1. At a Glance
Refex Industries Ltd — the company that literally made a business out of handling other people’s ashes — has once again managed to stay in the news, this time for both numbers and drama. The Q2FY26 results showed consolidated revenue of ₹427 crore, down 0.27% QoQ but maintaining decent operating profit margins of 10%, and net profit of ₹46.5 crore, up a spicy 41% from the previous quarter.
At a market cap of ₹5,118 crore and a current price of ₹374, Refex is valued at 29.2x earnings, which is cheaper than your average “industrial gases” peer trading at 60x — but don’t get fooled by the label; this company is more about coal dust than helium balloons. ROE at 18.9% and ROCE at 20.9% show that the ashes aren’t just flying — they’re compounding.
What’s making waves? The company has officially discontinued its Power Trading and Green Mobility businesses as of November 4, 2025, transferring those assets (worth ₹204.5 crore) into the new Refex Mobility Ltd as part of its demerger saga. Add to that a fat ₹300 crore coal-handling order from Jharkhand and a Rs. 47 crore pond ash deal from Maharashtra, and you have a company that’s proving that dirt — when handled smartly — can be pure gold.
2. Introduction
Let’s face it — Refex Industries sounds like one of those companies your uncle casually mentions at weddings after watching one YouTube stock guru video: “Beta, this company handles ash, trades power, sells gas, and runs electric cars — it’s the future!”
Except this time, Uncle might not be totally wrong. Refex started off as a modest refrigerant gas trader but decided to diversify into literally everything that gets its hands dirty — coal, ash, and now mobility. The company built its empire by doing what power plants didn’t want to do — deal with the tons of fly ash piling up daily. Someone had to clean up the mess, and Refex turned that cleanup into a ₹2,000+ crore annual business.
Over the past five years, the transformation has been insane: revenue skyrocketed from ₹661 crore in FY20 to ₹2,137 crore in FY25 (figures in ₹ crore), while PAT shot up from ₹33 crore to ₹155 crore. And just when investors got used to the “Ash King of India” story, Refex decided to spin off its Green Mobility business — a fleet of over 530 EVs — into a separate listed company. Because why settle for one business when you can have a buffet of four?
The Power Trading exit also signals strategic maturity. Or, as one might say in Chennai Tamil, “enga area la over diversification panni tension kudukadhe da!” (Don’t over-diversify and give yourself a headache.)
3. Business Model – WTF Do They Even Do?
If you try explaining Refex’s business at a party, you’ll sound like a conspiracy theorist. So let’s decode it in plain English.
1. Ash & Coal Handling (93% of revenue in Q1FY25):
Refex collects, transports, and disposes of ash from power plants — the dirty by-product of coal combustion. It’s like a Swiggy for fly ash, except instead of food, they’re hauling toxic dust. They manage over 50,000 metric tonnes per day, making them India’s largest organized ash handler. Their clients include NTPC, UltraTech, ACC, Adani, and several state-run power plants.
2. Refrigerant Gas Business (~4%):
This was Refex’s first love. It deals in environment-friendly refrigerant gases (HFCs), supplying to OEMs like LG, Carrier, and Voltas. They sell over 2,200 MT annually and were among the first in India to offer disposable and refill cans — basically the pioneers of portable coolness.
3. Power Trading (Discontinued):
Started in 2022, this segment grew fast, helping them trade over 7,000 million units of electricity annually. But now, it’s officially history. Maybe the company realized that dealing with ash was a
