Refex IndustriesNSE:REFEX -3.57%90 Debt-to-EBITDA is 0.36 as of Mar. 2026, which is 65% below its 10-year median of 1.03. GuruFocus rates NSE:REFEX with a GF Score™ of 90/100 and a GF Value™ of ₹294.14 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 93 Other Energy Sources companies, Refex Industries ranks better than 74.19% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for Refex Industries's Debt-to-EBITDA or its related term are showing as below:
NSE:REFEX'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: 0.01 Med: 1.03 Max: 11.26
Current: 0.6
During the past 13 years, the highest Debt-to-EBITDA Ratio of Refex Industries was 11.26. The lowest was 0.01. And the median was 1.03.
NSE:REFEX's Debt-to-EBITDA is ranked better than 74.19% of 93
companies
in the Other Energy Sources industry
Industry Median: 2.17
vs NSE:REFEX: 0.60
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
Refex Industries Debt-to-EBITDA Related Terms
Refex Industries Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for Refex Industries's Debt-to-EBITDA 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.
For the Thermal Coal subindustry, Refex Industries's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA 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 Debt-to-EBITDA vs Other Energy Sources Industry
For the Other Energy Sources industry and Energy sector, Refex Industries's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Refex Industries's Debt-to-EBITDA falls into.
* 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.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Mar. 2026) EBITDA data.
Refex Industries (NSE:REFEX) has a Debt-to-EBITDA of 0.36 as of Mar. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Refex Industries. This is 65% below median its historical median of 1.03. Over the past decade, Refex Industries' Debt-to-EBITDA has ranged from 0.01 to 11.26. According to the industry distribution chart, Refex Industries ranks #24 out of 93 companies in the Other Energy Sources industry, placing it in the top 25.8%.
Is Refex Industries' Debt-to-EBITDA too high?
Refex Industries' current Debt-to-EBITDA of 0.36 is 65% below median its 10-year median of 1.03. Over the past 10 years, this metric has ranged from a low of 0.01 to a high of 11.26. The Other Energy Sources industry median Debt-to-EBITDA is 2.17. Refex Industries' value of 0.36 is 83.4% below this industry median. Based on the distribution chart, Refex Industries ranks #24 out of 93 companies in the Other Energy Sources industry, which is above the industry midpoint. Overall, Refex Industries has a GF Score™ of 90/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Refex Industries' Debt-to-EBITDA compare to competitors?
According to the Other Energy Sources industry distribution chart, Refex Industries ranks #24 out of 93 companies for Debt-to-EBITDA. This puts Refex Industries in the upper half of its industry. The industry median Debt-to-EBITDA is 2.17. Refex Industries' value of 0.36 is 83.4% below this benchmark. Historically, Refex Industries' own Debt-to-EBITDA has ranged from 0.01 to 11.26 over the past decade. While the company's 10-year median is 1.03 vs. the industry median of 2.17, Refex Industries has consistently been below 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 Debt-to-EBITDA for an Other Energy Sources company?
The median Debt-to-EBITDA among Other Energy Sources companies is 2.17, based on 93 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Refex Industries's current Debt-to-EBITDA of 0.36 is 83.4% below 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 Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Refex Industries. For the Other Energy Sources industry, the median Debt-to-EBITDA is 2.17 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Refex Industries's current Debt-to-EBITDA is 0.36, which is 65% below median its own 10-year median of 1.03. 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 ₹294.14, compared to a current price of ₹334.60 — trading 13.8% above its estimated fair value. The current Debt-to-EBITDA is 0.36, which is 65% below median its 10-year median of 1.03 and 83.4% below the Other Energy Sources industry median of 2.17. Refex Industries' overall GF Score™ is 90/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For Refex Industries (NSE:REFEX), the current Debt-to-EBITDA is 0.36 as of Mar. 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 ₹334.60 is trading 13.8% above its estimated GF Value™ of ₹294.14.
GuruFocus considers Refex Industries to be Modestly Overvalued.
Key valuation signals for NSE:REFEX:
Debt-to-EBITDA: 0.36 (65% below median its 10-year median of 1.03)
GF Value™: ₹294.14 vs. price of ₹334.60 (13.8% above fair value)
Industry Position: 83.4% below the Other Energy Sources median (#24 of 93)
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.
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