Synopsis:
Venwind Refex Power Limited (VRPL) secured a ₹474.45 crore domestic order to supply WTGs and Tubular Towers for a wind project in Gujarat. The contract includes installation and support, with completion targeted by March 2026 and 2027.
The shares of Small-Cap Company, specializing in eco-friendly refrigerant gases, coal and ash management, renewable energy projects, and clean mobility solutions, jumped upto 6 percent upon receiving an order worth Rs. 474.45 crore from a leading Independent Power Producer.
With a market capitalization of Rs. 5,164.76 Crores on Wednesday, the shares of Refex Industries Ltd jumped upto 6.2 percent, reaching a high of Rs. 415.60 compared to its previous closing price of Rs. 391.15.
What Happened
Refex Industries Ltd, engaged in eco-friendly refrigerant gases, coal and ash management, renewable energy projects, and clean mobility solutions through its subsidiary Venwind Refex Power Limited (VRPL), has secured a significant order worth Rs. 474.45 crore from a leading Independent Power Producer.
The order is for the supply of Wind Turbine Generators (WTGs) and Tubular Towers for wind power projects in Gujarat. The contract includes the design, manufacturing, supply, and commissioning of the WTGs and Tubular Towers, along with technical and supervisory assistance for foundation casting and erection. The order is domestic and will be executed in two phases: Rs. 142.33 crore by March 2026 and Rs. 332.12 crore by March 2027.
Financials & Others
The company’s revenue declined by 35.15 percent from Rs. 591 crore to Rs. 383 crore in Q1FY25-26. Meanwhile, Net profit declined from Rs. 29 crores to Rs. 20 crores during the same period.
The company shows a strong return on capital employed (ROCE) of 20.9% and a return on equity (ROE) of 18.9%, indicating good profitability. Its debt-to-equity ratio is low at 0.24, reflecting a conservative approach to borrowing. The stock’s price-to-earnings (P/E) ratio is 34.4, which is much lower than the industry average of 70.4, suggesting the stock may be undervalued compared to its peers.
In Q1 FY26, the company’s revenue was led by Ash & Coal Handling at Rs. 347.08 crore, followed by Green Mobility with Rs. 17.24 crore, Refrigerant Gas at Rs. 14.15 crore, Solar Power at Rs. 2.73 crore, Others at Rs. 1.30 crore, Wind at Rs. 0.76 crore, and Power Trading at Rs. 0.61 crore.
Refex Industries Limited, founded in 2002 and based in Chennai, is a leader in sustainability-driven solutions in India. With over 22 years of experience, it operates across Ash & Coal Handling, eco-friendly Refrigerant Gases, and Green Mobility.
The company has expanded into electric mobility through its subsidiary, Refex Green Mobility Limited, offering EV services for passenger and corporate transportation. Additionally, its subsidiary Venwind Refex Power Limited focuses on wind energy manufacturing. Committed to innovation and environmental responsibility, Refex is driving India’s transition toward a greener, more sustainable future.
Refex Industries handles 70,000 MT of ash and coal daily and has a refrigerant gases production capacity of 3,000 MTPA. Its zero-tailpipe emission fleet in Refrigerant Gases Mobility Limited (RGML) has abated over 31 lakh kilograms of CO2, highlighting its strong commitment to sustainability.
Written by Sridhar J
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