1. Opening Hook
Just when the market thought “ash handling” couldn’t get any hotter than meme stocks, Refex Industries walked in with a Q3 that casually bulldozed expectations. Coal ash, fly ash, pond ash—turns out waste is the new wealth.
While everyone else is busy pitching AI slides and EV dreams, Refex quietly did what markets actually respect: made money, expanded margins, and built order books bigger than some midcaps’ market caps.
Q3FY26 wasn’t about hype. It was about execution—less power trading drama, more high-margin ash muscle, and a side quest into wind turbines that’s starting to look… serious.
And yes, EV demerger talks are still alive—but the real story is hiding under tonnes of ash and long-term contracts.
Read on. It only gets messier, heavier, and far more interesting. 😏
2. At a Glance
- Revenue ₹590 Cr (+39% QoQ) – Ash trucks worked overtime, spreadsheets barely kept up.
- EBITDA ₹94 Cr (+27% QoQ) – Margins lifted weights, skipped cardio.
- EBITDA Margin 16.1% – Power trading exited, profitability entered.
- PAT ₹66.9 Cr (+29% QoQ) – Clean, boring, and exactly what investors like.
- 9M EBITDA +35% YoY – Strategy pivot actually worked (rare event).
3. Management’s Key Commentary
“We exited low-margin power trading
and redeployed capital into ash handling.”
(Translation: We stopped doing dumb stuff and focused on what pays the bills 😌)
“EBITDA margins expanded materially due to product mix realignment.”
(Translation: Ash > electricity, financially speaking.)
“Refex is the largest organized player in ash management in India.”
(Translation: 2,000+ trucks say hello.)
“Our integrated ash handling model ensures exclusivity and accountability.”
(Translation: Entry barriers so high, competition needs oxygen masks.)
“Green Mobility demerger will unlock shareholder value.”
(Translation: Two stories, two valuations—hopefully both rerate 🚗⚡)
“Venwind has secured multiple wind turbine orders from IPPs.”
(Translation: This isn’t a PPT subsidiary anymore 🌬️)
4. Numbers Decoded
| Metric | Q3 FY26 | QoQ | What It Really Means |
|---|---|---|---|
| Revenue | ₹590 Cr | +39% | Ash volumes + better contracts |
| EBITDA | ₹93.9 Cr | +27% | Cost discipline kicking in |
| EBITDA Margin | 16.1% | ↓ QoQ | Scale > margin optics |
| PAT | ₹66.9 Cr | +29% | No accounting gymnastics |
| 9M EBITDA | ₹207 Cr | +35% YoY | Structural, not cyclical |
