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Refex Industries LimitedIndustrial GasesINE056I01025Consolidated₹271.85+0.10 (+0.04%)Jun-26

Valuation

Market Cap₹3.73K Cr

TTM PE17.05x

Forward PE12.78x

PEG2.72

Book Value₹88.38

P/B3.08x

TTM EPS₹15.94

Fwd EPS₹21.27

TTM Revenue₹2.81K Cr

TTM PAT₹232.08 Cr

TTM EBITDA₹379.90 Cr

TTM EBIT₹354.60 Cr

Last Qtr PAT₹64.55 Cr

Last Qtr EBITDA₹106.95 Cr

Last Qtr EBIT₹101.12 Cr

Profitability

ROE19.14%

ROCE26.00%

TTM NPM8.26%

TTM EBITDA %13.52%

Curr OPM6.95%

Last OPM10.07%

Curr NPM—

Last NPM—

Curr EPS₹4.65

Last EPS₹7.46

Balance sheet

Equity₹25.84 Cr

Reserve₹1.19K Cr

Total Debt₹276.68 Cr

D/E0.23x

Interest %20.02%

Curr Interest₹12.92 Cr

Price / range

Close₹271.85

vs 52W High—

vs 52W Low—

MA50—

MA200—

Returns

1D+0.04%

1W-0.62%

1M-9.22%

3M-14.78%

6M+31.01%

1Y-22.17%

2Y-40.91%

3Y+100.94%

5Y+795.72%

Diwali+3.98%

Sector peers — Industrial Gases

Company	Close	Mkt Cap	TTM P/E	ROE
LINDEINDIA	6241.50	₹53.23K Cr	97.43	12.81%
ELLEN	373.10	₹5.26K Cr	43.59	12.35%
REFEX	271.85	₹3.73K Cr	17.05	19.14%
STALLION	220.49	₹2.56K Cr	38.35	7.65%
NOL	57.97	₹29.23 Cr	17.20	—
GAGAN	20.49	₹9.26 Cr	36.59	—

Financial Results

Quarterly and yearly P&L · YoY % on Revenue, Total Income, Expenditure, EBITDA, EBIT, PBT, Net Profit and EPS

Metric	Jun-26	Mar-26	Dec-25	Sep-25	Jun-25	FY25-26
Revenue	619.25+61.6%	934.17	576.01	423.22	383.25	2,276.74
Other Income	8.01	3.94	7.03	7.79	10.65	25.32
Total Income	627.26+59.2%	938.10	583.04	431.01	393.90	2,302.05
Interest	11.02	10.15	8.30	6.21	9.93	32.08
Expenditure	-528.91-43.2%	-790.13	-493.23	-359.58	-369.47	-1,971.62
PBDT	0	0	0	0	0	0
EBITDA	105.39+178.4%	159.52	94.88	73.83	37.85	357.20
Depreciation	-4.03	-5.33	-3.80	-3.98	-14.14	-20
EBIT	101.36+327.5%	154.19	91.08	69.85	23.71	337.20
PBT	98.35+302.7%	147.98	89.81	71.43	24.42	330.43
Tax	-24.71	-42	-22.04	-19.34	-3.88	-88.05
Equity	27.44	27.44	0	0	25.86	27.44
OPM	15.68	15.77	15.59	16.88	6.20	14.35
Net Profit	73.39+260.3%	94.45	66.91	52.03	20.37	203.72
NPM	11.70	10.07	11.62	12.29	5.17	8.85
EPS	5.35+53600.0%	7.46	-0.06	4.03	-0.01	18.18

Yearly results

Last 6 financial years · YoY % vs previous FY

Metric	FY 25-26	FY 24-25	FY 23-24	FY 22-23	FY 21-22	FY 20-21
Revenue	2,276.74-6.3%	2,430.02+77.3%	1,370.56-15.9%	1,629.15+267.0%	443.96-29.8%	632.66
Other Income	25.32	52.50	18.28	8.29	5.03	4.44
Total Income	2,302.05-7.3%	2,482.52+78.7%	1,388.84-15.2%	1,637.44+264.7%	448.99-29.5%	637.10
Expenditure	-1,971.62+12.1%	-2,241.83-78.3%	-1,257+15.1%	-1,480.80-268.9%	-401.38+30.7%	-579.25
Interest	-32.08	-17.57	-26.40	-19.41	-9.61	-8.97
PBDT	0	0	0	0	0	0
EBITDA	357.20+65.0%	216.42+45.5%	148.76-14.8%	174.65+202.0%	57.84-14.5%	67.67
Depreciation	-20	-10.66	-8.80	-6.89	-5.65	-5.29
EBIT	337.20+63.9%	205.76+47.0%	139.96-16.6%	167.76+221.4%	52.19-16.3%	62.38
PBT	330.43+37.3%	240.69+82.7%	131.71-15.8%	156.39+156.5%	60.98+5.4%	57.86
Tax	-88.05	-51.28	-30.76	-40.33	-15.59	-16.92
Equity	27.44	25.84	0	0	0	0
OPM (%)	14.35	9.70	9.00	10.00	14.00	9.00
Net Profit	203.72+7.6%	189.41+87.6%	100.95-13.0%	116.06+155.7%	45.39+10.9%	40.94
NPM (%)	8.85	7.63	7.00	7.00	10.00	6.00
EPS (Rs)	18.18+17.6%	15.46+69.5%	9.12-83.1%	53.90+149.4%	21.61-0.6%	21.74
CEPS	17.97	14.80	9.08	53.84	21.61	21.74

Metric	Jun-26	Mar-26	Dec-25	Jun-25	Mar-25	FY25-26
Revenue	916.31+139.1%	934.17+48.8%	576.01	383.25	627.76	2,276.74
Other Income	12.35	3.94	5.80	10.65	16.12	25.32
Total Income	928.66+135.8%	938.10+45.7%	581.81	393.90	643.88	2,302.05
Interest	12.92	10.15	0	9.93	8.81	32.08
Expenditure	-828.11-124.1%	-790.13-35.2%	-500.43	-369.47	-584.37	-1,971.62
PBDT	0	0	0	0	0	0
EBITDA	106.95+182.6%	159.52+150.0%	75.58	37.85	63.82	357.20
Depreciation	-5.83	-5.33	0	-14.14	-11.62	-20
EBIT	101.12+326.5%	154.19+195.4%	75.58	23.71	52.20	337.20
PBT	100.55+311.8%	147.98+148.6%	81.38	24.42	59.52	330.43
Tax	-26.02	-42	-20.04	-3.88	-11.60	-88.05
Equity	27.44	27.44	0	25.86	25.84	27.44
OPM	10.83	15.77	13.99	6.20	9.24	14.35
Net Profit	64.55+216.9%	94.45+97.1%	52.71	20.37	47.92	203.72
NPM	6.95	10.07	9.06	5.17	7.44	8.85
EPS	4.65+46600.0%	7.46+101.1%	0	-0.01	3.71	18.18

Yearly results

Last 6 financial years · YoY % vs previous FY

Metric	FY 25-26	FY 24-25	FY 23-24	FY 22-23	FY 20-21	FY 19-20
Revenue	2,276.74-7.7%	2,467.66+78.4%	1,382.87-15.1%	1,629.15	632.66-4.2%	660.74
Other Income	25.32	50.36	18.26	8.29	4.44	4.79
Total Income	2,302.05-8.6%	2,518.02+79.7%	1,401.13-14.4%	1,637.44	637.10-4.3%	665.54
Expenditure	-1,971.62+14.9%	-2,318.11-81.1%	-1,279.67+13.6%	-1,480.80	-579.25+5.3%	-611.70
Interest	-32.08	-27.69	-29.36	-19.41	-8.97	-0.91
PBDT	0	0	0	0	0	0
EBITDA	357.20+70.3%	209.80+43.6%	146.10-16.3%	174.65	67.67+31.8%	51.34
Depreciation	-20	-32.56	-13.54	-6.89	-5.29	-1.39
EBIT	337.20+90.3%	177.24+33.7%	132.56-21.0%	167.76	62.38+24.9%	49.95
PBT	330.43+65.3%	199.91+64.8%	121.33-22.4%	156.39	57.85+20.5%	48.02
Tax	-88.05	-41.53	-28.35	-40.33	-16.92	-14.89
Equity	27.44	25.84	0	0	0	0
OPM (%)	14.35	7.94	8.66	9.55	9.08	7.22
Net Profit	203.72+28.6%	158.38+70.3%	92.98-19.9%	116.06	40.94+23.6%	33.13
NPM (%)	8.85	6.29	6.64	7.09	6.43	4.98
EPS (Rs)	18.18+40.6%	12.93+53.9%	8.40-84.4%	53.89	21.73+1.7%	21.37
CEPS	17.97	12.38	8.36	53.84	21.73	21.37

Corporate Actions

Dividends, bonus issues, and stock splits

Dividend

Year	Type	Amount	Ex-Date
2026	Final Dividend	1	24 Jul 2026
2026	Interim Dividend	0.5	19 Aug 2025
2024	Interim Dividend	0.5	20 Feb 2024
2023	Final Dividend	2	14 Sep 2023
2021	Final Dividend	0.5	16 Sep 2021
2021	Interim Dividend	1	11 Jan 2021
2009	Final Dividend	0.1	29 Oct 2009
2008	Final Dividend	1	29 May 2008
2008	Interim Dividend	1	17 Jan 2008

Bonus

No bonus history.

Split

Year	Ratio	Ex-Date
2024	Rs.10/- to Rs.2/-	22 Mar 2024

Financial Results

Standalone

Yearly results

Yearly

Consolidated

Yearly results

Yearly

Corporate Actions

Dividend

Bonus

Split