1. Opening Hook
After months of monsoon mud wrestling, Refex finally got its boots back on solid ground—literally.
Q3 FY26 arrived like a delayed blockbuster: late, loud, and unapologetically profitable.
While the market obsessed over raids, rumours, and share prices having an existential crisis, management quietly did something radical—they executed. Ash moved, coal followed, profits showed up.
Revenue exploded sequentially, margins refused to collapse, and management casually announced exits from businesses nobody loved anyway.
Oh, and they also built a wind business that could rival incumbents, demerged mobility, and stacked an order book big enough to make spreadsheets nervous.
If you think this is just another cyclical bounce, keep reading—because things get spicy later.
2. At a Glance
- Revenue ₹590 Cr: Monsoon left, trucks returned, invoices followed.
- QoQ revenue +38%: From ₹423 Cr to ₹583 Cr—no miracle, just mud dried up.
- PBT ₹89 Cr: Up 24% QoQ; boring businesses rarely do this.
- PAT ₹67 Cr: Profits finally stopped playing hide-and-seek.
- EBITDA margin ~16%: Management says “assume 12%”—because humility sells.
- Order book ₹3,360+ Cr: Ash, coal, wind—pick your poison.
3. Management’s Key Commentary
“Q3 marked a very strong sequential recovery.”
(Translation: H1 was a mess, but gravity works both ways 😏)
“Revenue increased from ₹423 Cr to ₹583 Cr.”
(Translation: When trucks move, numbers behave)
“We are exiting power trading and refrigerant gas.”
(Translation: Low margins are not invited to this party anymore)
“Mobility business will be demerged.”
(Translation: One headache per balance sheet, please)
“Wind business has secured ₹1,860 Cr orders.”
(Translation: This isn’t a pilot project anymore 🌬️)
“Coal power will stay for 20–30 years.”
(Translation: ESG tweets don’t generate baseload power)
“We do not comment on stock prices.”
(Translation: We build businesses, not candles 📉)
4. Numbers
