Refex Industries management has expressed optimism about the company's ash and coal handling business prospects during a recent conference call, highlighting strong operational momentum expected to continue in the coming quarters.

Business Outlook and Order Book Position

The company's management provided positive guidance for the ash and coal handling segment, citing robust fundamentals that support continued growth. The business outlook is anchored by new ash projects coming online and a substantial order book that provides revenue visibility.

Operational Momentum Drivers

The management emphasized that the operational momentum in the ash and coal handling business is supported by multiple factors. New ash projects are expected to contribute significantly to the company's revenue stream, while the existing order book provides a strong foundation for sustained business activity.

The substantial order book of approximately ₹1,500.00 crores represents a significant pipeline of confirmed business, offering revenue visibility and supporting the management's confident outlook for the segment. This order book position indicates strong demand for Refex Industries' services in the ash and coal handling sector.

Management Guidance Summary

During the conference call, the management's guidance reflected confidence in the company's ability to maintain its operational performance in the ash and coal handling business. The combination of new project acquisitions and the existing order book creates a favorable environment for continued business growth in the coming quarters.

Refex Industries Limited has announced the approval of 46,809 Employee Stock Options (ESOPs) to eligible employees under its Employee Stock Option Scheme 2021. The Nomination and Remuneration Committee approved this grant during its meeting held on January 21, 2026, in compliance with SEBI regulations.

ESOP Grant Details

The approved stock options cover 46,809 equity shares with a face value of ₹2.00 each. The scheme operates under two distinct categories with different pricing structures and vesting mechanisms.

Pricing Structure and Categories

The ESOPs are structured into two main categories with distinct exercise prices. Time-based options represent 30% of the total grants, while performance-based options constitute the remaining 70%.

Vesting Schedule Framework

The time-based options follow a graduated vesting schedule over five years. The first vesting occurs after one year at 10% of total time-based options, followed by 20% each in years two through four, and concluding with 30% in the fifth year.

Performance-based options vest at 20% annually over five years, contingent upon achieving specific performance criteria. The company must achieve more than 105% of approved Annual Operations Plan (AOP) targets for turnover and gross margin in the respective financial years.

Performance Criteria Structure

The performance-based vesting depends on two key metrics: company performance and individual employee performance. Company performance is measured against AOP targets with varying vesting percentages based on achievement levels.

Individual employee performance is evaluated through the Performance Management System, with ratings from 90-100% receiving full benefits, while lower ratings receive proportionally reduced vesting percentages.

Regulatory Compliance

The ESOP scheme complies with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The grant follows proper disclosure requirements under Regulation 30 of SEBI Listing Regulations, with detailed documentation provided to stock exchanges.

The options can be exercised within a minimum period of one year from the grant date, with a maximum exercise window of 10 years. Future determinations regarding options exercised, money realized, and diluted earnings per share will be made after the exercise period concludes.