Refex Industries Ltd

Refex Industries Ltd share price softened by 4.01% to Rs 222.9 after the company's net profit witnessed a sharp fall of 21.47% to Rs 50.69 crore, while revenue from operations slipped 16.91% to Rs 761.32 crore in Q3FY26 over Q2FY26. The market capitalization of Waste Management industry group stocks on BSE stood at Rs 10026.09 crore, falling 12.28%. It has slipped by 2.59% over last one week and crashed 23.03% in last one month while the market capitalization of Refex Industries Ltd has eased by 5.73% and 26.33% in the same period respectively. Profit before tax (PBT) of Refex Industries Ltd stood at Rs 71.81 crore in Q3 FY26, rallying 30.56% year-on-year, and plunging by 20.71% quarter-on-quarter. EBITDA came in at Rs 100 crore, expanding by 51.77% YoY and easing 5.61% sequentially. Total expenses dropped by 18.33% to Rs 665.77 crore in Q3FY26 over Q3FY25. During the quarter, cost of materials consumed stood at Rs 619.25 crore, registering a fall of 25.24% YoY, while employee benefits expense was at Rs 13.4 crore, soaring 24.30% YoY. For the TTM ended FY26, revenue from operations posted a slight growth of 0.77% to Rs 2276.74 crore, while net profit saw a strong growth of 34.88% to Rs 242.38 crore, compared to previous TTM. EBITDA witnessed a strong improvement of 16535% to Rs 331.87 crore, and PBT soared 44.65% to Rs 330.43 crore compared to previous TTM. The company's consolidated net cash flow from operating activities stood at Rs 107.14 crore in FY26, as against Rs 264.81 crore in FY25. Refex Industries Ltd crashed 37.32% in last one year, underperforming the benchmark BSE Sensex which has slipped by 13.45% during the same period.

Refex Industries Ltd share price ticked higher by 3.15% to Rs 232.2. The Company's net profit witnessed a sharp fall of 21.47% to Rs 50.69 crore, while revenue from operations reduced 16.91% to Rs 761.32 crore in Q3FY26 over Q2FY26. The market capitalization of Waste Management industry group stocks on BSE stood at Rs 9820.2 crore, retreating 12.28%. It has eased by 3.01% over last one week and tumbled 20.21% in last one month while the market capitalization of Refex Industries Ltd has softened by 2.99% and 22.35% in the same period respectively. Profit before tax (PBT) of Refex Industries Ltd stood at Rs 71.81 crore in Q3 FY26, jumping 30.56% year-on-year, and tanking 20.71% quarter-on-quarter. EBITDA came in at Rs 100 crore, expanding by 51.77% YoY and gaining 5.61% sequentially. Total expenses reduced by 18.33% to Rs 665.77 crore in Q3FY26 over Q3FY25. During the quarter, cost of materials consumed stood at Rs 619.25 crore, plunging by 25.24% YoY, while employee benefits expense was at Rs 13.4 crore, witnessing a strong rise of 24.30% YoY. For the TTM ended FY26, revenue from operations inched higher 0.77% to Rs 2276.74 crore, while net profit saw a strong growth of 34.88% to Rs 242.38 crore, compared to previous TTM. EBITDA witnessed a strong improvement of 16535% to Rs 331.87 crore, and PBT jumped 44.65% to Rs 330.43 crore compared to previous TTM. The company's consolidated net cash flow from operating activities stood at Rs 107.14 crore in FY26, as against Rs 264.81 crore in FY25. Refex Industries Ltd crashed 35.44% in last one year, underperforming the benchmark BSE Sensex which has reduced by 13.19% during the same period.

Refex Industries Limited announced it has received a Slab-wise Rate Contract for Ash transportation to construction sites of road projects from a domestic entity based out of Maharashtra, with a cumulative maximum award value of Rs 31,13,05,500 including GST. The contract, valid for one year with a possible six-month extension, pertains to road projects of the National Highways Authority of India and other Central or State Government Road construction departments/Authority/PMGSY Road Project.

Refex Industries Limited announced it has received a Slab-wise Rate Contract for Ash transportation to construction sites of road projects from a Maharatna Public Sector Undertaking under the Ministry of Power, with a cumulative maximum award value of Rs 31,44,50,000 (including GST).

Refex Industries Limited (RIL) has received a rate contract for transportation of ash from a Maharatna Public Sector Undertaking under the Ministry of Power, with a cumulative maximum award value of Rs 32,44,50,000 including goods and services tax, and valid for one year, extendable by six months.

Anil Jain, Managing Director, pledged a total of 28,71,215 shares, representing approximately 2.1% of the total, to Beacon Trusteeship Limited for Vivriti Capital, among other entities, according to a document signed October 13, 2026, in Chennai. The pledges, which also involved Infosoft Global Private Limited, Krchoksey Financial Services Private Limited, S Jogani Exports Private Limited, Frazer Goods & Supply Private Limited, and Minecs Finvest Private Limited, were primarily for personal use by promoters, with some designated for Refex Holding Private Limited. Several entries noted that additional shares were pledged to meet security cover requirements, suggesting initial pledges were insufficient. The document does not disclose the total number of shares held by Refex Holding Private Limited, the loan amounts secured, or the terms of the loans, raising governance concerns regarding the use of company assets for personal obligations.

Anil Jain, Managing Director, signed a document on October 13, 2026, in Chennai detailing numerous share encumbrances, primarily benefiting Vivriti Capital Limited and Refex Holding Private Limited, the company’s promoter. The pledges, totaling approximately 2.06% initially and increasing with subsequent additions, involve entities including Beacon Trusteeship Limited, Infosoft Global Private Limited, Krchoksey Financial Services Private Limited, S Jogani Exports Private Limited, Frazer Goods & Supply Private Limited, and Minecs Finvest Private Limited. While the specific purpose of many of these pledges remains undefined, they likely relate to securing loans or other financial obligations. The document’s frequent references to “additional pledges” suggest ongoing financing activities, and the cumulative pledged shares represent a notable portion of the company’s shareholding, the exact percentage dependent on the total outstanding shares.

Refex Industries Limited informed the BSE Ltd. and the National Stock Exchange of India Ltd. that Cameo Corporate Services Limited, the Registrar and Share Transfer Agent (RTA) of the company, has confirmed compliance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026, of FY 2026-27.

Refex Industries Limited informed the BSE Ltd. and the National Stock Exchange of India Ltd. that the trading window for dealing in the company's securities will be closed from Thursday, October 01, 2026, for designated persons, including insiders, until 48 hours after the declaration of the standalone and consolidated unaudited financial results for the second quarter of fiscal year 2026-27 ending September 30, 2026.

Refex Holding Private Limited’s encumbrances are solely related to pledges of shares and do not involve any debt instruments, according to a recent document review. The pledges, held by entities including Axis Securities Limited, Northern Arc Capital Limited, Shivangini Properties Private Limited, and Frazer Goods & Supply Private Limited, serve as collateral for loans taken by the company or for personal use by promoters. These share pledges are linked to loans and price fluctuation adjustments, with each instance explicitly noting "Not applicable" when queried about debt instruments. The document provides no details regarding the terms or conditions of any underlying loans.