Refex Industries Delivers Strong Q4 FY26 Performance, Revenue Reaches ₹701.03 Cr

Refex Industries Limited (NSE - REFEX | BSE - 532884), Powering India's green transformation with the Ash & Coal Handling business vertical, the Company announces its Audited Financial Results for Q4 & FY26.

For the final quarter of the fiscal year (Standalone - Continuing Operations), Refex delivered explosive growth across all primary profitability metrics.

Revenue from Operations reached ₹701.03 crores, marking a healthy 17.92% growth compared to the same period last year.

EBITDA skyrocketed to ₹141.15 crores, representing a massive 128.84% increase year-on-year. This pushed the operational efficiency up significantly, resulting in an outstanding EBITDA Margin of 20.13%.

Profit After Tax (PAT) came in at ₹93.73 crores, which is a 66.91% increase compared to Q4 FY25, yielding a solid PAT Margin of 13.37%.

Revenue from Operations

Quarterly Growth (Y-o-Y & Q-o-Q): The quarterly revenue of ₹701.03 crores represents an 17.92% increase compared to the ₹594.47 crores recorded in Q4 FY25. Sequentially, performance was also highly impressive, with revenue growing 21.70% over the ₹576.01 crores reported in Q3 FY26.

Full-Year Trajectory: Interestingly, while the final quarter was blockbusting, the full-year revenue for FY26 saw a minor contraction of 9.75%, moving from ₹2,259.43 lakhs in FY25 to ₹2,039.20 lakhs in FY26.

EBITDA and Operating Margins

Quarterly Explosive Rise: EBITDA for Q4 FY26 stood at ₹141.15 crores, more than doubling (+128.84%) from the ₹61.68 crores reported in Q4 FY25. This momentum was also visible sequentially, jumping 48.77% from Q3 FY26's EBITDA of ₹94.88 crores.

Margin Double-Up: The EBITDA margin for the quarter effectively doubled to 20.13% from 10.38% in Q4 FY25, demonstrating massive cost optimization or a pivot to more lucrative service lines.

Full-Year Operational Performance: For the full year, EBITDA jumped an impressive 68.46% to ₹350.02 crores (up from ₹207.78 crores in FY25). This pushed the full-year EBITDA margin up to 17.16% compared to just 9.20% in the previous year.

Profit Before Tax (PBT)

Quarterly PBT: Refex recorded a Profit Before Tax of ₹131.23 crores in Q4 FY26. This is a substantial 86.18% jump compared to the ₹70.49 crores recorded in Q4 FY25, and a 46.12% increase sequentially over Q3 FY26's PBT of ₹89.81 crores.

Full-Year PBT: Over the 12-month period, PBT climbed 43.72%, finishing at ₹334.66 crores compared to ₹232.86 crores in FY25.

Profit After Tax (PAT) and Net Margins

Quarterly PAT: Net profit for Q4 FY26 settled at ₹93.73 crores, climbing 66.91% from ₹56.16 crores in Q4 FY25. On a quarter-over-quarter basis, PAT grew by 38.29% from the ₹67.77 crores recorded in Q3 FY26.

Net Profit Margins: The PAT margin for the quarter improved significantly to 13.37% (up from 9.45% in Q4 FY25 and 11.77% in Q3 FY26).

Full-Year Wealth Generation: For the full year FY26, total PAT increased by 34.67% to reach ₹247.19 crores, up from ₹183.56 crores in FY25. The full-year net margin expanded to 12.12%, compared to 8.12% in the prior fiscal year.

Key Operational Highlights

- Ash & Coal Handling business maintained healthy operational momentum with improved executionand fleet utilization; order book stood at nearly INR 1,500 crore as on March 31, 2026

- Wind Energy business entered active execution phase with commencement of WTG deliveries during Q4 FY26; wind vertical contributed INR 233 crores during the quarter

- 5.3 MW wind turbine platform gained customer traction; ALMM approval received during the year

- Continued focus on working capital discipline, prudent capital allocation, and improving revenue quality

- Mobility demerger progressing as planned; business clocked INR 100 crore approx. turnover within three years of operations

Commenting on the performance, Mr. Anil Jain, Chairman & Managing Director of Refex IndustriesLimited said, "FY26 marked an important year of strategic transition and execution for Refex Industries Limited, withthe Company strengthening its presence across core and emerging businesses. During Q4 FY26, totalincome from continuing operations stood at INR 701.03 crores, while EBITDA stood at INR 141.15 crores and profit after tax stood at INR 93.73 crore for the quarter and Revenue for the year ended March 2026stood at INR 2,039.20 crores, EBITDA of INR 350 crores and PAT of INR 247 crores supported by healthyexecution momentum across businesses and improving operating efficiencies.

The Ash & Coal Handling business continued to witness stable operational performance during thequarter, supported by improved execution, better fleet utilization, and fresh order wins, taking the orderbook for the vertical to nearly INR 1,500 crore. The quarter also marked the commencement of executionand deliveries in the Wind Energy business, with phased dispatches of WTGs contributing meaningfully torevenues. The Company's 5.3 MW wind turbine platform continued to gain market traction, while thereceipt of ALMM approval during the year represented an important milestone, strengthening itspositioning in the domestic renewable energy sector. With a stronger business portfolio, improving earnings quality, and multiple growth verticals becoming operational, the Company believes it is wellpositioned to sustain long-term growth momentum going forward."

Source : Equity Bulls

Keywords

RefexIndustries Q4FY26 Q4FY2026 FY26 FY2026 ResultUpdate