Q3 2026 Refex Industries Ltd Earnings Call Transcript
Key Points
- Refex Industries Ltd (BOM:532884) reported a strong sequential revenue growth of 38% in Q3 FY26, driven by improved activity in the ash and coal handling business.
- Profit before tax increased by 24% to INR89 crores, and profit after tax rose by 29% to INR67 crores quarter-on-quarter.
- The company has secured a cumulative order of INR1,860 crores, indicating a strong order book and future revenue potential.
- The demerger of Refex Green Mobility Limited is progressing, which will provide enhanced strategic and financial flexibility for the mobility business.
- The wind business is expected to contribute significantly to future revenues, with substantial orders from major companies like Jindal Steel and Torrent.
- The cost of goods sold increased from 79% to 81%, impacting margins due to a change in margin mix.
- There was a year-on-year revenue decline due to the discontinuation of low-margin businesses like power trading and refrigerant gas.
- The company faced an income tax search, although no incriminating documents were found, it may still impact investor sentiment.
- There are concerns about the transport and logistics challenges associated with the new 5.2 MW wind turbines.
- The company has a significant amount of pledged shares, which could affect financial flexibility and investor confidence.
(audio in progress) Okay. from the management team, Mr. Anil Jain, Chairman and MD. We will begin the call with opening remarks from the management team. And post that, we will open the floor for questions.
With that, I hand over the call to Mr. Anil Jain, Chairman and MD. Over to you, sir.
Thank you so much. Good evening, everyone, and thank you so much for joining us. It's been a great Q3 for us. Q3 FY26 marked a very strong sequential recovery for FX, led by a very significant improvement in activity levels across our ash and coal handling business as site accessibility and ground condition normalized following the extended monsoon impact during the first half of the year.
On a quarter-on-quarter basis, revenue increased by INR160 crores, rising from INR123 crores in Q2 to INR583 crores in Q3, representing a 38% sequential growth.
This improvement was driven primarily by higher ash and coal volumes handled during the quarter. Total income for the quarter
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