Refex Industries Receives ESG Rating of 70 for FY2025 from NSE Sustainability

Refex Industries Limited has announced that it received an Environmental, Social, and Governance (ESG) rating of 70 for FY2025 from NSE Sustainability Ratings & Analytics Limited, representing an improvement from the previous year's score of 69. The company disclosed this development through a regulatory filing on December 15, 2025, under SEBI Listing Regulations.

ESG Rating Performance

The diversified enterprise, headquartered in Chennai and operating in eco-friendly refrigerant gases, coal and ash management, achieved scores across three key pillars:

Pillar	FY2025 Score	Rating Category
Environment	61	Aspiring
Social	77	Aspiring
Governance	73	Aspiring
Overall ESG Score	70	Aspiring

Refex Industries also received a Core ESG Rating of 58 for FY2025, comprising an environment score of 52, social score of 67, and governance score of 57. This core rating focuses on third-party assured or audited data derived from BRSR Core disclosures.

Environmental Performance Analysis

The Environment pillar score of 61 reflects mixed performance across sustainability metrics. Key highlights include:

Positive Indicators:

Scope 3 emissions lower than standard practices
Water intensity performance improved with 13% decrease compared to previous year
Waste intensity well-managed with significant 64% decrease year-over-year

Areas for Improvement:

Greenhouse gas emissions from direct operations increased by 34% compared to previous year
Energy intensity aligned with benchmarks but increased by 29% year-over-year
Company lags behind in renewable energy adoption
Waste recycling and recovery decreased by 55% compared to previous year

Social and Governance Strengths

The Social pillar achieved the highest score of 77, driven by strong workplace safety and employee welfare measures:

Social Metrics	Performance
Lost Time Incident Rate	Low compared to peers
Worker Fatalities	Zero reported
Health Insurance Coverage	At par with industry norms
Accident Insurance	Adequate coverage provided
Female Employee Percentage	Meets industry standards

The Governance pillar scored 73, reflecting robust board composition and committee structures:

Strong presence of independent directors exceeding minimum regulatory requirements
Compliance with women directors requirement on board
Independent director representation in key committees above statutory guidelines
Risk Management Committee composition meets regulatory thresholds

Rating Methodology and Assessment

NSE Sustainability, a SEBI-registered ESG Rating Provider under Category I, conducted this assessment independently without company engagement. The evaluation utilized publicly available data from annual reports, ESG reports, BRSR reports, company website, news, and stock exchange filings.

The rating agency assessed 500 listed companies in India as part of its mandate to promote transparency and consistency in ESG assessments. The evaluation incorporates transition factors and material events related to ESG practices, using sector-specific parameters and peer benchmarking.

Company Background

Refex Industries operates within the commodities macro-economic sector with strategic interests in sustainable technologies. The company is recognized for its sustainability-driven approach and innovative solutions across critical infrastructure and environmental domains, playing a vital role in India's transition toward greener technologies and responsible industrial practices.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-5.35%	-10.90%	-17.35%	-38.57%	-43.98%	+1,282.47%

UPL Limited has issued a clarification to BSE Limited regarding unusual volume movement in its scrip, responding to an inquiry received on December 15, 2025. The company addressed concerns about potential undisclosed information that could be influencing trading activity.

Company's Response to Volume Movement Inquiry

In its official communication, UPL Limited stated that it has been consistently making disclosures to stock exchanges as required under regulations. The management emphasized that there is no unpublished price-sensitive information or event that has become due for disclosure to the stock exchanges in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Parameter	Details
BSE Scrip Code	512070
Inquiry Date	December 15, 2025
Inquiry Time	1:39 p.m.
Response Type	Volume Movement Clarification

Regulatory Compliance and Disclosure Practices

The company highlighted its adherence to regulatory requirements and transparency standards. UPL Limited confirmed that it has been complying with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and will continue to adhere to the said regulations.

Key compliance aspects mentioned include:

Consistent disclosure practices to stock exchanges as required
Adherence to Regulation 30 of SEBI LODR Regulations
Commitment to continue following regulatory requirements
Transparency in all material announcements

Market-Driven Activity Attribution

UPL Limited attributed any movement in the volume of the company's shares to market-driven factors. The management clarified that the trading activity does not stem from any internal developments or undisclosed corporate actions that would require disclosure under regulatory frameworks.

Corporate Information

The clarification was signed by Sandeep Deshmukh, Company Secretary and Compliance Officer (ACS-10946), representing UPL Limited. The company operates from Uniphos House, C.D. Marg, Khar (West), Mumbai, with its registered office located at GIDC, Vapi, Valsad, Gujarat. UPL Limited operates in the agro chemicals sector and maintains its corporate website at www.upl-ltd.com for investor communications.