REFEX Q3 FY26 earnings call.
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Revenue
₹576 Cr
verified against source
Revenue YoY
-16%
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Refex Industries reported Q3 FY26 revenue of ₹283 crore, up 38% QoQ from ₹123 crore in Q2, driven by ash and coal handling volume recovery post-monsoon. PAT grew 29% QoQ to ₹67 crore. 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% versus 7.52% in Q3 FY25, though management guided sustainable margins at 11-12%. The order book stands at ₹1,500 crore for ash/coal (40% to execute in 4 months) and ₹860 crore 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.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects EBITDA margins to stabilize between 11-12% going forward, though Q3 FY26 delivered 16.1% due to favorable contract execution mix.
- First turbine deliveries commence February 15 with continuous monthly deliveries thereafter. Wind business positioned as 'crown jewel' with ₹860 crore order book.
- Mobility demerger progressing with NOC from lenders pending. Post-demerger, Refex Industries will be 95% focused on ash/coal handling with 5% wind.
- Current promoter pledge at 25-26% of holdings to be substantially reduced over next 6 months. Margin call was serviced from own sources.
Risks flagged
- IT department conducted search on December 9 at company premises and chairman's residence. No incriminating documents seized. Investigation ongoing; assessment order could take 1-2 years. Management claims no business impact.
- Analyst raised concern about 5.2MW turbines being unproven in India (vs proven 3.3/4.2MW globally) and logistics challenges. Management claims German technology proven globally with 20GW installed, logistics confirmed with transport companies.
- Management acknowledged realization pressure in some states due to aggressive bidding by local players, though these projects were knowingly avoided. Quality-focused contract selection may limit volume growth.
- 25-26% of promoter holdings pledged against borrowings at holding company level. Margin call occurred due to stock price decline; managed via prepayment. Ongoing pledging creates overhang and potential forced selling risk.
Key quotes
- We have been realigning the strategy. We have discontinued where margin is less like power trading, refrigerant gas which we have spoken and we are also our focus is more on growing the service business which is ash handling and the mining service business.
- Wind will be a crown in the jewel. It will be really doing well. We have signed with top-notch IP players in India. Delivery is starting from February 15th onward. We expect wind business will be a crown in the jewels for Refex Industries.
- Coal power plant is going to stay for next 20 to 30 years though renewable portfolio also will increase but coal power it is not going to get completely [replaced] for the next 20 to 30 years.
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