MarketFriction

Refex Industries Ltd

NSE REFEX · BSE 532884 · Waste Management
₹271.30 +2.28%
NSE close2026-10-01
52 week range188.00 - 382.40
Market cap₹3,729 Cr.
P/E13.1
Microcap 250 Price band 20% Delivery 41.7%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales352306342591428686594352415576934916
Expenses318272301543385633534315344486775809
Operating Profit34344148435360377190160107
OPM %10%11%12%8%10%8%10%10%17%16%17%12%
Other Income538251632-4-3-82
Interest68864556791013
Depreciation344623355556
Profit before tax3025373942625528557313691
Tax %29%33%9%25%27%19%13%26%34%28%31%29%
Net Profit211733293150482036539465
EPS in Rs1.941.532.962.602.573.883.741.642.903.936.624.65
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%3.4%6%2.3%6%8%11%11%11%9%16%15%
Other Income00222-1481829-13-12
Interest01310191929183739
Depreciation2111115714102021
Profit before tax3012294858156121207292355
Tax %0%-1,613%13%46%-10%31%29%26%23%24%30%
Net Profit350132334111693158204248
EPS in Rs0.290.510.040.093.013.163.9010.508.1112.2914.8218.10
Dividend Payout %0%0%0%0%0%0%8%4%6%4%7%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth40%29%12%38%
Compounded Profit Growth46%43%28%56%
Stock Price CAGR58%56%29%-24%
Return on Equity%%19%18%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 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
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-3-254-44412123283-248107
Cash from Investing Activity4-2-0-105-122-78-42-105-268
Cash from Financing Activity-226-34-411-5606260265
Net Cash Flow-1-01-1317-41023248-95
Free Cash Flow-4-254-54212118-44-43-41447
CFO/OP-56%-930%190%-248%180%47%182%25%18%-90%35%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days215376871736940545581109142
Inventory Days47223372433115
Days Payable28138215626492277049203192
Cash Conversion Cycle-631-47-57-1515-128637965
Working Capital Days-34-40255159920144169102144
ROCE %6%7%6%61%85%45%26%23%23%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters53.33%53.27%55.28%55.28%57.12%53.49%53.37%53.33%53.33%55.80%55.85%56.57%
FIIs0.41%0.20%0.22%0.20%1.53%1.76%2.00%1.86%1.71%2.03%1.37%0.93%
DIIs0.10%0.00%0.00%0.00%0.00%0.00%0.11%0.16%0.15%0.16%0.13%0.38%
Public46.17%46.53%44.50%44.51%41.35%44.75%44.51%44.65%44.81%42.01%42.66%42.13%
No. of Shareholders39,56842,58948,72957,63981,30281,85781,73985,42989,56897,01594,15991,033

Fundamentals

Market Cap₹ 3,729 Cr.
Current Price₹ 272
Stock P/E13.1
Book Value₹ 110
ROCE22.7 %
ROE17.8 %
Dividend Yield0.55 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)38%
Compounded Profit Growth (TTM)56%
Consolidated figures.
Valuation
Market capRs 3,722 Cr
Enterprise valueRs 3,554 Cr
P/E (TTM)15.13x
Price to book2.47x
Price to sales1.31x
EV / EBITDA8.57x
EV / EBIT9.03x
EV / sales1.25x
Price to cash flow34.74x
Earnings yield6.61%
Dividend yield0.37%
P/E, 3-year average20.04x
P/B, 3-year average3.03x
P/E, 5-year average12.40x
P/B, 5-year average1.94x
Profitability
Operating margin (excl. other income)15.89%
Operating margin (incl. other income)15.30%
EBITDA margin14.60%
Pre-tax margin12.49%
Net profit margin8.66%
Net margin, latest quarter6.96%
ROE14.97%
ROCE20.34%
ROA8.76%
ROE, 3-year average19.32%
ROCE, 3-year average22.44%
ROA, 3-year average11.03%
ROE, 5-year average29.42%
ROCE, 5-year average32.80%
ROA, 5-year average14.28%
ROIC (approx.)20.57%
Tax rate30.18%
Other income / net worth-0.89%
Growth
Sales growth (latest year)0.77%
Profit growth (latest year)28.07%
Sales CAGR, 3 years11.80%
Sales CAGR, 5 years28.07%
Profit CAGR, 3 years20.56%
Profit CAGR, 5 years43.75%
Sales growth QoQ-1.91%
Profit growth QoQ-29.75%
Sales growth YoY (latest quarter)160.42%
Profit growth YoY (latest quarter)201.37%
Per share
EPS (TTM)Rs 17.93
EPS (latest year)Rs 14.82
EPS (latest quarter)Rs 4.65
EPS, 3-year averageRs 11.74
EPS, 5-year averageRs 21.44
Book value per shareRs 109.63
Sales per shareRs 207.08
Cash flow per shareRs 7.81
Free cash flow per shareRs 3.43
Dividend per share (latest year)Rs 1.00
Dividend per share, 3-year averageRs 0.67
Dividend per share, 5-year averageRs 1.10
Dividends
Dividend payout6.75%
Dividend payout, 3-year average5.66%
Dividend payout, 5-year average5.70%
Efficiency
Asset turnover0.80x
Fixed asset turnover10.75x
Inventory turnover24.27x
Inventory days15 days
Debtor days142 days
Debtors turnover2.57x
Creditor days92 days
Cash conversion cycle65 days
Working capital days144 days
Leverage
Total debtRs 225 Cr
Cash and bankRs 393 Cr
Net debtRs -168 Cr
Debt to equity0.15x
Net debt / EBITDA-0.41x
Interest coverage10.14x
Current ratio (filing 2026-03-31)2.08x
Quick ratio (filing 2026-03-31)2.01x
Trade payables (filing 2026-03-31)Rs 464 Cr
Owners' fund to total sources52.91%
Debt to assets7.92%
Cash flow
Cash from Operating Activity (latest year)Rs 107 Cr
Cash from Investing Activity (latest year)Rs -268 Cr
Cash from Financing Activity (latest year)Rs 65 Cr
Net Cash Flow (latest year)Rs -95 Cr
Free cash flow (latest year)Rs 47 Cr
FCFE (approx.: FCF + change in debt)Rs -14 Cr
Cash from ops / profit, 5 years0.02x
Sales to cash flow21.25x
Statement figures
Net sales (TTM)Rs 2,841 Cr
Net sales (latest year)Rs 2,277 Cr
Sales (latest quarter)Rs 916 Cr
Operating profit excl. other income (latest year)Rs 362 Cr
Operating profit (latest quarter)Rs 107 Cr
Other income (TTM)Rs -12 Cr
EBITDA (TTM)Rs 415 Cr
PBDT (TTM)Rs 376 Cr
Profit before tax (TTM)Rs 355 Cr
Tax (latest year)Rs 88 Cr
Net profit (TTM)Rs 246 Cr
Net profit (latest year)Rs 203 Cr
Net profit (latest quarter)Rs 64 Cr
Depreciation (TTM)Rs 21 Cr
Depreciation (latest quarter)Rs 6 Cr
Interest (TTM)Rs 39 Cr
Cost of goods sold (latest year)Rs 1,846 Cr
Total expenditure (latest year)Rs 1,915 Cr
Total income (latest year)Rs 2,263 Cr
Share capitalRs 27 Cr
ReservesRs 1,477 Cr
Shareholders' fundsRs 1,504 Cr
Total assetsRs 2,843 Cr
Net blockRs 212 Cr
Capital work in progressRs 18 Cr
ReceivablesRs 886 Cr
InventoryRs 76 Cr
Other liabilitiesRs 1,113 Cr
Shares outstanding (crore)13.72
Ownership
Promoter holding56.57% (+3.24 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 15.1 is at the 45th percentile of its own 10.1-year range (median 15.9, low 2.9, high 171.3).
P/B 2.47 is at the 12th percentile (median 4.18).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodREFEXNifty 50Difference
1 week-4.3%-2.8% -1.5 pts
1 month-2.3%-6.8% +4.5 pts
3 months-24.3%-7.6% -16.7 pts
6 months+43.2%+0.4% +42.8 pts
1 year-29.5%-9.9% -19.6 pts
2 years-42.9%-13.6% -29.3 pts
3 years+113.2%+14.2% +99.0 pts
5 years+818.1%+27.9% +790.2 pts
7 mutual fund schemes hold about ₹5 Cr. Over three months 6 bought more and 0 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Motilal Oswal Nifty Microcap 250 Index Fund0.18%4 -2%
Motilal Oswal BSE Clean Environment Index Fund0.48%0 +14%
Groww Nifty Total Market Index Fund0.01%0 +6%
Angel One Nifty Total Market Index Fund0.01%0 +6%
Motilal Oswal BSE 1000 Index Fund0.01%0 +6%
Mirae Asset Nifty Total Market Index Fund0.01%0 +6%
Bandhan Nifty Total Market Index Fund0.01%0 +6%

Red flags

F-score 4 of 8
explainWeak cash conversion Cash from operations was -30% of net profit over the last 3 years
explainReceivables outrunning sales Receivables grew 31% vs sales +1% in 2026
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 2026
Sales ₹916 Cr +160.2% vs Jun 2025. Net profit ₹65 Cr +225.0%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-24Dividend - Re 1 Per Share
2025-08-19Interim Dividend - Re 0.50 Per Share
2024-03-22Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share0.2000
2024-02-20Interim Dividend - Rs 0.50 Per Share
2023-09-14Annual General Meeting/Dividend - Rs 2 Per Share
2022-09-15Annual General Meeting
2021-09-16 Annual General Meeting/Dividend - Rs 0.50 Per Share
2021-01-11 Interim Dividend - Re 1 Per Share
2020-12-23 Annual General Meeting
2020-06-16 Rights 5:14@ Premium Rs 35/-
2019-09-24 Annual General Meeting
2018-07-26 Annual General Meeting
2017-09-21 Annual General Meeting
2016-09-22 Annual General Meeting
2015-09-23 Annual General Meeting
2014-09-24Annual General Meeting
2012-09-27Annual Book Closure
2011-08-25Annual General Meeting
2010-11-25Annual General Meeting
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.
Order dateForumCase
2021-03-01NCLTRefex Industries Ltd Vs VS Lignite Power Pvt Ltd Vs
2021-02-24NCLTRefex Industries Ltd Vs VS Lignite Power Pvt Ltd Vs
2021-01-05NCLTRefex Industries Ltd Vs VS Lignite Power Pvt Ltd Vs
2020-10-16NCLTRefex Industries Ltd Vs VS Lignite Power Pvt Ltd Vs
2020-10-14NCLTRefex Industries Ltd Vs VS Lignite Power Pvt Ltd Vs
2020-10-13NCLTRefex Industries Ltd Vs VS Lignite Power Pvt Ltd Vs
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Refex Industries Ltd?

Refex Industries Ltd (REFEX) has a market capitalisation of Rs 3,729 Cr. at the 2026-10-01 close.

What is the P/E ratio of Refex Industries Ltd?

Refex Industries Ltd trades at a P/E of 13.1 on trailing twelve-month profit, at the 2026-10-01 close.

What were Refex Industries Ltd's latest quarterly results?

In the Jun 2026 quarter, Refex Industries Ltd sales was Rs 916 Cr (+160.2% vs Jun 2025) and net profit was Rs 65 Cr.

What is the 52-week high and low of Refex Industries Ltd?

The 52-week high is Rs 382.40 and the 52-week low is Rs 188.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03