Refex Industries Limited (NSE: REFEX) Q4 2025 Earnings Call dated Apr. 24, 2025
Corporate Participants:
Anil Jain — Managing Director
Dinesh Kumar Agarwal — Whole-time Director and Chief Financial Officer
Analysts:
Sakhi Panjiyara — Analyst
Vimox Shah — Analyst
Narayan — Analyst
Sumit Jain — Analyst
Rajesh Kumar — Analyst
Shaurya Punyani — Analyst
Vidya Shankar — Individual Investor
Krishna Chowdhury — Individual Investor
Dhanraj Tolani — Individual Investor
Ayushi Jain — Individual Investor
Mahesh Seth — Individual Investor
Yashwanti — Analyst
Saurabh Singhania — Individual Investor
Riddhi Gupta — Individual Investor
Yash Kukreja — Analyst
Raj Seth — Analyst
Ashish — Analyst
Rahil Shah — Analyst
Rohan Vora — Analyst
Samarth Shah — Individual Investor
Prashant — Analyst
Presentation:
Operator
SA Ladies and gentlemen, good day and welcome to the Q4 and FY25 results conference call of Reapect Industries Limited hosted by Kirin Advisors Private Limited. Please note that this call will be for one hour. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Saki Panjiara from Kirin Advisors. Thank you and over to you Ma’am.
Sakhi Panjiyara — Analyst
Thank you and very good morning to everyone. On the behalf of Kirin Advisors, I welcome you all to the conference caller for Reflex Industries Ltd. So management team we have Mr. Anil Jain, Chairman and Managing Director and Mr. Dinesh Kumar Agarwal, Whole Time Director and CFO. Now I hand over the call to Mr. Anil Jain. Over to you sir.
Anil Jain — Managing Director
Thank you Shaki Good morning everyone. A very warm welcome to Refrix Industries Earning conference call for the fourth quarter and financial year ended 31 March 2025. I truly appreciate your time and continued interest in our journey. It’s always encouraging to engage with those who share our belief in the power of sustainable Business Transformation Asia. FY25 has been a year of dynamic execution and strategic progress of for effects. We have strengthened our market position across each of our core verticals while continuing to embed sustainability, digitalization and operational excellence at the heart of our business. At the macro. At crypto level, India’s thrust on infrastructure, energy security, renewable transition and green mobility has created a fertile ground for companies like us to lead with purpose. At Reflex, we’ve capitalized on this momentum by remaining agile in our strategy, customer centric in our execution and committed to scalable and future ready operations. Before diving into the numbers, I’d like to briefly reflect some key highlights from the year gone by. Our Ash and Co handling sector remains the backbone of our business, delivering efficient logistics services across more than 40 power plants across the country. With the handling capacity touching close to 70,000 metric tons per day and a 2,000 plus fleet strength, this vertical continues to grow. With our operational expertise and some strong policy tailwinds, we’re actively expanding our presence to newer geographies within India and deepening existing partnership. Our Green Mobility platform operating under the tech Serene Mobility Ltd. Is fast becoming a symbol of our vision for decarbonized urban Transport. With over 1,300 EVs deployed across key cities such as Bengaluru, Chennai, Hyderabad and Mumbai and with the tailpipe CO2 abated to the tune of 21 lakh kgs of CO2 already, this vertical has not only been gaining scale but is also now evolving into a full stack mobility as a service offering with enterprise clients at the center. Recently we have made a strategic realignment to our operations at Bangalore by phasing out the EV Airport taxi services at Bangalore International Airport which will help us sharpen our focus on the scalable B2B and B2B2C model transportation that will be anchored in long term partnership and stable demand. The withdrawal of service from Bangalore Airport will help us save an annual fixed cost of 6.82 crores and other variable expenses pertaining to its operation over there. The EV fleet has grown from 24 vehicles in March 2023 to over 3,300 vehicles today. Now turning to the financial performance for the quarter and year ended March 21st March 31st, 2025. On the standalone performance, total income for Q1 for Q4 FY25 stood at 629.07 crores, reflecting a growth of 81.97%. Year on year, the EBITDA for Q4 stood at 63.21 crores up 45.3% and net profit came in at 57.09 crores, up 59.68% compared to the same period last year. For the full year, total income stood at 2,482.52 crores, representing a growth of 78.75% over FY24. EBITDA for the full year stood at 216.42 crores, up 45.48%. The net profit for FY25 was 189.41 crores, up 87.63% on a year on year basis. On the consolidated performance, the Consolidated income for Q4 FY25 stood at 643.88 crores and EBITDA for Q4 stood at 63.82 crores, while net profit was at 47.92 crores. FY25 consolidated income for the year reached 2518 crores and EBITDA at 209.81 crores. While net profit came to 158.38 crores across all metrics, we have delivered strong year on year, year over year growth while maintaining healthy margins and efficient capital allocation. Our robust balance sheet, disciplined cost structure and data driven governance mechanisms continue to serve as key enabler of this performance. Looking ahead, we are entering FY26 with a renewed optimism with sustainability and stakeholder value creation at our dual North Stars reflexes poised to lead India’s clean tech and infrastructure transformation once again. Thank you for your trust, belief and support. Your encouragement fuels our ambition to do better each day. I look forward to your questions and a rich discussion ahead. Thank you. Over to the questions please.
Questions and Answers:
Operator
Thank you sir. We will now begin with the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. A reminder to participants, please restrict yourselves to one question. If you have any more questions, you may rejoin the queue. Let us wait while the question queue assembles it. The first question comes from the line of Vimok Shah from Goyam Labdi Fintech Private Limited. Please go ahead.
Vimox Shah
Thank you for the opportunity. So I have a question that so what are the technology advancements we are implementing for the further announcement for the operational efficiency? So beyond the green mobility. Green mobility.
Anil Jain
On the green mobility we are actually transfer. We are using as much of technology as possible for completely monitoring the operations of every vehicle. Even all the roasting of the people for using our vehicles is being done digitally now the usage of the vehicle, the battery usage, the battery availability, the route taken by driver, everything is digitalized and everything is being monitored from a central control system center in our Chennai offices.
Vimox Shah
Okay? Okay, got it. And another question is like.
Operator
Sorry to interrupt. I would request you to rejoin the queue. Participants can ask just one question at the moment. You may rejoice.
Vimox Shah
Yeah. Thank you.
Operator
Thank you. Thank you. The next question comes from the line of Narayan from Equity wise research [Phonetic]. Please go ahead.
Narayan
Hello gentlemen. Congratulations on your good set of results. Sir. If you go through your deep pleasure. I got some things observed. There’s a negative cash flow of 264 crores. While your net profit is 158 crores. Sir, negative cash flow means that net profits are not converting into cash. That is slightly disturbing, sir.
Dinesh Kumar Agarwal
I’ll take off this question. This is Dinesh Agarwal. See if you have seen. Last quarter our debtors days was 81 days. And which has increased to one not one days. All. All. Everything. All receivable. All profit is converting into cash. Since the business has drastically gone off. The number of. The number of the debtors days has increased. Or where the business has drastically improved. We have. We have. From last year 1300 crore. We have crossed 2400 crore this year.
Narayan
Can I ask one more question, sir?
Dinesh Kumar Agarwal
Yes, please.
Narayan
Your. You have infused the preferential equity of 9 and the crore.
Dinesh Kumar Agarwal
Sir.
Narayan
But. But at the same time from the equity you could have brought down your borrowing. But now it shows both your short term borrowings are also increasing, sir. Why? Sir, it is.
Dinesh Kumar Agarwal
Sir, we. Out of 905 crore rate 512 we have received whatever the borrowings are there. That is only the lc, sir. And whereas if you see the bank balance which is there. Plus there is a vehicle loan. Because of that. That vehicle loan which is payable within less than 12 months being being classified under the circum.
Narayan
Can I ask one more point? Sir, if you. If you allow me.
Dinesh Kumar Agarwal
Multiple people are in the queue. Sir, I request if you can join back again the queue. I can ask just one question. Sir.
Narayan
Just. Only one question. Just one question.
Dinesh Kumar Agarwal
Yes sir. Please.
Narayan
There’s a GST demand from your notes. Whether provision has been made or it has been treated as a contingent liability.
Dinesh Kumar Agarwal
It is being treated as a contingent liability.
Narayan
It has been treated as a contingent. Okay gentlemen. Thank you for your time. Thank you.
Operator
Thank you. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Smith Jain from Flawless Family Office [Phonetic]. Please go ahead.
Sumit Jain
Yes. So I had just one question. If I remember correctly in the Q3 con call we had mentioned that Q4 is the best quarter for the company. So I just wanted to understand from a sequential basis like what faltered because of which the revenue growth on a sequential basis we weren’t able to grow because we were supposed to handle the highest tonnage as well and the quarter was supposed to be the best for the company. So just wanted to understand from that perspective.
Anil Jain
So I think the major shift I would say was that the ash handling business has grown in this quarter which is our key focus going forward. Also the volumes have increased and there has been a little bit of margin pressure mostly because we have started many new sites. Currently because of that the margins have been a little lower. But I think currently with the number of power plants we have been able to get into and capture, we are on a fast growth.
Sumit Jain
And will we be able to double down on the run rate or like the Q1, Q2 is going to be slightly on the slower side and the later half of the year is going to be better.
Anil Jain
The Q1 will be a little because the range will start by June, July in many of the states. So generally the Q1 and the beginning of Q2 are always little lag. They will be slow after July, August they will start picking up.
Sumit Jain
Okay, thanks.
Dinesh Kumar Agarwal
I like to point one more thing though. The turnover is less, the profitability has been maintained and it is more so our focus on efficiency is continuously it is going on and where we are increasing the ash business where the margin is very high.
Sumit Jain
Okay, thanks.
Operator
Thank you. A reminder to all participants, please press Star and one to ask a question. The next question comes from the line of Rajesh Kumar from ACE Capital. Please go ahead. Rajesh, please go ahead with your question please. Since there’s no response. Since there’s no response, we’ll move to the next.
Rajesh Kumar
I was in mute. Okay, sorry.
Operator
Please go ahead.
Rajesh Kumar
Yeah, out of the. Out of your green mobility revenue this year, how much comes from the long term contracts?
Anil Jain
Most of Our business in B2B is long term contracts for me, sir.
Rajesh Kumar
Okay, thank you. That’s it for myself.
Operator
Thank you. The next question comes from the line of Shaurya Puniani from Arja Partners. Please go ahead.
Shaurya Punyani
Hi. Am I audible? Yes. Also given that we have grown so much in FY25 so what kind of growth momentum are we expecting in the next like according to the next 27, the next two years.
Anil Jain
I think the growth is now. We’re already on a growth trajectory and the growth is continuously going to happen. And though we don’t have any number indication being shared in the past and currently. But we definitely are going to grow multifolds from here.
Shaurya Punyani
Okay, and from where? From which are businesses will we see
Anil Jain
Will be the core for our businesses. Most of our revenues next year and following years are going to come from ash handling sir.
Shaurya Punyani
So our revenue mix will not change. You are saying.
Anil Jain
Revenue mix. If you see currently also power trading is reducing. All the low margin revenues are reducing and high margin business are growing.
Shaurya Punyani
Okay sir, is it possible to share the margins of each business like roughly.
Anil Jain
Maybe we can again on a separate call we can pull out the data and share with you.
Shaurya Punyani
Okay. Okay sir, no worries. Thank you.
Operator
The next question comes from the line of Vidya Shankar [Phonetic], an individual investor. Please go ahead.
Vidya Shankar
Good morning Anil sir and Dinesh sir. Pleased to be back after a short break. I was into multiple engagements and was not able to join your call. Aarti, congratulations on the numbers and our joy knows no bounds because we have been performing as per your commitment. Also I want to congratulate the team for the timely decision to not get into the lending arrangement with Gensol which has saved the lives of millions of people. Coming to my question, receivables and operating cash flow has got addressed. There is also a concern on the dipping margin in terms of percentage YOY and Q on Q in terms of operating margins. That is one. And what about the. Is there any like Cairo did a filing of a case on DSC for dsm can refect think on those lines because this ASM thing has been a long drawn out affair. I think more than one year this time. Again last time after a year we came out but this time it’s taking long.
Anil Jain
Thank you sir. Thank you sir. Thank you so much for your good words and appreciation and standing by us. So to answer your first question sir, the reason for dipping of margin is mostly because we have the bad percentage is almost same. If you look at the last year of this year, maybe this year we might be at 7.62% but it’s growing from here because it is only a form where we are. When we start a site there are initial expenses which are then amortized over the period of time. So most of the sites will start generating. And now when our revenues are more focused on Ash link this year you will see a better margin for the on the total turnover.
Vidya Shankar
That is not the concern. Operating margin is a concern, correct? Sorry sir.
Anil Jain
Yeah, operating margin will also get better sir, now this year because the focus will be on apps. Second. Yes, we are also not sure why we are in ASM stage. Multiple stages. I think that’s a. That’s. That’s something which Sebi only can answer.
Vidya Shankar
No, actually last time I fought with Sebi and NSC and I managed to get it out. But this time my fight is falling on deaf ears. And this time it is moving back and forth four, three, two, one like nobody’s business. So this time I’m unable to fight with them. Last time I had a huge fight with them and I managed to get it within three months. But this time even my fight is failing and I fail to understand. I’m just suggesting like Cairo did once did something out of the blue. There is more micro cap. We are close to large cap. So can we think in terms. It’s a management call, sir. I can only suggest because that will only add to the comfort level of people to stay longer with you, to have the faith in you and the system. Also we can’t challenge the system but we can question it.
Anil Jain
We legally check the viability and come back, sir. And we’ll try and do the best for our shareholders.
Vidya Shankar
Sure, sir, that’s what we don’t want to challenge it but we can question it at least.
Anil Jain
Sure, we’ll work on it. Thank you for the suggestion.
Vidya Shankar
Thank you so much. Thank you.
Operator
Thank you. A reminder to all participants, you may press Star and one to ask a question. The next question comes from the line of Krishna Chowdhury [Phonetic], an individual investor. Please go ahead.
Krishna Chowdhury
Good morning, sir. Am I audible?
Anil Jain
Yes, please go ahead.
Krishna Chowdhury
So first of all I want to know about the ash and coal handling business. So sir, in Q4 we had mentioned that our daily capacity was increased from 60,000 tons to 70,000 tons from Q3. That was a 10,000 metric ton a day increase from Q3. But sir, in terms of revenues of this segment, the revenues dipped about 100 crores in Q4 as compared to Q3. So just I wanted to know, sir, if the handling tonnage is rising, so is there a direct correlation between the revenues also or is there some other mix due to which the revenues got decreased?
Anil Jain
So if you see the trading of coal is reduced in this quarter and ash handling has increased because the coal is a low margin business, we have gradually reduced that business and increased the ash handling. So while the total revenue by numbers would have reduced. But the margins if you see, have almost been getting better only.
Krishna Chowdhury
Yes sir, the margins are definitely improved. And sir, regarding the total tonnage, if you could provide some for the FY26 like if I am correct. So we had mentioned now 18 million tons. For FY25. We have been able to do around 10 million tons. If you could correct me. And why is it sir that there has been lesser ton is done. And what is the tentative projection for FY26? If you can give.
Anil Jain
So approximately, I think we’ll be able to. The current year’s tonnage have not reduced drastically, I would say. But some of the. I mean the future projection, I think it will be a very confidential information to give the tonnage because the tonnage will be handled. But the market size I can give you is very large, sir. And the number of plants we are operating is increased from 18 to 40. So you can definitely see the number of. We have onboarded totally 20 new power plants in this quarter. So you can see that increase in tonnage happening next, increase in value happening next year.
Dinesh Kumar Agarwal
We have entered 15 states now. Previous year we have done 6 million. We have done 10 million this year. Definitely this coming financial year will do much better. And our presence in new new state. In the last quarter we have entered Uttar Pradesh and Jharkhand. And we’re continuously capturing new geography. So that we do we achieve more quantity of the work and also the business.
Krishna Chowdhury
Okay, great. Sir, answer what is equal?
Operator
Sorry to interrupt. Krishna, I would request you to rejoin the queue for more questions. Thank you.
Krishna Chowdhury
Okay, thank you.
Operator
The next question comes from the line of Dhanraj Tolani [Phonetic], an individual investor.
Dhanraj Tolani
Please go ahead. Yes. Am I audible?
Anil Jain
Yes. Yes, please.
Dhanraj Tolani
Okay, so as you plan to grow your EV fleet to 5000 but FY27, so what is the investment needed and how will you fund it?
Anil Jain
Can you be a little louder please? We are not able to make out what you say.
Dhanraj Tolani
I’m saying you plan to grow your EV fleet to 5,000 by FY27. So what is the investment needed for that and how will you fund that?
Anil Jain
So most of these vehicles we’re going to raise a vehicle loan of about 80%. And the equity requirement is not going to be very high. It will be roughly about 50, 60 crore at. I think we already have raised enough capital and there’s more money which is going to come from the presidential issue. That will be enough for us to fund this.
Dhanraj Tolani
Okay. And one more question.
Operator
I’m sorry, interrupt. Dhanraj, you can rejoin the queue for further questions.
Dhanraj Tolani
Okay, sure.
Operator
Thank you. A reminder to all participants, please press star and one to ask a question. The next question comes from the line of Ayushi Jain [Phonetic], an individual investor. Please go ahead.
Ayushi Jain
Yeah. Hi. Good morning. Thanks for the opportunity. So my question is that how much of your refrigerant gas portfolio is now made up of eco friendly or low emission products?
Anil Jain
100% of our refrigerant gas is only eco friendly. From day one we have been only dealing in HFC based.
Ayushi Jain
Okay. And are you planning to expand to more states for your ash handling or EV services?\
Anil Jain
Yes, we are planning to grow across other states also.
Ayushi Jain
Okay, so which state?
Anil Jain
We are already there in about close to 15 states.
Dinesh Kumar Agarwal
15 states.
Anil Jain
We’ll be going to another about five states in the next coming year.
Ayushi Jain
Okay. Okay. So which reason are you targeting?
Dinesh Kumar Agarwal
Especially the northeast.
Ayushi Jain
Northeast. Okay. Yeah. Thank you.
Operator
Thank you. The next question comes from the line of Maheshit [Phonetic], an individual investor. Please go ahead.
Mahesh Seth
Yeah. Good morning. So my first question is that.
Anil Jain
Can you be a bit louder?
Operator
Mahesh.
Mahesh Seth
Yeah. Can you hear me now?
Anil Jain
Yes, please.
Mahesh Seth
Yeah. So my first question is that can you share how margins differ across your main businesses like especially green mobility and power trading.
Anil Jain
Power trading. The margins are very little. It’s only 0.2%. The. If you look at our. Sorry, the one minute. The power training is a very low margin business. We make very less margin of 0.2% or 0.3%. And we have slowly reduced our business drastically. The EV fleet currently is. Because it’s an operating B2B business. Currently we are losing money there. But this year we’ll become profitable.
Mahesh Seth
Okay, got it. And my next question is that are you facing price challenges in importing refrigerant gases especially from China?
Anil Jain
No, sir, No. We don’t have any talent.
Mahesh Seth
Okay, thank you. That’s it. From my side.
Operator
The next question comes from the line of Yashwanti from Kogi [Phonetic] Investments. Please go ahead. Please be a little louder, Yashwanti.
Yashwanti
As we are looking for intermode focus on the corporate employee mobility services. So just wanted to understand like normally how what is the contract period for whenever you get into the employee transportation contract and what is the feasible size to get into this contract?
Anil Jain
With any corporate contract size varies from anywhere between six months to three years. And for us we look at minimum five vehicles as the minimum number for us to enter the company. But where the companies have very large requirement and if they start with two or three vehicles and have a visibility of 50 hundred vehicles over the next one year, we are going ahead and starting business in all these prospects.
Yashwanti
Okay, and how is the mobility? So what is the. What is the feasible contract size? I mean, what is the contract size? Normally you enter into it.
Anil Jain
Minimum vehicle. We require five vehicles for a company.
Yashwanti
So only number of the numbers of vehicle looking for the distance.
Anil Jain
That depends on the distance covered, where to pick up, where to drop. There are various other variable factor for a number of vehicle is the base for us to enter a company.
Yashwanti
And so what kind of margin will improve and earn this business? As we have moved from the airport taxi and focusing on this. So I guess the margin somewhat will be much better.
Anil Jain
Generally gross margins will be anywhere between 16 to 20% and I think will be profitable year in this business because it’s going to be only B2B.
Yashwanti
Oh, okay. That’s it. From my side and wish you the best for.
Operator
Thank you. The next question comes from the line of Sorb Singhania [Phonetic], an individual investor. Please go ahead.
Saurabh Singhania
Hello. Am I audible?
Operator
Yes.
Anil Jain
Yes, please.
Saurabh Singhania
Yes. So my first question is.
Anil Jain
Should you be a bit louder.
Saurabh Singhania
Now it’s audible.
Anil Jain
Yeah.
Saurabh Singhania
So we secure a wine turbine order from Torrent Power. So how much revenue do you expect from.
Anil Jain
Can you repeat, sir, your voice is fading.
Saurabh Singhania
Now. It is. Okay.
Anil Jain
Yeah.
Saurabh Singhania
So my question is. So we secured a wine turbine order from Torrent Power. So how much revenue do you expect from it?
Anil Jain
You mean the wind turbine order from Torrent Power?
Saurabh Singhania
Yes. So how much revenue do you expect from it?
Anil Jain
Approximately about 750 crores of revenues.
Saurabh Singhania
Okay. And the second is for the thousand image being added in the next year. So can you please explain the term of your.
Anil Jain
Actually not very audible. Can you be more clear please?
Saurabh Singhania
Now is it?
Anil Jain
Yeah.
Saurabh Singhania
Hello. So what’s my question? Okay, so my question is the thousand EVs being added next year. So can you please explain term of your partnership? Is it a fixed rental or usage based.
Anil Jain
Which thousand vehicles you’re talking about?
Saurabh Singhania
The thousand will be added in next year.
Anil Jain
I don’t know where that information. Which information you are referring to.
Saurabh Singhania
No, I am talking about the partnership.
Anil Jain
Your question is not very clear. Can you.
Operator
Oh. We’ll move on to the next participant. That would be Krishna Chowdhury, an individual investor. Please go ahead.
Krishna Chowdhury
Hello.
Operator
Yes. Please go ahead.
Krishna Chowdhury
Yes sir. So my next question was regarding the wind power vertical. So recently sir, we have planned a huge amount for that particular division. So I just wanted to know. It is mostly in the form of corporate guarantees. So have we procured some major orders for which that would be used or how are we progressing on that vertical? If you could highlight that please.
Anil Jain
Like just now I mentioned that is more for order from torrent which you have received for 750 crores which will be executed this year.
Krishna Chowdhury
Okay. So the whole revenue would be generated this year itself. FY26.
Anil Jain
Yeah. Next 15 months actually.
Krishna Chowdhury
Okay sir. Thank you.
Operator
Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Riddhi Gupta [Phonetic], an individual investor. Please go ahead.
Riddhi Gupta
Yeah. Hello everyone. I am myself Vidhi Gupta. I have three questions to ask. Like one is what is the dividend and bonus plan for this year? And we have recently seen lot of EV waves in the Bangalore and Chennai cities also. So what are your future projects? How much expansion are you planning to go ahead with that? And the third one is like I’ve seen that you have came out from the gensoul also. And so what was your learning from the gensoul?
Anil Jain
The first the answer to your third question, I think this is more an earnings call. So we’ll not talk about learnings here. We’ll have some other call to our advisor and share those data. Second, yes, we are growing EV business. Our focus is going to be B2B and B2B2C and we are already there in four cities and we look forward to growing many more cities. The third question was on bonus and dividend. I think it’s board’s call so I’ll leave for the board to make a decision on that.
Riddhi Gupta
Okay, so how much extension are you planning for the EV wheels and in what timeline?
Anil Jain
Sorry, by you mean the number of vehicles or what? What is the question? Yeah, we plan to go to many more cities. The we currently are in four cities. We look forward to growing at least another 3, 4 cities in this year.
Riddhi Gupta
Okay, thank you.
Operator
Thank you. The next question comes from the line of Yash Kukreja from Equity Capital. Please go ahead.
Yash Kukreja
Yeah, thank you so much for the opportunity. Sir. I believe ash and coal handling business is the major contributor to our total revenue and as per your previous comment also it will be in the similar lines going forward. So sir, could you help me with the market share, our market share and also the guidance and sustainable margins in this segment.
Anil Jain
Currently our market share is less than 2% or I would say less than 1.5% in the country. And the industry is growing very very sharply. I mean there’s a lot of see the coal demand is growing and the thermal power generation will never reduce because of requirement of thermal requirement power requirement in the country. So I think the ash is going to be generated and the disposal of that will become very very important because we are the only organized player in the country. We see that the scope of our growth is very, very high and increase in the number of power plants from 15 to 40 this year, 25 to 40 this year. I think we will be growing much faster. We want to have a substantial market share in the country over the next five years. We want to be in be at least in a 10% plus bracket of market share in the country, Sir.
Yash Kukreja
And sir, any guidance on sustainable margins in this segment?
Anil Jain
The margins will get better as we grow from the current margins of what, 7.62%. I think overall as a company we should grow to close to 10% margin over the next one or two years. Top line guidance. We don’t have a number, but yes, we’ll be growing substantially this year.
Yash Kukreja
Okay, so it will be in similar lines as we have done in the past few years.
Anil Jain
Yeah, the growth will be good.
Yash Kukreja
Okay, thank you so much sir.
Operator
Thank you. A reminder to all participants, please press star and one to ask a question. Participants please restrict yourselves to one question. The next question comes from the line of Raj set from Aband’s investment managers. Please go ahead.
Raj Seth
I want to ask question regarding refrigerant gas.
Operator
Could you help me a little louder, Raj. Thank you.
Raj Seth
Yeah. I have a question regarding refrigerant gases. Can you help me understand the price trend of R32 gas, R134 a and R410 a.
Anil Jain
So these price sensitive are very confidential information for customers. So we would not want to disclose the prices on the call.
Raj Seth
Okay sir, that would be from my side.
Operator
Thank you. The next question comes from the line of Ashish from Kofo [Phonetic]. Please go ahead.
Anil Jain
Yes, please go ahead.
Ashish
Yeah, yeah. So I just saw a note in the results saying that there is a demand of around 29 crores from CBSD act under section 74. And have you created a relevant and required provisions for that?
Dinesh Kumar Agarwal
Only it has been classified as a condition liability. There is no provisions required. We are confident that we’ll win this case in the appeal.
Ashish
Okay. Okay. So okay then like can you like is it virtually certain or.
Operator
Ashish, I would request you to rejoin the queue for any further questions so that the management can address as.
Dinesh Kumar Agarwal
Just to clarify, we are confident about winning this case. This is happening for all the group across India and we are confident on since we are working on a unorganized business where we engage various local contractors and there is a challenges for them on certain compliances because of their non compliances. We have got the demand and we are confident to win this case.
Ashish
Yes, yes. Thank you very much. Thank you.
Operator
Thank you. The next question comes from the line of Rahel Shah from Crown Capital [Phonetic]. Please go ahead.
Rahil Shah
Hi sir, good morning, can you hear me?
Anil Jain
Yes, please go ahead.
Rahil Shah
Yeah, so just one question. So you closed this FY25 with a PAT margin of 6.4%. Okay. On a consolidated level now given the kind of multifold growth that you’re speaking of, can we expect pat margins to be 10% in the next one to two years?
Anil Jain
There are two things which will add to our pat margin because we have removed the. We have withdrawn services from the Bangalore airport. So for a subsidiary company where we were losing money for the Bangalore Airport B2C services, it will add some more, will not lose money there. So that will help us to regain our pat margin. And apart from that, even in the ash and coal handling business where we are focusing, we will be able to make the margins better, I think in the next two to three years. We are, we are targeting a 10% margin.
Rahil Shah
In the next two to three years on a consolidated level. Right?
Anil Jain
Yes. Yes.
Rahil Shah
Okay. Okay. That’s it. Thank you so much.
Operator
The next question comes from the line of Smith Jain from Flawless Family Office. Please go ahead.
Sumit Jain
Yes. So you know, you’ve already answered that we have one month project on the wind energy front. But I just wanted to understand what plans do we have going forward with regards to this segment. Right. Because we’ve been talking about coal ash handling being the foremost segment that you want to focus on. But are we also going to apply and you know, bid for more tenders in this segment or, you know, this is not the priority for the company for this financial year.
Anil Jain
Well, this current year we are, we are working on various other contracts also slowly. We want to grow this business also over the next two, three years. We also want to be a leading wind turbine supplier in the country. So this business will also grow gradually. But we want to take one step at a time and with one supply. And then once we are confident, we’ll want to grow this business again.
Sumit Jain
Perfect. Thanks. Is it a trading business or a manufacturing business?
Operator
Sorry to interrupt. Smith, I would request you to rejoin the queue for any further questions. Thank you. The next question comes from the line of Rajesh Kumar from Ace Capital. Please go ahead. Rajesh, please go ahead with your question and unmute yourself in case if you’re on mute.
Rajesh Kumar
Yeah. Am I audible?
Operator
Yes, please go ahead.
Rajesh Kumar
Yeah. So my question is, has your renewable energy open and subsidiary won any more deals beyond the torrent power project?
Anil Jain
Sorry, can you repeat the question?
Dinesh Kumar Agarwal
Yeah, no, I’ll take that. Yes, we’ll be doing many. We are discussing with top IPPs in India and we’ll be doing more projects and that. That. That is also a focus area and we’ll be doing more projects there. Edge answer in the previous question.
Rajesh Kumar
Okay, thank you. That’s it from my side at the moment. Yeah.
Operator
Thank you. The next question comes from the line of Rohan Vora from Enrich in Capital. Please go ahead.
Rohan Vora
Hello. Thank you for the opportunity. So sir, just wanted to understand what is our wind turbine capacity today and what is the kind of competitive intensity that you are seeing in the industry. In addition to that, also wanted to know what your margins will be in this business. Thank you.
Anil Jain
We are starting off with CKD and going to get into manufacturing. The capacity of A turbine is 5.3 megawatt single turbine. Which is currently the largest. One of the largest in the country. And we’ll be the first to do the CKD and manufacturing. And going forward we see the potential for this business is going to grow. And this. This technology definitely is going to be superior to all the existing technologies. Also this is going to have. This can generate more energy at a lower wind speed. Also with higher. The towers will be about 130 meters.
Rohan Vora
And sir, about the.
Operator
I’m sorry to interrupt. Rohan, you may rejoin the queue for any further questions. Thank you.
Dinesh Kumar Agarwal
Just. Just to clarify. Margin. Margin will have the. We have a better margin but there is a competition. There is a huge competition in this line of business. And since we have a superior technology and superior partner we are confident that this business will have a better profitability.
Rohan Vora
Okay. Okay. Thank you.
Operator
Thank you. The next question comes from the line of Shaurya Puniani from Arjav Partners. Please go ahead.
Shaurya Punyani
Hi, I’m audible.
Operator
Yes.
Anil Jain
Yes, please.
Shaurya Punyani
So just a clarification. I missed your audio parts of that wind turbine order. So are we manufacturing it or we are sourcing it from somewhere?
Anil Jain
Like we said, the first year will be CKD and second year will be manufacturing over here.
Shaurya Punyani
Second year.
Dinesh Kumar Agarwal
We are starting with a. We are starting with a CKD import and doing an assembly in India over a period of time. We have 18 months plan to do the localizations in India.
Shaurya Punyani
Okay. We start our manufacturing unit, right?
Dinesh Kumar Agarwal
Yes. Yes. Yes.
Shaurya Punyani
Okay. Thank you.
Dinesh Kumar Agarwal
We have already taken a factory in Silvasa and we will be doing the localizations in India.
Shaurya Punyani
Okay. Okay. Thank you.
Operator
Thank you. The next question comes from the line of Ashish from COFO engineers. Please go ahead.
Ashish
When you are answering my previous question, you said the business is very much unorganized. So why it is unorganized? Why are you telling that it is an organized. I need to understand it.
Anil Jain
Sorry, can you repeat your question? Sir.
Dinesh Kumar Agarwal
As business is largely. It is unorganized. Today every power plant engages the local transporter and they do the business. Why it is unorganized? I will not be able to answer. This is how the currently in India it is operating and few players like we. We are the India’s largest assembling company and we are organizing the market. Providing the benefit of organized player benefit to the power plant in India with a various technology. And also with respect to the compliance where the unorganized player not able to do these certain compliances? We are fully compliant Being a listed company, both with respect to labor laws and the fiscal laws, we are fully compliant compliances. We are giving it to the power plant and also we are providing the various technology support like having the GPS for each of the vehicle, having the tracking, setting up a control center, providing the all the data, doing the geotagging for the dispatch complete dashboards. We are providing to all the power plant in India. Currently it is 95% of the market is completely unorganized.
Ashish
Yeah. Okay, thank you.
Operator
Thank you. The next question comes from the line of Vidya Shankar, an individual investor. Please go ahead.
Vidya Shankar
Yes, thank you for admitting me. Again. My next question was the next foray like we did a very good thing from core competency we went to EV back to core competency. Now we are kind of diversified. So is green energy and wind turbine related to solar energy? Is this allied business opportunity that Reflex can look into?
Anil Jain
It was an opportunity which came to us for manufacturing wind turbines and looking at the growth and the need in the country for alternate energy and renewable energy. I thought we took up this partnership and we are developing this business. I think this business will grow in the country over the next few years.
Dinesh Kumar Agarwal
And also it is a allied business since it is again a power industry. Our already association there with the IPP player and it is a continuous relationship. Same thing.
Vidya Shankar
Yes, that was the thought. EV power trading, now wind energy, green energy should be the next logical step forward.
Dinesh Kumar Agarwal
Yes.
Vidya Shankar
Thank you. Thank you so much. Thank you. Thank you sir. Obliged.
Operator
The next question comes from the line of Krishna Chowdhury, an individual investor. Please go ahead.
Krishna Chowdhury
Yes. As you mentioned previously that we are planning to increase our market share in ash and gold handling from 1.5 to approx. 10%. So just I wanted to understand. So what benefit does the power plant have that we get the orders and how do they select the vendor? Is it only basically low cost bidder gets the project or do they look at other parameters like the quality, technology, qualifications? I’m just asking what do the customer looks when they finalize the vendor?
Anil Jain
We just answered this that what. What benefit we bring to the customers? We bring digitalization, we bring compliances. This ash which is being generated is an environmentally hazardous product for the power plant. So they need somebody who can really handle this well and ensure that all the compliances regard to environment is there. So we bring that strength. If you look at our growth in the last past two years from zero to where we are today. That itself should demonstrate that people are looking large companies are looking at organized players for disposing this hash. And we are confident to grow in this sector sir.
Krishna Chowdhury
Okay, thank you.
Anil Jain
Welcome sir.
Operator
The next question comes from the line of Samrat Shah [Phonetic], an individual investor. Please go ahead.
Samarth Shah
Hello. Good morning sir. Am I audible?
Dinesh Kumar Agarwal
Morning. Yes sir. Please go ahead sir.
Samarth Shah
First of all I like to congratulate the entire reflex team for a wonderful year. You’ve reached 2000 crore revenue. So congratulations for that and thank you for creating shareholders wealth. I’ve been invested in this company since the last three three and a half years. Congratulations for that. And my question is regarding the cash flow statement. That is one line item like increase in current and non increase in current and non current assets. It has gone up by 269 crore. So I want to know what exactly are the main contributors to this.
Dinesh Kumar Agarwal
This is. This is more of a vendor advance and another is the on wheel revenue. One is the vendor advance for the. For the business for the first quarter which we have already booked and will be executing in the April month. Majorly in the April month and the May month. And there is another part in that is the unveiled revenue where the business has happened in the March month and February month. Since the billing could not be done in end billing is happening in the April 1st week and the April 2nd week. That is reflecting as a non contract assets. And that is another part. And that is another part is the in our receivable. That one part is a retention. And the retentions receivable is also in that. Included in that.
Samarth Shah
Also in the receivables part. Sir, I wanted to know whether the debtors are you getting the data days is roughly about what 90 days. Because in the last two second last call. Anil. Sir, I told that from the billing process till the time you get collections it takes about 90 days. So is that the same benchmark or has it increased or decreased? I wanted to.
Dinesh Kumar Agarwal
It is increased sir. It is 113 days. Now it is 80. 101 day. It is earlier it was 81 days.
Samarth Shah
Okay, so any guidance for that to for reduction anything possible in the next coming.
Dinesh Kumar Agarwal
But since we are working with government business it will be anywhere between 80 to 90 days for some period of time. Once the cycles get established it will reduce. So I see another two quarter, two quarter to three quarter it will be between 80 to 90.
Samarth Shah
Okay, thank you, sir. Yeah. And all the best for future quarters. And us, sir. Thank you.
Dinesh Kumar Agarwal
Thank you.
Operator
The next question comes from the line of Prashant from tcl [Phonetic]. Please go ahead.
Prashant
Hello. Am I audible?
Operator
Please go ahead. Prashant. Yes.
Prashant
Yes, sir. Just wanted to check. I understand this question might fall under the ambit of Refx Renewables also which has not declared its results yet. But the segregation of businesses, if you can share broadly, how will it be, what will be under subsidiary effects industries and what will be done by Reflex Renewables. That is one and a side question of the manufacturing knockdown turbine that we’re importing which is a technology provider with which we will be assembling in Silvasa factory. I missed that if it was shared earlier.
Anil Jain
Thank you, sir. And we’ll only talk about effects industries today. We reflex industries like you know are the three sectors. Ash and coal handling business currently in the Reflex industry. Then we have power shedding and refrigerant gases. We have two subsidiaries. One is into employee mobility, green mobility. Second is into wind turbine manufacturing. Sir.
Prashant
Okay, sir. And which technology partner will be there for the wind turbine manufacturing eventually or the imported assembly that we are doing right now?
Anil Jain
We have tied up with a company called Vensys. It’s a German company.
Prashant
Sorry, so I couldn’t catch that.
Anil Jain
Vensys V E N S Y S German manufacturer, German company.
Prashant
Okay, thank you. That’s it for me.
Operator
A reminder to all participants. You may press Star and one to ask a question. The next question comes from the line of Ashish from COFO engineers. Please go ahead.
Ashish
Yeah. Thank you for allowing me again so considering with referring to your segment revenues disclosing figures. So you have a loss from wind power. Can you know like what is the reason for that? Because revenue is absolutely like there is no revenue from wind power. But is it a burning business of yours?
Anil Jain
It is the original. We are only established a company now. These are all first year of. First year of operative, pre operative expenses and operative expenses.
Ashish
Yeah, yeah. Thank you.
Operator
Thank you. A reminder to all participants. You may press Star and one to ask a question. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Ms. Saki Panjiara for the closing comments.
Sakhi Panjiyara
Thank you everyone for joining the conference call. If you have any queries, you can write to us at Research. Once again, thank you, everyone, for joining the conference. Have a nice day.
Anil Jain
Thank you, everyone.
Operator
Ladies and gentlemen, off behalf of Kirin Advisors Private Limited, that concludes this conference. You may now disconnect your lines.