Refex Industries Ltd. has received a ₹29.34 crore order from a Maharatna Central Public Sector Enterprise for the transportation of pond ash to road projects of the National Highways Authority of India (NHAI).
The company disclosed the development under Regulation 30 of the SEBI Listing Regulations and SEBI’s January 2026 Master Circular.
Shares of Refex Industries were trading at ₹345.60, up 2.58% from the previous close of ₹336.90. The company has a market capitalisation of ₹4,742.3 crore and trades at a P/E ratio of 19.83.
Order details
The contract involves the transportation of pond ash for use in NHAI road construction projects, where the material is used in road embankments.
Key details are:
- Order value: ₹29.34 crore
- Customer: A Maharatna PSU
- Purpose: Transportation of pond ash to NHAI projects
- Execution period: 12 months
The company said the order does not involve any promoter-group interest and is not a related-party transaction.
Part of core business
The contract adds to Refex Industries’ ash handling operations, one of its key business segments.
According to the company, it is the largest organised player in India’s ash-handling industry. The business manages ash generated from power plants and handles large volumes daily across more than a dozen facilities.
With FY26 consolidated revenue of ₹2,277 crore, the latest order represents about 1.3% of annual sales.
FY26 performance
Refex Industries reported lower revenue but higher profitability in FY26.
Revenue
- FY26: ₹2,277 crore
- FY25: ₹2,468 crore
Operating profit
- FY26: ₹357 crore
- FY25: ₹210 crore
Operating margin improved to 16% from 8% a year earlier.
Net profit
- FY26: ₹204 crore
- FY25: ₹158 crore
Cash flow and working capital
Cash generation remained below operating profit levels.
During FY26:
- Cash flow from operations stood at ₹107 crore
- Operating profit was ₹357 crore
- Capital expenditure and investments consumed ₹268 crore
- Net financing inflows amounted to ₹65 crore
Working capital metrics weakened during the year.
- Debtor days: 142, up from 100
- Working capital days: 144, compared with 94 in FY25
Other points to watch
Promoters had pledged 41.3% of their holdings.
The stock has declined about 40% over the past year despite growth in profits.
Business profile
Refex Industries operates in:
- Refrigerant gas trading
- Coal procurement
- Ash handling and disposal solutions
The company serves more than 19 power plants across states including:
- Madhya Pradesh
- Karnataka
- Chhattisgarh
- Bihar
- Maharashtra
Its customers include:
- NTPC
- UltraTech Cement
- Adani Group companies
For FY26, the company reported:
- Revenue of ₹2,277 crore
- Net profit of ₹204 crore
- ROCE: 22.4%
- ROE: 17.8%
Promoters held 55.85% of the company as of the May 2026 shareholding update.
TL;DR:
Refex Industries has won a ₹29.34 crore contract from a Maharatna PSU to transport pond ash for NHAI road projects. The order will be executed over 12 months and adds to the company’s core ash-handling business.
AI summary:
- Refex Industries secured a ₹29.34 crore order from a Maharatna PSU.
- The contract involves transportation of pond ash for NHAI projects.
- Execution period is 12 months.
- FY26 net profit rose to ₹204 crore despite lower revenue.
- Promoters held 55.85% of the company as of May 2026.
