Breaking Down Refex Industries Limited Financial Health: Key Insights for Investors

Founded in 2002 as Refex Refrigerants Private Limited and awarded in 2004 for its eco‑friendly approach, Refex Industries Limited evolved into a public company (listed on BSE and NSE) by 2007, launched disposable refrigerant cans in 2008, claimed the highest market share in refilling refrigerant gas on the NSE in 2009 and rebranded to Refex Industries Limited in 2012, today operating across refrigerant gases, ash & coal handling, power trading, green mobility and renewables through subsidiaries like Refex Green Mobility Limited and Venwind Refex Power Limited; with a management led by T. Anil Jain (Executive Chairman & MD) and Dinesh Kumar Agarwal (CFO & WTD), the firm sells HFC refrigerants, provides fly ash and coal yard services to thermal plants, conducts power exchange and bilateral trading including group captive models, and runs EV passenger and corporate mobility services plus wind turbine manufacturing and solar generation - revenue drivers reflected in a 15% sequential revenue rise to ₹431 crore in Q2 FY26 and an 88% year‑on‑year net profit increase in FY25, alongside plans to add 1,000 electric four‑wheelers across Chennai, Hyderabad, Bengaluru and Mumbai in FY26 as it scales sustainable, tech‑driven offerings and strategic partnerships.

Refex Industries Limited (REFEX.NS): Intro

• Founded: 2002 as Refex Refrigerants Private Limited.
• Recognition: 2004 - awarded by the Minister of State for Commerce & Industry, Government of India for eco-friendly practices in refrigerant handling.
• Public listing: 2006 conversion to public limited; listed on BSE in 2007 as Refex Refrigerants Limited.
• Product innovation: 2008 - introduction of disposable refrigerant gas cans.
• Market leadership: 2009 - reported highest market share in the refilling refrigerant gas segment on NSE.
• Name change: 2012 - renamed Refex Industries Limited to reflect diversification.

• Promoter & promoter group: majority stake (historically the largest block; promoters have retained controlling interest through direct and related-party holdings).
• Public float: includes institutional and retail investors via BSE/NSE listings.
• Corporate governance: board comprises promoter representatives and independent directors as per listing norms.

• Mission: deliver safe, compliant and eco-conscious refrigerant solutions while expanding into allied chemical and service offerings.
• Vision: be a leader in sustainable refrigerant supply and service in India, with export and value-added product growth.
• Core values: regulatory compliance, environmental safety, customer focus, innovation and quality assurance.

• Product segments:
  • Refrigerant gases (bulk cylinders and disposable cans)
  • Refilling and servicing for commercial and automotive AC systems
  • Ancillary products: gas valves, fittings, and safety-compliance equipment
• Distribution: combination of direct sales to industrial/commercial customers, authorised dealers and retailers for cans, and service-network partnerships for refilling.
• Compliance: operations governed by environmental and hazardous materials regulations (storage, transport and disposal), with focus on phased replacements of ozone-depleting substances per government and international protocols.

• Sale of refrigerant gases (largest single revenue contributor): bulk cylinders to commercial/industrial users and packaged disposable cans for retail/automotive use.
• Refilling services: revenue from on-site and partner-network refilling of AC systems for automotive and commercial HVAC.
• Value-added products & spares: fittings, valves, and related accessories sold through dealers.
• Contract & institutional supply: long-term supply contracts with service providers, facilities managers and industrial users.

• Strengths: niche leadership in refilling segment, early-mover advantage in disposable refrigerant cans, regulatory-compliant handling practices.
• Risks: commodity-price exposure, regulatory phase-outs of certain refrigerants, competition from larger chemical and gas companies, and scale limitations.
• Growth levers: product diversification, deeper dealer/service-network penetration, increased institutional contracting, and entry into higher-margin specialty refrigerants or HVAC service agreements.

Refex Industries Limited (REFEX.NS): History

• Listings: BSE & NSE (ticker: REFEX.NS)
• Leadership: T. Anil Jain - Executive Chairman & Managing Director; Dinesh Kumar Agarwal - Chief Financial Officer & Whole-Time Director
• Subsidiaries (count): 2 - Refex Green Mobility Limited; Venwind Refex Power Limited
• Shareholder base: institutional investors, retail investors and company insiders
• Ownership detail as of December 2025: exact ownership percentages are not publicly disclosed

Refex Industries Limited (REFEX.NS): Ownership Structure

• Mission: To deliver sustainable, eco-friendly solutions that address environmental challenges across refrigeration, power-plant handling and mobility sectors.
• Core values: integrity, transparency, continuous improvement, inclusivity and stakeholder value creation.
• Strategic focus: R&D-driven product development, technology-enabled service delivery and expansion into green mobility and low‑GWP refrigerants.

• How it makes money:
  • Sale of refrigerant gases (including low‑GWP blends) to HVAC and industrial customers.
  • Turnkey ash and coal handling systems, spares and maintenance contracts for power plants.
  • Green mobility components and related services as part of diversification into sustainable transport solutions.
  • After‑sales service, retrofitting and technology upgrades offering recurring revenue and customer stickiness.
• Operational levers: product innovation, efficiency in manufacturing, service contracts and selective capital allocation to green mobility projects.

Refex Industries Limited (REFEX.NS): Mission and Values

• Refrigerant Gases: Manufacture, refill and trade of hydrofluorocarbons (HFCs) and related refrigerant blends used in air-conditioning, commercial refrigeration and cold-chain systems. Refex services OEMs and aftermarket refill customers.
• Ash & Coal Handling: Operation and maintenance contracts for thermal power plants covering fly ash handling/disposal, ash pond management, coal yard management and allied services on long-term contracts.
• Power Trading & Energy Services: Trading of power via Indian power exchanges, bilateral contracts and group captive models; scheduling, settlement and short-term merchant supply to industrial consumers.
• Green Mobility: Through Refex Green Mobility Limited, provision of electric vehicle (EV) services for passenger mobility and corporate transport solutions - fleet leasing, charging facilitation and operations.
• Renewable Energy & Wind Turbines: Venwind Refex Power Limited focuses on wind turbine manufacturing, assembly and commissioning for captive and third‑party wind projects.

• Refrigerant segment: Typically contributes the largest single share of revenue through manufacturing margins and recurring refill volumes; margins driven by raw material (fluorochemicals) costs and regulatory environment on HFC usage.
• Ash & Coal Handling: Contract-based, predictable recurring cashflows from multi‑year O&M contracts; margins influenced by labor, logistics and equipment capex amortisation.
• Power Trading: Variable revenue depending on merchant price spreads; contributes to gross trading volumes with comparatively lower fixed costs but higher working-capital needs.
• Green Mobility & Renewables: Early-stage revenue with higher capex and longer payback; revenue drivers include fleet utilization rates, per-km pricing, and turbine deliveries/commissioning milestones.

• Product Sales & Aftermarket: Direct sale of refrigerant cylinders, bulk HFCs and refill services; recurring revenue from maintenance and refills.
• Service Contracts: Fixed-price or cost-plus O&M contracts for ash/coal handling providing steady annuity-like cashflows.
• Trading Margins: Capturing price spreads in the power market via exchanges and bilateral trades; optimized through scheduling and hedging.
• Fleet & Mobility Services: Per-ride, lease or subscription revenue from EV services; potential revenue-sharing agreements with corporate clients.
• Project & Equipment Sales: Revenue recognition from manufacturing and commissioning of wind turbine components and turnkey wind projects.

• Working Capital: Significant in trading and manufacturing; inventory and receivables cycles affect short-term cash flow.
• Capex: Investment in refill plants, ash-handling equipment, EV fleet acquisition and wind turbine manufacturing/assembly facilities.
• Strategic M&A / JV: Expand footprint into renewables and mobility through subsidiaries and joint ventures to diversify revenue streams.

• Regulatory: HFC usage and phase-down under global/regional environmental mandates can affect product mix and require transition to low‑GWP alternatives.
• Commodity & Input Price Risk: Fluorochemical feedstock, diesel and logistics costs directly influence margins.
• Power Market Volatility: Trading revenues are cyclical and depend on supply-demand imbalances and exchange price dynamics.

Refex Industries Limited (REFEX.NS): How It Works

• Core product sales: manufacture and sale of refrigerant gases (HFCs and blends) to HVAC, refrigeration and industrial customers.
• Services: turnkey ash handling and coal yard management contracts with thermal power plants under fixed-price and recurring-fee arrangements.
• Power segment: trading via power exchanges, bilateral contracts, and group captive arrangements for captive industries and third parties.
• Green mobility: electric vehicle (EV) solutions and fleet services for passenger mobility, corporate transportation contracts and B2B2C partnerships.
• Renewable energy: wind turbine manufacturing, commissioning services, and solar power generation with PPA and merchant sales.

• Product sales - refrigerants: Revenue recognized on sale of units (kg/tonne) at market-linked prices; margins influenced by feedstock costs and regulatory phase-downs or phase-outs.
• Service contracts - ash & coal handling: Multi-year O&M and project contracts with milestone-linked billing, availability payments, and penalty clauses tied to plant performance.
• Power trading: Short-term and medium-term trading margins, scheduling/imbalance charges, and ancillary services; participation in day-ahead and real-time markets plus bilateral PPA income.
• EV services: Subscription, lease, per-km or per-trip billing models; corporate contracts provide steady utilization-linked cash flows.
• Renewables: EPC and commissioning revenue for wind turbines, recurring O&M fees, sale of generated power under PPA or merchant sales, and potential REC/Carbon credit income.

• Refrigerants: Volume growth tied to HVAC market cycles and industrial demand; margins impacted by raw material costs, environmental regulations (HFC phase-down), and product mix (specialty blends command higher margins).
• Ash & coal handling: Stable, contract-backed cash flows with medium-high margins due to low variable input costs; growth via new plant wins and long-term O&M renewals.
• Power trading: Low capital intensity but volatile earnings; profits depend on market spreads, scheduling efficiency, and captive aggregation scale.
• Green mobility: Unit economics improve with higher utilization, scale of fleet, and integration of charging & telematics services; recurring revenue models boost predictability.
• Renewables & solar: One-time EPC revenue, followed by recurring generation and O&M income; margins benefit from component sourcing, turbine manufacturing scale, and favorable PPAs or REC monetization.

• Refrigerant sales: moderate receivable days; inventory tied to raw material procurement and regulatory stock management.
• Services (ash & coal): milestone-linked collections and retention clauses; working capital often supportive due to contract advances.
• Power trading: short cash conversion cycles but requires margin deposits and collateral for exchange participation.
• Renewables/EPC: higher project-stage working capital; generation and O&M provide recurring cash inflows post-commissioning.

• Geographic expansion of refrigerant distribution and aftermarket services.
• Scaling ash & coal handling through long-term contracts and performance O&M add-ons.
• Expanding power trading volumes and moving up the value chain into group captive and PPA origination.
• Grow EV-managed services via corporate fleet tie-ups and last-mile partnerships.
• Increase renewable EPC wins and owned-generation capacity to capture higher-margin recurring revenue.

• Environmental phase-down of high-GWP refrigerants, affecting product mix and requiring R&D or alternative offerings.
• Policy shifts in thermal plant operations and fly ash regulation influencing service demand.
• Power market volatility and exchange rules impacting trading margins.
• Subsidy and incentive changes for EVs and renewables altering demand and unit economics.

Refex Industries Limited (REFEX.NS): How It Makes Money

• Core revenue streams: refrigerant gas sales and distribution, ash/coal handling equipment and services, power trading & renewable asset operations, electric vehicle leasing and charging services.
• Growth levers: expansion of vendor network for refrigerants, commissioning wind-capacity manufacturing, and adding scale in green mobility (1,000 electric 4‑wheelers planned in FY26).
• Operational focus: technology-driven solutions, EPC/O&M service contracts, and long-term supply agreements to secure margins.

• Market position: positioned as a leader in sustainability-driven industrial solutions in India, leveraging a diversified portfolio to mitigate sector cyclicality.
• Future outlook: targeted expansion of refrigerated product market share, deeper penetration in green mobility, and scaling renewable manufacturing to convert capex into long‑term recurring revenues.
• Strategic intent: establish trusted partnerships through innovation, advanced tech deployment, and a growing, skilled workforce.