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Swing Capital

Refex Industries Ltd

NSE: REFEX BSE: 532884

Refex Industries Limited specializes in trading eco-friendly refrigerant gases and providing comprehensive solutions for responsible coal procurement and ash disposal.[1]

₹268
52W: ₹188 — ₹534
PE 17.4 · Book ₹97.5 · +175% vs book
Market Cap₹3,680 Cr
Stock P/E17.4Price to Earnings
ROCE25.3%Return on Capital
ROE22%Return on Equity
Div. Yield0.18%Face Value ₹2

Strengths

  • +Company has delivered good profit growth of 38.6% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 27.0%
  • +Company's median sales growth is 19.5% of last 10 years

Weaknesses

  • −Promoters have pledged 41.3% of their holding.
  • −Debtor days have increased from 79.2 to 101 days.

Shareholding Pattern

Promoters55.85%
FIIs1.37%
DIIs0.13%
Public42.66%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters55.28%57.12%▲1.853.49%▼3.653.37%▼0.153.33%▼0.053.33%55.8%▲2.555.85%▲0.1
FIIs0.2%1.53%▲1.31.76%▲0.22%▲0.21.86%▼0.11.71%▼0.22.03%▲0.31.37%▼0.7
DIIs0%0%0%0.11%▲0.10.16%▲0.10.15%▼0.00.16%▲0.00.13%▼0.0
Public44.51%41.35%▼3.244.75%▲3.444.51%▼0.244.65%▲0.144.81%▲0.242.01%▼2.842.66%▲0.6

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales350302337585428686611365411576
Expenses315268294533385633548325337481
Operating Profit35344452435364407495
OPM %10%11%13%9%10%8%10%11%18%16%
Net Profit23203636375957335267
EPS ₹2.121.793.093.113.094.584.422.554.024.88

AI Insights

Revenue Trend

TTM revenue at ₹1,963Cr, down 19.2% YoY. OPM at 14%.

Debt Position

Borrowings at ₹165Cr. Debt-to-equity ratio: 0.13x. Healthy balance sheet.

Capex Cycle

CWIP at ₹8Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.13% (-0.02pp change). FIIs: 1.37% (+0.69pp change). Promoters hold 55.85%.

Margin & Efficiency

ROCE improving from 15% (Mar 2014) to 25% (Mar 2025). Working capital days: 99.

Valuation

PE 17.4x with 25.3% ROCE. Price is 175% above book value of ₹97.5. Dividend yield: 0.18%.

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