entity for NHAI road projects. The contract encompasses multiple operational aspects of pond ash handling for road construction initiatives.

Parameter:	Details
Order Value:	₹34.61 crores (approximately)
Client:	Entity based in Maharashtra
Project Duration:	4 months
Service Type:	Excavation, Loading & Transportation
Contract Nature:	Domestic

Scope of Work

The contract involves three primary components of pond ash management for NHAI road projects:

Excavation: Systematic removal of pond ash from designated sites
Loading: Efficient loading operations using appropriate machinery and equipment
Transportation: Safe and timely transportation of pond ash to specified locations for road projects

Regulatory Compliance

Refex Industries disclosed the contract details in compliance with Regulation 30 of SEBI Listing Regulations. The company confirmed that the order does not involve any related party transactions and that promoters have no interest in the awarding entity. The contract is being executed at arm's length with a domestic entity.

Strategic Significance

This NHAI contract represents a notable addition to Refex Industries' order book, particularly given the company's focus in the trading segment. The order value of ₹34.61 crores indicates the substantial scale of the pond ash management project and reflects confidence in the company's execution capabilities for road infrastructure development. The four-month timeline demonstrates the company's operational efficiency in handling large-scale infrastructure contracts.