Refex Industries reported a strong Q3 FY2026, driven by significant improvements in its ash and coal handling business. Revenue increased by Rs. 160 Crores to Rs. 583 Crores, representing a 38% sequential growth. Profit before tax increased to Rs. 89 Crores, up 24% sequentially, while profit after tax rose to Rs. 67 Crores, a 29% increase.
Financial Highlights for Q3 FY2026
Refex Industries experienced a strong sequential recovery in Q3 FY2026, primarily due to improvements in the ash and coal handling business.
- Revenue: Increased by Rs. 160 Crores, from Rs. 423 Crores in Q2 FY2026 to Rs. 583 Crores in Q3 FY2026 (38% sequential growth).
- Total Income: Stood at Rs. 590 Crores (vs Rs. 431 Crores in Q2 FY2026).
- Profit Before Tax: Increased to Rs. 89 Crores (vs Rs. 71 Crores in Q2 FY2026), reflecting a 24% sequential growth.
- Profit After Tax: Rose to Rs. 67 Crores (vs Rs. 71 Crores in Q2 FY2026), up 29% quarter-on-quarter.
Strategic Business Decisions
The management has strategically decided to exit the power trading and refrigerant gas businesses to focus on core operations. Refex Green Mobility Limited’s de-merger is progressing, which will allow the mobility business to operate as a separate entity.
Wind Business Update
The wind business continues to progress, with a cumulative order of Rs. 1860 Crores. The company anticipates substantial revenue from the wind business by the end of FY2026.
Order Book and Outlook
Refex Industries has a strong order book and anticipates continued operational momentum in the coming quarters.
- Open order of approximately Rs. 1500 Crores for ash and coal handling business.
The company is well-positioned with a strong order book, disciplined execution, and prudent capital allocation.
Income Tax Search Update
An income tax search occurred on December 9, 2025, at the company’s office premises and residences of senior executives. No incriminating documents or evidence were seized. The company anticipates no impact on its business or long-term growth.
Guidance and Strategy
The company will primarily focus on high margin ash moving and management businesses rather than trading businesses to ensure better profitability than last year, even with lower revenues. Refex aims to have 11% to 12% EBITDA margin with realignments of the strategy.
Source: BSE
