Refex Industries Ltd (REFEX) — shareholding pattern, promoter holding, financials and share price
About Refex Industries Ltd (REFEX)
Refex Industries Ltd operates in the Industrial Gases industry, within the Chemicals sector. It trades on the NSE as REFEX and on the BSE under scrip code 532884. Its ISIN is INE056I01025.
Refex Industries Limited specializes in trading eco-friendly refrigerant gases and providing comprehensive solutions for responsible coal procurement and ash disposal. [1]
Refex Industries Limited, headquartered in Chennai, specializes in ash & coal handling, clean mobility solutions, and wind turbine manufacturing. The company's venture into electric mobility with Refex Green Mobility Limited signifies its strategic commitment to sustainable transportation in India.
Refex has made significant strides in the wind energy sector through its subsidiary Venwind Refex Power Limited. With cutting-edge technology and strategic partnerships, the company aims to manufacture 5.3 MW wind turbines with a 5 GW annual capacity.
Listed peers in Industrial Gases: Linde India Ltd, Ellenbarrie Industrial Gases Ltd, Stallion India Fluorochemicals Ltd, Hilltone Software & Gases Ltd, National Oxygen Ltd, Gagan Gases Ltd.
Valuation & Returns
10 Jul 2026At ₹346.55 a share on 10 Jul 2026, Refex Industries Ltd (REFEX) was valued at a price-to-earnings ratio of 20.4x against an industry P/E of 45.11x and a price-to-book of 3.16x on a book value of ₹109.62 per share as of Mar 2026. Solomo computes return on equity of 15.5% and return on capital employed of 20.44% from filed results. Earnings ratios use consolidated results for the twelve months Jun 2025 to Mar 2026.
- P/E
- 20.4x
- Industry P/E
- 45.11x
- P/B
- 3.16x
- EPS (TTM)
- ₹16.99
- Book value / share
- ₹109.62
- ROE
- 15.5%
- ROCE
- 20.44%
- ROA
- 8.2%
- Debt / equity
- 0.15x
- Dividend yield
- 0.14%
- EBITDA margin
- 15.02%
- 52-week range
- ₹188 – ₹463.5
Ratios are computed from filed results and the last recorded price. Not investment advice.
Financial Performance
Mar 2026In the year ended Mar 2026, Refex Industries Ltd (REFEX) reported revenue of ₹2,277 crore, net profit of ₹204 crore and earnings per share of ₹14.82. That compares with revenue of ₹2,259 crore and net profit of ₹158 crore in Mar 2025. Figures are consolidated, as filed with the exchanges.
In the quarter ended Mar 2026, revenue was ₹934 crore and net profit ₹94 crore (consolidated).
| Metric | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue (₹ cr) | 633 | 1,629 | 1,383 | 2,259 | 2,277 |
| Net profit (₹ cr) | 41 | 116 | 93 | 158 | 204 |
| EPS (₹) | 3.9 | 10.5 | 8.11 | 12.29 | 14.82 |
| Measure | 10Y | 5Y | 3Y | 1Y |
|---|---|---|---|---|
| Sales growth | 57.52% | 29.19% | 11.80% | 0.77% |
| Profit growth | 100.82% | 42.72% | 27.82% | 28.63% |
| Stock price CAGR | 54% | 63% | 32% | -29% |
Ownership Summary
Jun 2026As of Jun 2026, promoters hold 56.57% of Refex Industries Ltd (REFEX) (up 0.72 pp QoQ), foreign institutional investors (FII) hold 0.93% and domestic institutional investors (DII) hold 0.38%. Promoters have pledged 43.5% of their holding. Market capitalisation was ₹4,755 crore on 10 Jul 2026. Shareholding is filed quarterly with BSE and NSE; Solomo carries every filing back to Sep 2010.
Largest disclosed public shareholders in Jun 2026: NETWORK18 MEDIA AND INVESTMENTS LIMITED 1%. Only stakes above the 1% disclosure threshold are named in filings.
| Quarter | Promoter | Pledged | FII | DII | Public |
|---|---|---|---|---|---|
| Jun 2026 | 56.57% | 43.5% | 0.93% | 0.38% | 43.43% |
| Mar 2026 | 55.85% | 41.3% | 1.37% | 0.13% | 44.15% |
| Dec 2025 | 55.8% | 28.8% | 2.03% | 0.16% | 44.2% |
| Sep 2025 | 53.33% | 30.2% | 1.71% | 0.15% | 46.67% |
| Jun 2025 | 53.33% | 10.4% | 1.86% | 0.16% | 46.67% |
| Mar 2025 | 53.37% | 10.4% | 2% | 0.11% | 46.63% |
| Dec 2024 | 53.49% | 11.3% | 1.76% | - | 46.51% |
| Sep 2024 | 57.12% | 15.8% | 1.53% | - | 42.88% |