Refex Industries Limited — Investor Meet, 11-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Refex Industries delivered a solid Q2 FY2026. Total income from ash & coal handling grew 15% QoQ to INR 431 Cr, with EBITDA nearly doubling to INR 74 Cr and net profit at INR 52 Cr. Margins for this segment improved to 10-12%, backed by a strong INR 1200 Cr order book.

The company is demerging its mobility business into a separate entity for focused value creation. It's winding down the low-margin power trading vertical. The wind turbine business is progressing well, with approximately INR 1225 Cr in orders for its 5.3 MW turbines. Ash handling capacity is targeted to grow 60-65% over three years. Management maintains a confident outlook on future growth and operational efficiency.