When a company that once cooled India’s cola cans now talks about wind turbines and mobility platforms, you know a glow-up’s in progress. Refex Industries’ Q2 FY26 results were a curious cocktail — ash flying, wind spinning, and mobility gearing up for a solo run. CMDAnil Jainsounded serene even while balancing monsoon delays, demergers, and ash mountains taller than office towers.Revenue rose, profits doubled, and the power trading business was finally laid to rest — RIP to wafer-thin margins. If you thought Refex was all about dirty coal, think again — it’s slowly turning cleaner, smarter, and a bit more windy. 🌬️
At a Glance
- Revenue up 15% QoQ to ₹431 Cr– Not bad for a company still drying out from monsoon hangovers.
- EBITDA doubled to ₹74 Cr– Cost control finally found its calling.
- Net Profit ₹52 Cr– Rain didn’t wash away the bottom line.
- Ash Handling Order Book ₹1,200 Cr– Enough to keep the furnaces (and CFO) glowing.
- Margins 10–12%– Product mix magic, not accounting sorcery.
- Wind Orders ₹1,225 Cr+– Refex now sells breezes for a living.
- Mobility Demerger underway– The B2B fleet gets its own playground.
Management’s Key Commentary
Anil Jain:“Ash and coal handling revenue grew 15%, EBITDA nearly doubled.”(Translation: When rain stops, we actually make money.)☔
Dinesh Agarwal:“Margins improved to 10–12% due to product mix.”(Translation: A few lucky sites didn’t flood this time.)
Jain:“Our wind vertical is manufacturing 5.3 MW turbines.”(Translation: Bigger, better, and hopefully less noisy than Suzlon’s.)
Agarwal:“Refex Green Mobility will be demerged into a separate listed entity.”(Translation: One Refex for dust, one for dashboards.)
Jain:“We’re winding down power trading to focus on core businesses.”(Translation: Too many watts, too little profit.)⚡
Agarwal:“No fundraising planned; we’re sufficiently capitalized.”(Translation: We’d rather make money than beg for it.)
Jain:“Ash handling capacity to grow 60–65% in 3 years.”(Translation: India’s thermal power plants aren’t going anywhere soon.)
Numbers Decoded
| Metric | Q2 FY26 | Q1 FY26 | QoQ Growth | Comment |
|---|---|---|---|---|
| Revenue | ₹431 Cr | ₹374 Cr | +15% | Sites dried up, invoices caught up |
| EBITDA | ₹74 Cr | ₹38 Cr | +95% | Half the rain, double the margin |
| PAT | ₹52 Cr | ₹25 Cr | +108% | Clean execution, clean profit |
| Order Book | ₹1,200 Cr | ₹1,000 Cr | +20% | Ash never sleeps |
| Margin | 10–12% | 8% | +300 bps | Product mix sorcery |
| Wind Orders | ₹1,225 Cr | – | – | Venwind finally catches wind |
| Capacity Target | 105–110K TPD (by FY28) | 70K TPD | +60% | Growth literally in tons |
| Power Trading | 0.1% of revenue | 20% (FY24) | – | Plug pulled permanently |
When your old business turns to ash, build turbines and call it strategy.
Analyst Questions
Q:“What’s the deal with Refex Renewables?”A:“Separate listed company, no connection.”(Translation: Similar name, zero balance sheet crossover.)
Q:“Margins jumped — sustainable?”A:“Will normalize to 8–11%.”(Translation: Enjoy the sunshine while it lasts.)
Q:“Wind order execution?”A:“Revenue recognition starts Q3–Q4.”(Translation: The turbines are still on the conveyor belt.)
Q:“Authorized capital doubled — fundraise coming?”A:“No plans; just compliance.”(Translation: Flexing balance sheet muscles.)
Q:“Any receivable issues from PSUs?”A:“NTPC is the best paymaster.”(Translation: Government cheques actually clear now.)😏
Guidance & Outlook
Management’s guidance remains grounded — 8–11% EBITDA margins in coal & ash handling, gradual pickup in wind turbine revenues, and the mobility demerger expected within 6–7 months pending BSE/NCLT approvals.Thewind business (Venwind)will
