Refex Industries Share Price

322.602.56 (0.80%)

Closed
As On: 17 Jun, 2026, 03:58 PM IST
As On: 17 Jun, 2026, 03:58 PM IST

Sector: Chemicals
Industry: Industrial Gases

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Open	322.00
High	327.65
Low	319.20
Prev Close	320.05
Volume	5,38,875
VWAP(₹)	323.00

Share Price	Value
Today/Current/Last	322.60322.80
Previous Day	320.05319.80

Refex Industries Share Recommendations

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News & Analysis

Gainers & Losers: New India Assurance, Hindustan Zinc among 7 stocks in focus on Friday
News
IOC declares interim dividend of Rs 5 per share for FY26, sets December 18 as record date
News
Refex Industries shares hit 20% lower circuit after Income Tax search at company premises
News
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Announcements

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Share Analysis

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Financials

Income (P&L)

	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024
Total Income	581.81	432.05	393.90	643.88	741.92
Total Income Growth (%)	34.66	9.69	-38.82	-13.21	38.75
Total Expenses	491.29	361.52	355.34	575.56	674.92
Total Expenses Growth (%)	35.89	1.74	-38.26	-14.72	38.49
EBIT	90.52	70.53	38.56	68.32	67.01
EBIT Growth (%)	28.35	82.88	-43.56	1.97	41.44
Profit after Tax (PAT)	53.92	37.44	21.17	48.32	50.05
PAT Growth (%)	44.01	76.84	-56.18	-3.47	61.14
EBIT Margin (%)	15.56	16.32	9.79	10.61	9.03
Net Profit Margin (%)	9.27	8.67	5.38	7.50	6.75
Basic EPS (₹)	3.94	2.80	1.58	3.71	3.99

	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024
Total Income	583.04	431.01	376.60	629.07	733.48
Total Income Growth (%)	35.27	14.45	-40.13	-14.23	39.01
Total Expenses	484.93	353.37	331.09	552.35	657.80
Total Expenses Growth (%)	37.23	6.73	-40.06	-16.03	38.72
EBIT	98.11	77.63	45.50	76.73	75.67
EBIT Growth (%)	26.38	70.61	-40.69	1.39	41.55
Profit after Tax (PAT)	66.91	52.03	32.97	57.09	59.04
PAT Growth (%)	28.59	57.81	-42.25	-3.29	58.21
EBIT Margin (%)	16.83	18.01	12.08	12.20	10.32
Net Profit Margin (%)	11.48	12.07	8.75	9.08	8.05
Basic EPS (₹)	4.89	4.03	2.55	4.42	4.70

	FY 2025	FY 2024	FY 2023	FY 2021	FY 2020
Total Revenue	2,518.02	1,401.13	1,637.44	637.10	665.54
Total Revenue Growth (%)	79.71	-14.43	157.01	-4.27	43.77
Total Expenses	2,318.11	1,279.66	1,480.80	579.25	611.70
Total Expenses Growth (%)	81.15	-13.58	155.64	-5.30	40.93
Profit after Tax (PAT)	158.78	93.87	116.06	40.94	33.13
PAT Growth (%)	69.15	-19.12	183.50	23.58	4.73
Operating Profit Margin (%)	9.22	10.90	10.80	10.56	8.28
Net Profit Margin (%)	6.43	6.78	7.12	6.47	5.01
Basic EPS (₹)	12.93	8.40	53.89	21.73	21.37

	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Total Revenue	2,482.52	1,388.84	1,637.44	448.98	637.10
Total Revenue Growth (%)	78.75	-15.18	264.70	-29.53	-4.27
Total Expenses	2,241.83	1,257.00	1,480.80	401.38	579.24
Total Expenses Growth (%)	78.35	-15.11	268.93	-30.71	-5.30
Profit after Tax (PAT)	189.41	100.95	116.06	45.39	40.94
PAT Growth (%)	87.63	-13.02	155.70	10.86	23.57
Operating Profit Margin (%)	10.62	11.54	10.80	12.88	10.56
Net Profit Margin (%)	7.79	7.36	7.12	10.22	6.47
Basic EPS (₹)	15.46	9.12	53.90	21.61	21.74

All figures in Rs Cr, unless mentioned otherwise

Insights

Employee & Interest Expense
Company has spent 1.41% of its operating revenues towards interest expenses and 1.69% towards employee cost in the year ending Mar 31, 2026. (Source: Consolidated Financials)

View Details

Balance Sheet

Annual	FY 2025	FY 2024	FY 2023	FY 2021	FY 2020
Total Assets	1,799.19	797.98	752.30	341.34	137.92
Total Assets Growth (%)	125.47	6.07	120.40	147.50	-12.99
Total Liabilities	587.02	333.29	437.91	201.77	62.11
Total Liabilities Growth (%)	76.13	-23.89	117.03	224.84	-46.35
Total Equity	1,212.17	464.69	314.39	139.57	75.80
Total Equity Growth (%)	160.86	47.81	125.26	84.12	77.40
Current Ratio (x)	3.49	2.59	1.59	1.32	2.24
Total Debt to Equity (x)	0.16	0.25	0.26	0.00	0.02
Contingent Liabilities	83.75	252.86	-	113.27	159.65

Annual	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Total Assets	1,680.96	748.28	752.05	380.93	341.40
Total Assets Growth (%)	124.64	-0.50	97.42	11.58	147.45
Total Liabilities	430.73	275.62	437.65	196.97	201.83
Total Liabilities Growth (%)	56.28	-37.02	122.19	-2.41	224.96
Total Equity	1,250.23	472.66	314.40	183.96	139.57
Total Equity Growth (%)	164.51	50.34	70.91	31.80	83.98
Current Ratio (x)	3.91	2.87	1.59	1.57	1.32
Total Debt to Equity (x)	0.09	0.20	0.26	0.08	0.00
Contingent Liabilities	83.75	282.18	121.26	113.26	113.27

All figures in Rs Cr, unless mentioned otherwise

View Details

Cash Flows

Annual	FY 2025	FY 2024	FY 2023	FY 2021	FY 2020
Net Cash flow from Operating Activities	-264.81	2.85	27.62	123.29	11.88
Net Cash used in Investing Activities	-89.70	-41.88	-77.56	-122.27	4.56
Net Cash flow from Financing Activities	603.05	61.87	59.89	-4.72	0.63
Net Cash Flow	248.54	22.84	9.95	-3.71	17.08
Closing Cash & Cash Equivalent	281.62	33.08	10.23	17.25	20.96
Closing Cash & Cash Equivalent Growth (%)	751.34	223.21	-40.66	-17.70	440.94
Total Debt/ CFO (x)	-0.65	41.10	2.96	0.00	0.14

Annual	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Net Cash flow from Operating Activities	-262.25	-4.49	27.91	-16.95	123.29
Net Cash used in Investing Activities	-74.32	-15.62	-77.66	-1.31	-122.27
Net Cash flow from Financing Activities	567.61	42.83	59.64	2.01	-4.72
Net Cash Flow	231.03	22.72	9.89	-16.25	-3.71
Closing Cash & Cash Equivalent	263.93	32.90	10.18	0.99	17.24
Closing Cash & Cash Equivalent Growth (%)	702.27	223.28	927.49	-94.26	-17.69
Total Debt/ CFO (x)	-0.37	-21.41	2.92	-0.89	0.00

All figures in Rs Cr, unless mentioned otherwise

Insights

Cash from Operations vs PAT
Operating cash flow of Rs 107.14 cr is 0.53 times compared to the reported net profit of Rs 203.35 cr. (Source: Consolidated Financials)
Increase in Cash from Investing
Company has used Rs 267.9 cr for investing activities which is an YoY increase of 198.65%. (Source: Consolidated Financials)

View Details

Ratios

Annual	FY 2025	FY 2024	FY 2023	FY 2021	FY 2020
Return on Equity (%)	15.00	20.16	36.91	29.33	43.70
Return on Capital Employed (%)	16.22	24.96	41.88	31.47	61.36
Return on Assets (%)	8.82	11.76	15.42	11.99	24.01
Interest Coverage Ratio (x)	9.39	5.60	9.42	7.45	60.43
Asset Turnover Ratio (x)	1.90	1.78	-	185.34	479.08
Price to Earnings (x)	30.77	16.61	4.52	4.82	1.58
Price to Book (x)	4.61	3.35	1.67	1.41	0.69
EV/EBITDA (x)	18.06	9.99	3.26	2.50	0.59
EBITDA Margin (%)	10.54	11.88	11.22	11.39	8.49

Annual	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Return on Equity (%)	17.28	21.35	36.91	24.67	29.33
Return on Capital Employed (%)	19.16	27.52	41.88	23.34	31.47
Return on Assets (%)	11.26	13.49	15.43	11.91	11.99
Interest Coverage Ratio (x)	15.31	6.33	9.42	6.54	8.04
Asset Turnover Ratio (x)	2.00	1.83	2.88	1.23	185.31
Price to Earnings (x)	25.77	15.46	4.52	5.52	4.82
Price to Book (x)	4.45	3.30	1.67	1.36	1.41
EV/EBITDA (x)	17.35	9.71	3.26	4.21	2.50
EBITDA Margin (%)	11.06	12.18	11.22	14.15	11.39

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Peer Comparison

Ratio Performance

NAME	P/E (x)	P/B (x)	ROE %	ROCE %	ROA %	Rev CAGR [3Yr]	OPM	NPM	Basic EPS	Current Ratio	Total Debt/ Equity (x)	Total Debt/ CFO (x)
Refex Industries	21.77	2.93	13.51	22.68	7.15	11.90	15.92	8.94	15.28	2.04	0.11	1.51
Linde India	109.20	14.05	12.86	15.09	9.45	-7.61	27.36	19.50	64.37	0.86	0.00	0.00
Ellenbarrie Industrial Gases Ltd.	37.99	4.06	10.68	13.01	8.03	20.30	42.38	30.56	7.54	1.60	0.18	1.36
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Annual Ratios (%)

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Stock Performance

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NAME	1D	1W	1M	3M	1Y	3Y	5Y
Refex Industries Stock Performance	0.80	21.32	25.63	34.58	-20.81	278.06	1066.31
Linde India Stock Performance	0.54	-5.19	-0.57	3.46	-1.64	78.91	326.84
Ellenbarrie Industrial Gases Ltd. Stock Performance	0.67	0.27	10.95	16.33	0.00	0.00	0.00
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Category	No. of Shares	Percentage	% Change QoQ
Promoters	7,66,23,085	55.85 %	0.05
Pledge	3,16,36,946	41.29 %	12.45
FII	18,75,491	1.37 %	-0.66
DII	1,81,210	0.13 %	-0.03
MF	1,81,210	0.13 %	-0.01
Others	5,85,19,605	42.65 %	0.63

Category	Mar 2026	Dec 2025	Sep 2025	Jun 2025
Promoters	55.85	55.80	53.33	53.33
Pledge	41.29	28.84	30.19	10.37
FII	1.37	2.03	1.71	1.85
DII	0.13	0.16	0.15	0.16
Mutual Funds	0.13	0.15	0.14	0.15
Others	42.65	42.01	44.81	44.66

Mutual Funds Ownership

MF Ownership as on 31 May 2026

Motilal Oswal Nifty Microcap 250 Index Direct-G
Equity: Small Cap
- 5.62
  Amount Invested (in Cr.)
- 0.24%
  % of AUM
- -2.82
  % Change (MoM basis)
Groww Nifty Total Market Index Direct-G
Equity: Flexi Cap
- 0.03
  Amount Invested (in Cr.)
- 0.00985959%
  % of AUM
- 2.02
  % Change (MoM basis)
Motilal Oswal BSE 1000 Index Direct-G
Equity: Flexi Cap
- 0.01
  Amount Invested (in Cr.)
- 0.01%
  % of AUM
- 1.66
  % Change (MoM basis)

View all Mutual Fund Schemes

Corporate Actions

Recent
Final
50%
May 26, 2026
Board Meeting
Audited Results & Final Dividend
May 20, 2026
General Meeting
-
Mar 30, 2026

Board Meetings

Announced on	Meeting on
May 20, 2026	May 26, 2026
Audited Results & Final Dividend
Jan 16, 2026	Jan 21, 2026
Quarterly Results
Oct 28, 2025	Nov 04, 2025
Quarterly Results
Aug 05, 2025	Aug 12, 2025
Quarterly Results & Interim Dividend
Apr 17, 2025	Apr 23, 2025
Audited Results

Dividends
Announced on Ex-Date Dividend%
Aug 12, 2025 Aug 19, 2025 25%
Feb 08, 2024 Feb 20, 2024 5%
May 18, 2023 Sep 14, 2023 20%
Sep 07, 2021 Sep 16, 2021 5%
May 26, 2026 - 50%
Bonus
No Data Available
Splits
Announced on Ex-Date
Jan 24, 2024 Mar 22, 2024
Split: Old FV10.0| New FV:2.0
Rights
Announced on Ex-Date
Feb 14, 2019 Jun 16, 2020
Rights ratio: 5 share for every 14 held at a price of Rs 45.0
AGM/EGM Meetings
Announced on Meeting on
Mar 30, 2026 May 05, 2026
-
Jun 26, 2025 Jul 18, 2025
-
Apr 02, 2025 May 06, 2025
-
Oct 04, 2024 Oct 26, 2024
-
Aug 14, 2024 Aug 30, 2024
-

Announced on	Ex-Date	Dividend%
Aug 12, 2025	Aug 19, 2025	25%
Feb 08, 2024	Feb 20, 2024	5%
May 18, 2023	Sep 14, 2023	20%
Sep 07, 2021	Sep 16, 2021	5%
May 26, 2026	-	50%

Announced on	Ex-Date
Jan 24, 2024	Mar 22, 2024
Split: Old FV10.0\| New FV:2.0

Announced on	Ex-Date
Feb 14, 2019	Jun 16, 2020
Rights ratio: 5 share for every 14 held at a price of Rs 45.0

Announced on	Meeting on
Mar 30, 2026	May 05, 2026
-
Jun 26, 2025	Jul 18, 2025
-
Apr 02, 2025	May 06, 2025
-
Oct 04, 2024	Oct 26, 2024
-
Aug 14, 2024	Aug 30, 2024
-

About Refex Industries

Refex Industries Ltd., incorporated in the year 2002, is a Small Cap company (having a market cap of Rs 4,426.05 Crore) operating in Chemicals sector.

Refex Industries Ltd. key Products/Revenue Segments include Ash Coal, Power, Gases Refrigerant, Solar Pumps & Accessories, Other Operating Revenue, Service Income for the year ending 31-Mar-2025.

For the quarter ended 31-03-2026, the company has reported a Consolidated Total Income of Rs 938.10 Crore, up 61.24 % from last quarter Total Income of Rs 581.81 Crore and up 45.69 % from last year same quarter Total Income of Rs 643.88 Crore. Company has reported net profit after tax of Rs 94.45 Crore in latest quarter.

The company’s top management includes Mr.Anil Jain, Mr.Dinesh Kumar Agarwal, Ms.Susmitha Siripurapu, Ms.Latha Venkatesh, Mr.Ramesh Dugar, Mr.Sivaramakrishnan Vasudevan, Dr.Vineet Kothari, Mr.Ankit Poddar. Company has A B C D & Co. as its auditors. As on 31-03-2026, the company has a total of 13.72 Crore shares outstanding.

Refex Industries Share Price Today is Rs. 322.60. On previous day, the Refex Industries Share Price (NSE) closed at Rs. 314.1, featuring among the most traded securities on the National Stock Exchange.

Shareholdings:
As of 31st Mar, 2026, the promoter held 55.85% of the stake in Refex Industries shares, out of which 41.29% was pledged. On the same date, foreign institutional investors' (FII) holdings of Refex Industries stocks was 1.37% as compared to 2.03% in Dec 2025 with decrease of 0.66%. The domestic institutional investors (DII) holdings on 31st Mar, 2026 was 0.13% as compared to 0.16% in Dec 2025 with decrease of 0.03%. Out of the total DII holdings in Refex Industries shares 0.13% was held by mutual funds. The rest including public held is 42.65%. Refex Industries stock price is reflected on both the exchanges - BSE and NSE.

Dividend, Bonus & Split Information:
Refex Industries Dividend: Ever since 2002, Refex Industries dividends has been paid out around 9 times. As on 17 Jun, 2026, 03:58 PM IST, The overall dividend yield for Refex Industries stands at 0.47%. The last dividend paid was on August 19, 2025 (Rs. 0.5). The Earnings Per Share (EPS) for quarter ending 31st Mar 2026 is Rs. 14.82.

Refex Industries Bonus: The most recent bonus issue had been in year null around 0 years ago at 0 : 0 ratio. The first bonus issue was announced in null.

Stock Forecast:
After showing 938.1 Cr. of sales and 61.24% of quarterly net profit, there have been multiple ups and downs in the Refex Industries stock prices in the past few weeks. For example, Refex Industries stock price on 9th of June 2026 was around Rs. 309.25. Refex Industries share price now stands at an average of Rs. 322.60. Judging by last week's performance, stock is in up trend.

Refex Industries has a median target price of Rs. 0.0 in 12 months by 0 analysts. They have provided a high estimate of Rs. 0.0 and low estimate of Rs. 0.0 for Refex Industries share.

Historical Prices and Performance:
Refex Industries,incorporated in 2002 is a Small Cap company (with a market cap of Rs. 4391.07) operating in Chemicals sector.
The Return of Equity (ROE) in last five financial years given by Refex Industries stock was 13.51%, 15.0%, 20.16%, 36.91% and 24.67% respectively.
The Refex Industries share gave a 3 year return of 191.35% as compared to Nifty 50 which gave a return of 27.43%.
Refex Industries announced 25.0% final dividend on August 19, 2025.

Key Metrics:
PE Ratio of Refex Industries is 21.59
Prices/Sales Ratio of Refex Industries is 1.14
Price/Book Ratio of Refex Industries is 2.91

Peer Insights:
Peers are businesses with comparable activities, buisness objectives and affiliation with a particular industry area. For Refex Industries,major competitors and peers include Linde India and Ellenbarrie Industrial Gases Ltd.. As of Dec 2025, the dividend yield of Refex Industries stands at 0.47% while Linde India and Ellenbarrie Industrial Gases Ltd. stand at 0.17% and 0.0% respectively. The PE ratio and PB Ratio of the company are among its competitors stand at 21.59 and 2.91 respectively.

Leadership of Refex Industries :
Ankit Poddar is Co. Secretary & Compl. Officer
Anil Jain is Chairman & Managing Director
Dinesh Kumar Agarwal is WholeTime Director & CFO
Susmitha Siripurapu is Non Executive Director
Ramesh Dugar is Independent Director
Sivaramakrishnan Vasudevan is Independent Director
Latha Venkatesh is Independent Director
Vineet Kothari is Independent Director

Industry

Industrial Gases

Key Indices Listed On

BSE SmallCap, BSE Commodities, BSE AllCap, Nifty Smallcap 500, Nifty Microcap 250

Address

2nd Floor, Refex Towers, Sterling Road Signal,313, Valluvar Kottam High Road,Nungambakkam,Chennai (Madras), Tamil Nadu - 600034

Contact

investor.relations@refex.co.in

http://www.refex.co.in

PE Ratio(x)	21.77
EPS - TTM(₹)	14.82
MCap(₹ Cr.)	4,426.05
MCap Rank	29
PB Ratio(x)	2.91
Div Yield(%)	0.46
Face Value(₹)	2.00
52W High(₹)	482.25
52W Low(₹)	188.00
MCap/Sales	1.14
Beta(1 Month)	1.23
BV/Share(₹)	109.96

PE Ratio(x)	21.78
EPS - TTM(₹)	14.82
MCap(₹ Cr.)	4,428.80
MCap Rank	29
PB Ratio(x)	2.92
Div Yield(%)	0.46
Face Value(₹)	2.00
52W High(₹)	482.25
52W Low(₹)	188.00
MCap/Sales	1.14
Beta(1 Month)	1.19
BV/Share(₹)	109.96

1 Day	0.8%
1 Month	16.13%
3 Months	64.18%
1 Year	-31.51%
3 Years	193.67%
5 Years	1037.12%

1 Day	0.93%
1 Month	16.05%
3 Months	64.15%
1 Year	-31.42%
3 Years	194.66%
5 Years	1037.42%

R1	-	Pivot -	S1	-
R2	-		S2	-
R3	-		S3	-

Refex Industries Share Price

Key Metrics