REFEX

Refex Industries Ltd.

NSE: REFEX

BSE: 532884

Sector: Chemicals

Industry Group: Chemicals & Petrochemicals

Industry: Industrial Gases

266.40+14.4 (+5.71%)

14 Oct, 12:00 AM

Overview

Analysis Statements Technicals Forecast Peers Resources News

Stock Scores

Quality Score

61.5 / 100

Value Score

75.2 / 100

Price Momentum Score

47.2 / 100

QVM Score

71.3 / 100

Key Metrics

Market Cap

3655.78

P/E (TTM)

14.86

P/B

2.43

P/S (TTM)

1.28

EV/EBITDA

7.55

CAPE (5Y)

24.71

ROE (TTM)

14.97

ROCE (TTM)

21.12

ROA (TTM)

8.76

Avg 3Y ROE

17.60

Earnings 3Y CAGR

13.14

Sales 3Y CAGR

17.78

Sales 5Y CAGR

34.93

Debt/Equity

0.15

Consensus TP

Strong Buy %

Promoter Holding

56.57

Pledged %

43.51

Stock Analysis

Fundamental analysis overview of Refex Industries Ltd. covering key investment insights, growth drivers, risk factors, and potential red flags.

Views

Red Flags

Positive

Stock is cheap and PE TTM is at a discount to industry median

PE TTM of 14.86 indicates that the stock is cheap on a standalone basis. Discount to industry median P/E is decent at -63.24%

What is P/E Ratio?

Median: 40.42

Value 14.86

14.8693.77

Moderate operating margin but improving trend

The company reported moderate operating margin of 14.99% for 12-month ended 30 Jun 2026 but operating margin improved by 798 bps from 1 year ago

What is Operating profit margin?

Strong revenue growth and above median growth of industry

The company delivered strong revenue growth of 26.49% for 12-month ended 30 Jun 2026 and the growth was 16.06 percentage points higher than median growth of industry

What is Sales growth (1Y)?

Median: 10.43

Value 26.49

-51.0178.11

Strong EPS growth and above median growth of industry

The company delivered strong EPS growth of 44.81% for 12-month ended 30 Jun 2026 and the growth was 16.75 percentage points higher than median growth of industry

What is EPS growth (1Y)?

Low Debt to Equity, not much change from last year

The company has low Debt to Equity of 0.15 as on 30 Jun 2026 and Debt to Equity decreased marginally by 0.09 in the last 1 year

What is Debt to Equity?

Company is net cash

The company is net cash i.e., cash and cash equivalents exceed total debt indicating a healthy balance sheet

What is Net Debt ?

Negative

Moderate ROE but declining trend

The company reported moderate ROE of 14.97% for 12-month ended 30 Jun 2026 but ROE declined by -395 bps from 1 year ago

What is ROE (FY)?

Low dividend yield

The company has a low dividend yield of 0.56%

What is Dividend yield?

Neutral

Company's earnings are of moderate quality

Earnings quality score of 37.2 indicates that the company's earnings are of moderate quality. Earnings quality is measured using combination of earnings persistence, probability of manipulation and earnings to cash conversion

What is Earnings quality score?

37.2 / 100

Financial Snapshot

See detailed analysis

Multi-year trends for Refex Industries Ltd. covering revenue, net profit, ROE, and EBITDA for a quick view of financial health over time.

Net Revenue FY

Profit After Tax FY

ROE FY

EBITDA FY

Refex Industries Ltd. Shareholding Pattern

Quarterly breakdown of Refex Industries Ltd. ownership including promoter, FII, DII, mutual fund, and public holdings as disclosed to NSE/BSE.

	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Total Promoter	34.51	34.51	49.72	49.72	49.72	49.72	49.72	49.72	50.21	50.21	50.21	52.70	52.70	52.70	53.33	53.27	55.28	55.28	57.12	53.49	53.37	53.33	53.33	55.80	55.85	56.57
Indian Promoter	34.51	34.51	49.72	49.72	49.72	49.72	49.72	49.72	50.21	50.21	50.21	52.70	52.70	52.70	53.33	53.27	55.28	55.28	57.12	53.49	53.37	53.33	53.33	55.80	55.85	56.57
Foreign Promoter	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Institutions	0.01	-	-	-	-	-	0.00	0.29	0.26	0.00	0.29	0.00	0.07	0.83	0.51	0.20	0.22	0.20	1.53	1.76	2.11	2.02	1.86	2.19	1.50	1.31
Mutual Funds / UTI	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.11	0.15	0.14	0.15	0.13	0.13
FI/Bank/Insurance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Govt	0.01	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
FII	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.29	0.26	0.00	0.29	0.00	0.07	0.68	0.41	0.20	0.22	0.20	1.53	1.76	2.00	1.86	1.71	2.03	1.37	0.93
Other Institutions	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.15	0.10	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.01	0.00	0.25
Non-Institution	65.48	65.49	50.28	50.28	50.28	50.28	50.28	49.99	49.53	49.78	49.49	47.30	47.23	46.46	46.16	46.53	44.50	44.52	41.35	44.75	44.51	44.66	44.81	42.01	42.65	42.13
Bodies Corporate	-	4.61	-	2.30	-	-	-	-	-	-	5.52	4.98	5.15	5.27	5.57	5.28	5.56	5.17	4.96	7.23	7.32	7.14	7.10	6.72	6.91	6.79
Others (incl. Retail) No. of shareholders	65.48 11,302	60.88 12,567	50.28 16,467	47.98 21,325	50.28 21,150	50.28 25,579	50.28 27,116	49.99 27,292	49.53 27,129	49.78 27,236	43.97 25,748	42.32 28,157	42.08 28,207	41.19 33,430	40.59 39,375	41.25 42,408	38.94 48,560	39.35 57,445	36.39 81,039	37.52 81,521	37.19 81,388	37.52 85,063	37.71 89,178	35.29 96,645	35.74 93,834	35.34 90,676

Holdings and Presence

Indices and prominent investors with a stake in this stock.

Index Presence

#	Index	Weight	Rank
1	Nifty Microcap 250	0.18%	204 / 250
2	Nifty Total Market	0.01%	693 / 746

Bulk, Block and Insider Trades

Recent bulk deals, block deals, and insider trading activity in Refex Industries Ltd. shares as reported to NSE and BSE.

Name	Month	Transaction	Holding % pre transaction	Average price	Qty.	Transaction value
ANIL JAIN T Promoter & Director	March-2024	Inter-se Transfer (Disposal) 29th Mar 2024	0.68 %	₹ 130.00	7.50 lac	₹ 9.75 cr
DIMPLE JAIN Promoter Group	March-2024	Inter-se Transfer (Disposal) 29th Mar 2024	0.44 %	₹ 130.00	4.89 lac	₹ 6.35 cr
SHERISHA TECHNOLOGIES PRIVATE LIMITED Promoter	March-2024	Inter-se Transfer (Acquisition) 29th Mar 2024	48.03 %	₹ 130.00	57.94 lac	₹ 75.32 cr
TARACHAND JAIN Promoter	March-2024	Inter-se Transfer (Disposal) 29th Mar 2024	1.55 %	₹ 130.00	17.11 lac	₹ 22.25 cr
UGAMDEVI JAIN Promoter Group	March-2024	Inter-se Transfer (Disposal) 29th Mar 2024	2.57 %	₹ 130.00	28.44 lac	₹ 36.97 cr
SHERISHA TECHNOLOGIES PRIVATE LIMITED Promoter	August-2023	Market Purchase (Acquisition) 12th Aug 2023	47.76 %	₹ 633.21	72.53 k	₹ 4.59 cr
SHERISHA TECHNOLOGIES PRIVATE LIMITED Promoter	August-2023	Market Purchase (Acquisition) 11th Aug 2023	47.59 %	₹ 637.30	38.20 k	₹ 2.43 cr
SHERISHA TECHNOLOGIES PRIVATE LIMITED Promoter	August-2023	Market Purchase (Acquisition) 10th Aug 2023	47.46 %	₹ 670.80	28.30 k	₹ 1.90 cr
SunEdison Energy India Private Limited Promoter	October-2022	Preferential Offer (Acquisition) 13th Oct 2022	44.70 %	₹ 130.00	11.05 lac	₹ 14.37 cr
Anil Jain Promoter & Director	April-2022	Off Market (Disposal) 1st Apr 2022	23.46 %	₹ 135.00	47.78 lac	₹ 64.50 cr

Corporate Actions

History of Refex Industries Ltd. dividends, bonus issues, stock splits, rights issues, and other corporate events.

Dividend₹ 1/share
Record date: 24th Jul 2026Ex-date: 24th Jul 2026
Announced on: 26th May 2026
Dividend₹ 0.50/share
Record date: 19th Aug 2025Ex-date: 19th Aug 2025
Announced on: 12th Aug 2025
Stock Split1 : 5
Ex-date: 22nd Mar 2024Announced on: 24th Jan 2024
Nominal value change from INR 10 to INR 2.
Dividend₹ 0.50/share
Record date: 20th Feb 2024Ex-date: 20th Feb 2024
Announced on: 8th Feb 2024
Dividend₹ 2/share
Record date: 14th Sep 2023Ex-date: 14th Sep 2023
Announced on: 18th May 2023

Company Profile

Overview of Refex Industries Ltd. covering business description, industry classification, key management, financial ratios, and listed exchange details.

Refex Industries Limited is an India-based specialist manufacturer and re-filler of refrigerant gases. The Company offers a range of non-ozone depleting refrigerant gases known as Hydrofluorocarbons (HFC), which are used in air conditioners, refrigerators and refrigerating equipment. It is engaged i...

Key personnel

Mr. Ankit Poddar

Compliance Officer, Company Secretary

Mr. Anil JainD

Chairman of the Board, Managing Director

Mr. Dinesh Kumar AgarwalD

Chief Financial Officer, Whole-time Director

Ms. Susmitha SiripurapuD

Additional Non-Executive Director

Mr. Ramesh DugarD

Non-Executive Independent Director

Dr. Vineet KothariD

Non-Executive Independent Director

Mr. Sivaramakrishnan VasudevanD

Non-Executive Independent Director

Ms. Latha VenkateshD

Additional Non-Executive Independent Director

Incorporated on

13 Sep 2002

Last Annual

31 Mar 2026

Last Interim

30 Jun 2026

No. of Employees

222

IPO date

26 Aug 2007

Free Float

5,82,29,368

Website

https://refex.co.in/

Phone no.

+914443405950

Address

Ground Floor, Bascon Futura IT Park,, New No. 10/2, Old No. 56L,, Venkat Narayana Road, T Nagar,, CHENNAI, 600017, India

Frequently Asked Questions

What is the current share price of Refex Industries Ltd.?

The current share price of Refex Industries Ltd. is ₹ 266.40 as of 14 Oct 2026.

What is the market capitalisation of Refex Industries Ltd.?

The market capitalisation of Refex Industries Ltd. stands at ₹ 3,655.78 Cr.

What is the PE ratio of Refex Industries Ltd.?

The Price-to-Earnings (PE) ratio of Refex Industries Ltd. is 14.86 as of the latest trailing twelve months data.

What is the ROE and ROCE of Refex Industries Ltd.?

Refex Industries Ltd. has a Return on Equity (ROE) of 14.97% and a Return on Capital Employed (ROCE) of 21.12% as per the latest financial reports.

What is the 52-week high and low of Refex Industries Ltd.?

The 52-week high of Refex Industries Ltd. is - and the 52-week low is -.

What is the dividend yield of Refex Industries Ltd.?

The dividend yield of Refex Industries Ltd. is 0.56% based on the current market price.

What is the FII and DII holding in Refex Industries Ltd.?

Foreign Institutional Investors (FII) hold 0.93%, Domestic Institutional Investors (DII) hold 0.13% and retail/public investors hold 35.34% of Refex Industries Ltd. shares.

What sector does Refex Industries Ltd. belong to?

Refex Industries Ltd. operates in the Chemicals sector.

What is the beta of Refex Industries Ltd.?

The beta of Refex Industries Ltd. is 1.25, indicating its price volatility relative to the broader market. Over the past 1 year, Refex Industries Ltd. has delivered an absolute return of -27.95%.

What is the RSI of Refex Industries Ltd.?

The 14-day Relative Strength Index (RSI) of Refex Industries Ltd. is 45.97, placing it in the neutral zone. An RSI above 70 is considered overbought and below 30 is considered oversold.

Refex Industries Ltd.

Stock Scores

Key Metrics

Share Price

Stock Analysis

Financial Snapshot

Refex Industries Ltd. Shareholding Pattern

Holdings and Presence

Bulk, Block and Insider Trades

Corporate Actions

Company Profile

Frequently Asked Questions

Stock Analysis

Corporate Actions

Company Profile

Holdings and Presence