Price
Financials
Consolidated, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 20.56 | 20.55 | 17.81 | 18.01 | 14.00 | 15.90 | 20.07 | 16.74 | 14.28 | 16.10 | 19.35 | 22.20 |
| Operating costs | 10.61 | 12.46 | 11.11 | 9.19 | 9.05 | 8.33 | 9.76 | 8.05 | 11.07 | 9.92 | 10.73 | 10.43 |
| EBITDA | 9.95 | 8.09 | 6.70 | 8.82 | 4.95 | 7.57 | 10.31 | 8.69 | 3.21 | 6.18 | 8.62 | 11.77 |
| EBITDA margin % | 48.39% | 39.37% | 37.62% | 48.97% | 35.36% | 47.61% | 51.37% | 51.91% | 22.48% | 38.39% | 44.55% | 53.02% |
| Depreciation & amortisation | 4.56 | 4.68 | 4.63 | 4.43 | 4.52 | 4.51 | 4.59 | 4.65 | 4.94 | 4.98 | 4.99 | 4.95 |
| Finance costs | 10.77 | 10.66 | 9.50 | 10.30 | 10.39 | 10.85 | 11.64 | 11.36 | 11.54 | 12.83 | 12.32 | 11.59 |
| Non-operating income | 0.80 | 2.41 | 2.53 | 0.34 | 0.38 | 1.27 | 4.91 | 1.89 | 0.86 | 2.41 | 0.99 | 3.49 |
| Pre-tax profit | -4.58 | -4.84 | -4.90 | -5.57 | -9.58 | -6.52 | -1.01 | -5.43 | -12.41 | -9.22 | -7.70 | -1.28 |
| Effective tax rate % | 128.82% | 118.39% | 121.22% | 52.60% | 32.46% | 55.98% | 397.03% | 38.31% | 15.39% | 19.63% | 31.04% | 145.31% |
| Profit after tax | -10.48 | -10.57 | -10.84 | -8.50 | -12.69 | -10.17 | -5.02 | -7.51 | -14.32 | -11.03 | -10.09 | -3.14 |
| Earnings per share (Rs) | -15.61 | -19.02 | -17.95 | -19.13 | -28.31 | -22.38 | -10.50 | -16.83 | -32.67 | -23.59 | -22.14 | -6.89 |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 0 | 71 | 63 | 72 | 53 | 76 | 75 | 67 | 65 | 72 |
| Operating costs | 0 | 62 | 74 | 97 | 60 | 67 | 42 | 35 | 38 | 42 |
| EBITDA | -0 | 9 | -11 | -25 | -7 | 9 | 33 | 32 | 27 | 30 |
| EBITDA margin % | 13% | -18% | -35% | -13% | 11% | 44% | 48% | 41% | 41% | |
| Depreciation & amortisation | 0 | 0 | 4 | 15 | 17 | 16 | 18 | 18 | 20 | 20 |
| Finance costs | 0 | 0 | 6 | 14 | 20 | 35 | 42 | 43 | 48 | 48 |
| Non-operating income | 0 | 2 | 2 | 12 | 11 | 20 | 18 | 7 | 6 | 8 |
| Pre-tax profit | -0 | 11 | -19 | -42 | -32 | -23 | -8 | -23 | -35 | -31 |
| Effective tax rate % | -20% | 31% | 11% | -36% | 14% | 33% | 313% | 60% | 24% | |
| Profit after tax | -0 | 8 | -22 | -27 | -37 | -30 | -34 | -36 | -43 | -39 |
| Earnings per share (Rs) | -0.16 | 17.19 | -47.60 | -61.60 | -72.36 | -52.07 | -55.03 | -80.77 | -93.44 | -85.29 |
| Paid out as dividend % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Revenue CAGR | % | -2% | -5% | 8% | ||
| Profit CAGR | % | -14% | -42% | -8% | ||
| Share price CAGR | % | 46% | -3% | -49% | ||
| Average return on equity | % | % | % | % |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Net block (property, plant) | 0 | 13 | 169 | 171 | 173 | 172 | 458 | 453 | 443 |
| Capital work in progress | 0 | 0 | 19 | 33 | 231 | 288 | 0 | 0 | 2 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11 |
| Current & other assets | 5 | 61 | 120 | 185 | 147 | 142 | 51 | 63 | 60 |
| Total assets | 5 | 74 | 308 | 389 | 551 | 602 | 509 | 516 | 517 |
| Share capital | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Reserves & surplus | 0 | 8 | 117 | 182 | 57 | 33 | 9 | -50 | -85 |
| Total debt | 0 | 24 | 109 | 152 | 334 | 474 | 419 | 473 | 487 |
| Other liabilities & provisions | 0 | 38 | 78 | 51 | 157 | 90 | 76 | 88 | 110 |
| Equity + liabilities | 5 | 74 | 308 | 389 | 551 | 602 | 509 | 516 | 517 |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -1 | -14 | -46 | 84 | -55 | 120 | 27 | 16 | |
| Investing cash flow | 2 | 5 | -62 | -159 | -74 | -14 | -40 | 2 | |
| Free cash flow (after capex) | -1 | -33 | -86 | -149 | -127 | 105 | 14 | 10 | |
| Financing cash flow | 3 | 4 | 119 | 74 | 125 | -107 | 18 | -24 | |
| Net change in cash | 5 | -4 | 10 | -1 | -3 | -1 | 5 | -6 | |
| Cash conversion (OCF / EBITDA) % | -2% | 112% | 173% | -1,258% | -613% | 376% | 88% | 61% |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Return on capital employed % | 60% | -11% | -10% | -4% | 3% | 5% | 5% | 3% | |
| Receivable days | 70 | 297 | 334 | 431 | 305 | 33 | 32 | 22 | |
| Inventory days | 74 | 88 | 114 | 193 | 42 | 155 | |||
| Payable days | 291 | 316 | 3,802 | 438 | 664 | 699 | |||
| Cash cycle (days) | 70 | 80 | 106 | -3,256 | 60 | -589 | 32 | -522 | |
| Working capital days | -39 | 133 | 255 | -439 | -50 | -249 | -261 | -373 |
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter group % | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 74.97% | 74.89% | 74.89% | 74.89% | 74.87% | 74.87% | 74.87% |
| Retail & others % | 24.99% | 25.01% | 25.01% | 25.00% | 24.99% | 25.03% | 25.11% | 25.11% | 25.11% | 25.14% | 25.14% | 25.13% |
| Shareholder count | 1,266 | 1,325 | 2,495 | 2,580 | 2,486 | 2,809 | 2,798 | 2,717 | 2,690 | 2,926 | 2,824 | 2,702 |
Fundamentals
Market value₹ 158 Cr.
Last price₹ 351
Book value / share₹ -178
Return on capital3.27 %
Return on equity%
Dividend yield0.00 %
Face value₹ 10.0
Revenue CAGR (TTM)8%
Profit CAGR (TTM)-8%
Consolidated figures.
Valuation
Market capRs 158 Cr
Enterprise valueRs 618 Cr
Price to book-3.50x
Price to sales2.19x
EV / EBITDA16.45x
EV / EBIT34.95x
EV / sales8.59x
Price to cash flow5.84x
Earnings yield-24.31%
P/B, 3-year average4.38x
P/B, 5-year average3.12x
Profitability
Operating margin (excl. other income)47.55%
Operating margin (incl. other income)57.83%
EBITDA margin52.18%
Pre-tax margin-42.56%
Net profit margin-53.33%
Net margin, latest quarter-13.96%
ROE230.60%
ROCE4.81%
ROA-7.08%
ROE, 3-year average28.88%
ROCE, 3-year average4.89%
ROA, 3-year average-5.20%
ROE, 5-year average8.48%
ROCE, 5-year average0.29%
ROA, 5-year average-6.09%
ROIC (approx.)6.83%
Tax rate-60.38%
Other income / net worth-15.28%
Growth
Sales growth (latest year)-10.63%
Sales CAGR, 3 years8.02%
Sales CAGR, 5 years1.40%
Sales growth QoQ14.73%
Sales growth YoY (latest quarter)32.62%
Per share
EPS (TTM)Rs -85.31
EPS (latest year)Rs -80.77
EPS (latest quarter)Rs -6.89
EPS, 3-year averageRs -62.63
EPS, 5-year averageRs -64.37
Book value per shareRs -100.25
Sales per shareRs 159.97
Cash flow per shareRs 60.11
Efficiency
Asset turnover0.13x
Fixed asset turnover0.15x
Inventory turnover8.38x
Inventory days44 days
Debtor days32 days
Debtors turnover11.54x
Leverage
Total debtRs 473 Cr
Cash and bankRs 13 Cr
Net debtRs 460 Cr
Debt to equity-10.49x
Net debt / EBITDA12.25x
Interest coverage0.37x
Owners' fund to total sources-8.73%
Debt to assets91.60%
Cash flow
Operating cash flow (latest year)Rs 27 Cr
Investing cash flow (latest year)Rs -40 Cr
Financing cash flow (latest year)Rs 18 Cr
Net change in cash (latest year)Rs 5 Cr
Sales to cash flow2.48x
Statement figures
Net sales (TTM)Rs 72 Cr
Net sales (latest year)Rs 67 Cr
Sales (latest quarter)Rs 22 Cr
Operating profit excl. other income (latest year)Rs 32 Cr
Operating profit (latest quarter)Rs 12 Cr
Other income (TTM)Rs 8 Cr
EBITDA (TTM)Rs 38 Cr
PBDT (TTM)Rs -11 Cr
Profit before tax (TTM)Rs -31 Cr
Tax (latest year)Rs 14 Cr
Net profit (TTM)Rs -38 Cr
Net profit (latest year)Rs -36 Cr
Net profit (latest quarter)Rs -3 Cr
Depreciation (TTM)Rs 20 Cr
Depreciation (latest quarter)Rs 5 Cr
Interest (TTM)Rs 48 Cr
Cost of goods sold (latest year)Rs 8 Cr
Total expenditure (latest year)Rs 35 Cr
Total income (latest year)Rs 74 Cr
Share capitalRs 4 Cr
ReservesRs -50 Cr
Shareholders' fundsRs -45 Cr
Total assetsRs 516 Cr
Net blockRs 453 Cr
Capital work in progressRs 0 Cr
InvestmentsRs 0 Cr
ReceivablesRs 6 Cr
InventoryRs 1 Cr
Other liabilitiesRs 88 Cr
Shares outstanding (crore)0.45
Computed by MarketFriction from the consolidated statements. Returns use average balances.
Not enough history to build valuation bands (needs two years of profits and prices).
| Period | 531260 | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +6.1% | -2.8% | +8.9 pts |
| 1 month | +8.2% | -6.8% | +14.9 pts |
| 3 years | -8.8% | +14.2% | -23.0 pts |
| 5 years | +569.1% | +27.9% | +541.2 pts |
Red flags
F-score 4 of 8| serious | Negative equity Shareholders' equity is negative |
| look | Repeated losses Net loss in each of the last two years |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹22 Cr +32.6% vs Jun 2025.
Net loss ₹3 Cr.
Activity
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| Larsen & Toubro Ltd | 515,837 | 29.3 | 14.6 % |
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| Engineers India Ltd | 17,435 | 22.2 | 30.4 % |
| Central Mine Planning & Design Institute Ltd | 15,217 | 23.3 | 38.1 % |
| Techno Electric & Engineering Company Ltd | 11,748 | 22.8 | 15.2 % |
| Welspun Enterprises Ltd | 10,302 | 29.1 | 16.7 % |
| KEC International Ltd | 10,072 | 16.8 | 16.5 % |
| Ircon International Ltd | 9,637 | 18.4 | 9.27 % |
| Rites Ltd | 9,242 | 22.1 | 23.0 % |
| Afcons Infrastructure Ltd | 9,014 | 44.0 | 13.9 % |
| NCC Ltd | 8,053 | 11.2 | 16.8 % |
No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.
Quick answers
What is the market cap of Refex Renewables & Infrastructure Ltd?
Refex Renewables & Infrastructure Ltd (531260) has a market capitalisation of Rs 158 Cr. at the 2026-09-28 close.
What were Refex Renewables & Infrastructure Ltd's latest quarterly results?
In the Jun 2026 quarter, Refex Renewables & Infrastructure Ltd sales was Rs 22 Cr (+32.6% vs Jun 2025) with a net loss of Rs 3 Cr.