{"id":175742,"date":"2026-01-22T13:26:45","date_gmt":"2026-01-22T18:26:45","guid":{"rendered":"https:\/\/alphastreet.com\/india\/refex-industries-limited-refex-q3-2025-earnings-call-transcript\/"},"modified":"2026-01-22T13:26:45","modified_gmt":"2026-01-22T18:26:45","slug":"refex-industries-limited-refex-q3-2025-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/refex-industries-limited-refex-q3-2025-earnings-call-transcript\/","title":{"rendered":"Refex Industries Limited (REFEX) Q3 2025 Earnings Call Transcript"},"content":{"rendered":"

Refex Industries Limited (NSE: REFEX) Q3 2025 Earnings Call dated Jan. 27, 2025<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Anil Jain<\/strong> \u2014 Chairman & Managing Director<\/em><\/p>\n

Dinesh Kumar Agarwal<\/strong> \u2014 Whole-time Director & Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Samiksha Ramteke<\/strong> \u2014 Analyst<\/em><\/p>\n

Krishan Choudhary<\/strong> \u2014 Analyst<\/em><\/p>\n

Nishant Gupta<\/strong> \u2014 Analyst<\/em><\/p>\n

Rahul Gupta<\/strong> \u2014 Analyst<\/em><\/p>\n

Vignesh Iyer<\/strong> \u2014 Analyst<\/em><\/p>\n

Deepesh Sancheti<\/strong> \u2014 Analyst<\/em><\/p>\n

Swaraj Gandhi<\/strong> \u2014 Analyst<\/em><\/p>\n

Yashwanti<\/strong> \u2014 Analyst<\/em><\/p>\n

Mehul Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Samarth Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Dipen Parekh<\/strong> \u2014 Analyst<\/em><\/p>\n

Jairaj Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Priya Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Veemax<\/strong> \u2014 Analyst<\/em><\/p>\n

Rahil Kothari<\/strong> \u2014 Analyst<\/em><\/p>\n

Komal Iyer<\/strong> \u2014 Analyst<\/em><\/p>\n

Amansingh Sahajsinghani<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Q3FY25 earnings conference call of Reflex Industries Limited hosted by Kirin Advisors Private Limited. 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 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. Samiksha Ramteke from Kirin Advisors. Thank you. And over to you, ma’am.<\/p>\n

Samiksha Ramteke<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. On behalf of KIN Advisors, I welcome you all to the conference call of Physics Industries Limited. From management team we have Mr. Anil Jain, Chairman. From Managing Director, Mr. Dinish Agrawal, full time Director and CFO. Now I hand over the call to Mr. Anand Jain. Over to you sir.<\/p>\n

Anil Jain<\/strong> \u2014 Chairman & Managing Director<\/em><\/p>\n

Thank you so much. Good evening everyone and a very warm welcome to Reflex Industries Q3 and 9 and FY25 earnings conference call. Over the years, Reflex Industries have transformed into a diversified and resilient organization, consistently embracing innovation and sustainability at its core. First and foremost, I want to extend my heartfelt greetings to all of you on the occasion of the 76th Republic Day. It’s a privilege to address you all as we collectively contribute to India’s growth story. Before diving into the financial highlights, let me take a moment to reflect on some of the significant milestones that have defined our journey this quarter, including a few material business highlights still today. Performance highlights. Turning our attention to company’s financial performance for Q3 and 9 month FY25, I’m delighted to share that we have achieved robust growth across all business segments, underscoring the resilience and strength of our diversified business model. Let me start off with standalone results. Total income for Q3FY25 stood at 733.48 crore reflecting a growth of 140.71% year on year. For 9 month FY25, the total income increased 2853.44 crores, showcasing a year on year growth of 77.7%. Net profit for Q3FY25 surged by 200.12% to 59.4 crore. For 9 month FY25, net profit increased by 103.58% to 1 32.31 crores. Earning per share. Basic For Q3FY gender 25 stood at 4.7 up 162.56% while for nine months fi delici it’s at 11 rupees reflecting a growth of 86.44%. Next we move on to the consolidated results. Total Income Consolidated Total income for Q3FY20 Q3FY25 has reached 741.92 growth and 139.97% growth compared to the previous year. For nine months FY25 grew to 1874.14 crores up 78.38% year on year Net profit Consolidated net profit for Q3FY25 rose to 52.05 crores up 198.1% and nine months FY25 it increased by 85.98% to 110.46 crores. Overall, the core and ash handling business segment remains strong behind the growth of FX industries contributing to about 1,643 crores in 9 months FY25 and 683 crores in FY25 Q3 alone. Green mobility is contributing to 22.2 crores for 9 months FY25 highlighting the company’s focus on sustainable and future focused business initiatives. Green Mobility has also entered into a strategic arrangement with Gensoil Engineering Limited to take over 2997e card from Gensol and then leave it to Bruce Market. As we chart the path forward, our focus is firmly on capitalizing on strengths with an unrelenting commitment to innovation, sustainability and operational accelerance. Vicepost will lead India’s green transformation and drive meaningful change in the industries we serve. Every milestone we achieve stands as a testament to the trust and confidence of all our stakeholders and the unwavering commitment and dedication of our exceptional team. Together we are shaping a future defined by growth, resilience and a shared vision for a sustainable tomorrow. Thank you for your continued support, trust and encouragement today. Together we are confident in building a path forward for a long term growth and consistent value creation. Thank you so much. I look forward to engaging in a discussion ahead with all of you. We can now open for question marks.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask questions 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 questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask questions, Please press star and 1. The first question is from Krishna Chaudhary, who’s an individual investor. Please go ahead.<\/p>\n

Krishan Choudhary<\/strong><\/p>\n

Good evening, sir. Am I audible?<\/p>\n

Dinesh Kumar Agarwal<\/strong><\/p>\n

Yeah, not very clear, but yeah, we can try and manage<\/p>\n

Krishan Choudhary<\/strong><\/p>\n

Okay, I’ll try to thank you for the opportunity. And I have a few questions, sir. So first of all I would like to ask about the ash and coal handling business. In the previous con call, sir, we had mentioned that we had completed about 5 million tons of handling in H1. And the full year guidance was 18 million. So that comes to about 13 million for H2. So I would like to know, sir, how out of the 13 million, how much have we achieved in Q3 and what is the estimate if you could give for Q4?<\/p>\n

Dinesh Kumar Agarwal<\/strong><\/p>\n

These are the strategic information I’ll give you. Anyway, I’ll give you data on this. We have completed 8.5 million tons of the work and we will cross this year more than a 10 minutes.<\/p>\n

Krishan Choudhary<\/strong><\/p>\n

Okay, so for Q3 we have done about 8.5 million times, right?<\/p>\n

Dinesh Kumar Agarwal<\/strong><\/p>\n

Yes.<\/p>\n

Krishan Choudhary<\/strong><\/p>\n

Okay. And the. Okay, we surpass the given target also. That’s great. That great. And as I saw your presentation sir, you have also increased the daily handle capacity from 50,000 to 70,000, sir. So have we added new customers, new sites? And is this sustainable, sir, in the coming quarters?<\/p>\n

Dinesh Kumar Agarwal<\/strong><\/p>\n

Yes, the current quarter is a peak season and it. It is sustainable.<\/p>\n

Krishan Choudhary<\/strong><\/p>\n

Okay, great sir. And sir, I would also like to know that we have been able to increase our revenues in the segment a lot, sir. But the margins, sir, they are not increasing as generally when you increase revenues, the operational leverage also kicks in. But in our case the margins have been stable to a little lower, sir. Is there any reason for that? And can we expect some improvement in the coming quarters?<\/p>\n

Dinesh Kumar Agarwal<\/strong><\/p>\n

We have started a lot of new plants and initially when we start a new plant there is a mobilization of team Effense before the real work starts in the plant. That is the reason overhead and other expenses will be more in the initial time which is get amortized once the full fledged work happens. So initially the cost which is incurred in the setting up of the new plant, I mean starting up the new work, each of the new plant because of that margin is dropping.<\/p>\n

Krishan Choudhary<\/strong><\/p>\n

Okay, sir. And since you put in initial investments, these would be long term contracts like approx. How many years? If you could give a rough idea, sir,<\/p>\n

Dinesh Kumar Agarwal<\/strong><\/p>\n

Anywhere between one to three years.<\/p>\n

Krishan Choudhary<\/strong><\/p>\n

Okay, sir. Thank you. And secondly, I have a question regarding green mobility business of our Sir. So as we see, sir. Yes, sir. So In this quarter, sir, the loss has increased from 5 crores to 8 crores. So are this vulnerable loss or when can we expect it to positively contribute to a net surplus? This segment<\/p>\n

Dinesh Kumar Agarwal<\/strong><\/p>\n

I think with the increase of number of vehicles, the time taken to get 100% utilization of each vehicle takes almost six months. So as we are increasing the vehicle, we foresee this loss to happen at least for next few quarters. While operating operationally we are profitable. But at level we are making loss. But in the next few quarters we’ll achieve profitability, sir.<\/p>\n

Krishan Choudhary<\/strong><\/p>\n

Okay, sir. Thank you. And the recent acquisition also about 3,000 reviews from Blue Smart, sir. So just I wanted to know what is the idea regarding how would we monetize them? Would we rent them out to Blue Smart or will we use them for our own brand EVs? So what would be the monitor?<\/p>\n

Anil Jain<\/strong><\/p>\n

They are a very strategic long term drive operational lease model where we have taken all the vehicles from Jimple and we’ll be giving it to Bluesmart on a dry per month basis lease to us. Hello.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Nishant Gupta from Minerva Global Capital. Please go ahead.<\/p>\n

Nishant Gupta<\/strong><\/p>\n

Thank you for the opportunity. Just wanted to understand what is the rationale of getting more capex heavy on the EV acquisition from Denso. Like you’re basically leveraging your company and giving the OPEX benefit to Blue Smart. So what is the rationale of acquiring that fleet and what is the kind of IRR that you are expecting? And are these like the new cards that you have received from them or. These were used and it has transferred at a lower price than the.<\/p>\n

Anil Jain<\/strong><\/p>\n

So currently the vehicles are transferred at the book value to us. It’s basically an inorganic expansion of our fleet. We’re also looking at taking over the operations of these fleet going forward slowly. We’re going to start off with one city in a small number. And our long term aim is to convert this into completely operational fleet under us. Just looking at the long term drive. Once the financial approval comes, we’ll be able to come back on the. What is the IRR we are making on this? Currently it is still under negotiations because the Financial Transfer association happens.<\/p>\n

Nishant Gupta<\/strong><\/p>\n

Got it sir. You have taken 315 crore of bank loan for this. So is there any part of internal approvals that will also go for funding this, you know, acquisition of 297?<\/p>\n

Anil Jain<\/strong><\/p>\n

No, currently we’re just taking over the loan fully. There’s plus there’ll be a 40 crores of equity inclusion in this. Apart from the debt<\/p>\n

Nishant Gupta<\/strong><\/p>\n

And how long Is the tenant with the blue smart that you have negotiated in this.<\/p>\n

Anil Jain<\/strong><\/p>\n

Five years.<\/p>\n

Nishant Gupta<\/strong><\/p>\n

Five years. Okay, for the next question is on the foreign solar power. So this wind power project, what is the total amount that you’ll be receiving from foreign power? You mentioned the megawatt, but the contract size is not mentioned in inr.<\/p>\n

Anil Jain<\/strong><\/p>\n

I think that number is. We are not supposed to disclose that the value, only the megawatt. Okay. Does not allow us to disclose the value.<\/p>\n

Nishant Gupta<\/strong><\/p>\n

Okay, but. But you’ll be executing it by 16 April 26. So the invoicing and the receipt of payment, I, I believe would be you know, by maximum, by what, May, June of 20. That, that might extend later.<\/p>\n

Anil Jain<\/strong><\/p>\n

Can you, can you repeat please?<\/p>\n

Nishant Gupta<\/strong><\/p>\n

Yeah sir, I’m think from the invoicing point of view, whatever, you know the, the amount that you’ll be receiving. So you’ll be completing this project for 16.4.26 which is mentioned in the document. When will you be receiving the, you know, payments from this?<\/p>\n

Anil Jain<\/strong><\/p>\n

No, this will be completed only by March next year.<\/p>\n

Nishant Gupta<\/strong><\/p>\n

Yeah, yeah, I understand but I’m just trying to understand how will the cash flows look like. Like is it kind of a lumpy payment which will come after the know the project is delivered in full or you’ll be receiving some milestone payment that is more from a cash flow point of view.<\/p>\n

Anil Jain<\/strong><\/p>\n

There are multiple milestones. The first payment will start coming in from September this year.<\/p>\n

Nishant Gupta<\/strong><\/p>\n

Okay. From September onwards it will come. But is it like safe to say that a majority of it will come after the project is completed?<\/p>\n

Anil Jain<\/strong><\/p>\n

Yeah, I think in a safe manner. I would not say majority. At every stage wise there are various payment milestones. There are totally about 7, 8 milestones at every stage that we come in.<\/p>\n

Nishant Gupta<\/strong><\/p>\n

Okay. Okay, got it. One final question. So you know, more from a long term perspective, not on a quarterly guidance, but more from a long term perspective, where can we see the growth rate in the top line and the revenues and the margins to stabilize?<\/p>\n

Anil Jain<\/strong><\/p>\n

So I think on the ash and coal handling the revenue will keep growing going forward because we have a lot of contracts in our. And we also see margins getting better over there.<\/p>\n

Nishant Gupta<\/strong><\/p>\n

Okay. Okay. Sir, any comment on the number? Like because margins have been, you know, up and down. So maybe 10, 11% is something we can see in the long term EBITDA margin.<\/p>\n

Anil Jain<\/strong><\/p>\n

Yeah, around that.<\/p>\n

Nishant Gupta<\/strong><\/p>\n

Okay. Okay, fine sir, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Rahul Gupta who’s an individual investor. Please go ahead.<\/p>\n

Rahul Gupta<\/strong><\/p>\n

Hello. Yes sir. My question is what role does technology play in the research green mobility operation Particularly in providing the easy services to corporates and aggregator platforms.<\/p>\n

Anil Jain<\/strong><\/p>\n

Basically the technology helps us to scale up quickly and we have our own in house tech team which is building this platform. Basically the telematics is built in house. So technology plays a very important role in growth. Sir<\/p>\n

Rahul Gupta<\/strong><\/p>\n

The next question is can you provide the insights for the future research and development initiatives under the power limited? And how will it align with our renewable energy focus?<\/p>\n

Anil Jain<\/strong><\/p>\n

Yeah. So we are still in the process of developing a plan for R and D. Hopefully in the next two quarters we’ll be able to give a clear prediction on what are the R and D plans for us.<\/p>\n

Rahul Gupta<\/strong><\/p>\n

Okay, thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from Viganesh Iyer from Sequent Investments. Please go ahead.<\/p>\n

Vignesh Iyer<\/strong><\/p>\n

Thank you for the opportunity sir. And congratulations on a very strong set of numbers. So my question is on you know the fleet acquisition that we did from Gensoul and you know give it to Blue Smart to operate. So a few things I wanted to know. So if I understand we have our own business, right? Ev’s which we done. So what is the rationale of giving, I mean running the fleet on our own, you know vis a vis giving it to Blue Smart is our IRR coming out to be really good. When we are giving it on lease to Blue Smart<\/p>\n

Anil Jain<\/strong><\/p>\n

We are a pure B2B player. Even in our regular EVs we don’t have any other than the Bangalore airport which we do B2C. All our other features deploy for B2B. So even Blue Smart is a very terrible B2B option for us. Where we have taken over the fleet from temporal and giving it to Bluefront on a day to day basis where we have a fixed revenue from these fleet it is up to Blue Smart to get customer acquisition, operate and etc.<\/p>\n

Vignesh Iyer<\/strong><\/p>\n

Okay. Okay. Got it. Got it. Okay sir, that’s all. So much. I’ll get you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from Dipesh Sanchetti from many of finance. Please go ahead.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Yeah. Hi. Am I audible? Yeah. Okay. What are the growth drivers ahead for the company for the next year?<\/p>\n

Anil Jain<\/strong><\/p>\n

Sorry, can you repeat please?<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

I’m saying what are the growth drivers for the company for the next year.<\/p>\n

Anil Jain<\/strong><\/p>\n

Like I mentioned that Ash and coal is going to be our focus. We already have multiple orders of And we’ll be growing business over there. And apart from that, EV fleet also is going to grow. As I mentioned earlier this year, by March we complete about 4800 vehicles. So both the sectors will grow for us next year. Also<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

You said ASH as well as EV sector, right?<\/p>\n

Anil Jain<\/strong><\/p>\n

Yes.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Okay. And I think recently we raised capital from a number of investors. What has been the utilization so far?<\/p>\n

Anil Jain<\/strong><\/p>\n

So these are being utilized for the regular business both in working capital and the CapEx requirement for vehicle uses, etc.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

So we haven’t reduced any debt or anything with this.<\/p>\n

Anil Jain<\/strong><\/p>\n

We’ve reduced 150 crores of working capital.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

150 crores of working capital. Okay. Because the ROE. And what is the ROE expectation of the company going ahead? Maybe in FY27, will we get back to our 30 kind of levels or we will be still. I mean right now what we are doing.<\/p>\n

Anil Jain<\/strong><\/p>\n

Can you repeat that? I think we are breaking up completely. Yes, I. I was asking about the roe.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

You mean for which year? Current year?<\/p>\n

Anil Jain<\/strong><\/p>\n

No, I’m talking about Roe for FY26 and FY27. What is the expectation of the company?<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

I think we will be growing around FY27. We could be somewhere around 2022. So we don’t. We don’t see Roe again coming back to the FY23 levels of 30, 35%<\/p>\n

Anil Jain<\/strong><\/p>\n

Because the business growth is offset. If you see the PAT levels are growing on the order side and the revenue side also has increased a lot. Capital size also has increased a lot.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

And the PAT margins also we expected around seven, seven and a half percent. Only Queen had.<\/p>\n

Anil Jain<\/strong><\/p>\n

I think it will grow up to 10% going forward. Between 8 to 10%.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Between 8 to 10%. So what are the challenges which we see going ahead? Are there any particular challenges in terms of environmental clearance or any other things which we see?<\/p>\n

Anil Jain<\/strong><\/p>\n

I think the only challenge for us because with the number of contracts growing, we have to really build a strong clean fix scale. We don’t have any environmental issues, etc. Instead we are the company who are helping the power plants achieve the environmental compliance. For us, scale is the only challenge.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Scale is the only challenge. The orders are there, but only the execution is the main challenge, right?<\/p>\n

Anil Jain<\/strong><\/p>\n

Yes.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Okay. If that is so what in execution it’s only about the team or it’s also about the money which is going to be needed.<\/p>\n

Anil Jain<\/strong><\/p>\n

Currently we are. We have enough money. It is only the team we need to execute.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Okay, and what are we doing about that?<\/p>\n

Anil Jain<\/strong><\/p>\n

We’ve already hired. We have doubled our number of employees in the last six months and hopefully we should be able to hire better people and more people by end of next quarter. Currently we are at 413 people from 296 last quarter.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Because you’ve seen a phenomenal sales growth in the ash and coal handling business. Do we see the similar kind of a growth going ahead next year?<\/p>\n

Anil Jain<\/strong><\/p>\n

Yeah, yeah I think we see better growth going ahead next year.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

If you can quantify it in terms of number on what kind of.<\/p>\n

Anil Jain<\/strong><\/p>\n

We should made any number quantification yet but the growth will be good.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Is an expectation of around 20 to 30% of growth will be reasonable.<\/p>\n

Anil Jain<\/strong><\/p>\n

We cannot comment on that now.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

I mean anywhere around 20%. I mean is that okay? I mean or we are expecting more.<\/p>\n

Anil Jain<\/strong><\/p>\n

We will see how to formalize this and bring it to the shareholders notice.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Okay, so the growth which you have done up till now there will. Will that be in the same line? I’m just trying to take it out from you<\/p>\n

Anil Jain<\/strong><\/p>\n

In an. Yes.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Okay. Thank you so much. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Krishna Chaudhary who’s an individual investor. Please go ahead.<\/p>\n

Krishan Choudhary<\/strong><\/p>\n

Yes sir, I got connected. Sorry. So I just have a follow up on the colon ash handling business. So sir, previously you had mentioned that there some tricks from the government regarding disposal of legacy ash also in the body. If I’m right. So is there any update or progress on that? Sir?<\/p>\n

Anil Jain<\/strong><\/p>\n

Sorry, can you repeat your question? We can’t hear you<\/p>\n

Krishan Choudhary<\/strong><\/p>\n

Sir, previously you had mentioned that there’s a push from the government regarding the disposal of legacy also the pawns and water bodies.<\/p>\n

Anil Jain<\/strong><\/p>\n

So it is continuing. There is no change in the room.<\/p>\n

Krishan Choudhary<\/strong><\/p>\n

So have we seen sir some on ground execution of that<\/p>\n

Dinesh Kumar Agarwal<\/strong><\/p>\n

Sir, it is being seriously implemented by all the power plant including all the government.<\/p>\n

Krishan Choudhary<\/strong><\/p>\n

Okay, so we are currently doing that also sir.<\/p>\n

Dinesh Kumar Agarwal<\/strong><\/p>\n

Yes, because of that only business is happening.<\/p>\n

Krishan Choudhary<\/strong><\/p>\n

Okay. Okay. Thank you sir. Answer Regarding the power trading business sir. So why is there so variation in the quarterly numbers is because of the seasonality like factors in that particular segment or what?<\/p>\n

Dinesh Kumar Agarwal<\/strong><\/p>\n

We are not focusing more on that now because the margin is too low and we have a good opportunity in other businesses and our concentration is there in the businesses where higher margin is there. Our trading remain will not be a focus further and we’ll be continuing focusing on the other business.<\/p>\n

Krishan Choudhary<\/strong><\/p>\n

Okay, sir. And regarding the newly incorporated subsidiary, sir, Ben being Defects Power limited So how do we plan to produce that? Like we have already given one third of the equity to outside partners. So how would be that benefit to the our main company Service<\/p>\n

Dinesh Kumar Agarwal<\/strong><\/p>\n

X. That is a synergy and we are both part. That is the reason we brought a expert into the as a partner and we’ll be working together for growth of division.<\/p>\n

Krishan Choudhary<\/strong><\/p>\n

Okay, sir, and my last question, sir, like we have multiple businesses. So are we planning some sort of a B merger in the coming years or have we moved on that, sir?<\/p>\n

Anil Jain<\/strong><\/p>\n

No, we have not planned anything now. But we’ll come back if you have a plan.<\/p>\n

Krishan Choudhary<\/strong><\/p>\n

Okay, thank you very much. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from Ditesh Sancheti from Manya Finance. Please go ahead.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Yeah, just regarding your segmented results. When I was seeing the segmented results on profit and loss before the interest and tax. If something mentioned as corporate. If you can just elaborate on that.<\/p>\n

Dinesh Kumar Agarwal<\/strong><\/p>\n

Which one. Can you repeat this?<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

In the segmented results of the consolidated one, there is something mentioned in number two of corporate.<\/p>\n

Dinesh Kumar Agarwal<\/strong><\/p>\n

Corporate. There is the corporate overhead which is not allocated to any of the specific segments.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

The corporate overhead, right?<\/p>\n

Dinesh Kumar Agarwal<\/strong><\/p>\n

Yeah. These are the all corporate expenses which is not directly identifiable to any segment.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Okay. So I mean if sudden increase, can I allocate it to the increase on number of people which you just mentioned?<\/p>\n

Dinesh Kumar Agarwal<\/strong><\/p>\n

Number of people. There is a technology advancement is happening. There is a technology expenses because we are. Since we are scaling. There is a development of technology, implementation of new technologies also happening. There is a. I mean because of the people. There is a. Multiple offices are being set up. Multiple things are there which is not directly identifiable to any specific segment.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Okay.<\/p>\n

Dinesh Kumar Agarwal<\/strong><\/p>\n

Has already been allocated to specific.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Okay. And if I can come to your EV business, How does your EV business work? You give the cars to Bluesmart and Now Bluesmart hires it to the corporates. How does the business work? If you can just elaborate on that.<\/p>\n

Anil Jain<\/strong><\/p>\n

We have a B2B business where we give vehicles to large corporates for their employee transportation. We do both technology and the vehicles for that Bluesmart is a drive is where we are given only vehicles to Bluesmart. They will have their own drivers and operations and they will do it for B2C. The customer acquisition will be their scope. So for us it is a B2B2C for Bluesmart. And all of the customers are also direct B2B.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Okay, so B2B clients are ours, right?<\/p>\n

Anil Jain<\/strong><\/p>\n

Yes.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

And Blue Smart, we have a stake in them. And that’s B2C happens from the Blue Smart.<\/p>\n

Anil Jain<\/strong><\/p>\n

No, no, no. Blue smart is also B2B customer for me. For me, Blue Spot is the customer to whom I’m giving vehicles on long term driving operation lease. I have, I have no, no obligation to get any customer for us.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

You, you don’t have any stake in Blue Smart? Hello.<\/p>\n

Anil Jain<\/strong><\/p>\n

No, we don’t have.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Okay, the company does. Company. Other promoters don’t have any stake in Blue Smart. Right.<\/p>\n

Anil Jain<\/strong><\/p>\n

The company doesn’t have. The company doesn’t have.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

What about the promoters?<\/p>\n

Anil Jain<\/strong><\/p>\n

Promoters don’t have. Promoters through one of their funds have a very small scale which is very negligible. Less than 1%, less than half a percent.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

And how do we, how do you plan to scale this business?<\/p>\n

Anil Jain<\/strong><\/p>\n

We are, we are continuously getting more and more B2B customers. So we are. Our focus is going to be B2B customers.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

And if you can just mention how, I mean how, for how long are these contracts? I mean does the vehicle life.<\/p>\n

Anil Jain<\/strong><\/p>\n

Between one to three years. And blue SWAT is five years contract<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

One to three years. Okay.<\/p>\n

Anil Jain<\/strong><\/p>\n

Yeah. B2B contract for between one to three years.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

One to three years. And what is the margin profile in that?<\/p>\n

Anil Jain<\/strong><\/p>\n

So it depends. Different customers have different way in which we build them. Some are trip basis, some are monthly, some are number of hours. It’s a number of kilometers on average. We have close to about 20% gross margin on them.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Yeah, because I mean something which I was since that is doing so well, I mean why would the company actually go into business? And that was one of the question that how do we plan to scale it? Because<\/p>\n

Anil Jain<\/strong><\/p>\n

It is in a subsidiary company and business is growing in a subsidiary company directly. And again, if you look at our coal and ash also is a logistics business where I’m only moving the ash and coal from one place to another. I’m doing the logistics here. Similarly EV is also logistics business for me. Yeah, it’s a complete operational. So the expertise of our operational efficiency can be at both the paces. I mean, they are in line with our original business<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

So all these big profits which we give are we giving them with the drivers, I mean for the handling the stuff or only that we are giving the cars<\/p>\n

Anil Jain<\/strong><\/p>\n

For all the B2B customers. We have drivers which we have our own driver and we operate the cars for them. We do charging, etc everything for them.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Okay so basically fleet management.<\/p>\n

Anil Jain<\/strong><\/p>\n

Okay fine.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from Swaraj Gandhi who’s an individual investor. Please go ahead.<\/p>\n

Anil Jain<\/strong><\/p>\n

Thank you. Hello? We can’t hear you.<\/p>\n

Swaraj Gandhi<\/strong><\/p>\n

Hello. Now<\/p>\n

Anil Jain<\/strong><\/p>\n

You’re not clear.<\/p>\n

Swaraj Gandhi<\/strong><\/p>\n

One minute. Now I’m audible. Hello? Hello? Hello.<\/p>\n

Anil Jain<\/strong><\/p>\n

Yeah, you’re not very clear. Can you redial please?<\/p>\n

Operator<\/strong><\/p>\n

One minute. Mr. Gandhi, if you are on a hands free request you to use the handset and try. We can’t hear you. You sound very low and muffled.<\/p>\n

Swaraj Gandhi<\/strong><\/p>\n

Oh okay. Okay, let me. Hello?<\/p>\n

Anil Jain<\/strong><\/p>\n

Now can you dial in again please? I think we can’t hear you, sorry, your voice is very musc. Hello? Hello, can you answer the. Dial again, we can’t hear anything.<\/p>\n

Operator<\/strong><\/p>\n

Mr. Gandhi, we request you to rejoin disconnect and call us back maybe from a different number. We’ll move to the next question. The next question is from Yashwanti, from Kojin Finvest. Please go ahead.<\/p>\n

Yashwanti<\/strong><\/p>\n

Hello?<\/p>\n

Anil Jain<\/strong><\/p>\n

Yes.<\/p>\n

Yashwanti<\/strong><\/p>\n

Am I audible?<\/p>\n

Anil Jain<\/strong><\/p>\n

Yeah, you’re audible?<\/p>\n

Yashwanti<\/strong><\/p>\n

Yeah. Basically I just wanted to know that. Am I audible?<\/p>\n

Anil Jain<\/strong><\/p>\n

Yeah, you’re audible now.<\/p>\n

Yashwanti<\/strong><\/p>\n

Yeah. So just wanted to understand, you know in the coal and I had been considering the government focus on clearance and also the need of ash by the construction industry. That is one. And secondly as my previous colleague earlier you asked this question but then when we can see this margin settling upon 11 or 12% overall.<\/p>\n

Anil Jain<\/strong><\/p>\n

So as you, as we told earlier also that ash and coal business is something which will continuously happen because thermal power plants are here To stay, the coal will be burned, ash will be generated. While there’s enough legacy ash for the next three few years, regularly ash is being again generated and not being able to dispose of on time. They go back and get filled into the response. So this business I think will be sustainable and continuously growing from here on. For us, the margins I think in the next one or two years will get settled between 8 to 10%.<\/p>\n

Yashwanti<\/strong><\/p>\n

Okay, so we are looking only up to the 10% and excluding beyond 10% as we are already quarters we have reported. Sir.<\/p>\n

Anil Jain<\/strong><\/p>\n

Sorry.<\/p>\n

Yashwanti<\/strong><\/p>\n

Okay, that’s it for myself. All the patients should already answer. Thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from Dipesh Sancheti from Manya Finance. Please go ahead.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Couple of follow up questions. One, are we planning to take the EV business and India<\/p>\n

Anil Jain<\/strong><\/p>\n

Or have we already taken in Bangalore, Hyderabad, Chennai and Blue Smart will be also at Delhi. We also started some trial in Pune and Mumbai. Wherever there are large B2B customers, we’ll be moving. We’ll be taking our business over there.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Okay. And for the coal handling and ash handling, do we have, I mean are there any listed competitors or are there any competitors? For us<\/p>\n

Anil Jain<\/strong><\/p>\n

There are no listed competitors. There’s one competitor by name, ashtech which is an organized player. Apart from that, most of the players are unorganized.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Okay. Hashtag and otherwise there’s only an organized pair which we are competing with. Right. So we pose a significant advantage over them.<\/p>\n

Anil Jain<\/strong><\/p>\n

Yeah, sorry.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

I mean what is our mode that we have a significant advantage over the competition?<\/p>\n

Anil Jain<\/strong><\/p>\n

We. We have multiple usps. That is the only reason all the power plants prefer to work with us. When we are 100% compliant, we take care both in terms of the level compliances and also other safety compliances with respect to the drivers who operate. And also they are all medical ESIP compliance. Then on the technology we provide, also the technology like 100% the GPS for each of the disposal trips. 100%. We have a control center to monitor each of the disposal. We provide all these compliances to each of the power plant where we work. And that is the USP we carry compared to other competitors.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

So how big is this market of ash and soda hand And what is the market share right now which you have?<\/p>\n

Dinesh Kumar Agarwal<\/strong><\/p>\n

Very, very, very, very small. It is one of the large market. In earlier call Mr. Anil has shown.<\/p>\n

Anil Jain<\/strong><\/p>\n

Yeah, I think there are totally 175 thermal power plants across India. And we are operating in less than about 30 plants currently. And even in these 30 plants we are like one among those few operators unorganized there. We are only now entering into these semi power plants. So the opportunity is very, very large. And again I think close to about 1.7 billion metric tons of legacy ash is available which has to be disposed of. And every year we are generating close to about 800 million tons of coal is being burned. Close to about 300 million tons of ash is being generated every year.<\/p>\n

Deepesh Sancheti<\/strong><\/p>\n

Wow. Okay. Thank you so much. Thank you. That was really helpful. Thank you.<\/p>\n

Anil Jain<\/strong><\/p>\n

Welcome sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from Mehul Shah from Samarth Capital. Please go ahead.<\/p>\n

Mehul Shah<\/strong><\/p>\n

Hello. Thank you. My question is could you provide insight into your capital allocation strategy?<\/p>\n

Anil Jain<\/strong><\/p>\n

Hello. Now it’s louder.<\/p>\n

Mehul Shah<\/strong><\/p>\n

Yeah. Okay. My question is could you provide insight into your capital allocation strategy especially with ongoing and upcoming investment in green mobility and power at Reading.<\/p>\n

Anil Jain<\/strong><\/p>\n

So for green mobility we have assumed you’ll be investing close to about. Can you hear us? Hello.<\/p>\n

Mehul Shah<\/strong><\/p>\n

Yes, ez. Yeah.<\/p>\n

Anil Jain<\/strong><\/p>\n

So currently I think we’ll be investing close to about 200 crores in our subsidy for electric vehicles and green mobility business. And we require close to about 300, 350 crores working capital for our ash handling business.<\/p>\n

Mehul Shah<\/strong><\/p>\n

Okay. And how is Reflective Grain mobility operationally preparing to integrate the newly acquired like 2,997 elites? And what challenges do you anticipate during this transition?<\/p>\n

Anil Jain<\/strong><\/p>\n

It’s a very clear dry lease, long term dry lease, dry operation lease with Blue Smart. We don’t foresee any challenges in this. It’s a clear monthly fixed payment which should be receiving, sir. And it is waiting for financial and regulatory approvals.<\/p>\n

Mehul Shah<\/strong><\/p>\n

Okay. My last question is what measure has been taken to improve the efficiency and sustainability of the ash and coal handling segment?<\/p>\n

Anil Jain<\/strong><\/p>\n

We have become one of the largest organized player in the country today So I think this business is only going to grow from here. If you can see from earlier last year we were operating in port side power plants to service can show the kind of growth we are seeing and the opportunity lying in front of us.<\/p>\n

Mehul Shah<\/strong><\/p>\n

Okay, that’s it. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Deepen Parikh who is an individual investor. Please go ahead. Deepen Parek, you may go ahead. There seems to be no response from the line of Mr. Deepen Parekh. We’ll move to the next question. The next question is from Samadh Shah who’s an individual investor. Please go ahead.<\/p>\n

Samarth Shah<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Anil Jain<\/strong><\/p>\n

Yeah, you are audible.<\/p>\n

Samarth Shah<\/strong><\/p>\n

First of all, I’d like to congratulate the management for giving a spectacular result. I’ve been an individual investor in this company since the last three, three and a half years. So I’m very thankful to you all for creating abundant wealth. I have a couple of questions. Firstly, I wanted to know the breakup of coal and ash handling. Like how much percentage of revenue goes for coal handling and what is the percentage for ash handling?<\/p>\n

Anil Jain<\/strong><\/p>\n

Because most of our logistics is done two way, we are not able to exactly break the exact revenue from each of this. But we are working on that. Hopefully from maybe one or two quarters down the line we will be able to separately segment this also. Okay. Because I think.<\/p>\n

Samarth Shah<\/strong><\/p>\n

Right, right. Because in one of the filings you had mentioned that you are more trying to increase your dependency on ash handling and slightly reduce the coal handling. Is it right?<\/p>\n

Anil Jain<\/strong><\/p>\n

Yeah.<\/p>\n

Samarth Shah<\/strong><\/p>\n

Okay, fine. And one more thing. In the last investor PPT, the number of daily tons per day was 50,000. Now it has been increased to 70,000 metric tons per day. So I’d like to know whether the same kind of growth can be expected in the coming quarters and the years or it will be like stable because H2 we were supposed to do like two, two and a half times of H1. Can we expect a similar kind of growth trajectory in the coming quarters?<\/p>\n

Anil Jain<\/strong><\/p>\n

I think next quarter we’ll be able to achieve this kind of numbers because we have already scaled up with 70,000 tons a day. But I’m not sure if this will be. The number will keep growing from here, so we’ll be able to achieve this.<\/p>\n

Samarth Shah<\/strong><\/p>\n

Yeah. And one more question. In your investor vpt you have mentioned the states in which current as handling is going on. It is roughly around 10 to 12 states. And you had also mentioned that you were going to add like 10 new states. So how much Penetration can be expected in the Q4, like from 12 to how many number of states can we enter in the coming quarters? Like in say next one year<\/p>\n

Anil Jain<\/strong><\/p>\n

We’ll be covering majority of the state in another six months time. Currently we have a in this quarter also have started new states and already confirmed order is there in another two states. Two new states in this quarter. And out of the total states in India, few states do not have a thermal power plant. Anyway, we cannot touch that state, especially in the northeast. But we’ll be covering the majority of almost all the states in India in another six months.<\/p>\n

Samarth Shah<\/strong><\/p>\n

Right. Thank you, sir. And that’s it from my side. Wish you all the best in the coming quarters and coming years. Yeah, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Deepen Parikh, who’s an individual investor. Please go ahead.<\/p>\n

Dipen Parekh<\/strong><\/p>\n

Hello, is my voice.<\/p>\n

Anil Jain<\/strong><\/p>\n

Sure.<\/p>\n

Dipen Parekh<\/strong><\/p>\n

Thank you. So almost all the questions have been asked, but just to know whether we are working anywhere for the green hydrogen ecosystem, like many big corporates are about to start their production for green hydrogen things and do we have any kind of planning feature to supply for material, electrolyzers or anything and yes, sir, anything.<\/p>\n

Anil Jain<\/strong><\/p>\n

Okay, sure.<\/p>\n

Dipen Parekh<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from JRA Jain from JJ Capital. Please go ahead.<\/p>\n

Jairaj Jain<\/strong><\/p>\n

Hello. Thank you for the opportunity. So my first question would be like can you double?<\/p>\n

Anil Jain<\/strong><\/p>\n

Your voice is very feeble. Can you be a bit louder please?<\/p>\n

Jairaj Jain<\/strong><\/p>\n

Hello, can you hear me?<\/p>\n

Anil Jain<\/strong><\/p>\n

Yeah<\/p>\n

Jairaj Jain<\/strong><\/p>\n

Am I audible?<\/p>\n

Anil Jain<\/strong><\/p>\n

Yeah, it is audible now, sir.<\/p>\n

Jairaj Jain<\/strong><\/p>\n

Okay, thank you. So can you elaborate on the strategic rationale like you can say about the under acquisition of around 3000 EVs from Genso, how will the company position in the electric vehicle ecosystem?<\/p>\n

Anil Jain<\/strong><\/p>\n

Like we have told multiple times on the call today that it is a long term driveway operation lease where we have acquired the vehicle from Jensol and giving it to Blue Smart as a company, we are a B2B operating company. So this is also B2B transaction. This is waiting for regulatory and finance approval. Once this is done, we will be ready to operate this vehicle.<\/p>\n

Jairaj Jain<\/strong><\/p>\n

Okay, thank you. And you would be knowing that the budget would be coming soon. So are there chances of any upcoming regulatory changes or policies in the power mobility sector that might impact your business operation?<\/p>\n

Anil Jain<\/strong><\/p>\n

No Nothing will impact us. Okay. We are only a fleet operator.<\/p>\n

Jairaj Jain<\/strong><\/p>\n

Okay, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Before we take the next question, a reminder to participants that you may press star and one to join the question queue. Next question is from Priya Jain from Green Capital. Please go ahead.<\/p>\n

Priya Jain<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Anil Jain<\/strong><\/p>\n

Yes, please go ahead.<\/p>\n

Priya Jain<\/strong><\/p>\n

Good evening sir. Firstly very congratulations for good set of number. So my question is actually I just wanted to understand how does plan to mitigate risks associated with coal procurement and as disposal given the environmental challenges.<\/p>\n

Anil Jain<\/strong><\/p>\n

So we are only helping the thermal partners achieve the environmental by removing the ash from the thermal power plant we’re helping them to reduce the legacy ash and the ash which they generated is being disposed in an environmentally safe manner. So we are only an environment compliant company for them.<\/p>\n

Priya Jain<\/strong><\/p>\n

Okay. So one more question. Could you shed some light on the competitive landscape in the green mobility segment and how reference Green Mobility differentiate that<\/p>\n

Anil Jain<\/strong><\/p>\n

Currently we are a B2B segment. Our major competitor would be Lithium and Snappy and Ecos Mobility. They operate also B2B for B2B customers in electric vehicle in different states.<\/p>\n

Priya Jain<\/strong><\/p>\n

Also wanted to understand that are there any upcoming regulatory challenges or changes or policies in the power and mobility sector that might impact your business operation?<\/p>\n

Anil Jain<\/strong><\/p>\n

We are only a fleet operator so we don’t see any availability challenge for this.<\/p>\n

Priya Jain<\/strong><\/p>\n

I have one more question like how does Refi industry plan to balance growth in its diverse business segments while maintaining a strong focus on sustainability.<\/p>\n

Anil Jain<\/strong><\/p>\n

So I think all our businesses are focused on sustainability. If you look at electric vehicles so. And all these businesses are growing independently. So I think the growth is going to happen continuously.<\/p>\n

Priya Jain<\/strong><\/p>\n

Okay, thank you sir. That’s fair enough. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from vmox from Goyam Labdi Fintech. Please go ahead.<\/p>\n

Veemax<\/strong><\/p>\n

Thank you for the opportunity. So first of all congratulations for the event for presenting. So I have a question that as I can see there are majorly four businesses, right? And as you mentioned that you will be left focusing on this power building, right? So is this good to Think that we can remove that business going ahead. And I can also see that there is very less number of interest in the reference gas business as well. Right. So how it is nice for these two? I think we are literally focused on ash and co handing and this green P2B business.<\/p>\n

Anil Jain<\/strong><\/p>\n

Yes, our focus is majorly on ash and coal handling and gray mobility. Other businesses are going on but the growth for them are very limited. Power trading is a very low margin business so we have not been focusing much on that. Refuge and gas is also very limited market so the growth is very limited in that.<\/p>\n

Veemax<\/strong><\/p>\n

Okay so okay my next question is like you mentioned that you are majorly in the logistics segment. Right? So is it like are we exploring any other business in the same segment where we move the things from point A to point B? Any. Anything.<\/p>\n

Anil Jain<\/strong><\/p>\n

Okay.<\/p>\n

Veemax<\/strong><\/p>\n

Okay. That’s it. Thank you. Thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Rahel Kothari from Essential Research Partners. Please go ahead.<\/p>\n

Rahil Kothari<\/strong><\/p>\n

Thank you sir for the opportunity. Sir, one of the my question is what is the current order book in call and S handling business and second one is the one of our earlier control. You said the growth of Concord and S handling business we will be growing 30, 40% CAGR for next year. So do we still hold the that growth guidance?<\/p>\n

Anil Jain<\/strong><\/p>\n

Yes, we are still holding to that growth and currently the on the order book guys we have not reported the order book to the exchanges. So yes, we have a very strong order book in hand.<\/p>\n

Rahil Kothari<\/strong><\/p>\n

Okay sir and sir, last question is my sir, what is the next few years? 25, 26 around guidance growth guidance.<\/p>\n

Anil Jain<\/strong><\/p>\n

Yeah, I think we are growing at the same pace what we mentioned earlier and we are confident of achieving that, sir.<\/p>\n

Rahil Kothari<\/strong><\/p>\n

Okay sir and sir, one last question. Sir, revenue from the top 3 or top 5 customer in terms of total revenue it was 70% in FY25 annual report.<\/p>\n

Anil Jain<\/strong><\/p>\n

Sorry<\/p>\n

Rahil Kothari<\/strong><\/p>\n

Sir, if revenue from top 3 or top 5 customer in Terms of total revenue it was 70% for FY24 annual report.<\/p>\n

Anil Jain<\/strong><\/p>\n

No sir. Yes sir. In annual report. Easy man.<\/p>\n

Rahil Kothari<\/strong><\/p>\n

Last year. Yeah.<\/p>\n

Anil Jain<\/strong><\/p>\n

Yes, sir. Yes. Yes, sir. Current year the revenue will be very diversified.<\/p>\n

Rahil Kothari<\/strong><\/p>\n

Okay, sir. Thank you so much, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from Komal Ayer from NVG Investments. Please go ahead.<\/p>\n

Komal Iyer<\/strong><\/p>\n

Good evening, sir. Could you explain your rational for supplying the power wind projects for torrent power? I mean, what is the rationale of getting into that business? Because that does not sync with any of your other businesses.<\/p>\n

Anil Jain<\/strong><\/p>\n

So it is an opportunity we got for the renewable wind energy business. That’s why we set up a separate subsidiary under which we are trying to do this business. We see the opportunity in renewable energy is going to be very large. So we are working on this. And we got a good partner who can. A good technical partner who can help us grow this business.<\/p>\n

Komal Iyer<\/strong><\/p>\n

But you will just be doing the part of transportation or you’ll be working as a EPC for his wind power project.<\/p>\n

Anil Jain<\/strong><\/p>\n

No, no. We’ll be only supplying the OEM supplier to the turbine.<\/p>\n

Komal Iyer<\/strong><\/p>\n

Only the OEM supplier. So it will be a kind of trading business from you. From where you will be procuring the equipment and then supplying to torrent power. Transporting to torrent power. Right?<\/p>\n

Anil Jain<\/strong><\/p>\n

Yes.<\/p>\n

Komal Iyer<\/strong><\/p>\n

Okay. And what kind of return are you expecting in this kind of business?<\/p>\n

Anil Jain<\/strong><\/p>\n

Maybe a gross margin of 48%.<\/p>\n

Komal Iyer<\/strong><\/p>\n

Okay. Thank you, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from Rohit Kumar, an individual investor. Please go ahead. Rohit Kumar, you may go ahead with the question. There seems to be no response from Rohit Kumar. We move to the next question. Next question is from Krishna Chaudhary who’s an individual investor. Please go ahead.<\/p>\n

Krishan Choudhary<\/strong><\/p>\n

Yes, sir. Thank you for the opportunity again. Sir, I have a question regarding the trade receivables like in the previous quarter.<\/p>\n

Anil Jain<\/strong><\/p>\n

Can you be a bit louder please? Sir.<\/p>\n

Krishan Choudhary<\/strong><\/p>\n

Yes sir, I have a question regarding the trade receivable. Sir, in the previous quarter there had been a considerable jump in the trade receivable. So understand because of the increase in revenue. But can you give some highlights regarding what is the cash mergen cycle for the this revenue?<\/p>\n

Anil Jain<\/strong><\/p>\n

Earlier also I’ve explained this receivable to collection cycle. Any billing for a particular month, certification and other thing Attempts takes around 20 days. After that, after that again a checking process and if some of these billing process finalizes and happens which takes seven to eight days with the collections collection some. Some of the collections come in 30 days, some takes 60 days, some of the collections take 65 to 70 days. Anywhere between the 90 to 97 days in the collection. Correct. Current collections revenue to collection tax.<\/p>\n

Krishan Choudhary<\/strong><\/p>\n

Okay sir, and one more question sir, you have mentioned that you have a segment of solar power also. So what do we do in that? Like we have minimal revenues from that. And what is the future outlook you have on this segment? Sir<\/p>\n

Anil Jain<\/strong><\/p>\n

There’s only one solar power plant which we’ve been having for many years where the PPA is trying with the discom. So we are not planning to add anything over there.<\/p>\n

Krishan Choudhary<\/strong><\/p>\n

Okay sir. And so this would remain constant with revenue that we are currently getting. It will be similar line sir for many years.<\/p>\n

Anil Jain<\/strong><\/p>\n

So another 12 years CPA spending. So this revenue will keep coming for the next.<\/p>\n

Krishan Choudhary<\/strong><\/p>\n

Okay. Okay. Thank you sir. Thank you for addressing my question sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Aman Singh Singh Johnny from Profit K Capital Services. Please go ahead.<\/p>\n

Amansingh Sahajsinghani<\/strong><\/p>\n

Hi sir. Am I audible?<\/p>\n

Anil Jain<\/strong><\/p>\n

Yeah, you’re audible.<\/p>\n

Amansingh Sahajsinghani<\/strong><\/p>\n

Hi sir. So congrats on good set of numbers. Actually join call a bit later. You can skip to answer the question. I’ll and read the transcript. So I was trying to figure out a little more about the deal that I done of with the with the engineering regarding the ev. So it was already leaving. It was already leaving to Blue Smart and now we have bought the EVs and deal lease to each Blue Smart. So how are we making this transaction worthwhile for the company? About 100, 200.<\/p>\n

Anil Jain<\/strong><\/p>\n

For us it is a very clear long term dry operational lease and we have acquired the vehicle from Gensal and we’ll be giving it to Bluesmart only. So for us it will be a monthly payment of lease rentals for these vehicles and it will be responsible at Bluesmart to operate and run these vehicles and acquire customers. Also there is still a financial and regulatory approval pending from the lenders. Once that approval is done, this revenue will start kicking into our books from. Let’s go next 4,000.<\/p>\n

Amansingh Sahajsinghani<\/strong><\/p>\n

But before the deal, before this deal Gensoil was already leasing some of its vehicle to Blues directly. Now they are routing this through us, through our company. So what is the rationale for not directly leasing? Because the promoter for both the Bluesmart and Genshal is same right? Similar promoter group So why not lease them directly and route it through us? What will be the ROIs or ROEs that we’ll make in this project? Right<\/p>\n

Anil Jain<\/strong><\/p>\n

They’re understanding. But yes, we will have a very substantial ROE for these. Once the financial regulatory approval comes, there’ll be substantial returns for us. And we being a B2B player for us, we’ll be encouraging more and more of these opportunities where we can acquire vehicles and give it to B2C operators so that our income, our revenues are fixed and we don’t lose or burn money.<\/p>\n

Amansingh Sahajsinghani<\/strong><\/p>\n

So this, this vehicles are already running. The 3,000 vehicles are already running on the road?<\/p>\n

Anil Jain<\/strong><\/p>\n

Yes, they’re already running on the road.<\/p>\n

Amansingh Sahajsinghani<\/strong><\/p>\n

So once all the financial and regulatory approvals are in place, what would be. So we lease it directly to Blue Smart. What is, what is the revenue that became recognized in the first month after first month of full leasing or first order of full leasing to Blue Smart?<\/p>\n

Anil Jain<\/strong><\/p>\n

Only after the financial approval and interest rate etc, we’ll be able to determine that, sir.<\/p>\n

Amansingh Sahajsinghani<\/strong><\/p>\n

No, but we would have some new assumption right before making the deal.<\/p>\n

Anil Jain<\/strong><\/p>\n

I understood that interest rate would be<\/p>\n

Amansingh Sahajsinghani<\/strong><\/p>\n

Variable but some revenue assumption revenue guidance will be helpful.<\/p>\n

Anil Jain<\/strong><\/p>\n

Yeah, I mean we cannot give a today. Once the transaction is closed, we’ll make this public, sir.<\/p>\n

Amansingh Sahajsinghani<\/strong><\/p>\n

Sure. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. That was the last question in queue. I would now like to hand the conference back to Ms. Samiksha Ramtke for closing comments.<\/p>\n

Samiksha Ramteke<\/strong><\/p>\n

Thank you everyone for joining the conference of Refix Industries limited. If you have any queries you can write to us@researchadvisors.com Once again, thank you for joining the call. Thank you sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much on behalf of Kirin Advisors. That concludes this conference. Thank you for joining us ladies and gentlemen. You may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Refex Industries Limited (NSE: REFEX) Q3 2025 Earnings Call dated Jan. 27, 2025 Corporate Participants: Anil Jain \u2014 Chairman & Managing Director Dinesh Kumar Agarwal \u2014 Whole-time Director & Chief Financial Officer Analysts: Samiksha Ramteke \u2014 Analyst Krishan Choudhary \u2014 Analyst Nishant Gupta \u2014 Analyst Rahul Gupta \u2014 Analyst Vignesh Iyer \u2014 Analyst Deepesh Sancheti […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,8874,10089],"class_list":["post-175742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-industrials","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":170451,"url":"https:\/\/alphastreet.com\/india\/refex-industries-q1-fy26-earnings-results\/","url_meta":{"origin":175742,"position":0},"title":"Refex Industries Q1 FY26 Earnings Results","author":"Chirag Gupta","date":"August 21, 2025","format":false,"excerpt":"Refex Industries Limited specializes in trading eco-friendly refrigerant gases and providing comprehensive solutions for responsible coal procurement and ash disposal. Presenting below are its Q1 FY26 earnings results. \u00a0 Q1 FY26 Earnings Results Total Income: \u20b9383 crores, down 38.9% QoQ from \u20b9627 crores in Q4 FY25 but down 35% YoY\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"Refex Industries Q1 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/6-14.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/6-14.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/6-14.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/6-14.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/6-14.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/6-14.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":172322,"url":"https:\/\/alphastreet.com\/india\/refex-industries-q2-fy26-earnings-results\/","url_meta":{"origin":175742,"position":1},"title":"Refex Industries Q2 FY26 Earnings Results","author":"Chirag Gupta","date":"November 11, 2025","format":false,"excerpt":"Refex Industries Limited specializes in trading eco-friendly refrigerant gases and providing comprehensive solutions for responsible coal procurement and ash disposal. \u00a0 Q2 FY26 Earnings Results Revenue from Operations: \u20b9427 crore, down 38.83% QoQ and 0.23% YoY, impacted by seasonality and monsoon-related demand weakness typical for the refrigerant industry. EBITDA: \u20b970\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"Refex Industries Q2 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Refex-Industries-Q2-FY26-Earnings-Results.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Refex-Industries-Q2-FY26-Earnings-Results.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Refex-Industries-Q2-FY26-Earnings-Results.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Refex-Industries-Q2-FY26-Earnings-Results.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Refex-Industries-Q2-FY26-Earnings-Results.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Refex-Industries-Q2-FY26-Earnings-Results.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":175744,"url":"https:\/\/alphastreet.com\/india\/refex-industries-limited-refex-q2-2025-earnings-call-transcript\/","url_meta":{"origin":175742,"position":2},"title":"Refex Industries Limited (REFEX) Q2 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Refex Industries Limited (NSE: REFEX) Q2 2025 Earnings Call dated Nov. 14, 2024 Corporate Participants: Anil Jain \u2014 Managing Director Analysts: Chandni Chande \u2014 Analyst CA Amit Kaur \u2014 Analyst Vidya Shankar \u2014 Analyst Abhay Sharma \u2014 Analyst Surendra Kumar \u2014 Analyst Rachna Sharma \u2014 Analyst Tara Kaur \u2014 Analyst\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":177198,"url":"https:\/\/alphastreet.com\/india\/refex-industries-limited-q3-2026-results-strong-revenue-growth-and-profit\/","url_meta":{"origin":175742,"position":3},"title":"Refex Industries Limited Q3 2026 Results: Strong Revenue Growth and Profit","author":"Staff Correspondent","date":"January 23, 2026","format":false,"excerpt":"Company Description: Refex Industries Limited is a dynamic, diversified enterprise with strategic interests in refrigerant gases, coal and ash management, power trading, clean mobility, and renewable energy. 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