01 — At a Glance
The Company That Turns Power Plant Garbage Into Cash. Seriously.
- 52-Week High / Low₹534 / ₹190
- Q3 FY26 Revenue₹576 Cr
- Q3 FY26 PAT₹52.71 Cr
- TTM EPS₹12.21
- Annualised EPS (Q3 × 4)₹15.72
- Book Value / Share₹92.0
- Price to Book2.18x
- Order Book (Ash Handling)₹1,500 Cr
- Order Book (Wind)₹1,860 Cr
- Daily Ash Handling Cap72,000 MT
Flash Summary: Refex just reported Q3 FY26 PAT of ₹52.71 crore — up 7.09% YoY despite monsoon drama in H1. Revenue stood at ₹576 crore (Q3) after dumping low-margin coal and power trading. P/E is 14.6x, down from a 52-week high of ₹534. The stock crashed 62% from peak because investors got spooked by IT raids, promoter pledges, and management’s admission that they’ve been losing money on deliberate business exits. But here’s the thing: the order book is ₹3,360 crore combined. Wind business is about to start revenue. Green Mobility is demerging to unlock value. And ash-handling capacity is being scaled from 72,000 to 100,000+ MT daily. Nobody’s paying attention. Yet.
02 — Introduction
What Happens When You Hire A Company to Take Out Your Trash — and They Build an Empire
Coal power plants produce roughly 50 million tons of ash every year in India. This ash needs to be: (a) excavated from massive ponds, (b) crushed if needed, (c) loaded into trucks, (d) transported, (e) either sold as cement filler or dumped responsibly. For decades, this was considered glorified garbage work. Refex saw ₹50,000+ crore hiding in that trash pile.
Founded in 2002 by Anil Jain, Refex started in refrigerant gas trading. Then in 2018, they pivoted into ash handling. By FY25, ash and coal handling became 93% of revenue. They manage 50,000 MT of ash daily. They operate 800+ vehicles. They have a ₹1,500 crore order book in ash handling alone, with 40% executable in the next four months.
Then there’s their wind turbine subsidiary, Venwind. ₹1,860 crore order book. First deliveries starting February 2026. Management claims 5.2 MW turbines with LIDAR guidance — supposedly a first in India. Customers include Jindal Steel, Torrent Pharma, KP Green. These are not companies that gamble on novice suppliers.
Q3 was the inflection point: monsoon normalized, execution ramped, and margins recovered. But the stock collapsed 62% from peak because of (a) income tax raids in December 2025, (b) promoter pledge reaching 41.34%, and (c) SEBI fining the promoter ₹10 lakh for insider trading. The market panicked. The company kept executing. Classic Indian market moment.
From the Concall (Jan 2026): Management described Q3 as “a very strong sequential recovery” after “extended monsoon impact during the first half”. They’re betting monsoons are normalized, execution cadence is locked, and the two order books (ash ₹1,500 Cr + wind ₹1,860 Cr) will drive 2-3 year revenue visibility. ACUITE reaffirmed ratings A- | Stable and A2+ | Stable across all facilities in March 2026.
03 — Business Model: How They Convinced Everyone Their Garbage Business Is Genius
Three Money Engines (That Aren’t Garbage, Despite What Your Mom Says)
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One Response
what will happen if it comes to 130-140 levels?