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Refex Industries Limited Q2 FY26 results deck summary

NSE: REFEX · BSE: 532884

Results deck of 5 Nov 2025, summarised by AI from the filing.

Refex Q2 FY26 standalone revenue ₹423.39 cr, EBITDA ₹73.75 cr and net profit ₹52.03 cr; Venwind Refex won wind orders including a ₹474.45 cr Gujarat contract.

Key takeaways

  1. Q2 FY26 results Standalone revenue ₹423.39 cr (Q2 FY25: ₹519.80 cr), EBITDA ₹73.75 cr (Q2 FY25: ₹47.69 cr), net profit ₹52.03 cr (Q2 FY25: ₹37.32 cr).
  2. Wind orders Venwind Refex signed a term sheet for a 153.7 MW Karnataka project and won a Gujarat WTG contract worth approximately ₹474.45 cr.
  3. Demerger Composite scheme filed to merge RGML into RIL and demerge mobility business into Refex Mobility Limited with appointed date 1 April 2025.
  4. Monsoon risk Extended monsoon increased ash moisture, reduced dispatch efficiency and raised logistics costs in Q1 and Q2.

Original filing on BSE

Refex Industries Limited Q1 FY27 results

As filed: Revenue ₹916 cr (+139% year on year), EBITDA ₹107 cr (+189% year on year), PAT ₹64.6 cr (+223% year on year), EBITDA margin 11.7% (+201 bps).

The Q1 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

  • Q4 FY26: Revenue ₹934 cr (+49% year on year), EBITDA ₹160 cr (+145% year on year), PAT ₹94.5 cr (+97% year on year), EBITDA margin 17.1% (+673 bps). Score 88 of 100, Above trend. Revenue and profit growth were above the company's own trend; EBITDA growth was well above it. EBITDA margin rose 673 bps year on year. Revenue grew on the previous quarter, against its usual seasonal pattern. Profit rose ₹46.5 cr on a year ago, more than the ₹15.0 cr it added the year before. Share price after the results: +22.8% in 30 days (Nifty 500: +0.8%).
  • Q3 FY26: Revenue ₹576 cr (−20% year on year), EBITDA ₹89.8 cr (+76% year on year), PAT ₹52.7 cr (+5% year on year), EBITDA margin 15.6% (+847 bps). Score 56 of 100, In line with trend. Revenue and profit growth were below the company's own trend; EBITDA growth was well above it. EBITDA margin rose 847 bps year on year. Share price after the results: +0.6% in 30 days (Nifty 500: +2.0%).
  • Q2 FY26: Revenue ₹427 cr (−19% year on year), EBITDA ₹71.0 cr (+54% year on year), PAT ₹36.0 cr (+16% year on year), EBITDA margin 16.6% (+792 bps). Score 58 of 100, In line with trend. Revenue and profit growth were below the company's own trend; EBITDA growth was above it. EBITDA margin rose 792 bps year on year. Share price after the results: −10.2% in 30 days (Nifty 500: +0.3%).
  • Q1 FY26: Revenue ₹383 cr (−36% year on year), EBITDA ₹37.0 cr (−24% year on year), PAT ₹20.0 cr (−31% year on year), EBITDA margin 9.7% (+143 bps). Score 24 of 100, Below trend. Revenue, EBITDA and profit growth were well below the company's own trend. EBITDA margin rose 143 bps year on year. Other income 46% of PBT. Revenue fell 39% from last quarter. Share price after the results: −14.0% in 30 days (Nifty 500: +2.4%).
  • Q4 FY25: Revenue ₹628 cr (+84% year on year), EBITDA ₹65.0 cr (+55% year on year), PAT ₹48.0 cr (+45% year on year), EBITDA margin 10.4% (−193 bps). Score 49 of 100, In line with trend. Revenue and EBITDA growth were above the company's own trend; profit growth was in line with it. EBITDA margin fell 193 bps year on year. Other income 27% of PBT. Revenue fell 12% from last quarter. Share price after the results: −16.3% in 30 days (Nifty 500: +2.4%).
  • Q3 FY25: Revenue ₹717 cr (+134% year on year), EBITDA ₹51.0 cr (+50% year on year), PAT ₹50.0 cr (+194% year on year), EBITDA margin 7.1% (−400 bps). Score 76 of 100, Above trend. EBITDA margin fell 400 bps year on year. Other income 42% of PBT. Not enough history for a trend yet: scored on growth alone.
  • Q2 FY25: Revenue ₹528 cr (+50% year on year), EBITDA ₹46.0 cr (+35% year on year), PAT ₹31.0 cr (+48% year on year), EBITDA margin 8.7% (−95 bps). Score 82 of 100, Above trend. EBITDA margin fell 95 bps year on year. Not enough history for a trend yet: scored on growth alone. Revenue fell 11% from last quarter.

Past price moves after results do not indicate future moves. Not a recommendation.

Refex Industries Limited earnings call, investor presentation and press release summaries

Figures from the company's filings with NSE and BSE. Not investment advice.