Refex Industries Q1 Results 2026: Profit up 122% YoY

Key takeaway from the quarter

Refex Industries Limited reported a sharp improvement in profitability in Q1FY27 (quarter ended June 30, 2026), led by strong growth in its standalone business and improved operating margins. Standalone net profit rose to ₹73.39 crore, up 122% year-on-year (YoY) from ₹32.97 crore in Q1FY26. Standalone revenue from operations climbed to ₹619.25 crore from ₹351.11 crore a year ago, a 76% rise. The company also reported an EBITDA margin expansion to 17% from 11.3%.

Standalone performance: revenue growth and margin expansion

The standalone numbers indicated a meaningful jump in scale in Q1FY27. Revenue from operations increased by ₹268.14 crore YoY (₹619.25 crore versus ₹351.11 crore). Profit growth was even stronger than revenue growth, supported by higher margin levels during the quarter. The EBITDA margin improved to 17% from 11.3%, as stated in the results summary.

Another datapoint that reflected the earnings uplift was standalone basic EPS, which rose to ₹5.37 in Q1FY27 from ₹2.56 in Q1FY26, as per the metric table shared in the results context.

Consolidated picture: higher topline and profit attributable to owners

On a consolidated basis, Refex Industries reported revenue of ₹916.31 crore in Q1FY27. Consolidated net profit attributable to owners rose 202% YoY to ₹63.80 crore, according to the company update. A separate metrics table in the shared data also listed consolidated net profit at ₹64.55 crore for Q1FY27 versus ₹20.37 crore in Q1FY26, a change of +216.90%.

Consolidated basic EPS was reported at ₹5.38 in Q1FY27 compared with ₹2.32 in Q1FY26 (as per the table). The company also noted that performance reflected strong operational momentum in its core business segments, despite losses in discontinued operations.

Segment snapshot: Ash & Coal Handling remains a large contributor

Refex’s Ash & Coal Handling segment was highlighted as a key contributor during the quarter. The segment recorded revenue of ₹610.50 crore and EBIT of ₹111.47 crore in Q1FY27. These figures place the segment at the centre of the company’s operating profile for the period, based on the revenue scale disclosed.

One-off income: forfeiture of convertible warrants

A notable non-operating item in the quarter was income linked to forfeited convertible warrants. The company forfeited ₹130.69 crore from convertible warrants, which was recognised as income during Q1FY27. Investors typically track such items separately from operating performance because they can materially influence profitability and comparability across periods.

Dividend update: record date and total payout for FY26

Refex Industries also fixed July 24, 2026 as the record date for a final dividend of ₹1 per share. The company indicated that this aggregates to ₹1.50 per share for FY26, including an interim dividend.

How Q1FY27 compares with Q1FY26 (context from earlier disclosures)

The provided data also included Q1FY26 details, which showed a weaker consolidated performance in that period. Consolidated revenue for Q1FY26 was reported at ₹394.51 crore, down from ₹597.21 crore in the previous year, with net profit at ₹20.37 crore (down 30.6%). EBITDA in Q1FY26 was stated at ₹37.61 crore, with an EBITDA margin of 9.80% and PAT margin of 5.16%.

Separately, management commentary in the shared notes attributed weaker Q1FY26 performance to an unusually early and severe monsoon that disrupted operations in ash and coal handling and logistics, and also subdued cement demand due to seasonal conditions.

Key reported numbers at a glance

Market snapshot from the shared data

The dataset included a one-year performance figure of -18.89%. No corresponding price, date stamp, or benchmark comparison was provided alongside it, so it is best read as a simple trailing return reference within the shared context.

Why the quarter matters for investors

The Q1FY27 update combines three elements that investors typically watch closely: a sharp rise in standalone profitability, an expansion in EBITDA margin, and a large one-off income item (the forfeited warrants amount). Segment disclosure for Ash & Coal Handling also gives clarity on what drove scale in the period, with revenue of ₹610.50 crore and EBIT of ₹111.47 crore.

At the same time, the presence of multiple reporting lines across standalone and consolidated numbers, and the mention of discontinued operations, underlines the importance of reading the full financial statements and notes for comparability.

Conclusion

Refex Industries’ Q1FY27 results showed strong YoY growth in standalone revenue and profit, with margins improving and a sizable warrant forfeiture income recognised in the quarter. The company also set July 24, 2026 as the record date for its final dividend of ₹1 per share, taking FY26 dividends to ₹1.50 per share including the interim payout.