Refex Industries Limited Reports 36% Q2 Revenue Growth

For Q2 FY27 ended September 30, 2026, Refex Industries Limited reported standalone revenue growth of 36% to INR560 crore. The company said its established operations delivered year-on-year progress despite monsoon-related disruption, while its ready-mix concrete, wind turbine manufacturing and green mobility initiatives moved forward.

What did Refex report for Q2 and H1 FY27?

Refex reported standalone revenue from continuing operations of INR560 crore for Q2 FY27, compared with INR411 crore a year earlier. Standalone EBITDA increased to INR91 crore from INR74 crore, while profit after tax rose 13% year-on-year to INR60 crore.

For the first half of FY27, revenue rose 55% to INR1,179 crore and profit after tax increased 55% to INR133 crore, according to the earnings-call highlights. The results indicate that the company recorded stronger growth in the first half than in the September quarter, which faced operational constraints from seasonal weather conditions.

Why was Q2 execution affected by monsoon conditions?

Refex said the July-September quarter is typically difficult for its operations because monsoon conditions in north-eastern and central India affect daily execution volumes. Rainfall, waterlogging and transportation constraints temporarily reduced the volume handled by the company in its ash and coal-handling business.

Management said quarterly performance should therefore be assessed in the context of these seasonal operating conditions. Despite those disruptions, the company reported revenue growth of 36% and profit-after-tax growth of 13% for the quarter.

The ash and coal-handling business operates against a broader backdrop of rising electricity demand and continued reliance on thermal power. During the call, management referred to planned coal-based power capacity of 150 gigawatt by 2035, compared with an earlier envisaged level of 97 gigawatt, as a structural opportunity for its operations.

How is Refex expanding into new businesses?

Refex has entered the ready-mix concrete business as a forward-integration initiative, using a capital-light and lease-based operating model. The company said its first ready-mix concrete plant is already operational.

Management cited a projected ready-mix concrete market size of INR174,000 crore by 2031. The company did not disclose the plant location, investment amount, capacity, revenue contribution or a timeline for additional plants during the material provided.

The wind turbine manufacturing business is also gaining traction, according to management. Refex said it has made deliveries to all three named customers - Torrent, KPNRZ and Jindal - and has a strong order pipeline. Dinesh Kumar Agarwal, Whole-Time Director and Chief Financial Officer, said the company was in final price negotiations for a large-volume order that it expected to close within 30 to 45 days from the October 29 earnings call.

What is the status of Refex's green mobility demerger?

Refex said its green mobility business became EBITDA positive in Q2 FY27. This means the business generated earnings before interest, tax, depreciation and amortisation during the quarter, although the company did not provide an absolute EBITDA figure for that segment in the available material.

The proposed demerger of the green mobility business was described as being in its final stages. Management expected National Company Law Tribunal approval within two to three months from the earnings call. The approval remains a disclosed expectation rather than a completed event.

The demerger is intended to separate the green mobility operation and, according to management, unlock value for shareholders. Investors will need to watch subsequent regulatory filings for the tribunal decision, the final scheme timetable and details of how the separated business will be structured.

What do these developments mean for investors and operations?

The Q2 numbers show that Refex maintained year-on-year revenue and earnings growth even as monsoon conditions constrained handling volumes. The increase in EBITDA to INR91 crore from INR74 crore provides an additional measure of operating performance alongside the rise in revenue to INR560 crore.

The company has stated that it expects revenue growth of 20% to 25% in the coming year. This is management guidance and not a reported result. Its delivery will depend on execution in core ash and coal handling, progress in new ready-mix concrete operations, wind-turbine order conversion and developments in green mobility.

For the wider industry, Refex's comments underline the importance of logistics and execution conditions in businesses linked to thermal power operations. Its expansion into ready-mix concrete and wind turbine manufacturing also places the company in segments with different operating requirements, customers and capital needs from its established handling activities.

Conclusion

Refex delivered 36% year-on-year growth in Q2 FY27 standalone revenue to INR560 crore and reported 55% growth in H1 revenue to INR1,179 crore. The quarter was affected by monsoon-related constraints, but the company recorded higher EBITDA and profit after tax while advancing its newer businesses.

The next disclosures to watch are the outcome of price negotiations for the proposed large wind-turbine order, the NCLT decision on the green mobility demerger and updates on ready-mix concrete operations. Management's stated 20% to 25% revenue-growth expectation for the coming year will also be a key benchmark for investors.