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On 6 Nov 2026, Refex Industries was priced at ₹226.25, or 10.5× trailing earnings, against an industry P/E of 10.5×, and the shares are 39% below their 52-week high. It earns ROCE of 23% and ROE of 21%, and sales and net profit grew 12% and 21% a year over 3 years. Its dividend yield is 0.9%, and debt is 0.18× equity. It is a small-cap company with a market cap of ₹3,105 Cr, ranked 6th of 10 Thermal Coal companies by market cap; the shares fell 38% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹229.52
Day high
₹229.60
Day low
₹224.07
Prev. close
₹231.28
Volume
1.1 L

Health check

3 good · 1 fair · 2 to check
  • ReturnsBehind

    −38.2% over a year, better than 0 of 7 peers.

  • Price tagIn line

    P/E 10.5 vs industry 10.5.

  • GrowthStrong

    Sales +12.0%, profit +20.6% a year over 3 years.

  • ProfitabilityStrong

    ROCE 22.5% vs peer median 16.8%.

  • Balance sheetSolid

    Debt 0.18× equity, interest covered 12.3×.

  • Red flags1 to check

    39% below its 52-week high.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Thermal Coal

9 listed peers. Screen the industry

Small cap

₹3,105 Cr, #6 of 10 in its industry by size.

High beta

Beta 1.77 vs the NIFTY 50: swings more than the market.

Key metrics

Last 12 months to Sep 2026: sales ₹3,188 Cr · profit ₹298 Cr
Market cap
₹3,105 Cr
Small cap
P/E
10.5
Industry 10.5
Price to book
1.92
Peers 2.08
Dividend yield
0.88%
ROE
20.9%
Peers 10.0%
ROCE
22.5%
Peers 16.8%
Debt to equity
0.18
Debt ₹286 Cr
EPS (TTM)
₹21.56
Face value ₹2
OPM (TTM)
14.0%
Net margin 8.1%
Sales growth
+83.6%
Latest quarter vs a year ago
Profit growth
+34.8%
Latest quarter vs a year ago
Price to sales
0.97
EV/EBITDA 6.1

Strengths and risks

Strengths

  • Return on equity of 20.9%.
  • Return on capital employed of 22.5%.
  • Quarterly profit up 34.8% on a year ago.
  • Quarterly sales up 83.6% on a year ago.

Risks to check

  • 39% below its 52-week high.

Derived automatically from reported figures. Not a recommendation.

About Refex Industries

Refex Industries Limited engages in handling and disposal of fly ash in India. The company engages in solar power generation and related activities; coal trading; and providing coal yard management services and solar module trading. It also engages in providing transport services using electric vehicles. The company was formerly known as Refex Refrigerants Limited and changed its name to Refex Industries Limited in November 2013. The company was…

Headquarters
Chennai
Employees
522
Sector
Energy
ISIN
INE056I01025
Website
refex.co.in

Price range

52 weeks

₹188.00₹371.40

Today

₹224.07₹229.60
Avg volume (3M)
4.1 L
1-year return
minus 38.2%
From 52-week high
minus 39.1%

Peers · Thermal Coal

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
ADANIENTAdani Enterprises2,745.80plus 0.46%3,71,70558.532.19.8%6.6%1.14−7.7%plus 13.0%
COALINDIACoal India400.00plus 1.45%2,46,5097.44.819.6%19.5%0.129.3%plus 4.4%
GMDCLTDGujarat Mineral Development Corporation463.70minus 1.21%14,74622.327.215.5%14.0%0.05−8.8%minus 20.2%
GMRP&UIGMR Power and Urban Infra92.21minus 0.99%7,202–11.018.1%23.0%5.6011.4%minus 24.2%
CMLLCaliber Mining and Logistics520.15minus 1.98%3,40122.710.019.8%9.9%1.7336.8%minus 1.5%
REFEXRefex Industries226.25minus 2.17%3,10510.57.3–14.0%0.1812.0%minus 38.2%
ANMOLAnmol India10.97minus 1.17%625.47.310.6%1.5%1.660.1%minus 30.9%
CHANDRAPChandra Prabhu International10.53plus 0.48%293.1––1.8%0.58–minus 12.3%
Median of 7 peers–−0.99%7,20214.810.516.8%9.9%1.144.7%−12.3%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrMar 25Jun 25Sep 25Dec 25Mar 26Jun 26Sep 26
––415576934916761
––344486780815659
––7189.8154101102
––17.1%15.6%16.5%11.0%13.4%
––−1.45.83.912.32
–6.2–9.110.112.916.9
11.614.155––6.4
40.6––––––
––64.781.414810180.7
––29.1%24.6%28.4%25.9%26.2%
–21.2–53.990.863.850.1
–1.642.653.896.544.593.64

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+12.0%
Profit CAGR 3Y
+20.6%
EPS CAGR 3Y
+11.8%
ROE
20.9%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
1,6181,3772,2522,275
–minus 14.9%+63.5%+1.0%
1,4421,2252,0221,869
176152230406
10.8%11.0%10.2%17.9%
−2−4.694.1
9.217.212.629.2
6.913.532.659.9
−14.534.59.1
156121228330
25.8%23.4%21.3%26.6%
11693.9159203
–minus 19.1%+69.1%+28.1%
10.778.3612.3315.07

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
22.123.125.827.4
2924421,1871,477
149215286225
2881183001,114
7527981,7992,843
150211341215
3.598.212
73.873.630.710.1
20.315.6311191
5054881,1082,415
7527981,7992,843

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
27.62.8−249107
−77.6−41.9−105−268
59.961.960265.4
9.922.8249−95.4
−72−50.7−221−200
−44.4−47.9−469−92.5
–−5.5–−6.5

Shareholding pattern

Source: NSE filings
56.6%
promoters
  • Promoters56.56%
  • Public43.44%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202656.56%43.44%minus 0.01
30 Jun 202656.57%43.43%plus 0.72
7 May 202655.85%44.15%0.00
31 Mar 202655.85%44.15%plus 0.05
31 Dec 202555.80%44.20%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you