Refex Group

Chennai, India Founded: 2002 • Age: 24 yrs Listed
Provider of refrigerator gas vertical
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About Refex Group

Refex Group is a publicly listed company based in Chennai (India) founded in 2002 by Anil Jain. Provider of refrigerator gas vertical. The company has 503 employees. Its chief executive, as recorded, is Dinesh Agarwal. Its website refex.co.in draws about 14 thousand monthly visits. Its Indian entity Refex Industries Limited reported revenue of ₹2,302 Cr. Refex Group offers products and services including R-134a and Coal Ash Handling Services. Its focus areas include Chemicals and Materials, Industrial Gases and Refrigerant Gases.

Company details

Refex Group was established in 2002 in Chennai, India, focusing on the refrigerant gases sector. A range of products and services is offered across multiple business verticals, including solutions for ash and coal handling. Operations emphasize efficiency in industrial processes, with activities centered in India to support various sectors.

  • Headquarters Chennai, India
  • Employees 503
  • Founders Anil Jain
  • Stage Public
  • Sectors
    Chemicals & Materials
  • Email
    ••••••••
  • Phone
    •••• ••••
  • Website refex.co.in
  • Social LinkedIn X
  • Legal Name Refex Industries Limited
Operational Areas
Chemicals & Materials → Core & Diversified Chemicals
Key Metrics
  • Market Cap
    ₹3,231 Cr

    REFEX · NSE

  • Share Price
    ₹226.55

    -3.78% today

  • Revenue
    ₹2,277 Cr

    FY 2025-26 · +0.8% YoY

  • EBITDA
    ₹323 Cr

    Margin 14.2%

  • Net Profit
    ₹242 Cr

    FY 2025-26 · +52.5% YoY

  • P/E (TTM)
    11.5x

    P/B 2.4x

  • ROE
    17.8%

    ROCE 22.7%

  • Debt / Equity
    0.19

    Interest cover 12.1x

  • Employee Count
    503

Products & Services of Refex Group

Refex Group offers a comprehensive portfolio of products and services, including R-134a and Coal Ash Handling Services.

R-134a
Refrigerant Gases

R-134a is manufactured and supplied for refrigeration purposes in various industries.

Coal Ash Handling Services
Waste Management Services

Coal ash handling services are provided to support energy sector operations.

Board of directors of Refex Industries Limited (Refex Group)

Refex Industries Limited is the primary company behind Refex Group. The board of Refex Industries Limited currently have 7 directors; the longest-serving is Anil Jain, appointed in 2002. 20 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Anil Jain
DIN 00181960
Managing Director13 Sep 200224 yrs 1 moRefex Industries Limited
Dinesh Kumar Agarwal
DIN 07544757
Whole-time director27 Jul 201610 yrs 2 moRefex Industries Limited
Tarachand Dugar Ramesh Dugar
DIN 01686047
Director29 Dec 20205 yrs 9 moRefex Industries Limited
Siripurapu Susmitha
DIN 09850991
Director02 Feb 20233 yrs 8 moRefex Industries Limited
Sivaramakrishnan Vasudevan
DIN 02345708
Director31 Mar 20233 yrs 6 moRefex Industries Limited
Latha Venkatesh
DIN 06983347
Director28 Dec 20232 yrs 9 moRefex Industries Limited
Vineet Kothari
DIN 10070816
Director19 Jun 20251 yr 4 moRefex Industries Limited

People of Refex Group

2 people are tracked at Refex Group (2 in leadership); the tracked headcount is 503.

NameRoleGroup
Anil Jain
Founder & Managing Director & CSR Committee MemberLeadership
Dinesh Agarwal
CEOLeadership
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Complete people profiles for Refex Group

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IPO & Listings of Refex Group

Refex Group is a publicly listed company on the NSE with ticker symbol REFEX in India, operating in the Energy minerals sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • IPO date20 Aug 2007
  • Listed onBSE: 532884 · NSE: REFEX
  • Listed entityRefex Industries Limited
  • Exchange sectorEnergy minerals
  • ISININE056I01025
  • Share price₹256.30 (+1.71% on the day) · 2026-10-14
  • Market capitalisation₹3,462 Cr
  • Price to earnings14.5
  • EPS (diluted, trailing year)₹17.68
  • Dividend yield0.59%
  • Volume (last session)76,346

Financials of Refex Group

Exchange-reported figures of Refex Industries Limited, the listed company behind Refex Group (NSE: REFEX).

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹2,277 Cr
+0.8% YoY
EBITDA
₹323 Cr
+74.8% YoY
Profit After Tax
₹242 Cr
+52.5% YoY
Net Worth
₹1,504 Cr
+24.0% YoY
Total Assets
₹1,735 Cr
+15.6% YoY
Total Debt
₹225 Cr
-21.3% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2020-21FY 2019-20FY 2018-19
Income statement
Revenue2,2772,2591,3831,629633661461
Revenue growth+0.8%+63.4%-15.1%--4.3%+43.3%-
EBITDA32318514617467.6645.5228.27
EBITDA margin+14.2%+8.2%+10.6%+10.7%+10.7%+6.9%+6.1%
Profit before tax29220712115657.8448.0128.86
Net profit24215993.9011640.9337.7631.62
Net profit margin+10.6%+7.0%+6.8%+7.1%+6.5%+5.7%+6.9%
EPS (₹)14.8212.298.1152.5019.4921.4120.44
Balance sheet
Total assets1,7351,50168146422390.9143.27
Net worth1,5041,21346631414075.8142.73
Total debt22528621514974.159.020.39
Cash & bank39335248.2310.2317.2520.963.87
Net working capital1,4361,08338523852.7360.1315.95
Cash flow
Cash from operations107(248)2.8527.6212311.8944.19
Cash from investing(268)(105)(41.87)(77.56)(122)4.560.05
Cash from financing65.3560261.8759.89(4.72)0.63(41.06)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue916934576415352594686428
Revenue growth (YoY)+160.4%+57.1%-16.0%-3.1%-40.5%---
Other income12.353.945.805.2010.3916.0024.557.39
EBITDA96.9814881.1461.3728.0347.3544.8140.94
EBITDA margin+10.6%+15.8%+14.1%+14.8%+8.0%+8.0%+6.5%+9.6%
Depreciation5.835.335.044.954.683.022.632.35
Interest12.9210.159.146.626.175.154.703.54
Profit before tax90.5813672.7655.0027.5755.1862.0342.44
Tax26.0242.0020.0418.817.197.2611.9811.39
Net profit64.5694.4552.7236.1920.3847.9250.0531.05
EPS (₹)4.596.543.892.751.533.523.842.58
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue2,0392,2591,3711,629444633661
Revenue growth-9.8%+64.9%-15.9%+267.0%-29.8%-4.3%-
EBITDA35120814917460.8567.6745.53
EBITDA margin+17.2%+9.2%+10.9%+10.7%+13.7%+10.7%+6.9%
Profit before tax33323913215660.9757.8548.02
Net profit24718910111635.2940.9437.01
Net profit margin+12.1%+8.4%+7.4%+7.1%+8.0%+6.5%+5.6%
EPS (₹)17.9214.668.7352.5021.6119.4921.41
Balance sheet
Total assets1,7901,41163546427022390.96
Net worth1,5721,25047331418414075.86
Total debt21715816114985.1074.159.02
Cash & bank24131148.0510.180.2917.2420.95
Net working capital1,4301,03138423810252.7460.13
Cash flow
Cash from operations30.81(254)9.5127.91(13.82)12311.89
Cash from investing(216)(82.24)(29.62)(77.66)(5.14)(122)4.56
Cash from financing10256842.8359.642.01(4.72)0.63
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue619701576411351594686428
Revenue growth (YoY)+76.4%+17.9%-16.0%-4.0%-40.0%---
Other income8.014.097.037.7911.3417.7025.2311.72
Total expenses514560482337312533633385
EBITDA10514194.0173.7539.5661.6853.1142.87
EBITDA margin+17.0%+20.1%+16.3%+17.9%+11.3%+10.4%+7.7%+10.0%
Depreciation4.033.943.803.783.742.972.632.35
Interest11.029.838.306.215.794.994.703.54
Profit before tax98.1113188.9471.5541.3771.4271.0148.70
Tax24.7137.5122.0419.538.3914.3311.9811.39

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 23 Oct 2026
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue916934576415352594686428
Revenue growth (YoY)+160.4%+57.1%-16.0%-3.1%-40.5%---
Other income12.353.945.805.2010.3916.0024.557.39
EBITDA96.9814881.1461.3728.0347.3544.8140.94
EBITDA margin+10.6%+15.8%+14.1%+14.8%+8.0%+8.0%+6.5%+9.6%
Depreciation5.835.335.044.954.683.022.632.35
Interest12.9210.159.146.626.175.154.703.54
Profit before tax90.5813672.7655.0027.5755.1862.0342.44
Tax26.0242.0020.0418.817.197.2611.9811.39
Net profit64.5694.4552.7236.1920.3847.9250.0531.05
EPS (₹)4.596.543.892.751.533.523.842.58
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2020-21FY 2019-20FY 2018-19
Revenue2,2772,2591,3831,629633661461
Revenue growth+0.8%+63.4%-15.1%--4.3%+43.3%-
Other income25.3249.9118.138.294.444.791.85
Total expenses1,9542,0751,2371,455565615433
Employee cost36.9625.0119.6513.206.033.132.44
EBITDA32318514617467.6645.5228.27
EBITDA margin+14.2%+8.2%+10.6%+10.7%+10.7%+6.9%+6.1%
Depreciation20.009.9013.546.895.291.390.96
Interest36.5617.7329.3619.418.970.910.30
Profit before tax29220712115657.8448.0128.86
Tax88.0548.7328.3540.3316.9114.89(2.76)
Net profit24215993.9011640.9337.7631.62
Net profit margin+10.6%+7.0%+6.8%+7.1%+6.5%+5.7%+6.9%
EPS (₹)14.8212.298.1152.5019.4921.4120.44
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2020-21FY 2019-20FY 2018-19
Equity & liabilities
Share capital27.4425.8423.1422.1121.0015.4815.48
Reserves & surplus1,3361,03344329211960.3327.25
Shareholders' funds (net worth)1,5041,21346631414075.8142.73
Minority interest4.43(0.62)(0.89)0.000.000.000.00
Secured loans16117011781.580.110.130.09
Unsecured loans64.3211697.4067.8474.048.890.30
Total debt22528621514974.159.020.39
Total liabilities1,7351,50168146422390.9143.27
Assets
Gross block23837422415390.1024.5616.67
Net block21234520414786.7921.9314.88
Capital work in progress18.2117.228.613.250.000.000.27
Investments0.0030.7473.6273.7574.000.000.00
Inventories76.077.417.2310.815.493.187.59
Sundry debtors88667730624592.9672.2787.50
Cash & bank balances39335248.2310.2317.2520.963.87
Loans & advances1,18434614126055.2210.7332.23
Total current assets2,5401,382502526171107131
Total current liabilities1,10429911728811847.01115
Net working capital1,4361,08338523852.7360.1315.95
Total assets1,7351,50168146422390.9143.27
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2020-21FY 2019-20FY 2018-19
Opening cash28233.0810.230.2920.963.870.70
Net cash from operating activities107(248)2.8527.6212311.8944.19
Net cash from investing activities(268)(105)(41.87)(77.56)(122)4.560.05
Net cash from financing activities65.3560261.8759.89(4.72)0.63(41.06)
Net change in cash(95.41)24822.849.95(3.71)17.083.18
Closing cash39335248.2310.2317.2520.963.87
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2020-21FY 2019-20FY 2018-19
Growth
Sales growth+0.8%+63.4%-15.1%--4.3%+43.3%-
EBITDA growth+74.8%+26.5%-16.2%-+48.6%+61.0%-
PBT growth+40.9%+70.7%-22.4%+170.4%+20.5%+66.4%+1577.9%
Net income growth+52.5%+69.0%-19.2%-+8.4%+19.4%-
Revenue CAGR (3Y)+11.8%+52.9%+27.9%+52.3%+101.9%+159.7%+80.9%
EBITDA CAGR (3Y)+22.8%+39.8%+47.5%+83.4%+240.1%+175.4%+120.7%
Profitability & leverage
Net income margin+9.0%+7.0%+6.7%+7.1%+6.5%+5.0%+6.9%
Return on capital employed+22.7%+22.6%+26.3%+37.9%+42.6%+81.2%+45.6%
Return on net worth+17.8%+18.9%+23.8%+36.9%+38.0%+63.6%+73.7%
Debt / equity0.190.300.470.480.390.080.77
Long-term debt / equity0.100.190.310.340.320.050.12
Interest cover12.0710.1322.1511.5914.382.061.10
Efficiency & per share
Fixed asset turnover7.457.577.3510.6611.0432.0528.99
Inventory turnover54.55308.67153.31150.71145.94122.7071.93
Debtors turnover2.914.605.026.647.668.277.44
EPS (₹)14.8212.298.1152.5019.4921.4120.44
Dividend per share (₹)1.000.500.502.001.500.000.00
Book value per share (₹)99.4181.9540.28142.2166.4348.9827.61
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue619701576411351594686428
Revenue growth (YoY)+76.4%+17.9%-16.0%-4.0%-40.0%---
Other income8.014.097.037.7911.3417.7025.2311.72
Total expenses514560482337312533633385
EBITDA10514194.0173.7539.5661.6853.1142.87
EBITDA margin+17.0%+20.1%+16.3%+17.9%+11.3%+10.4%+7.7%+10.0%
Depreciation4.033.943.803.783.742.972.632.35
Interest11.029.838.306.215.794.994.703.54
Profit before tax98.1113188.9471.5541.3771.4271.0148.70
Tax24.7137.5122.0419.538.3914.3311.9811.39
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue2,0392,2591,3711,629444633661
Revenue growth-9.8%+64.9%-15.9%+267.0%-29.8%-4.3%-
Other income30.0258.3618.158.2918.404.444.79
Total expenses1,6882,0521,2221,455383565615
Employee cost29.7224.4215.3713.2012.325.192.77
EBITDA35120814917460.8567.6745.53
EBITDA margin+17.2%+9.2%+10.9%+10.7%+13.7%+10.7%+6.9%
Depreciation15.279.858.806.895.655.291.39
Interest32.1217.5726.4019.4112.638.970.91
Profit before tax33323913215660.9757.8548.02
Tax87.4649.3030.7640.3315.5816.9114.89
Net profit24718910111635.2940.9437.01
Net profit margin+12.1%+8.4%+7.4%+7.1%+8.0%+6.5%+5.6%
EPS (₹)17.9214.668.7352.5021.6119.4921.41
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital27.4425.8423.1422.1121.0021.0015.48
Reserves & surplus1,4131,07145029216311960.38
Shareholders' funds (net worth)1,5721,25047331418414075.86
Secured loans15996.8696.2081.5815.080.110.13
Unsecured loans58.4161.4964.9867.5970.0274.048.89
Total debt21715816114985.1074.159.02
Total liabilities1,7901,41163546427022390.96
Assets
Gross block21721515915389.1590.1024.56
Net block19219914414785.0386.7921.93
Capital work in progress1.445.878.613.250.390.000.00
Investments10611481.1273.8574.0074.050.05
Inventories10.407.387.1910.817.465.493.18
Sundry debtors73767430524511692.9672.27
Cash & bank balances24131148.0510.180.2917.2420.95
Loans & advances1,07331013726089.3055.2410.74
Total current assets2,0621,302497526213171107
Total current liabilities63227011328811111847.01
Net working capital1,4301,03138423810252.7460.13
Total assets1,7901,41163546427022390.96
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash26432.9010.180.2917.2420.953.87
Net cash from operating activities30.81(254)9.5127.91(13.82)12311.89
Net cash from investing activities(216)(82.24)(29.62)(77.66)(5.14)(122)4.56
Net cash from financing activities10256842.8359.642.01(4.72)0.63
Net change in cash(83.33)23122.729.89(16.96)(3.71)17.08
Closing cash24131148.0510.180.2917.2420.95
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth-9.8%+64.9%-15.9%+267.0%-29.8%-4.3%-
EBITDA growth+68.8%+39.7%-14.7%+186.6%-10.1%+48.6%-
PBT growth+39.6%+81.3%-15.8%+156.5%+5.4%+20.5%+66.4%
Net income growth+30.6%+87.5%-13.1%+229.2%-13.8%+10.6%-
Revenue CAGR (3Y)+7.8%+72.0%+29.4%+35.1%-1.3%+101.9%+159.7%
EBITDA CAGR (3Y)+26.2%+50.6%+30.0%+56.5%+29.1%+239.5%+175.0%
Profitability & leverage
Net income margin+12.1%+8.4%+7.4%+7.1%+10.2%+6.5%+5.0%
Return on capital employed+22.8%+25.1%+28.8%+47.9%+24.4%+42.5%+81.2%
Return on net worth+17.4%+22.0%+25.7%+46.6%+21.8%+38.0%+62.3%
Debt / equity0.130.190.390.470.490.390.08
Long-term debt / equity0.060.110.260.350.410.320.05
Interest cover9.588.8818.8611.5922.8814.382.06
Efficiency & per share
Fixed asset turnover9.4412.088.7913.474.9511.0432.05
Inventory turnover229.38310.15152.28178.3468.57145.94122.70
Debtors turnover2.894.624.989.014.247.668.27
EPS (₹)17.9214.668.7352.5021.6119.4921.41
Dividend per share (₹)1.000.500.502.000.001.500.00
Book value per share (₹)104.9684.9140.90142.2287.5966.4649.02

Web traffic of Refex Group

The website of Refex Group (refex.co.in) receives about 14.5K visits a month.

  • Monthly visits
    14.5K

    ▼ 18.4% vs previous month

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Related news about Refex Group

Refex Industries: Gets New Order Valued At Rs 31 Crore
Exchange Update • 3 days ago
Refex Industries: Secures ₹32.45 Crore Ash Transportation Contract From Maharatna PSU Under Ministry Of Power
Exchange Update • 7 days ago
Refex Industries: Starts Ready-Mix Concrete Operations
Exchange Update • 29 days ago
Refex Industries bags ₹160 crore contract to lift 10 MT of pond ash, fly ash - CNBC TV18
CNBCTV18 • 1 month ago
Refex Industries: Secures ₹160 Crore Contract For Pond Ash Lifting From MP PSU
Exchange Update • 1 month ago
Refex Industries: Co Fixes Typo in Contract Update; Correct Quantity for Pond Ash and Fly Ash Lifting is 10 Lakh Metric Tonnes, Not 10 Metric Tonnes; Contract Worth Approximately INR 160 Crores with an 18-Month Execution Timeline.
Exchange Update • 1 month ago
Refex Industries: To Hold Meeting With Analysts And Investors On September 22
Exchange Update • 1 month ago
Refex Industries Gets Contract Worth 404.2 Million Rupees
Reuters • 2 months ago
Refex Industries Gets Order Worth 274.8 Million Rupees
Reuters • 2 months ago
Refex Industries June-Quarter Consol Net Profit 638 Million Rupees
Reuters • 2 months ago
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Frequently Asked Questions about Refex Group

Refex Group was founded in 2002.

Refex Group is headquartered in Chennai, India. It is registered at Chennai, Tamil Nadu, India.

Dinesh Agarwal is the CEO of Refex Group, as recorded in our data.

Refex Group has 503 employees.

The primary company behind Refex Group, Refex Industries Limited, reported revenue of ₹2,302 Cr for FY 2026, up 1% year on year.

Refex Group was established in 2002 in Chennai, India, focusing on the refrigerant gases sector. A range of products and services is offered across multiple business verticals, including solutions for ash and coal handling. Operations emphasize efficiency in industrial processes, with activities centered in India to support various sectors.

Refex Group offers R-134a and Coal Ash Handling Services.

Yes, Refex Group is publicly traded on NSE under the ticker symbol REFEX.

Refex Group operates through Refex Industries Limited.

The legal entities of Refex Group currently have 8 directors, including Anil Jain, Dinesh Kumar Agarwal, Tarachand Dugar Ramesh Dugar and others.

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