Refex Industries Limited specializes in trading eco-friendly refrigerant gases and providing comprehensive solutions for responsible coal procurement and ash disposal.
Q2 FY26 Earnings Results
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Revenue from Operations: ₹427 crore, down 38.83% QoQ and 0.23% YoY, impacted by seasonality and monsoon-related demand weakness typical for the refrigerant industry.
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EBITDA: ₹70 crore, up 63% YoY; EBITDA margin contracted slightly QoQ to 9.87%, but still higher than 8.19% in Q2 FY25.
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Profit After Tax (PAT): ₹36 crore, up 16% YoY; PAT margin compressed to 5.36% from 7.69% QoQ reflecting volume decline and higher interest and depreciation costs.
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Interest expense rose to ₹9.93 crore from ₹8.81 crore QoQ.
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Depreciation increased to ₹14.14 crore from ₹11.62 crore QoQ.
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Profit Before Tax (PBT) was ₹55 crore, up 18% YoY.
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Company announced a draft composite scheme of amalgamation involving Refex Green Mobility Limited, Refex Industries Limited, and Refex Mobility Limited; new entity Refex Mobility Limited incorporated in September 2025.
Management Commentary & Strategic Insights
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Performance affected by typical seasonal demand slowdown and broader market challenges, including channel inventory and pricing pressures.
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Significant capacity expansion with fixed assets more than doubled to ₹239.16 crore, positioning for future growth.
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Positive outlook for Q3 FY26 driven by seasonality (peak winter demand) and improving operating leverage.
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Continued focus on working capital management, cost control, and margin expansion.
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Promoter holding stable at 53.33% with low institutional shareholding (1.74%), indicating room for institutional investor interest.
Q1 FY26 Earnings Results
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Revenue from Operations: ₹383 crore, down 38.9% QoQ and 35% YoY reflecting seasonal demand impact.
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PAT: ₹20.37 crore, down 58% QoQ and 30.6% YoY affected by lower volumes and higher costs.
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EBITDA margin improved YoY despite revenue decline, signifying operational efficiencies amidst weaker demand conditions.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.