Synopsis:
Refex Industries’ Board approves restructuring: merging RGML into RIL and demerging Green Mobility into Refex Mobility Limited, to be independently listed, creating focused platforms for core operations and sustainable mobility solutions.
During Tuesday’s trading session, shares of a company with a diverse portfolio encompassing ash & coal handling, eco-friendly refrigerant gases, green mobility initiatives, and wind energy solutions surged nearly 19 percent on BSE, following the company’s Board approval for the composite scheme of arrangement to unlock green mobility potential.
At 11:05 a.m., the shares of Refex Industries Limited were trading in the green at Rs. 395.7 on BSE, up by around 17 percent, as against its previous closing price of Rs. 338.05, with a market cap of Rs. 5,115.6 crores.
The stock has delivered negative returns of around 17 percent in one year, but has gained by over 4 percent in the last one month. Additionally, the stock is currently trading at a discount of 34 percent from its 52-week high of Rs. 600.
What’s the News
As per the latest exchange filings, the Board of Refex Industries Limited (RIL) has approved a composite scheme of amalgamation and arrangement aimed at restructuring and unlocking the potential of its Green Mobility Business for all the shareholders of RIL.
Under this scheme, Refex Green Mobility Limited (RGML), a wholly owned subsidiary of RIL, will first be merged into RIL. Subsequently, the Green Mobility Business unit will be demerged into a newly incorporated entity, Refex Mobility Limited (RML).
RML is proposed to be listed independently on both the BSE and NSE, resulting in two specialised platforms: RIL will focus on its core businesses in ash and coal handling, while RML will be dedicated to sustainable mobility solutions using clean-fuelled vehicles.
The scheme remains subject to approvals from shareholders, creditors, stock exchanges, SEBI, NCLT, and other regulatory authorities. Upon completion, RIL shareholders will receive equity shares in RML in the same proportion as their existing holdings in RIL as on the record date, thereby creating a mirror shareholding structure.
Financials & More
Refex Industries reported a decline in revenue from operations, experiencing a year-on-year decrease of nearly 35 percent, from Rs. 591 crores in Q1 FY25 to Rs. 383 crores in Q1 FY26. Likewise, the company’s net profit decreased during the same period from Rs. 29 crores to Rs. 20 crores, representing a fall of nearly 31 percent YoY.
In Q1 FY26, Refex Industries Limited reported segment-wise revenues of Rs. 347.08 crore from Ash & Coal Handling, Rs. 14.15 crore from Refrigerant Gases, Rs. 0.61 crore from Power Trading, Rs. 17.24 crore from Green Mobility, Rs. 2.73 crore from Solar Power, Rs. 0.76 crore from Wind Power, and Rs. 1.3 crore from Others.
The company is actively advancing its renewable energy ambitions, with plans to manufacture 5.3 MW (and above) wind turbines, with a long-term target of achieving 5 GW of annual production capacity within the next five years.
Refex Industries Limited is a pioneer in sustainability-driven solutions in India, with a diverse portfolio encompassing ash & coal handling, eco-friendly refrigerant gases, and green mobility initiatives.
Through its subsidiary, Refex Green Mobility Limited, the company has entered into the electric mobility space, offering electric vehicle (EV) services for passenger mobility, addressing corporate transportation needs and B2B2C applications using four-wheeler EVs.
Its operational capacities include 70,000 MT per day of ash & coal handling, 3,000 MTPA of refrigerant gases, and a measurable environmental impact with its EV fleet abating over 31 lakh kg of CO₂ emissions through zero tailpipe operations.
Written by Shivani Singh
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