Refex Renewables & Infrastructure
REFEXIND · NSE · Small Cap
Refex Renewables & Infrastructure
Solar EPC and renewable services arm of Refex group.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. Refex Renewables & Infrastructure: order book visibility + working capital discipline determine equity returns through the next solar capex cycle.
Bull case for Refex Renewables & Infrastructure: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for Refex Renewables & Infrastructure: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
- 05Working capital days and customer concentration
- 06Commodity pass-through clauses in contracts
- 07Margin trajectory on order book mix
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 18.5x | — |
| Forward P/E | — | — |
| EV/EBITDA | 18.0x | — |
| EV/Sales | 1.5x | — |
| P/B | 2.8x | — |
| FCF Yield | -10.2% | — |
Project pipeline
2 tracked projects
Financials
Source: Screener.in (consolidated) · ticker REFEXIND · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 4 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Sales | 633 | 1,629 | 1,383 | 2,468 |
| Operating Profit | 68 | 175 | 146 | 210 |
| OPM % | 11% | 11% | 11% | 8% |
| Net Profit | 41 | 116 | 93 | 158 |
| EPS (₹) | 3.90 | 10.50 | 8.11 | 12.29 |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
|---|---|---|---|---|
| Sales | 428 | 686 | 627 | 366 |
| OPM % | 10% | 8% | 10% | 10% |
| Net Profit | 31 | 50 | 48 | 20 |
Balance sheet · 4 years
₹ Crore.
| Item | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Equity Capital | 21 | 22 | 23 | 26 |
| Reserves | 119 | 292 | 442 | 1,187 |
| Borrowings | 74 | 149 | 215 | 286 |
| Fixed Assets | — | — | — | — |
| Total Assets | 341 | 752 | 798 | 1,799 |
Cash flow · 4 years
₹ Crore.
| Activity | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Operating | 123 | 28 | 3 | -265 |
| Investing | -122 | -78 | -42 | -90 |
| Financing | -5 | 60 | 62 | 603 |
| Net Cash Flow | -4 | 10 | 23 | 248 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary