Refex Industries earnings calls.

Refex Industries reported Q3 FY26 revenue of ₹283 croreCurrent reported value: Q3 FY26 revenue of ₹283 crore. No comparable prior figure is available in the source record., up 38% QoQ from ₹123 crore in Q2, driven by ash and coal handling volume recovery post-monsoon. PAT grew 29% QoQ to ₹67 croreCurrent reported value: 29% QoQ to ₹67 crore. No comparable prior figure is available in the source record.. Management strategically exited low/negative margin power trading and refrigerant gas businesses, which had contributed ₹150-200 crore in the year-ago quarter, explaining the YoY revenue decline. EBITDA margin expanded to 16.1%Current reported value: EBITDA margin expanded to 16.1%. No comparable prior figure is available in the source record. versus 7.52% in Q3 FY25, though management guided sustainable margins at 11-12%. The order book stands at ₹1,500 croreCurrent ₹1,500 crore. Reported change: +40% in 4 months. for ash/coal (40% to execute in 4 months) and ₹860 croreCurrent ₹860 crore. Reported change: New segment. for wind (delivery starting Feb 15). Wind is positioned as the "crown jewel" with cumulative order book of ₹860 crore executed over 9-15 months. The Griffix mobility demerger is on track for April completion. Key risks include promoter pledge at 25-26% of holdings (being reduced over 6 months), IT department investigation ongoing since December 2025, and competitive pressure in wind turbine segment where 5.2MW technology is unproven in India.