Sustainable EBITDA margin: 11-12%
Management expects EBITDA margins to stabilize between 11-12% going forward, though Q3 FY26 delivered 16.1% due to favorable contract execution mix.
REFEX / guidance tracker
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Refex Industries · forward-looking guidance across the available source record.
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margins
Wind business to contribute significantly by FY26 year-end
First turbine deliveries commence February 15 with continuous monthly deliveries thereafter. Wind business positioned as 'crown jewel' with ₹860 crore order book.
Griffix demerger completion by April 2026
Mobility demerger progressing with NOC from lenders pending. Post-demerger, Refex Industries will be 95% focused on ash/coal handling with 5% wind.
Promoter pledge reduction over 6 months
Current promoter pledge at 25-26% of holdings to be substantially reduced over next 6 months. Margin call was serviced from own sources.
Double-digit revenue growth for FY27 in ash and coal handling
Management targets continued growth in core ash and coal handling business, building on the 28% organic growth achieved in FY26, with volume ramp-up from 70,000 to 95,000 tons/day.
EBITDA margins sustainably in 15-18% range
Q4's 20.1% margin reflects favorable service mix and is sustainable; management guides FY27 margins to remain between 15-18%, supported by operational efficiency and technology adoption.
Wind execution of ₹1,500 crore order book in FY27
With 1,860 crore in orders and 238 crore already executed in FY26, management commits to completing the balance 1,500+ crore in FY27 plus any new orders finalized.
Mobility demerger completion in 60-75 days
NCLT process on track with court reopening June 1; all regulatory approvals (BCC, NCL) secured; management expects demerger completion within 90 days (by August 2026).