Refex IndustriesNSE:REFEX +3.21%88 Return-on-Tangible-Equity is 24.43% as of Mar. 2026, which is 6% below its 10-year median of 26.10. GuruFocus rates NSE:REFEX with a GF Score™ of 88/100 and a GF Value™ of ₹294.35 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 177 Other Energy Sources companies, Refex Industries ranks better than 84.18% on this metric.
Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. Refex Industries's annualized net income for the quarter that ended in Mar. 2026 was ₹3,633 Mil. Refex Industries's average shareholder tangible equity for the quarter that ended in Mar. 2026 was ₹14,872 Mil. Therefore, Refex Industries's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 24.43%.
The historical rank and industry rank for Refex Industries's Return-on-Tangible-Equity or its related term are showing as below:
NSE:REFEX'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: 4.59 Med: 26.1 Max: 117.57
Current: 15.54
During the past 13 years, Refex Industries's highest Return-on-Tangible-Equity was 117.57%. The lowest was 4.59%. And the median was 26.10%.
NSE:REFEX's Return-on-Tangible-Equity is ranked better than 84.18% of 177
companies
in the Other Energy Sources industry
Industry Median: 0.88
vs NSE:REFEX: 15.54
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
Refex Industries Return-on-Tangible-Equity Related Terms
Refex Industries Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for Refex Industries's Return-on-Tangible-Equity 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-Equity, along with its competitors' market caps and Return-on-Tangible-Equity 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-Equity vs Other Energy Sources Industry
For the Other Energy Sources industry and Energy sector, Refex Industries's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Refex Industries's Return-on-Tangible-Equity 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-Equity, the net income of the last fiscal year and the average total shareholder tangible equity 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.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of 24.43% mean?
Refex Industries (NSE:REFEX) has a Return-on-Tangible-Equity of 24.43% as of Mar. 2026. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Refex Industries and its competitors. This is near median its historical median of 26.10. Over the past decade, Refex Industries' Return-on-Tangible-Equity has ranged from 4.59 to 117.57. According to the industry distribution chart, Refex Industries ranks #28 out of 177 companies in the Other Energy Sources industry, placing it in the top 15.8%.
Is Refex Industries' Return-on-Tangible-Equity too high?
Refex Industries' current Return-on-Tangible-Equity of 24.43% is near median its 10-year median of 26.10. Over the past 10 years, this metric has ranged from a low of 4.59 to a high of 117.57. The Other Energy Sources industry median Return-on-Tangible-Equity is 0.88. Refex Industries' value of 24.43% is 2676.1% above this industry median. Based on the distribution chart, Refex Industries ranks #28 out of 177 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 88/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Refex Industries' Return-on-Tangible-Equity compare to competitors?
According to the Other Energy Sources industry distribution chart, Refex Industries ranks #28 out of 177 companies for Return-on-Tangible-Equity. This places Refex Industries in the top 16% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Equity is 0.88. Refex Industries' value of 24.43% is 2676.1% above this benchmark. Historically, Refex Industries' own Return-on-Tangible-Equity has ranged from 4.59 to 117.57 over the past decade. While the company's 10-year median is 26.10 vs. the industry median of 0.88, 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 Return-on-Tangible-Equity for an Other Energy Sources company?
The median Return-on-Tangible-Equity among Other Energy Sources companies is 0.88, based on 177 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Equity significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Refex Industries's current Return-on-Tangible-Equity of 24.43% is 2676.1% 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 Return-on-Tangible-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Refex Industries and its competitors. For the Other Energy Sources industry, the median Return-on-Tangible-Equity is 0.88 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Refex Industries's current Return-on-Tangible-Equity is 24.43%, which is near median its own 10-year median of 26.10. 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 ₹294.35, compared to a current price of ₹348.95 — trading 18.5% above its estimated fair value. The current Return-on-Tangible-Equity is 24.43%, which is near median its 10-year median of 26.10 and 2676.1% above the Other Energy Sources industry median of 0.88. Refex Industries' overall GF Score™ is 88/100 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-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For Refex Industries (NSE:REFEX), the current Return-on-Tangible-Equity is 24.43% 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 ₹348.95 is trading 18.5% above its estimated GF Value™ of ₹294.35.
GuruFocus considers Refex Industries to be Modestly Overvalued.
Key valuation signals for NSE:REFEX:
Return-on-Tangible-Equity: 24.43% (near median its 10-year median of 26.10)
GF Value™: ₹294.35 vs. price of ₹348.95 (18.5% above fair value)
Industry Position: 2676.1% above the Other Energy Sources median (#28 of 177)
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.
88GF Score
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