Refex IndustriesNSE:REFEX -1.66%91 Cyclically Adjusted PB Ratio is 12.52 as of Jul. 06, 2026, which is 7% below its 10-year median of 13.45. GuruFocus rates NSE:REFEX with a GF Score™ of 91/100 and a GF Value™ of ₹293.94 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 136 Other Energy Sources companies, Refex Industries ranks worse than 97.06% on this metric.
The historical rank and industry rank for Refex Industries's Cyclically Adjusted PB Ratio or its related term are showing as below:
NSE:REFEX'
s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 4.72 Med: 13.45 Max: 40.66
Current: 12.53
During the past years, Refex Industries's highest Cyclically Adjusted PB Ratio was 40.66. The lowest was 4.72. And the median was 13.45.
NSE:REFEX's Cyclically Adjusted PB Ratio is ranked worse than 97.06% of 136
companies
in the Other Energy Sources industry
Industry Median: 1.125
vs NSE:REFEX: 12.53
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.
Refex Industries's adjusted book value per share data for the three months ended in Mar. 2026 was ₹109.633. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is ₹28.62 for the trailing ten years ended in Mar. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
Refex Industries (NSE:REFEX) Cyclically Adjusted PB Ratio Explanation
Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.
Refex Industries Cyclically Adjusted PB Ratio Related Terms
Refex Industries Cyclically Adjusted PB Ratio Historical Data
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The historical data trend for Refex Industries's Cyclically Adjusted PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Refex Industries Cyclically Adjusted PB Ratio Chart
Refex Industries Cyclically Adjusted PB Ratio Competitor Comparison
For the Thermal Coal subindustry, Refex Industries's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Refex Industries Cyclically Adjusted PB Ratio vs Other Energy Sources Industry
For the Other Energy Sources industry and Energy sector, Refex Industries's Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where Refex Industries's Cyclically Adjusted PB Ratio falls into.
Refex Industries Cyclically Adjusted PB Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.
Refex Industries's Cyclically Adjusted PB Ratio for today is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PB Ratio of 12.52 mean?
Refex Industries (NSE:REFEX) has a Cyclically Adjusted PB Ratio of 12.52 as of Jul. 06, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Refex Industries and its competitors. This is near median its historical median of 13.45. Over the past decade, Refex Industries' Cyclically Adjusted PB Ratio has ranged from 4.72 to 40.66. According to the industry distribution chart, Refex Industries ranks #132 out of 136 companies in the Other Energy Sources industry, placing it in the top 97.1%.
Is Refex Industries' Cyclically Adjusted PB Ratio too high?
Refex Industries' current Cyclically Adjusted PB Ratio of 12.52 is near median its 10-year median of 13.45. Over the past 10 years, this metric has ranged from a low of 4.72 to a high of 40.66. The Other Energy Sources industry median Cyclically Adjusted PB Ratio is 1.13. Refex Industries' value of 12.52 is 1012.9% above this industry median. Based on the distribution chart, Refex Industries ranks #132 out of 136 companies in the Other Energy Sources industry, which is in the bottom quartile relative to peers. Overall, Refex Industries has a GF Score™ of 91/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Refex Industries' Cyclically Adjusted PB Ratio compare to competitors?
According to the Other Energy Sources industry distribution chart, Refex Industries ranks #132 out of 136 companies for Cyclically Adjusted PB Ratio. This places Refex Industries in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 1.13. Refex Industries' value of 12.52 is 1012.9% above this benchmark. Historically, Refex Industries' own Cyclically Adjusted PB Ratio has ranged from 4.72 to 40.66 over the past decade. While the company's 10-year median is 13.45 vs. the industry median of 1.13, Refex Industries has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for an Other Energy Sources company?
The median Cyclically Adjusted PB Ratio among Other Energy Sources companies is 1.13, based on 136 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Refex Industries's current Cyclically Adjusted PB Ratio of 12.52 is 1012.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Refex Industries and its competitors. For the Other Energy Sources industry, the median Cyclically Adjusted PB Ratio is 1.13 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Refex Industries's current Cyclically Adjusted PB Ratio is 12.52, which is near median its own 10-year median of 13.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Refex Industries stock overvalued right now?
Based on GuruFocus' analysis, Refex Industries (NSE:REFEX) is currently considered Modestly Overvalued. The stock's GF Value™ is ₹293.94, compared to a current price of ₹358.40 — trading 21.9% above its estimated fair value. The current Cyclically Adjusted PB Ratio is 12.52, which is near median its 10-year median of 13.45 and 1012.9% above the Other Energy Sources industry median of 1.13. Refex Industries' overall GF Score™ is 91/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For Refex Industries (NSE:REFEX), the current Cyclically Adjusted PB Ratio is 12.52 as of Jul. 06, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Refex Industries (NSE:REFEX) Overvalued in 2026?
Based on GuruFocus' analysis, Refex Industries stock appears to be overvalued.
The current stock price of ₹358.40 is trading 21.9% above its estimated GF Value™ of ₹293.94.
GuruFocus considers Refex Industries to be Modestly Overvalued.
Key valuation signals for NSE:REFEX:
Cyclically Adjusted PB Ratio: 12.52 (near median its 10-year median of 13.45)
GF Value™: ₹293.94 vs. price of ₹358.40 (21.9% above fair value)
Industry Position: 1012.9% above the Other Energy Sources median (#132 of 136)
No single metric tells the full story. See the NSE:REFEX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Refex Industries Ltd is a manufacturer and refiller of refrigerant gases. The company's operating segment includes Coal & Ash Handling Business, Solar Power - Generation and Related Activities, Refrigerant Gas- (Refilling) and Sales, Sale Of Services, Power Trading, and Others. Geographically, the business activities are operated throughout the region of India.
91GF Score
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Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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