Q4 2026 Refex Industries Ltd Earnings Call Transcript
Key Points
- Refex Industries Ltd (BOM:532884) reported a significant year-on-year revenue growth of 18% for Q4 FY26, driven by strong performance in the Ash & Coal Handling business.
- The company achieved a substantial improvement in EBITDA, which increased to INR141 crore from INR62 crore in the previous year, with margins improving to 20.1%.
- The Ash & Coal Handling segment maintained strong operational performance and secured new orders, resulting in an order pipeline of nearly INR1,500 crore.
- The wind energy business entered a new growth phase, contributing INR233 crore in revenue and receiving ALMM approval, enhancing market positioning.
- The mobility business showed strong growth momentum, crossing INR100 crore in revenue within three years and progressing towards an asset-light growth strategy.
- Despite revenue growth in Q4, the overall revenue for FY26 was lower compared to the previous year, attributed to plant transitions and restructuring.
- The company faces challenges in managing costs related to diesel price increases, with only 40% to 60% of these costs being recoverable through escalation clauses.
- The demerger process for the mobility business is still ongoing, with completion dependent on court processes, potentially causing delays.
- The company has a high receivable cycle, with days outstanding between 105 to 125 days, which could impact cash flow management.
- There is a significant promoter pledge on shares, which the company plans to reduce over the next six months, but it remains a concern for investors.
Ladies and gentlemen, good day, and welcome to the Refex Industries Limited Q4 and FY26 earnings conference call. (Operator Instructions) Please note that this call is being recorded. I now hand the conference over to Mr. Parth Patel from MUFG Intime. Thank you, and over to you, sir.
Thank you. On behalf of MUFG Intime, I welcome you all to Refex Industries Limited Q4 and FY26 earnings conference call. On the management side, we have Mr. Anil Jain, Chairman and Managing Director; Mr. Dinesh Kumar Agarwal, Whole-Time Director and Chief Financial Officer; Mr. Sonal Jain, Head, Accounts and Taxation. I hope everyone had an opportunity to go through our investor deck that we have uploaded on exchange in the company's website.
I would like to mention a short disclaimer before we begin the call. This call may contain some of the forward-looking statements, which are completely based upon our belief, opinion and expectations as of today. These statements are not a guarantee of our future performance and
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