The shares of the Micro-Cap company, which specializes in designing, executing, installing, and maintaining efficient solar power systems, jumped upto 4 percent upon incorporating a new Special Purpose Vehicle (SPV) to set up a municipal solid waste-based bio-CNG plant at Avaniyapuram, Madurai.
With a market capitalization of Rs. 337.44 crores on Thursday, the shares of Refex Renewables & Infrastructure Ltd jumped upto 4.58 percent, making a high of Rs. 798.95 per share compared to its previous close of Rs. 763.90 per share.
Refex Green Power Limited (RGPL), a wholly-owned subsidiary of Refex Renewables & Infrastructure Limited, has incorporated a new Special Purpose Vehicle (SPV) named Refex CBG SPV (Madurai) Limited on May 7, 2025.
Refex Green Power Limited (RGPL) holds a 74 percent stake in it, and the remaining 26 percent is held by consortium partner Spectrum Renewable Energy Pvt. Ltd. The SPV has been created to set up a 250 TPD municipal solid waste-based bio-CNG plant at Avaniyapuram, Madurai, under the PPP model on a DBFOT basis for 20 years.
With a project cost estimated at Rs. 78.54 crore, this entity is now a step-down subsidiary of the Company. The acquisition involved a cash investment of Rs. 10 lakh and required no regulatory approvals.
Financials & others
The company’s revenue declined by 29 percent from Rs. 22.96 crore to Rs. 16.26 crore in Q3FY24-25. Meanwhile, Net loss rose from Rs. 8.54 crore to Rs. 10.05 crore during the same period.
The company has a set of marquee clients, which includes Wipro, TVS, Hero MotoCorp, Aditya Birla Group, Airtel, NTPC, Intel, MRF Ltd, Pricol, Brakes India, Amway, BHEL, and others.
The company’s shareholding structure consists of 75 percent held by promoters and 25 percent by the public. This shows that the promoters have strong control of the company, and the rest is adequately owned by the public.
Refex Renewables is the top solar installation company and a leading innovative and personalized solar energy solutions provider. It provides solar power to residential and commercial complexes and businesses in urban cities & rural towns across the country.
With 20+ years of experience and expertise in the solar PV industry, the company has built solar projects in 8000+ locations across 15+ states and has achieved 25000+ installations and 50+ microgrid projects.
Written by Sridhar J
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