Refex Renewables reports ₹59.6 crore Q2 FY27 net profit

Refex Renewables & Infrastructure Ltd reported a consolidated net profit of ₹59.6 crore for the quarter ended September 30, 2026, on revenue from operations of ₹761.3 crore, after its board approved unaudited Q2 FY27 results on November 4, 2026. The result is significant because it reports profitability from continuing operations while the company expands its renewable-energy project pipeline.

What did Refex Renewables report for Q2 FY27?

Refex Renewables reported consolidated revenue from operations of ₹761.3 crore and net profit of ₹59.6 crore for Q2 FY27. Total income, including other income, stood at ₹763.4 crore, while total expenses were ₹682.7 crore. Profit before tax was ₹80.7 crore and tax expense was ₹21.1 crore.

The company reported basic earnings per share of ₹4.34 and diluted earnings per share of ₹4.29 for the September quarter. These figures relate to continuing operations in the consolidated financial statements. The board considered and approved the unaudited standalone and consolidated results for the quarter ended September 30, 2026, at its scheduled meeting on November 4.

On a standalone basis, Refex Renewables recorded revenue from operations of ₹559.5 crore, total income of ₹565.4 crore and net profit of ₹59.5 crore in Q2 FY27. Standalone profit before tax was ₹79.5 crore, while tax expense was ₹20.0 crore.

The reported outcome differs from the company's Q1 FY27 disclosure, which stated revenue from operations of ₹22.2 crore and a net loss of ₹3.1 crore. The source material does not provide a like-for-like reconciled comparison between the Q1 disclosure and the Q2 continuing-operations financial statements, so the quarterly figures should be read as reported.

How did Refex Renewables perform in the first half of FY27?

Refex Renewables reported consolidated revenue from operations of ₹1,677.6 crore and net profit of ₹134.1 crore for the half year ended September 30, 2026. Consolidated total income was ₹1,692.0 crore, against total expenses of ₹1,510.8 crore, resulting in profit before tax of ₹181.2 crore.

Tax expense for the six-month period was ₹47.1 crore. Basic and diluted earnings per share were ₹9.77 and ₹9.66, respectively. On the standalone basis, revenue from operations for H1 FY27 was ₹1,178.8 crore, while net profit was ₹133.2 crore.

The financial statement notes also classify the power trading and refrigerant gases businesses as discontinued operations on a standalone basis. The disclosed continuing-operations figures therefore provide the reported basis for assessing the company's current financial performance.

What renewable project order has Refex Renewables secured?

Refex Renewables' wholly owned subsidiary, Refex Green Power Ltd, received a letter of award from SJVN Ltd for setting up an 80 MW wind power project in Kurnool, Andhra Pradesh. The project adds an identified renewable-energy development opportunity to the group's operating and development portfolio.

According to the disclosed information, SJVN will enter into a 25-year power purchase agreement with Refex Green Power or its special purpose vehicle. A long-term power purchase agreement sets the stated offtake framework for the project, subject to the terms and processes applicable to its implementation.

The source material also refers to Refex Renewables as part of the Refex Group and as formerly known as SunEdison Infrastructure Ltd. It describes the company as a solar power developer and independent power producer in India. The wind project indicates that the group's project activity covers more than one renewable-energy technology.

What should investors assess after the Q2 FY27 results?

Investors should assess Refex Renewables' reported profitability alongside the composition of continuing and discontinued operations, the execution of the 80 MW wind project and developments in its broader renewable portfolio. The Q2 disclosure provides revenue, expense and profit figures, but it does not provide a detailed segment-wise explanation in the supplied material.

The company had earlier informed exchanges that its board would meet on November 4 to approve Q2 FY27 unaudited results. It also closed the trading window for designated persons and insiders from October 1 until 48 hours after declaration of the results, in line with its insider-trading code and SEBI regulations. The disclosed reopening date was November 9, 2026.

The supplied information also refers to an ambition to build 10,000 tonnes per day of compressed biogas capacity across India, with SCADA and PLC automation systems planned across plants. This is a stated pipeline target rather than a reported operational capacity figure, and the material does not provide a timeline for achieving it.

Conclusion

Refex Renewables reported a consolidated Q2 FY27 net profit of ₹59.6 crore and revenue from operations of ₹761.3 crore, with H1 FY27 net profit at ₹134.1 crore. The approved unaudited results set out profitability from continuing operations, while the classification of certain standalone businesses as discontinued operations remains relevant when reading the accounts.

The next disclosed operational item to watch is the development of Refex Green Power's 80 MW Kurnool wind project and the proposed 25-year power purchase agreement with SJVN. Investors may also track updates on the company's stated 10,000 tonnes-per-day compressed biogas capacity ambition and any further disclosures on project execution or financial segments.