Refex Industries Ltd (NSE:REFEX)

Q1 2027 Refex Industries Ltd Earnings Call Transcript

Jul 30, 2026 / 06:00 AM GMT

Release Date Price: ₹298.65 (-5.18%)

Transcript

Key Points

Positve

Refex Industries Ltd (BOM:532884) reported strong Q1 FY27 results with standalone revenue growth of 76% YoY to Rs 619 crore and PAT growth of 123% YoY to Rs 73.6 crore.
The company's core ash and coal handling business continues to deliver robust operational performance, with daily volumes running at 65,000-70,000 tons and a target of reaching 90,000 tons per day by Q4 FY27.
The wind energy business achieved a key milestone with the successful erection of India's first 5.3 MW wind turbine, and the segment is transitioning into an active delivery phase with an order book of Rs 1,860 crore.
The company maintains a healthy balance sheet with net debt at zero levels, and has secured better financing terms through a takeover by Indian Overseas Bank.
The mobility business demerger is progressing as planned, with NCLT approval received and shareholder meetings scheduled, which is expected to unlock long-term value for both entities.
The company is expanding into railway-based ash transport (Rail Com Road), which opens new avenues for growth, particularly in the northeast region of India.

Negative

The company experienced intermittent diesel supply constraints and logistics disruptions during the quarter due to ongoing geopolitical developments, which impacted operations at several locations.
The wind energy business is currently operating at very thin margins (near break-even) due to pre-operating expenses and new business development costs, with profitability expected only by the end of FY27.
The company's Q2 performance is expected to be slower compared to Q1 and Q4, as per management guidance, indicating seasonal volatility in the ash and coal handling business.
The refrigerant gas manufacturing business has been completely discontinued, and the mobility business will be demerged, resulting in losses from discontinued operations that will persist until Q3 FY27.
The wind turbine business currently imports blades, and localization is still in progress, with full localization expected only within 6-12 months, limiting near-term margin expansion.
The company has not yet received any orders for blade replacement or retrofitting, which remains only in discussion stages, indicating uncertainty in this potential revenue stream.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

REFE.NS - Refex Industries Ltd
Q1 2027 Refex Industries Ltd Earnings Call
Jul 30, 2026 / 06:00AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, good day and welcome to the Refex Industries Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call please signal an operator by pressing star then zero on your touch tone phone. Please note that this conference is being recorded.

I now hand over to Mr. Parth Patel.

Thank you and over to you sir.

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Unidentified_2 [2]
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