Commencement of Commercial Operations of Ready-Mix Concrete (RMC) Business under the Coal & Ash Handling Business Unit of Refex Industries Limited
Ask the chart: “Has this stock recovered from similar drawdowns before?”
AI equity note (bull/bear, numbers, sources) — coming soon
Management guidance consistency — coming soon
Latest filings
NSE announcements · newest firstIntimation regarding the Analyst/Institutional Investor Meet of Refex Industries Limited
Newspaper Advertisement - Disclosure under Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Notice of the hearing of the petition seeking approval of the Scheme of Arrangement between Refex Green Mobility Limited (Transferor Company), Refex Industries Limited (Transferee Company/ Demerged Company) and Refex Mobility Limited (Resulting company) and their Respective Shareholders and Creditors.
Clarification to the prior intimation dated September 19,2026 for bagging of contract for lifting of 10 lakh Metric Tons of Pond Ash and Fly Ash by Refex Industries Limited
Refex Industries Limited bags contract for lifting of 10 MT of Pond Ash and Fly Ash
Key MetricsFull financials →
P/E (TTM)
15.8×
EPS ₹18.07
P / Book
2.61×
BVPS ₹110
ROE
15.0%
FY26, avg equity
Net margin
8.9%
FY26
Revenue YoY
+139.1%
Q1 FY27
Net profit YoY
+216.9%
Q1 FY27
Debt / equity
0.11×
₹162 Cr debt
Div. yield
0.35%
₹1.00 in 12 months
From NSE filings (consolidated) and the last close.
Shareholding Pattern Jun 2026
Promoter pledge: none reported
Peer Comparison
| Company | P/E | P/B | ROE | Margin |
|---|---|---|---|---|
| REFEX₹3,921 Cr | 15.8× | 2.61× | 15.0% | 8.9% |
| EMSLIMITED₹1,971 Cr | 28.7× | 1.87× | 9.0% | 12.4% |
| AWHCL₹1,073 Cr | 15.4× | 1.45× | 13.1% | 8.7% |
| CEWATER₹547 Cr | – | 0.96× | 3.6% | 3.5% |
| RACE₹203 Cr | 25.7× | 2.74× | 10.0% | 1.2% |
Waste Management: the companies closest in market value, of the 5 in that basic industry whose filings we hold. Computed from each company's NSE filings (up to Q1 FY27) and the last close; hover a column for its definition.
Forensic Flags5 Watch
Operating cash flow was -0.22× net profit
Cumulative over FY23–FY26 (4 years).
Free cash flow was negative in 3 of the last 4 years
Operating cash flow less capital expenditure, as filed.
Receivables grew 31% against revenue growth of -8%
FY26: debtor days moved from 100 to 142.
Inventory grew 926% against revenue growth of -8%
FY26: inventory days moved from 1 to 12.
Share count changed +24.1% in three years, net of bonuses and splits
From 2023-03-31 to 2026-03-31. Shares issued for mergers, placements, conversions and stock options all count.
9 checks within their thresholds
Debt to equity is 0.11×
As at 2026-03-31; it was 0.26× at 2023-03-31.
Profit before interest and tax covers finance costs 11.3×
FY26.
Other income is 8% of profit before tax
FY26.
Exceptional items above 5% of pre-tax profit in 0 of the last 5 years
FY21–FY26.
Effective tax rate averaged 24%
Tax over pre-tax profit, last 3 years. The base corporate rate is about 25%.
Promoter holding is 56.57%, +3.24 points over a year
2026-06-30 against 2025-06-30.
No promoter shares are pledged
Shareholding pattern as at 2026-06-30.
No auditor change or resignation filings in three years
From NSE announcements on record.
Results were filed late in 0 of the last 8 quarters
Slowest filing came 56 days after the period end.
Computed from NSE filings (consolidated). Colours follow fixed thresholds, shown on hover. These are facts about the filings, not advice.
Formula Scores
Piotroski F-score: 3 of 9 · FY to 2026-03-31one point for each of nine tests on profitability, leverage and liquidity, and operating efficiency, comparing the year with the one before
- ✓ Return on assets positive: 11.32 — profit after tax over the year's opening total assets, %
- ✓ Operating cash flow positive: 107.1 — ₹ crore
- ✗ Cash flow above profit (accruals): -96.6 — operating cash flow less profit after tax, ₹ crore
- ✗ Return on assets improved: -8.53 — change in ROA, percentage points
- ✓ Long-term borrowings to assets fell: -4.09 — change in long-term borrowings over total assets, percentage points
- ✗ Current ratio improved: -1.4 — change in current assets over current liabilities
- ✗ No new shares issued: 6.21 — change in share capital, %
- ✗ Gross margin improved: -62.26 — revenue less material cost over revenue, change in percentage points
- ✗ Asset turnover improved: -1.827 — revenue over the year's opening total assets, change
Inputs: profit after tax ₹204 Cr (2026-03-31) · profit after tax ₹158 Cr (2025-03-31) · total assets ₹2,843 Cr (2026-03-31) · total assets ₹1,799 Cr (2025-03-31)
The paper's bands: 8–9: the paper's high group; 0–2: the paper's low group
Source: Joseph Piotroski, "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers", Journal of Accounting Research, 2000
Altman Z-score: 4.23 · FY to 2026-03-31Z = 1.2 × working capital / total assets + 1.4 × retained earnings / total assets + 3.3 × EBIT / total assets + 0.6 × market value of equity / total liabilities + 1.0 × sales / total assets
- working capital / total assets: 0.426 × 1.2
- retained earnings / total assets: 0.519 × 1.4 — reserves and surplus as retained earnings
- EBIT / total assets: 0.128 × 3.3 — profit before tax plus finance cost
- market value of equity / total liabilities: 2.947 × 0.6 — market capitalisation over total assets less equity
- sales / total assets: 0.801 × 1
Inputs: total assets ₹2,843 Cr (2026-03-31) · current assets ₹2,327 Cr (2026-03-31) · current liabilities ₹1,117 Cr (2026-03-31) · reserves ₹1,477 Cr (2026-03-31) · total equity ₹1,509 Cr (2026-03-31) · profit before tax ₹330 Cr (2026-03-31) · finance cost ₹32 Cr (2026-03-31) · revenue ₹2,277 Cr (2026-03-31) · market capitalisation (today) ₹3,932 Cr
The paper's bands: above 2.99: the paper's safe zone; 1.81–2.99: the grey zone; below 1.81: the distress zone
the 1968 form, fitted on manufacturers; reserves stand in for retained earnings, and profit before tax plus finance cost for EBIT
Source: Edward Altman, "Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy", Journal of Finance, 1968
Graham number: 210.54 ₹ per share · FY to 2026-03-31√(22.5 × earnings per share × book value per share): the price at which P/E × P/B = 22.5 (a P/E of 15 at a P/B of 1.5)
- earnings per share: 17.97
- book value per share: 109.63 — owners' equity over shares (paid-up capital / face value)
Inputs: earnings per share 17.97 (2026-03-31) · owners' equity ₹1,504 Cr (2026-03-31) · paid-up capital ₹27 Cr (2026-03-31) · face value 2 (2026-03-31)
a number the book uses as a ceiling for a defensive investor's purchase price; it is arithmetic on two reported figures, not a valuation
Source: Benjamin Graham, The Intelligent Investor (1949; the 22.5 in the 1973 edition's criteria for the defensive investor)
Sloan accrual ratio: 4.16 % of assets · FY to 2026-03-31(profit after tax − operating cash flow) / average total assets
Inputs: profit after tax ₹204 Cr (2026-03-31) · operating cash flow ₹107 Cr (2026-03-31) · total assets ₹2,843 Cr (2026-03-31) · total assets ₹1,799 Cr (2025-03-31)
how much of the year's profit was not cash; the paper sorts companies by this and reports the top decile's later returns
Source: Richard Sloan, "Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?", The Accounting Review, 1996
Each score is its published formula applied to the company's own filings (consolidated); open one for the tests, the inputs and the paper. Arithmetic on the filings, not a view on the stock.