REFEX Q4 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹934 Cr
verified against source
Revenue YoY
18%
reported change
EBITDA
₹141 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Refex Industries delivered a standout Q4 FY26 with standalone revenue of ₹701 crore, up 18% YoY, driven by scaling execution in ash and coal handling services and initial wind turbine deliveries of ₹233 crore. EBITDA surged to ₹141 crore from ₹62 crore, expanding margins by 970 bps to 20.1%—a dramatic improvement attributed to business mix shift away from low-margin trading toward service-heavy operations, technology-driven cost efficiencies, and higher contribution from value-creative segments. PAT grew 67% to ₹94 crore, with PAT margin at 13.4%. Full-year FY26 EBITDA reached ₹350 crore (68% growth) with 17.2% margin despite revenue moderation to ₹2,239 crore. The ash and coal handling segment achieved 28% organic growth excluding discontinued businesses. Management targets double-digit revenue growth for FY27 while sustaining margins in the 15-18% range. Key risks include wind turbine execution scalability given current 8% EBITDA margins and the pending mobility demerger completion within NCLT timelines.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- 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.
- 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.
- 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).
Risks flagged
- Q4 FY26 EBITDA margin of 20.1% is exceptionally high; management guides 15-18% for FY27, implying ~200-500 bps compression despite claiming Q4 levels are 'sustainable'.
- Current wind EBITDA margin is only 8%; management declines to provide specific margin targets, indicating execution uncertainty. Localization timeline of 1-2 years creates near-term margin pressure risk.
- Despite mentions of 'advanced stage' negotiations and potential 2,000 crore pipeline, no firm new orders were disclosed. Analyst pressed on pipeline, and management deflected: 'Currently we do not have a firm order to disclose.'
- Promoter pledge at 41% despite prior commitment to reduce; management now targets full removal 'over next 6 months' but did not specify quantum of reduction per quarter, creating uncertainty.
Key quotes
- We always had a good EBITDA margin in the service business and since the power trading, refrigerant gas which is also kind of trading which that discontinuing has happened, the margin looks improved whereas we had the same margin earlier also.
- We are the single largest. Other are fragmented companies. They are either working in two plant, four plant, five plant or one plant. So there is no competitor in the segment. Currently we have... The number two player should be about 25% of what we are today.
- It is very difficult to give any number or guidance on this today. We are still in the process of localization of many products. So it is still I would say we will reach about 2 gigawatt by next year and capacity wise currently we are just still building the capacity.
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