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: -2.9
Industry P/E: 22.7
PEG Ratio: —
P/B Ratio: —
52W High: 1,183.00
52W Low: 225.70

Sales CAGR

1Y: -10.65%
3Y: -39.32%
5Y: -17.78%
10Y: —

Profit CAGR

1Y: -5.75%
3Y: —
5Y: —
10Y: —

ROE

TTM: 56.07%
3Y: 21.87%
5Y: 25.55%
10Y: 35.01%

ROCE

TTM: 4.70%
3Y: -52.54%
5Y: -66.75%
10Y: -47.02%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RTL	87.95	116 Cr	15.03	2.79	0.00	14.57	19.52	12.12
REFEXRENEW	249.35	112 Cr	-2.95	0.00	0.00	56.07	4.70	-7.22
MARC	62.50	108 Cr	11.41	1.75	0.00	28.12	37.79	22.44
DUCON	3.26	106 Cr	8.36	0.61	0.00	7.94	10.72	4.18
OVAL	50.00	104 Cr	7.52	1.01	0.00	11.21	13.88	5.74
LAKSHYA	102.00	103 Cr	5.51	1.10	0.00	15.14	14.97	8.03
BCPL	61.00	103 Cr	13.77	1.07	1.63	7.50	8.43	2.53

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	21	21	18	18	14	16	20	17	14	16
Expenses	11	12	11	9.19	9.05	8.33	9.76	8.05	11	9.92
Operating Profit	9.95	8.09	6.70	8.82	4.95	7.57	10	8.69	3.21	6.18
OPM %	48.39	39.37	37.62	48.97	35.36	47.61	51.37	51.91	22.48	38.39
Other Income	0.80	2.41	2.53	0.34	0.38	1.27	4.91	1.89	0.86	2.41
Interest	11	11	9.50	10	10	11	12	11	12	13
Depreciation	4.56	4.68	4.63	4.43	4.52	4.51	4.59	4.65	4.94	4.98
Profit Before Tax	-4.58	-4.84	-4.90	-5.57	-9.58	-6.52	-1.01	-5.43	-12	-9.22
Tax %	-128.82	-118.39	-121.43	-52.60	-32.46	-55.98	-397.03	-38.31	-15.39	-19.63
Net Profit	-10	-11	-11	-8.50	-13	-10	-5.02	-7.51	-14	-11
EPS in Rs	-23.19	-23.50	-23.97	-18.91	-28.23	-22.64	-11.35	-16.77	-31.88	-24.58

Consolidated Profit Loss (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	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	-47.38	-59.02	-82.17	-67.02	-76.25	-81.12	-84.58
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)

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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

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	74.97%	74.89%	74.89%	74.89%	74.87%
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%	25.03%	25.11%	25.11%	25.11%	25.13%
Total Shareholders	1,105	1,166	1,266	1,325	2,495	2,580	2,486	2,809	2,798	2,717	2,690	2,926

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Frequently Asked Questions about Refex Renewables & Infrastructure Ltd

Refex Renewables & Infrastructure Ltd (REFEXRENEW) is currently trading at 249.55 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.

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.

Over the past 52 weeks, Refex Renewables & Infrastructure Ltd has traded between a low of ₹225.70 and a high of ₹1,183.00. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.

Refex Renewables & Infrastructure Ltd has a market capitalization of approximately 112.20. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.

Refex Renewables & Infrastructure Ltd’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of -2.95 and operates in the Infrastructure Developers & Operators sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.

Based on its market capitalization of 112.20 Cr, Refex Renewables & Infrastructure Ltd is classified as a Small Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.

Refex Renewables & Infrastructure Ltd operates in the Infrastructure Developers & Operators sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.

The Price-to-Earnings (PE) ratio of Refex Renewables & Infrastructure Ltd is -2.95. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.

Refex Renewables Infrastructure Ltd

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

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Frequently Asked Questions about Refex Renewables & Infrastructure Ltd

What is Refex Renewables & Infrastructure Ltd share price today?

What does Refex Renewables & Infrastructure Ltd do?

What is the 52-week high and low of Refex Renewables & Infrastructure Ltd?

What is the market capitalization of Refex Renewables & Infrastructure Ltd?

Should I consider investing in Refex Renewables & Infrastructure Ltd stock?

Is Refex Renewables & Infrastructure Ltd a large-cap, mid-cap, or small-cap stock?

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