Refex Industries Ltd: From Refrigerants to Refineries of Ash

✨ At a Glance

Refex Industries has evolved from an obscure refrigerant trader into India’s largest organized player in ash handling and coal logistics. With revenue hitting ₹2,430 Cr in FY25, net profit up 88% YoY, and a sneaky little green mobility vertical thrown in for spice, Refex is now a curious cocktail of commodity, infra, and ESG bait. But does it deserve its 30x P/E?

1. Introduction with Hook

Once upon a time, Refex was just trying to cool things down with eco-friendly refrigerants. Now? They’re knee-deep in hot ash — literally. In 2024, ~93% of Refex’s revenue came from ash and coal logistics. Who knew hauling burnt leftovers from power plants could make you rich?

So yes, Refex is the guy who shows up at the party with a dump truck and leaves with cash. Let’s unpack this industrial glow-up.

2. WTF Do They Even Do? (Business Model)

Core Verticals:

• 🚧 Ash & Coal Handling (93% of FY25 Revenue)
  • Contracts from NTPC, state power units, Adani, Ultratech Cement, etc.
  • Handles ~50,000 MT of ash daily across 19 power plants in 6 states
• ❄️ Refrigerant Gases (Legacy)
  • Once the core business
  • Now just a token eco-friendly badge
• 🌜 Refex Green Mobility (EV)
  • B2B/B2B2C EV leasing
  • Recently scrapped airport taxi plans, now pivoting to large fleet contracts
• 💪 Renewable Energy (Venwind Refex Power Ltd)
  • 153.7 MW