{"id":177198,"date":"2026-01-23T03:42:28","date_gmt":"2026-01-23T08:42:28","guid":{"rendered":"https:\/\/alphastreet.com\/india\/?p=177198"},"modified":"2026-01-23T03:42:28","modified_gmt":"2026-01-23T08:42:28","slug":"refex-industries-limited-q3-2026-results-strong-revenue-growth-and-profit","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/refex-industries-limited-q3-2026-results-strong-revenue-growth-and-profit\/","title":{"rendered":"Refex Industries Limited Q3 2026 Results: Strong Revenue Growth and Profit"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Company Description:<\/h2>\n\n\n\n<p>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. We are committed to sustainability, innovation, and long-term value creation across sectors critical to India&#8217;s growth.<\/p>\n\n\n\n<p>We specialize in eco-friendly refrigerant gas trading with multiple cylinder size options, offering reliable and sustainable cooling solutions. In the energy domain, Refex provides integrated services for responsible coal supply, handling and ash utilization. With a Category-I license for interstate power trading, we enable electricity transactions across the country.<\/p>\n\n\n\n<p>Refex Green Mobility Limited, our clean mobility arm, offers four-wheeler vehicles running on clean fuel along with a technology-enabled platform and a professional driver partner to serve the corporates and demand aggregator platforms.<\/p>\n\n\n\n<p>Our renewable energy subsidiary, Venwind, focuses on revolutionizing wind energy manufacturing in India through cutting-edge technology, localized production and sustainable growth. Together, our businesses drive impactful, scalable solutions aligned with a cleaner, more efficient future.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Current Stock Price:<\/h2>\n\n\n\n<p>BSE Down INR232.15 (-4.93%), NSE Down INR233.4 (-4.07%)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Market Capitalization:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Refex Industries has a market cap of around \u20b93,200\u2013\u20b93,500 crore (~\u20b932\u201335 billion) based on recent trading prices in January 2026.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Valuation:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>P\/E Ratio (TTM): ~22\u201323\u00d7 earnings.<\/li>\n\n\n\n<li>Price\/Book (P\/B): ~2.5\u20133.4\u00d7.<\/li>\n\n\n\n<li>Enterprise Value: ~\u20b94,100\u2013\u20b94,800 million (~\u20b941\u201348 billion).<\/li>\n\n\n\n<li>These figures reflect how the market currently values the entire business relative to earnings, book value, and enterprise value.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Reasons to Pass on REFEX:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Earnings volatility \u2013 Profits can be cyclical and sensitive to government policy, energy prices, or commodity demand.<\/li>\n\n\n\n<li>Policy dependence \u2013 Parts of the business rely on regulations, subsidies, or public-sector contracts, which adds uncertainty.<\/li>\n\n\n\n<li>Limited moat \u2013 Competitive advantage may not be very strong compared to larger or more diversified peers.<\/li>\n\n\n\n<li>Corporate governance concerns (perceived) \u2013 Smaller or mid-cap firms often raise questions around transparency and capital allocation.<\/li>\n\n\n\n<li>Valuation risk \u2013 If the stock has already run up significantly, upside may be limited relative to risk.<\/li>\n\n\n\n<li>Concentration risk \u2013 Heavy reliance on a few business segments or customers.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>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. We are committed to sustainability, innovation, and long-term value creation across sectors critical to India&#8217;s growth. We specialize in eco-friendly refrigerant gas trading with multiple cylinder size options, [&hellip;]<\/p>\n","protected":false},"author":2382,"featured_media":125416,"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":[1941,392],"tags":[10169,8161,14492,10089,14628,11438],"class_list":["post-177198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock-analysis","category-earnings","tag-earnings","tag-energy","tag-financial-results","tag-quarterly-earnings","tag-thermal-coal","tag-thermal-power"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":164323,"url":"https:\/\/alphastreet.com\/india\/refex-industries-ltd-diversified-growth-in-solar-energy-and-ash-management\/","url_meta":{"origin":177198,"position":0},"title":"Refex Industries Ltd.: Diversified Growth in Solar Energy and Ash Management","author":"Chirag Gupta","date":"September 16, 2024","format":false,"excerpt":"Company Overview Refex Industries Ltd., incorporated in 2002, is a diversified company with business interests across multiple sectors, including refrigerant gases, coal trading, solar power generation, and ash management. Initially focused on refrigerant gases, the company expanded into other sectors, such as power generation and environmental management, to capitalize on\u2026","rel":"","context":"In &quot;Analysis&quot;","block_context":{"text":"Analysis","link":"https:\/\/alphastreet.com\/india\/category\/stock-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/iStock-666698818.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/iStock-666698818.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/iStock-666698818.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/iStock-666698818.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":164343,"url":"https:\/\/alphastreet.com\/india\/refex-industries-reports-stellar-q1-fy25-results-with-54-revenue-surge\/","url_meta":{"origin":177198,"position":1},"title":"Refex Industries reports stellar Q1 FY&#8217;25 results with 54% revenue surge.","author":"Divyansh_Kasana","date":"September 16, 2024","format":false,"excerpt":"Overview: Refex Industries Limited (NSE: REFEX), established in 2002 and headquartered in Chennai, has positioned itself as a leader in India's sustainability sector with its diversified portfolio across four major verticals: Ash & Coal Handling, Refrigerant Gases, Power Trading, and Green Mobility. Financial Performance: Refex has delivered strong financial performance\u2026","rel":"","context":"In &quot;Earnings&quot;","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/iStock-666698818.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/iStock-666698818.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/iStock-666698818.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/iStock-666698818.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":172322,"url":"https:\/\/alphastreet.com\/india\/refex-industries-q2-fy26-earnings-results\/","url_meta":{"origin":177198,"position":2},"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 &quot;AlphaGraphs&quot;","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":170451,"url":"https:\/\/alphastreet.com\/india\/refex-industries-q1-fy26-earnings-results\/","url_meta":{"origin":177198,"position":3},"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 &quot;AlphaGraphs&quot;","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":164326,"url":"https:\/\/alphastreet.com\/india\/refex-industries-ltd-q1fy25-38-rise-in-profits\/","url_meta":{"origin":177198,"position":4},"title":"Refex Industries Ltd Q1FY25; 38% rise in Profits","author":"Divyansh_Kasana","date":"September 16, 2024","format":false,"excerpt":"Refex Industries Limited specializes in trading eco-friendly refrigerant gases and providing comprehensive solutions for responsible coal procurement and ash disposal. Financial Results: Refex Industries Ltd reported Revenues for Q1FY25 of \u20b9595.00 Crores up from \u20b9382.00 Crore year on year, a rise of 55.76%. Total Expenses for Q1FY25 of \u20b9559.00 Crores\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/09\/image-44.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/09\/image-44.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/09\/image-44.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/09\/image-44.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/09\/image-44.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/09\/image-44.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":164330,"url":"https:\/\/alphastreet.com\/india\/refex-industries-ltd-q4fy24-35-fall-in-profits\/","url_meta":{"origin":177198,"position":5},"title":"Refex Industries Ltd Q4FY24; 35% fall in Profits","author":"Divyansh_Kasana","date":"September 16, 2024","format":false,"excerpt":"Refex Industries Limited specializes in trading eco-friendly refrigerant gases and providing comprehensive solutions for responsible coal procurement and ash disposal. Financial Results: Refex Industries Ltd reported Revenues for Q4FY24 of \u20b9342.00 Crores down from \u20b9630.00 Crore year on year, a fall of 45.71%. Total Expenses for Q4FY24 of \u20b9313.00 Crores\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/09\/image-45.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/09\/image-45.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/09\/image-45.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/09\/image-45.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/09\/image-45.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/09\/image-45.png?resize=1400%2C800&ssl=1 4x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/177198","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2382"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=177198"}],"version-history":[{"count":1,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/177198\/revisions"}],"predecessor-version":[{"id":177201,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/177198\/revisions\/177201"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/125416"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=177198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=177198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=177198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}