Refex Industries reports strong Q2 FY26 profit growth; announces green mobility demerger & new wind orders
Refex Industries presented Q2 FY26 unaudited financial results, showing improved profitability. It detailed growth in Ash Handling, Green Mobility's demerger plan, and significant new wind energy orders, despite monsoon impacts.
The announcement includes quarterly financial results, significant new business wins in the wind energy sector, and a major corporate restructuring (demerger of the mobility business). These are material events that can significantly influence investor perception and the company's future trajectory.
The company demonstrated strong growth in EBITDA and Net Profit margins in Q2 FY26. Significant new orders in the Wind Energy segment and the strategic demerger plan for Green Mobility indicate future growth potential and value unlocking.
Refex Industries Limited has released its Investor Presentation for the unaudited financial results for the 2nd Quarter and half year ended September 30, 2025 (Q2 FY26). * Financial Highlights (Standalone Q2 FY26 vs Q2 FY25): * Revenue stood at ₹423.38 crore, down from ₹519.80 crore. (Q2 FY25 revenue included ₹91.80 crore from discontinued Power Trading). * EBITDA significantly increased to ₹73.74 crore from ₹47.69 crore, with EBITDA Margin improving to 17.42% from 9.18%. * Net Profit rose to ₹52.03 crore from ₹37.32 crore, with Net Profit Margin increasing to 12.07% from 7.07%. * Financial Highlights (Standalone H1 FY26 vs H1 FY25): * Revenues were ₹789.25 crore, compared to ₹1109.45 crore. * EBITDA increased to ₹113.47 crore from ₹99.94 crore. * PAT rose to ₹85.00 crore from ₹73.28 crore. * Business Performance: * Ash & Coal Handling: Despite operational challenges from an extended monsoon season affecting Q1 and Q2, Refex, the largest organized player, handles 70,000 MT of ash daily. The company is exploring an Integrated Ash Handling Model with various state Gencos, following a successful tender with Andhra Pradesh Power Development Company Limited. * Green Mobility (Subsidiary Refex Green Mobility Limited): Operating 1,410+ vehicles across major Indian cities, the company has clocked ~6 crore e-km, abating over ~36 lakh kg of CO2. A composite scheme has been filed for the demerger of the mobility business into a new entity, Refex Mobility Limited (RML), effective April 1, 2025, to unlock value and enable focused growth. RML will allot equity shares to RIL shareholders at a 1:1 swap ratio. * Wind Energy (Subsidiary Venwind Refex Power Limited): The company has initiated wind turbine assembly operations at its new facility in Silvassa, Gujarat, targeting 5 GW annual production capacity within 5 years. It secured two significant milestones: a term sheet for a 153.7 MW wind power project in Karnataka and a major contract worth approximately ₹474.45 crore for WTG supply for wind projects in Gujarat. The company emphasizes its commitment to sustainability, with initiatives like biodiversity conservation and achieving Net Zero by 2040.
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Refex Industries Limited filed this with the NSE as a statutory disclosure, categorised under investor presentation. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Refex Industries Limited. Read the original for the full detail.