Refex IndustriesNSE:REFEX -1.66%85 Return-on-Tangible-Asset is 12.86% as of Mar. 2026, which is 3% above its 10-year median of 12.45. GuruFocus rates NSE:REFEX with a GF Score™ of 85/100 and a GF Value™ of ₹293.81 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 184 Other Energy Sources companies, Refex Industries ranks better than 88.04% on this metric.
Return-on-Tangible-Asset is calculated as Net Income divided by its average total tangible assets. Total tangible assets equals to Total Assets minus Intangible Assets. Refex Industries's annualizedNet Income for the quarter that ended in Mar. 2026 was ₹3,633 Mil. Refex Industries's average total tangible assets for the quarter that ended in Mar. 2026 was ₹28,258 Mil. Therefore, Refex Industries's annualized Return-on-Tangible-Asset for the quarter that ended in Mar. 2026 was 12.86%.
The historical rank and industry rank for Refex Industries's Return-on-Tangible-Asset or its related term are showing as below:
NSE:REFEX'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: 0.51 Med: 12.45 Max: 24.71
Current: 9.19
During the past 13 years, Refex Industries's highest Return-on-Tangible-Asset was 24.71%. The lowest was 0.51%. And the median was 12.45%.
NSE:REFEX's Return-on-Tangible-Asset is ranked better than 88.04% of 184
companies
in the Other Energy Sources industry
Industry Median: -0.56
vs NSE:REFEX: 9.19
Return-on-Tangible-Asset measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." Return-on-Tangible-Asset measures a firm's efficiency at generating profits from its tangible assets. It shows how well a company uses what it has to generate earnings. Return-on-Tangible-Assets can vary drastically across industries. Therefore, Return-on-Tangible-Asset should not be used to compare companies in different industries.
Be Aware
Like ROE and ROA, Return-on-Tangible-Asset is calculated with only 12 months data. Fluctuations in the companys earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. Return-on-Tangible-Asset can be affected by events such as stock buyback or issuance, and by a companys tax rate and its interest payment. Return-on-Tangible-Asset may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high Return-on-Tangible-Asset may indicate vulnerability in the durability of the competitive advantage.
Refex Industries Return-on-Tangible-Asset Related Terms
Refex Industries Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for Refex Industries's Return-on-Tangible-Asset 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 Return-on-Tangible-Asset, along with its competitors' market caps and Return-on-Tangible-Asset 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 Return-on-Tangible-Asset vs Other Energy Sources Industry
For the Other Energy Sources industry and Energy sector, Refex Industries's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Refex Industries's Return-on-Tangible-Asset 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 Return-on-Tangible-Asset, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data,
the Net Income data used here is four times the quarterly (Mar. 2026) net income data.
What does a Return-on-Tangible-Asset of 12.86% mean?
Refex Industries (NSE:REFEX) has a Return-on-Tangible-Asset of 12.86% as of Mar. 2026. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Refex Industries and its competitors. This is near median its historical median of 12.45. Over the past decade, Refex Industries' Return-on-Tangible-Asset has ranged from 0.51 to 24.71. According to the industry distribution chart, Refex Industries ranks #22 out of 184 companies in the Other Energy Sources industry, placing it in the top 12%.
Is Refex Industries' Return-on-Tangible-Asset too high?
Refex Industries' current Return-on-Tangible-Asset of 12.86% is near median its 10-year median of 12.45. Over the past 10 years, this metric has ranged from a low of 0.51 to a high of 24.71. Based on the distribution chart, Refex Industries ranks #22 out of 184 companies in the Other Energy Sources industry, which is in the top quartile — a strong position relative to peers. Overall, Refex Industries has a GF Score™ of 85/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Refex Industries' Return-on-Tangible-Asset compare to competitors?
According to the Other Energy Sources industry distribution chart, Refex Industries ranks #22 out of 184 companies for Return-on-Tangible-Asset. This places Refex Industries in the top 12% of its industry — outperforming the majority of peers. Historically, Refex Industries' own Return-on-Tangible-Asset has ranged from 0.51 to 24.71 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Asset for an Other Energy Sources company?
A good Return-on-Tangible-Asset depends on the Other Energy Sources industry context. However, Return-on-Tangible-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Return-on-Tangible-Asset mean?
A high Return-on-Tangible-Asset can signal that a stock is expensive relative to its fundamentals. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Refex Industries and its competitors. Refex Industries's current Return-on-Tangible-Asset is 12.86%, which is near median its own 10-year median of 12.45. 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 ₹293.81, compared to a current price of ₹358.40 — trading 22% above its estimated fair value. The current Return-on-Tangible-Asset is 12.86%, which is near median its 10-year median of 12.45. Refex Industries' overall GF Score™ is 85/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Asset calculated?
Return-on-Tangible-Asset is calculated from a company's financial statements. For Refex Industries (NSE:REFEX), the current Return-on-Tangible-Asset is 12.86% 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 ₹358.40 is trading 22% above its estimated GF Value™ of ₹293.81.
GuruFocus considers Refex Industries to be Modestly Overvalued.
Key valuation signals for NSE:REFEX:
Return-on-Tangible-Asset: 12.86% (near median its 10-year median of 12.45)
GF Value™: ₹293.81 vs. price of ₹358.40 (22% above fair value)
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.
85GF Score
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