Refex Industries Q4 FY25 income up 82%, PAT ₹57 cr

Key takeaway from the FY25 update

Refex Industries Ltd reported sharp year-on-year growth in both quarterly and annual numbers for FY25, supported by expansion in its coal and ash handling business and an improving profitability profile. For Q4 FY25, the company disclosed standalone total income of ₹629.07 crore, while consolidated income was higher at ₹643.88 crore. Management also discussed steps aimed at lifting profitability, including exiting a loss-making Bengaluru airport B2C services operation at a subsidiary level. The company closed FY25 with a reported PAT margin of 6.4% and said it is targeting a 10% margin over the next two to three years. The update included both standalone and consolidated snapshots, along with market reaction following the results.

Standalone Q4 FY25: income, EBITDA and profit rise YoY

On a standalone basis, Refex Industries reported total income of ₹629.07 crore for Q4 FY25, representing year-on-year growth of 81.97%. Standalone EBITDA for the quarter stood at ₹63.21 crore, up 45.3% year on year. Standalone net profit for Q4 FY25 was ₹57.09 crore, up 59.68% compared with the same period last year. Separately, the company also reported profit before tax at ₹59.52 crore in Q4 FY25, up 62.71% against ₹36.58 crore in Q4 FY24. The disclosure shows profitability rising alongside income growth, although different parts of the update present results using both standalone and consolidated lenses.

Full-year standalone FY25: strong growth versus FY24

For the full year FY25, standalone total income was reported at ₹2,482.52 crore, reflecting growth of 78.75% over FY24. Standalone EBITDA for FY25 came in at ₹216.42 crore, up 45.48%. Standalone net profit for FY25 stood at ₹189.41 crore, up 87.63% year on year. In the same discussion, the company said it delivered strong year-on-year growth while maintaining healthy margins and focusing on efficient capital allocation. These annual numbers underline that the earnings expansion was not limited to a single quarter.

Consolidated performance: Q4 and FY25 snapshots

On a consolidated basis, Refex Industries reported Q4 FY25 income of ₹643.88 crore and EBITDA of ₹63.82 crore. Consolidated net profit for Q4 FY25 was ₹47.92 crore. Another data point in the update stated Refex’s revenue in Q4 FY25 (2024-2025) at ₹643.88 crore and net profit at ₹47.92 crore, with a net profit margin of 7.44%; it also noted the net profit margin fell 23.92% year on year.

For FY25, consolidated income for the year was presented at ₹2,518 crore with EBITDA at ₹209.81 crore, while net profit was stated at ₹158.38 crore. A separate summary also cited consolidated net profit of ₹158.78 crore on a 78.44% surge in revenue to ₹2,467.66 crore in FY25 over FY24. These disclosures indicate the broad direction of performance, even as the update contains slightly different consolidated full-year totals across sections.

Sequential quarter comparison: Q4 FY25 versus Q3 FY25

The company also provided sequential comparisons for the period ended March 31, 2025 versus the period ended December 31, 2024. Total income was reported at ₹629.0748 crore for the quarter ended March 31, 2025, compared with ₹733.4763 crore for the quarter ended December 31, 2024. Net profit for the March 2025 quarter was ₹57.0911 crore, compared with ₹59.0361 crore for the December 2024 quarter. EPS was reported at ₹4.19 for the March 2025 quarter versus ₹4.55 for the December 2024 quarter. The sequential picture shows Q4 income and profit below Q3 levels in this specific comparison, even as year-on-year growth remained strong.

PAT margin discussion: what management said

Management stated the company closed FY25 with a PAT margin of 6.4%. It also identified two levers it expects to support margins going forward. First, Refex said it has withdrawn services from the Bengaluru airport, where a subsidiary’s B2C services were loss-making, and that exiting the activity would prevent further losses and support PAT margin recovery. Second, it said margins could improve as it increases focus on the ash and coal handling business, with management targeting a 10% margin over the next two to three years. In a separate operational remark, the company indicated profitability in coal and ash handling is close to 12% net profit.

Business profile: refrigerant gases and ash-coal handling

Refex Industries operates in eco-friendly refrigerant gas trading and provides solutions linked to coal procurement and ash disposal. In business mix commentary included in the update, the company highlighted the rising share of ash and coal handling, noted as 93% in Q1 FY25 versus 72% in FY22. The company said it entered the ash and coal handling business in 2018 and described itself as the largest organised player in ash handling in India, managing 50,000 metric tonnes of ash daily. This operational scale is positioned as a key driver of its income profile in recent periods.

Stock reaction and market snapshot shared alongside results

Following the FY25 results update, the stock was reported to have slipped 3.32% to ₹470 on the BSE. The update also carried market snapshots at different points, showing market cap figures of ₹5,160 crore with a current price of ₹400 (high/low ₹600/₹334) and elsewhere market cap of ₹4,106 crore with a current price of ₹299 (high/low ₹534/₹212). These figures reflect the market context shared with the results commentary.

Key numbers at a glance

Why the update matters for investors tracking margins

The FY25 update combines high growth rates with a clear management focus on margins. The company linked its margin improvement roadmap to operational choices, including the exit from a loss-making airport B2C service and a sharper focus on ash and coal handling, which it said carries profitability close to 12% net profit. Investors typically watch whether such exits translate into cleaner consolidated profitability, especially when the company is also reporting strong year-on-year expansion in income. The sequential quarter data also highlights that growth can be uneven quarter to quarter, underscoring the importance of tracking both annual trends and near-term movements.

Conclusion

Refex Industries closed FY25 with sharp year-on-year growth in income, EBITDA and profit, with Q4 FY25 standalone income at ₹629.07 crore and consolidated income at ₹643.88 crore. Management’s next focus is improving profitability, supported by the withdrawal from loss-making Bengaluru airport B2C services and a margin target of 10% over the next two to three years. Investors will likely track how these actions reflect in consolidated PAT, alongside performance in the ash and coal handling business that now forms a large share of the company’s activity.