Refex Renewables & Infrastructure Limited

BSE: REFEXRENEW531260ISIN INE332F01018

Industrials
Civil Construction

Share price

₹350.95+3.45 (+0.99%)

as of 28 Sep 2026

52W high: ₹798.00
52W low: ₹209.05
Off 52W high: -56.02%
1M return: +5.06%
3M return: +13.69%
6M return: +67.16%
1Y return: -49.65%
20D avg volume: 2,653
50 DMA: ₹289.24
200 DMA: ₹427.14

Key ratios Consolidated

Market cap: ₹157.86 Cr
Current price: ₹350.95
52W high / low: ₹798.00 / ₹209.05
Face value: ₹10.00
P/E: -4.09
P/B: —
EPS (TTM): ₹-85.77
Book value / share: —
ROE: —
ROCE: 3.10%
Operating margin: —
Net margin: —
Debt / equity: -5.97
Net debt: ₹480.56 Cr
Interest cover: 0.28
Dividend yield: —
Dividend / share (TTM): —
Payout: —
Cash conversion cycle: -10.3 days

Financials

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q4 FY24
Income statement
	22.20	19.35	16.10	14.28	16.74	20.07	—
	3.49	0.99	2.41	0.86	1.89	4.91	—
	26.97	28.04	27.73	27.55	24.06	25.99	—
	1.65	2.04	0.80	0.23	0.21	0.42	—
	0.00	0.00	0.00	0.00	0.00	0.00	—
	3.25	2.66	3.55	3.43	2.50	3.51	—
	11.59	12.32	12.83	11.54	11.36	11.64	—
	4.95	4.99	4.98	4.94	4.65	4.59	—
	5.21	6.06	5.45	6.90	5.34	5.83	—
	-1.28	-7.70	-9.22	-12.41	-5.43	-1.01	—
	0.00	0.00	0.00	0.00	0.00	0.00	—
	-1.28	-7.70	-9.22	-12.41	-5.43	-1.01	—
	1.86	2.39	1.81	1.91	2.08	4.01	—
	-3.14	-10.09	-11.03	-14.32	-7.51	-5.02	—
	-6.99	-21.89	24.58	-31.89	16.78	-11.35	—
Key metrics
	15.26	9.61	8.59	4.07	10.58	15.22	—
	68.70%	49.70%	53.40%	28.50%	63.20%	75.80%	—
	-14.10%	-52.10%	-68.50%	-100.30%	-44.90%	-25.00%	—
	—	1.10%	—	-0.20%	—	2.40%	—
	32.60%	-3.60%	—	—	—	—	—
	58.20%	-101.00%	—	—	—	—	—

Metric	TTM	FY26	FY25	FY24
Income statement
	71.93	66.47	67.99	—
	7.75	6.15	5.98	—
	110.29	107.39	97.57	—
	4.72	3.28	1.27	—
	0.00	0.00	0.00	—
	12.89	12.15	11.59	—
	48.28	48.05	43.18	—
	19.86	19.56	18.05	—
	23.62	23.75	23.48	—
	-30.61	-34.77	-23.60	—
	0.00	0.00	0.91	—
	-30.61	-34.77	-22.69	—
	7.97	8.19	13.70	—
	-38.58	-42.96	-36.39	—
	-36.19	-95.27	-81.26	—
Key metrics
	37.53	32.84	38.54	—
	52.18%	49.40%	56.70%	—
	-53.64%	-64.60%	-53.50%	—
	—	3.10%	4.60%	—
	—	-2.20%	—	—
	—	-18.10%	—	—
	—	10.12	14.02	—
	—	-0.37	-0.74	—
	—	-5.97	-10.07	—
	—	480.56	460.98	—
	—	-10.3	-5.2	—
Balance sheet
	—	517.30	517.35	—
	—	26.52	37.84	—
	—	5.85	11.69	—
	—	3.90	5.81	—
	—	1.66	1.01	—
	—	11.28	12.70	—
	—	401.91	411.56	—
	—	7.43	7.79	—
	—	87.59	72.36	—
	—	486.41	472.67	—
	—	32.67	32.10	—
	—	453.74	440.57	—
	—	-81.52	-46.95	—
Cash flow
	—	15.86	27.02	—
	—	2.19	-40.00	—
	—	-23.89	17.67	—
	—	5.74	13.00	—

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q4 FY24
Income statement
	2.01	2.12	1.90	1.88	4.00	1.96	—
	0.68	0.71	0.61	0.33	1.40	1.70	—
	6.10	5.69	6.46	5.93	6.88	5.82	—
	0.77	0.87	0.83	0.53	2.72	0.89	—
	0.00	0.00	0.00	0.00	0.00	0.00	—
	1.89	1.45	2.54	2.71	1.91	2.78	—
	2.71	2.44	2.29	1.70	1.55	1.32	—
	0.09	0.07	0.08	0.07	0.06	0.06	—
	0.64	0.86	0.72	0.92	0.64	0.77	—
	-3.41	-2.86	-3.95	-3.72	-1.48	-2.16	—
	0.00	0.00	0.00	0.00	0.00	0.00	—
	-3.41	-2.86	-3.95	-3.72	-1.48	-2.16	—
	0.00	0.00	0.00	0.00	-0.01	0.04	—
	-3.41	-2.86	-3.95	-3.72	-1.47	-2.20	—
	-7.59	-6.35	8.78	-8.29	-3.34	-5.09	—
Key metrics
	-0.61	-0.35	-1.58	-1.95	0.13	-0.78	—
	-30.30%	-16.50%	-83.20%	-103.70%	3.20%	-39.80%	—
	-169.70%	-134.90%	-207.90%	-197.90%	-36.80%	-112.20%	—
	—	-3.60%	—	-208.20%	—	-11.80%	—
	-49.80%	8.20%	—	—	—	—	—
	-132.00%	-30.00%	—	—	—	—	—

Metric	TTM	FY26	FY25	FY24
Income statement
	7.91	9.90	18.76	—
	2.33	3.05	1.77	—
	24.18	24.96	29.68	—
	3.00	4.95	12.74	—
	0.00	0.00	0.00	—
	8.59	8.61	8.93	—
	9.14	7.98	4.50	—
	0.31	0.28	0.19	—
	3.14	3.14	3.32	—
	-13.94	-12.01	-9.15	—
	0.00	0.00	0.00	—
	-13.94	-12.01	-9.15	—
	0.00	-0.01	0.04	—
	-13.94	-12.00	-9.19	—
	-13.45	-26.67	-20.74	—
Key metrics
	-4.49	-3.75	-4.46	—
	-56.76%	-37.90%	-23.80%	—
	-176.23%	-121.20%	-49.00%	—
	—	-34.90%	-65.20%	—
	—	-47.20%	—	—
	—	-30.60%	—	—
	—	-9.68	-6.68	—
	—	0.79	0.71	—
	—	-1.29	-1.16	—
	—	83.22	55.79	—
	—	-143.4	-101.8	—
Balance sheet
	—	41.93	26.76	—
	—	35.14	19.29	—
	—	0.02	5.69	—
	—	0.65	0.34	—
	—	0.00	0.00	—
	—	7.40	4.96	—
	—	0.49	0.49	—
	—	4.54	5.57	—
	—	30.38	19.63	—
	—	83.24	61.48	—
	—	7.48	2.01	—
	—	75.76	59.47	—
	—	-64.69	-52.94	—
Cash flow
	—	-9.45	-6.54	—
	—	-16.69	-5.90	—
	—	20.56	18.01	—
	—	0.23	0.14	—

Compounded growth

Standalone

Sales CAGR 3Y: —
Sales CAGR 5Y: —
Sales CAGR 10Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Profit CAGR 10Y: —
Sales YoY (TTM): —
Profit YoY (TTM): —

Consolidated

Sales CAGR 3Y: —
Sales CAGR 5Y: —
Sales CAGR 10Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Profit CAGR 10Y: —
Sales YoY (TTM): —
Profit YoY (TTM): —

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Jun 2026

Promoter holding: 74.86%

Holder	Type	Holding	Previous	Change
Refex Holding Private Limited	Promoter	43.92%	—	—
Avyan Pashupathy Capital Advisors Private Limited	Promoter	30.94%	—	—
Guttikonda Vara Lakshmi	Public	1.53%	—	—
Ashish Chugh	Public	1.15%	—	—
Ugamdevi Jain	Promoter Group	0.00%	—	—
Dimple Jain	Promoter Group	0.00%	—	—
Refex Family Trust	Promoter	0.00%	—	—
T Anil Jain	Promoter Group	0.00%	—	—

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY (TTM)	Profit YoY (TTM)	1Y return
Larsen & Toubro Limited	5,18,712	3,770.00	26.43	13.20%	+9.78%	+5.93%	+1.04%
Rail Vikas Nigam Limited	42,326	203.00	47.25	10.30%	+5.40%	-24.84%	-39.91%
KALPATARU PROJECTS INTERNATIONAL LIMITED	23,506	1,376.45	20.83	20.50%	+14.56%	+61.94%	+10.90%
NBCC (India) Limited	21,681	80.30	28.33	29.70%	+3.51%	+30.78%	-23.71%
Cemindia Projects Limited	21,001	1,222.50	34.91	40.00%	+10.02%	+46.60%	+52.74%
IRB Infrastructure Developers Limited	20,714	17.15	21.71	6.00%	-2.20%	-85.42%	-58.23%
Engineers India Ltd.	17,609	313.30	22.46	26.60%	—	—	+59.97%
Techno Electric & Engineering Company Limited	11,414	981.45	26.48	12.80%	—	—	-23.21%
KEC International Ltd.	10,392	390.40	18.77	20.30%	+5.14%	-8.91%	-53.82%
Welspun Enterprises Limited	10,380	749.90	29.83	14.60%	—	—	+50.07%
IRCON International Ltd	9,716	103.30	18.69	7.30%	—	—	-39.13%
RITES Limited	9,427	196.15	20.43	18.30%	—	—	-21.07%
Afcons Infrastructure Limited	9,213	250.50	64.14	11.60%	—	—	-42.88%
NCC Limited	8,181	130.30	10.93	17.50%	—	—	-35.67%
G R Infraprojects Limited	7,750	800.95	7.63	12.50%	—	—	-35.94%
Power Mech Projects Limited	7,462	2,360.20	17.75	21.20%	—	—	-12.11%
Dilip Buildcon Limited	6,610	406.90	5.27	22.20%	—	—	-20.11%
Ceigall India Limited	6,592	378.40	20.51	17.60%	—	—	+44.32%
ISGEC Heavy Engineering Limited	6,492	882.85	26.69	10.50%	—	—	-1.57%
Hindustan Construction Co. Ltd.	5,391	20.58	32.50	17.20%	—	—	-25.33%
LCC PROJECTS LIMITED	4,316	149.00	—	—	—	—	—
STERLING AND WILSON RENEWABLE ENERGY LIMITED	3,989	170.80	-14.18	-9.60%	—	—	-29.64%
Ahluwalia Contracts (India) Ltd	3,820	570.20	16.97	15.80%	—	—	-41.32%
J. Kumar Infraprojects Limited	3,490	461.20	9.16	17.80%	—	—	-26.23%
PNC Infratech Limited	3,354	130.75	4.58	13.50%	—	—	-56.00%
Refex Renewables & Infrastructure Limited	158	350.95	-4.09	3.10%	—	—	-49.65%

Filings & corporate actions

Recent announcements

Trading window shall remain closed w.e.f. October 01, 2026 until 48 hours after declaration of unaudited financial results for Q2FY27 for all Designated Persons and Insiders28 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Acquisition of equity stake in 03 companies by Refex Green Power Limited, a wholly-owned subsidiary, thereby making step-down subsidiaries/ associate company of Refex Renewables & Infrastructure ....25 Sep 2026 · Company Update / Acquisition
Consolidated Scrutinizer''s Report dated September 18, 2026, on e-voting done by the shareholders on 04 resolutions passed at the 32nd Annual General Meeting of Refex Renewables and Infrastructure ....18 Sep 2026 · AGM/EGM / AGM
Summary of Proceedings of the 32nd Annual General Meeting of Refex Renewables & Infrastructure Limited18 Sep 2026 · AGM/EGM / AGM
Letter of award received by Refex Green Power Limited, a WOS from SJVN Limited, a joint venture of Government of India and Government of Himachal Pradesh for setting up of 80MW wind power ....5 Sep 2026 · Company Update / Award of Order / Receipt of Order
Revised AGM Notice dated August 04, 2026 convening the 32nd Annual General Meeting of Refex Renewables & Infrastructure Limited to be held on Friday, September 18, 2026 at 11.00 a.m. through VC/OAVM1 Sep 2026 · AGM/EGM / AGM
32nd Annual General Meeting of Refex Renewables & Infrastructure Limited shall be held on Friday, September 18, 2026 at 11:00 a.m. through VC/ OAVM25 Aug 2026 · AGM/EGM / AGM
We are pleased to submit the Annual Report including the standalone and consolidated audited financial statement for the financial year 2025-26, along with Board''s Report, Auditor''s Report ....25 Aug 2026 · Others / Reg. 34 (1) Annual Report
Revised outcome of Board meeting dated August 20, 2026, after including time of commencement and conclusion of the meeting as advised by the BSE Limited.21 Aug 2026 · Company Update / General
The Company has duly submitted requisite application on August 20, 2026, seeking NOC or approval of the BSE Limited, for re-classification of Avyan Pashupathy Capital Advisors Private Limited, ....20 Aug 2026 · Company Update / General
Approval of the Board of Directors to the re-classification request of one of the promoters to the public category, in the shareholding pattern, as per SEBI Listing Regulations, 2015.20 Aug 2026 · Company Update / General
The Board has deliberated and approved the Reclassification Request and has decided to submit an application to BSE Limited seeking its no-objection for the proposed re-classification, ....20 Aug 2026 · Others / Outcome without intimation
Withdrawal of CIRP application filed against Sherisha Solar LLP and closure of disputes and litigations between the parties.19 Aug 2026 · Company Update / General
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Avyan Pashupathy Capital Advisors Pvt Ltd17 Aug 2026 · Insider Trading / SAST / Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
Full and Final Settlement w.r.t. Insolvency petition filed against Sherisha Solar LLP and completion of internal restructuring.15 Aug 2026 · Company Update / General
Avyan Pashupathy Capital Advisors Private Limited having transferred its entire 30.94% stake by way of inter-se transfer, has sought re-classification from "Promoter/ Promoter group" to ....14 Aug 2026 · Company Update / General
Pursuant to acquisition of 13,91,869 equity shares (30.94%) by Refex Holding Private Limited (RHPL) via inter-se transfer from Promoter-Avyan Pashupathy Capital Advisors Private Limited, ....14 Aug 2026 · Company Update / General
The Exchange has received the disclosure under Regulation 10(6) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Refex Holding Pvt Ltd14 Aug 2026 · Insider Trading / SAST / Disclosures under Reg. 10(6) of SEBI (SAST) Regulations, 2011
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Refex Holding Pvt Ltd14 Aug 2026 · Insider Trading / SAST / Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Catalyst Trusteeship Ltd14 Aug 2026 · Insider Trading / SAST / Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Catalyst Trusteeship Ltd14 Aug 2026 · Insider Trading / SAST / Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
The Exchange has received the disclosure under Regulation 10(5) in respect of acquisition under Regulation 10(1)(a) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, ....10 Aug 2026 · Insider Trading / SAST / Disclosures under Reg. 10(5) in respect of acquisition under Reg. 10(1)(a) of SEBI (SAST) Reg. 2011
Inter-se transfer of 13,91,869 equity shares of FV ?10/- each aggregating to 30.94% of the paid-up equity share capital of Refex Renewables & Infrastructure Limited between the promoter ....8 Aug 2026 · Company Update / General
Memorandum of Understanding for settlement pursuant to Insolvency petition filed against Sherisha Solar LLP, strategically important step-down subsidiary entity of Refex Renewables & Infrastructure ....8 Aug 2026 · Company Update / Memorandum of Understanding /Agreements
Letter of award received by Refex Green Power Limited, a WOS from SECI, a GOI Enterprise, for setting-up of 80MW Wind Power Project in Kurnool, Andra Pradesh.6 Aug 2026 · Company Update / Award of Order / Receipt of Order
Redemption of 105 nos. of Unlisted, fully paid up Non-convertible Debentures ("NCDs") amounting to ?10.50 crores in full including interest thereon allotted to Northern Arc emerging corporates ....4 Aug 2026 · Company Update / General
Re-appointment of Mr. Kalpesh Kumar as Managing Director and Key Managerial Personnel for a further period of 3 years from October 01, 2027 to September 30, 2030, subject to the approval ....4 Aug 2026 · Company Update / Change in Management
Unaudited Financial Results for Quarter ended June 30, 2026 of FY274 Aug 2026 · Result / Financial Results
Approval of the unaudited Financial Results for the 1st quarter ended June 30, 2026, for the financial year 2026-27, both on standalone and consolidated basis; Approval of Annual Report ....4 Aug 2026 · Board Meeting / Outcome of Board Meeting
Refex Renewables & Infrastructure Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 04/08/2026 ,inter alia, to consider and approve Unaudited ....29 Jul 2026 · Board Meeting / Board Meeting
Certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the 1st quarter ended June 30, 2026, of FY2026-278 Jul 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Mr. Jaya Krishna, designated as Director -Finance at Refex Group level, in the category of senior managerial personnel, has ceased from his position and has been relieved w.e.f. June 30, ....1 Jul 2026 · Company Update / Change in Management
Intimation of Closure of Trading Window in terms of the SEBI PIT Regulations and the Insider Trading Code for the 1st quarter ended June 30, 2026, for the Financial Year ended 2026-2724 Jun 2026 · Insider Trading / SAST / Closure of Trading Window
Audited financial results for the 4th quarter and financial year ended March 31, 2026, both on standalone and consolidated basis.21 May 2026 · Company Update / General
Audited Financial Results for the 4th quarter and financial year ended March 31, 2026, both on standalone and consolidated basis.21 May 2026 · Result / Financial Results
Outcome of the meeting of the Board of Directors held on May 21, 2026: Approval of the Audited Financial Results for the 4th quarter and financial year ended March 31, 2026, both on standalone ....21 May 2026 · Board Meeting / Outcome of Board Meeting
Refex Renewables & Infrastructure Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 21/05/2026 ,inter alia, to consider and approve Audited Financial ....14 May 2026 · Board Meeting / Board Meeting
Format of Initial Disclosure to be made by an entity identified as a Large Corporate. <table border=''1px''><tr> <td>Sr. No.</td> <td>Particulars</td> <td>Details</td> ....29 Apr 2026 · Others / Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
Internal reorganization of leadership: Mr. Rajeev Vaze, presently, Head-SCM of the Company, will move from his role and take responsibility of leading CBG business and being shifted to ....28 Apr 2026 · Company Update / Change in Management
No physical certificate has been received for dematerialization during the quarter ended March 31, 2026.2 Apr 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

Board meetings

4 Aug 2026 Board Meeting - Financial Results