Refex Renewables & Infrastructure Ltd

REFEXRENEW

Watchlist

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Market Cap

₹ 112 Cr

P/E

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Refex Renewables & Infrastructure Limited (RRIL) specializes in solar energy solutions, offering engineering, procurement, and construction services for solar power projects.

RRIL has a strong legacy in the silicon and semiconductor industry, originally part of the Monsanto Electronic Material Company (MEMC).

The company operates across India with around 80 site locations in 11 states, focusing on solar innovation and development.

RRIL transitioned from the aquaculture to renewable energy sector post-2018, becoming a significant player in solar power development.

Notable projects include solar initiatives for Indian Railways and the Indian Army, emphasizing RRIL's technical expertise and impact.

Sector

Infrastructure Developers & Operators

Industry

Engineering - Turnkey Services

Market Cap

112 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

25.9

PEG Ratio

—

P/B Ratio

—

52W High

1,183.00

52W Low

250.05

Sales CAGR

-10.65%

-39.32%

-17.78%

10Y

—

Profit CAGR

-5.75%

—

10Y

—

ROE

TTM

56.07%

21.87%

25.55%

10Y

35.01%

ROCE

TTM

4.70%

-52.54%

-66.75%

10Y

-47.02%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BCPL	73.66	123 Cr	17.05	1.28	1.36	7.50	8.43	2.48
MITCON	68.86	120 Cr	30.20	0.79	0.00	2.62	7.05	1.42
DUCON	3.60	116 Cr	8.33	0.67	0.00	7.94	10.72	4.54
SATTVAENGG	65.45	114 Cr	—	1.45	0.00	14.77	21.27	8.40
REFEXRENEW	250.05	112 Cr	—	0.00	0.00	56.07	4.70	-7.06
GENSOL	28.00	107 Cr	1.05	0.17	0.00	16.73	12.92	3.42
OVAL	50.50	105 Cr	11.37	1.02	0.00	11.21	13.88	5.74

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	17	21	21	18	18	14	16	20	17	14
Expenses	9.02	11	12	11	9.19	9.05	8.33	9.76	8.05	11
Operating Profit	8.15	9.95	8.09	6.70	8.82	4.95	7.57	10	8.69	3.21
OPM %	47.47	48.39	39.37	37.62	48.97	35.36	47.61	51.37	51.91	22.48
Other Income	12	0.80	2.41	2.53	0.34	0.38	1.27	4.91	1.89	0.86
Interest	11	11	11	9.50	10	10	11	12	11	12
Depreciation	3.77	4.56	4.68	4.63	4.43	4.52	4.51	4.59	4.65	4.94
Profit Before Tax	6.00	-4.58	-4.84	-4.90	-5.57	-9.58	-6.52	-1.01	-5.43	-12
Tax %	142.17	-128.82	-118.39	-121.43	-52.60	-32.46	-55.98	-397.03	-38.31	-15.39
Net Profit	-2.53	-10	-11	-11	-8.50	-13	-10	-5.02	-7.51	-14
EPS in Rs	-5.60	-23.20	-23.51	-23.97	-18.91	-28.24	-22.64	-11.35	-16.78	-31.89

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	0.00	71	63	72	53	77	76	68	67
Expenses	0.10	63	74	97	70	69	43	36	35
Operating Profit	-0.10	7.90	-11	-25	-17	8.10	33	32	32
OPM %	—	11.17	-18.27	-35.03	-31.09	10.57	43.22	46.55	47.25
Other Income	0.00	3.36	2.11	12	21	20	18	6.89	8.45
Interest	0.00	0.06	5.77	14	19	35	42	43	44
Depreciation	0.00	0.04	4.26	15	17	16	18	18	18
Profit Before Tax	-0.10	11	-19	-42	-32	-23	-8.32	-23	-23
Tax %	22.51	30.84	-11.42	35.70	-13.85	-33.31	-313.60	-60.38	-57.01
Net Profit	-0.07	7.72	-22	-27	-37	-30	-34	-36	-35
EPS in Rs	—	17.16	-47.39	-59.04	-82.20	-67.04	-76.28	-81.14	-82.66
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4.49	4.49	4.49	4.49	4.49	4.49	4.49	4.50
Reserves	0.03	7.75	117	182	57	33	9.09	-50
Borrowings	0.00	24	109	152	334	474	419	473
Other Liabilities	0.01	38	78	51	158	91	77	89
Total Liabilities	4.53	74	308	390	553	603	510	517
Fixed Assets	0.00	10	166	168	170	169	455	450
CWIP	0.00	0.00	19	33	231	288	0.00	0.32
Investments	0.01	2.70	2.70	2.71	2.85	2.85	2.85	2.85
Other Assets	4.52	61	120	186	149	143	53	64
Total Assets	4.53	74	308	390	553	603	510	517

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.79	-14	-46	84	-55	120	27
Cash from Investing Activity	2.35	5.33	-62	-159	0.00	0.00	-40
Cash from Financing Activity	3.30	4.46	119	74	—	—	18
Net Cash Flow	4.85	-3.83	10	-0.55	-55	120	4.69

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	74.97%	74.89%	74.89%	74.89%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	25.00%	25.00%	25.00%	25.00%	25.00%	25.00%	25.00%	25.00%	25.03%	25.11%	25.11%	25.11%
Total Shareholders	1,094	1,105	1,166	1,266	1,325	2,495	2,580	2,486	2,809	2,798	2,717	2,690

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 02, 2025	Guttikonda vara lakshmi	Bulk	Buy	287.45	0.94 Cr	32,741	0.72
Jun 18, 2025	Vishesh harshad mehta	Bulk	Sell	914.67	2.06 Cr	22,537	0.50
May 02, 2024	Kamlesh jain	Bulk	Sell	565.00	1.34 Cr	23,633	0.52
Feb 26, 2024	Kamlesh jain	Bulk	Sell	565.37	1.62 Cr	28,686	0.63

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

Regulatory Filing

1 day ago

Penalty Imposed on Promoter for Insider Trading

SEBI has imposed a penalty of ₹10,00,000 on Mr. Anil Jain, Promoter & Non-Executive Director of Refex Industries, for alleged insider trading activities.

Regulatory Filing

2 days ago

Closure of Income-Tax Search Operations at Refex Group

The Income-Tax Department has concluded search operations at Refex Group's office with no adverse findings reported.

Board Meeting Outcome

3 days ago

Outcome of Postal Ballot for Name Change

The Postal Ballot conducted for the name change of Refex Renewables & Infrastructure Limited to Ecosphere Sustainable Energy Limited was not approved.

Press Release

4 days ago

Clarification on Income Tax Search Operations

Refex Renewables clarifies that the Income Tax Department conducted search operations at its premises, and denies misleading media reports regarding the event.

Documents

Presentations

Concalls

Reports

Presentations

No documents found!

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Oscillators

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Neutral

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Overall

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Neutral

Bullish

Moving Averages

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Overall

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Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	17	21	21	18	18	14	16	20	17	14
Expenses	9.02	11	12	11	9.19	9.05	8.33	9.76	8.05	11
Operating Profit	8.15	9.95	8.09	6.70	8.82	4.95	7.57	10	8.69	3.21
OPM %	47.47	48.39	39.37	37.62	48.97	35.36	47.61	51.37	51.91	22.48
Other Income	12	0.80	2.41	2.53	0.34	0.38	1.27	4.91	1.89	0.86
Interest	11	11	11	9.50	10	10	11	12	11	12
Depreciation	3.77	4.56	4.68	4.63	4.43	4.52	4.51	4.59	4.65	4.94
Profit Before Tax	6.00	-4.58	-4.84	-4.90	-5.57	-9.58	-6.52	-1.01	-5.43	-12
Tax %	142.17	-128.82	-118.39	-121.43	-52.60	-32.46	-55.98	-397.03	-38.31	-15.39
Net Profit	-2.53	-10	-11	-11	-8.50	-13	-10	-5.02	-7.51	-14
EPS in Rs	-5.60	-23.20	-23.51	-23.97	-18.91	-28.24	-22.64	-11.35	-16.78	-31.89

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	0.00	71	63	72	53	77	76	68	67
Expenses	0.10	63	74	97	70	69	43	36	35
Operating Profit	-0.10	7.90	-11	-25	-17	8.10	33	32	32
OPM %	—	11.17	-18.27	-35.03	-31.09	10.57	43.22	46.55	47.25
Other Income	0.00	3.36	2.11	12	21	20	18	6.89	8.45
Interest	0.00	0.06	5.77	14	19	35	42	43	44
Depreciation	0.00	0.04	4.26	15	17	16	18	18	18
Profit Before Tax	-0.10	11	-19	-42	-32	-23	-8.32	-23	-23
Tax %	22.51	30.84	-11.42	35.70	-13.85	-33.31	-313.60	-60.38	-57.01
Net Profit	-0.07	7.72	-22	-27	-37	-30	-34	-36	-35
EPS in Rs	—	17.16	-47.39	-59.04	-82.20	-67.04	-76.28	-81.14	-82.66
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4.49	4.49	4.49	4.49	4.49	4.49	4.49	4.50
Reserves	0.03	7.75	117	182	57	33	9.09	-50
Borrowings	0.00	24	109	152	334	474	419	473
Other Liabilities	0.01	38	78	51	158	91	77	89
Total Liabilities	4.53	74	308	390	553	603	510	517
Fixed Assets	0.00	10	166	168	170	169	455	450
CWIP	0.00	0.00	19	33	231	288	0.00	0.32
Investments	0.01	2.70	2.70	2.71	2.85	2.85	2.85	2.85
Other Assets	4.52	61	120	186	149	143	53	64
Total Assets	4.53	74	308	390	553	603	510	517

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.79	-14	-46	84	-55	120	27
Cash from Investing Activity	2.35	5.33	-62	-159	0.00	0.00	-40
Cash from Financing Activity	3.30	4.46	119	74	—	—	18
Net Cash Flow	4.85	-3.83	10	-0.55	-55	120	4.69

Overview

Detailed Summary

Refex Renewables & Infrastructure Limited (RRIL) specializes in solar energy solutions, offering engineering, procurement, and construction services for solar power projects.

RRIL has a strong legacy in the silicon and semiconductor industry, originally part of the Monsanto Electronic Material Company (MEMC).

The company operates across India with around 80 site locations in 11 states, focusing on solar innovation and development.

RRIL transitioned from the aquaculture to renewable energy sector post-2018, becoming a significant player in solar power development.

Notable projects include solar initiatives for Indian Railways and the Indian Army, emphasizing RRIL's technical expertise and impact.

Sector

Infrastructure Developers & Operators

Industry

Engineering - Turnkey Services

Market Cap

112 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

25.9

PEG Ratio

—

P/B Ratio

—

52W High

1,183.00

52W Low

250.05

Sales CAGR

-10.65%

-39.32%

-17.78%

10Y

—

Profit CAGR

-5.75%

—

10Y

—

ROE

TTM

56.07%

21.87%

25.55%

10Y

35.01%

ROCE

TTM

4.70%

-52.54%

-66.75%

10Y

-47.02%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BCPL	73.66	123 Cr	17.05	1.28	1.36	7.50	8.43	2.48
MITCON	68.86	120 Cr	30.20	0.79	0.00	2.62	7.05	1.42
DUCON	3.60	116 Cr	8.33	0.67	0.00	7.94	10.72	4.54
SATTVAENGG	65.45	114 Cr	—	1.45	0.00	14.77	21.27	8.40
REFEXRENEW	250.05	112 Cr	—	0.00	0.00	56.07	4.70	-7.06
GENSOL	28.00	107 Cr	1.05	0.17	0.00	16.73	12.92	3.42
OVAL	50.50	105 Cr	11.37	1.02	0.00	11.21	13.88	5.74