Shares of Refex Industries Limited, a prominent player in the trading of environmentally friendly refrigerant gases, are poised for significant investor attention in Friday's trading session. This surge of interest follows the company's announcement of securing a substantial new order, marking its fourth major contract win in the month of November alone.
Major Order Win Bolsters Order Book
In a regulatory filing submitted to the exchanges after market hours, Refex Industries disclosed that it has secured a significant order valued at ₹100 crore. The order was awarded by a large business conglomerate, although the company has chosen not to reveal the specific identity of the client at this time.
The scope of this new contract involves the excavation, loading, and transportation of pond ash and bottom ash. Refex was careful to clarify a crucial point for its investors: neither the company's promoters nor any promoter group companies hold any interest in the entity that awarded this order. This confirmation establishes that the transaction is not a related-party deal, ensuring transparency.
This latest achievement represents the company's fourth order victory in November. Prior to this, Refex had already secured three other orders with a combined value of ₹76.5 crore. This series of wins has substantially strengthened the company's overall order book, signaling robust business momentum.
Strong Quarterly Financial Performance
The positive news on the order front is complemented by the company's solid financial performance for the quarter ending September 2025 (Q2 FY26). Refex Industries reported a consolidated net profit of ₹52 crore, marking a healthy 10% year-on-year increase. For comparison, the company had posted a net profit of ₹33.70 crore in the same quarter of the previous fiscal year.
While the revenue from operations remained relatively flat at ₹431 crore, the company demonstrated impressive operational efficiency. The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) saw a substantial jump to ₹74 crore, a significant rise from the ₹43 crore reported in the year-ago quarter.
Consequently, the EBITDA margin expanded dramatically by 746 basis points to reach 17.44%. The company attributed this strong operational performance to the recovery of its Ash & Coal Handling segment, which managed to perform well despite challenges posed by above-average rainfall. New project ramp-ups were cited as a key supporting factor.
Stock Performance and Long-Term Outlook
Despite its recent operational successes, the stock's short-term trajectory has been challenging. After delivering multibagger returns for three consecutive years, shares of Refex Industries have declined by 33.36% so far in 2025. The weak trend began in September 2024 after the stock hit a record high, and it has closed in negative territory in nine out of the subsequent fourteen months, resulting in a cumulative loss of 46%.
However, the long-term investment perspective remains remarkably strong. Even after the recent correction, the stock is still trading 532% higher over a three-year period and has delivered an astounding 1,900% gain over the last five years.
Commenting on the company's trajectory, Mr. Anil Jain, Chairman & Managing Director of Refex Industries Limited, stated, "Q2 FY26 reflected a steady improvement across our business, as operations were impacted following the early monsoon-led slowdown in Q1 and the continuation of monsoon-related challenges in Q2. Total revenue grew sequentially by nearly 15% to INR 431 crore, and profitability strengthened, with EBITDA margins expanding from 10.9% to 17.4%". He reiterated the company's continued focus on disciplined execution, cost efficiency, and sustainable growth for the remainder of the year.
