āagman

Not investment advice. Data and computed figures, for information only.

Refex Industries Ltd

NSE: REFEX
₹261.40
−₹5.00 (−1.88%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹3,491 Cr
CMP
₹261.40
52-wk High / Low
₹382 / 188
P/E
12.2
P/B
2.3
Book Value
₹110.0
Div Yield
0.59%
ROCE
23.0%
ROE
17.8%
Face Value
₹2
D/E
0.15

Price−26.8% over 1Y

āagman read

Computed by āagman
Derived from 11 years and 13 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
4
/ 9
4 of 9 F-score tests passed
Graham Number
₹192
√(22.5 × EPS × book value per share)
ROIC
13.8%
vs 12.1% sector median
Cash flow to profit
0.52
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+117
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
16.5%
ROE × earnings retention ratio
ROE stability
9.3
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.72FII −0.44DII +0.25
Latest quarter vs the previous one
Cash-accrual divergence
4.2%
of assets
Low = accruals track cash flow
Strengths
+Promoter holding rose by 3.9pp over the last year
+FII holding rose by 0.9pp over the last year
+PE of 12.2x is below the sector median of 23.8x
Watch-outs
−Borrowings are up 508.1% since FY2016 (37 to 225)
−Price trades below its 200-day moving average (1.0x)
−Price is 31.6% below its 52-week high
−Annualised volatility of 51.3% is in the high band (≥45%)

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales382352306342591428686594352415576934916
Expenses346318272301543385633534315344486775809
Operating Profit3634344148435360377190160107
OPM %9.4%9.7%11.1%12.0%8.1%10.0%7.7%10.1%10.5%17.1%15.6%17.1%11.7%
Other Income2538251632−4−3−82
Interest668864556791013
Depreciation3344623355556
Profit before tax293025373942625528557313691
Net Profit21211733293150482036539465
EPS (₹)1.921.941.532.962.602.573.883.741.642.903.936.624.65

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 11 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales857838774616616331,6291,3832,2592,2772,841
Expenses797536754336095651,4541,2372,0531,9152,414
Operating Profit6322285168175146206362427
OPM %7.1%3.8%5.3%2.6%6.1%7.7%10.7%10.7%10.6%9.1%15.9%15.0%
Other Income00222−1481829−13−12
Interest01310191929183739
Depreciation2111115714102021
Profit before tax3012294858156121207292355
Net Profit350132334111693158204248
EPS (₹)0.290.510.040.093.013.163.9010.508.1112.2914.8218.10

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital1515151515152122232627—
Reserves−11−6−5−427601192924421,1871,477—
Borrowings93735410974149215286225—
Other Liabilities56711545115531282881183001,113—
Total Liabilities7011860971591383417527981,7992,843—
Fixed Assets16151514152287147204345212—
CWIP0000000391718—
Investments000000747474310—
Other Assets5410345831431161815295121,4062,613—
Total Assets7011860971591383417527981,7992,843—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity−3−254−44412123283−248107
Cash from Investing Activity4−20−105−122−78−42−105−268
Cash from Financing Activity−226−34−411−5606260265
Net Cash Flow−101−1317−41023248−95

Ratios

As of 31 Mar 2026
11 periods
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %—6.07.06.061.085.045.0—26.023.023.0
ROE %——————————17.8
EPS (₹)0.290.510.040.093.013.163.9010.508.1112.2914.82
Book Value (₹)——————————110.0
Face Value (₹)——————————2
P/E——————————12.2
Div Yield %——————————0.59
NPM %3.56.40.01.36.95.06.47.16.66.99.0
OPM %7.03.46.02.36.08.011.011.011.09.016.0
D/E2.254.113.503.730.000.120.530.470.460.240.15
P/B——————————2.3

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+40.0%
5 years+29.0%
3 years+12.0%
TTM+38.0%
Compounded profit growth
10 years+46.0%
5 years+43.0%
3 years+28.0%
TTM+56.0%
Stock price CAGR
10 years+57.0%
5 years+54.0%
3 years+26.0%
Last year−29.0%
Return on equity
3 years19.0%
Last year18.0%

Shareholding pattern

As of 31 Mar 2026
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters32.31%31.51%34.51%34.51%49.72%50.21%52.70%55.28%53.37%55.85%56.57%
FIIs0.00%0.00%0.00%0.00%0.00%0.26%0.07%0.22%2.00%1.37%0.93%
DIIs0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.11%0.13%0.38%
Government0.00%0.00%0.00%0.01%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Public67.69%68.49%65.49%65.48%50.28%49.53%47.23%44.50%44.51%42.66%42.13%
No. of shareholders7,8117,7968,06711,30821,15527,13528,34048,72981,73994,15991,033
Change since Sep 2023 (pp)
Promoters +24.26FIIs +0.93DIIs +0.38Public −25.56

Documents

As of 11 Oct 2026
Announcements
Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011.Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.Closure of Trading WindowCommencement Of Commercial OperationsDisclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011.
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Aug 2026TranscriptAug 2026PPTAug 2026RecordingJul 2026PPTJun 2026TranscriptJun 2026PPTJan 2026TranscriptJan 2026PPTNov 2025TranscriptNov 2025PPTNov 2025Recording

Corporate actions

As of 24 Jul 2026
24 Jul 2026DIVIDENDDividend - Re 1 Per Share—
19 Aug 2025DIVIDENDInterim Dividend - Re 0.50 Per Share—
22 Mar 2024SPLITFace Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share10 : 2
20 Feb 2024DIVIDENDInterim Dividend - Rs 0.50 Per Share—
14 Sep 2023DIVIDENDAnnual General Meeting/Dividend - Rs 2 Per Share—
16 Sep 2021DIVIDEND Annual General Meeting/Dividend - Rs 0.50 Per Share—
11 Jan 2021DIVIDEND Interim Dividend - Re 1 Per Share—
16 Jun 2020RIGHTS Rights 5:14@ Premium Rs 35/-—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman