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Check Before You Invest 
10 Yrs X-Ray 
Profit & Loss 
Valuation 
Analyst Note 
Balance Sheet 
Cash Flow 
Financial Ratio 
Qtr. Results 
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About
Refex Industries Ltd (REFEX)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532884 NSE: REFEX Industrial Gases & Fuels | Small Cap | Refex Industries Share Price
₹331.65 15.40 (4.87%)
As on 27-Jul'26 15:18
Refex Industries Ltd (REFEX)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532884 NSE: REFEX Industrial Gases & Fuels | Small Cap | Refex Industries Share Price
₹331.65 15.40 (4.87%)
As on 27-Jul'26 15:18
Key Metrics
Valuation Multiples
Market Cap
₹4,340 Cr.
Current Price
₹331.7
52-Week Low / High
₹188 / 454
TTM EPS
₹18
TTM Sales
₹2,039 Cr.
Book Value per Share
₹105
P/E Ratio
17.56
Higher than its 5-year historical median
Industry PE
25.2
Price to Book (P/B)
3.01
Lower than its 5-year historical median
Price to Sales (P/S)
2.13
Higher than its 5-year historical median
EV/EBITDA
11.14
Higher than its 5-year historical median
Dividend Yield
0.45%
Profitability Efficiency
Return on Equity (ROE)
19.50%
Outperforms industry median
Return on Capital Employed (ROCE)
23.84%
Outperforms industry median
Return on Assets (ROA)
12.05%
Operating Profit Margin
17.3%
Net Profit Margin
12.12%
Gross Profit Margin
17.2%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-9.75%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
69.42%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
34.66%
Asset Quality
Promoter Holding
56.57%
Pledged shares (%) of Promoter's holding (%)
43.51%
Reserves
₹1,413 Cr.
Equity
₹27.4 Cr.
Face Value
₹2
All Time Low / High
₹0.34 / 600.00
Check Before You Invest
Quality
Somewhat GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Refex Industries Ltd a good quality company?
Refex Industries Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Refex Industries Ltd performance compare with that of its Peers?
Revenue growth of Refex Industries Ltd vs industry peers?
Refex Industries Ltd revenue CAGR is 26.37%, compared to the industry median CAGR of 1.69%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Refex Industries Ltd?
Promoters hold 56.57% of the Refex Industries Ltd, with 43.51% of their stake pledged, indicating high pledge risk.
Stock return of Refex Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 57.4% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Refex Industries Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 6.7% | 6% | 61.1% | 81.1% | 61.5% | 43.5% | 59.1% | 32.8% | 26.1% | 23.8% | - |
| Value Creation Index ⓘ | -0.5 | -0.6 | 3.4 | 4.8 | 3.4 | 2.1 | 3.2 | 1.3 | 0.9 | 0.7 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 37.7 | 76.9 | 461 | 661 | 633 | 444 | 1,629 | 1,371 | 2,259 | 2,039 | 2,039 |
| Sales YoY Gr. | - | 103.8% | 499.9% | 43.3% | -4.3% | -29.8% | 267% | -15.9% | 64.9% | -9.8% | - |
| Adj EPS ⓘ | 0.1 | 0.1 | 4 | 4.6 | 3.9 | 4.3 | 10.5 | 8.7 | 13.6 | 17.5 | 18 |
| YoY Gr. | - | 100% | 3191.7% | 17% | -15.8% | 10.5% | 143.7% | -16.7% | 55.6% | 28.8% | - |
| BVPS (₹) ⓘ | 1.3 | 1.4 | 5.4 | 9.5 | 13.3 | 17.5 | 28.4 | 40.8 | 84.8 | 105 | 105 |
| Adj Net Profit ⓘ | 0.5 | 0.9 | 31.5 | 36.9 | 40.9 | 45.1 | 116 | 101 | 175 | 240 | 247 |
| Cash Flow from Ops. ⓘ | 4.2 | -4.4 | 44.2 | 11.9 | 123 | -13.8 | 27.9 | 9.5 | -254 | 30.8 | - |
| Debt/CF from Ops. ⓘ | 8.4 | -9.3 | 0 | 0.1 | 0 | -1.1 | 2.9 | 10.1 | -0.4 | 5.2 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 55.8% | 26.4% | 7.8% | -9.8% | ||||
| Adj EPS ⓘ | 87.9% | 35.1% | 18.6% | 28.8% | ||||
| BVPSⓘ | 63.2% | 51.2% | 54.6% | 23.8% | ||||
| Share Price | 57.6% | 64.7% | 29.2% | -18.3% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 4.7 | 8.8 | 117 | 62.2 | 37.9 | 27.9 | 46.5 | 25.7 | 20.4 | 17 | 17.2 |
| Op. Profit Mgn % ⓘ | 5.8 | 2.3 | 6.1 | 7.8 | 10.7 | 13.7 | 10.7 | 10.9 | 9.2 | 17.3 | 16.9 |
| Net Profit Mgn % ⓘ | 1.2 | 1.2 | 6.8 | 5.6 | 6.5 | 10.2 | 7.1 | 7.4 | 7.8 | 11.8 | 12.1 |
| Debt to Equity ⓘ | 3.4 | 3.7 | 0 | 0 | 0 | 0.1 | 0.3 | 0.2 | 0.1 | 0.1 | 0 |
| Working Cap Days ⓘ | 698 | 298 | 87 | 67 | 79 | 161 | 85 | 135 | 124 | 248 | 137 |
| Cash Conv. Cycle ⓘ | 418 | -6 | -9 | 1 | 3 | 17 | 17 | 46 | 65 | 79 | 93 |
Profit And Loss
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 38 | 77 | 461 | 661 | 633 | 444 | 1,629 | 1,371 | 2,259 | 2,039 |
| Operating Expenses ⓘ + | 36 | 75 | 433 | 609 | 565 | 383 | 1,455 | 1,222 | 2,052 | 1,687 |
| Operating Profit ⓘ | 2 | 2 | 28 | 51 | 68 | 61 | 175 | 149 | 208 | 352 |
| Operating Profit Margin (%) | 5.8% | 2.3% | 6.1% | 7.8% | 10.7% | 13.7% | 10.7% | 10.8% | 9.2% | 17.3% |
| Other Income ⓘ + | 2 | 2 | 2 | 5 | 4 | 5 | 8 | 18 | 52 | 30 |
| Interest ⓘ | 3 | 1 | 0 | 1 | 9 | 13 | 19 | 26 | 18 | 32 |
| Depreciation ⓘ | 1 | 1 | 1 | 1 | 5 | 6 | 7 | 9 | 10 | 15 |
| Profit Before Tax ⓘ | 1 | 2 | 29 | 48 | 58 | 61 | 156 | 132 | 233 | 335 |
| Tax ⓘ | 0 | 1 | -3 | 15 | 17 | 16 | 40 | 31 | 49 | 87 |
| Profit After Tax | 0 | 1 | 32 | 33 | 41 | 45 | 116 | 101 | 184 | 247 |
| PAT Margin (%) | 1.2% | 1.2% | 6.9% | 5.0% | 6.5% | 10.2% | 7.1% | 7.4% | 8.1% | 12.1% |
| Adjusted EPS (₹) | 0.1 | 0.1 | 4.0 | 4.2 | 3.9 | 4.3 | 10.5 | 8.7 | 14.2 | 18.0 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 7.70% | 0% | 3.80% | 5.70% | 0% | 8.30% |
Valuation of Refex Industries - Standalone
Analyst's Notes
No data found!
Balance Sheet
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 10 | 11 | 43 | 76 | 140 | 184 | 314 | 472 | 1,095 | 1,440 | |
| Debt + | 35 | 41 | 0 | 2 | 0 | 13 | 65 | 87 | 62 | 145 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 8 | 41 | 101 | 41 | 100 | 77 | 193 | 52 | 167 | 334 | |
| Others Liabilities ⓘ | 6 | 4 | 12 | 30 | 105 | 112 | 195 | 148 | 356 | 504 | |
| Total Liabilities ⓘ | 59 | 98 | 156 | 149 | 345 | 386 | 767 | 760 | 1,680 | 2,422 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 15 | 14 | 15 | 22 | 87 | 85 | 147 | 144 | 199 | 192 | |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 9 | 6 | 1 | |
| Investments ⓘ | 0 | 0 | 0 | 0 | 74 | 74 | 74 | 81 | 114 | 106 | |
| Inventories | 1 | 5 | 8 | 3 | 5 | 7 | 11 | 7 | 7 | 10 | |
| Trade Receivables | 9 | 37 | 87 | 72 | 93 | 116 | 245 | 305 | 674 | 737 | |
| Cash Equivalents | 1 | 1 | 4 | 21 | 17 | 0 | 10 | 48 | 311 | 241 | |
| Others Assets ⓘ | 34 | 41 | 42 | 31 | 68 | 102 | 277 | 166 | 370 | 1,134 | |
| Total Assets ⓘ | 59 | 98 | 156 | 149 | 345 | 386 | 767 | 760 | 1,680 | 2,422 | |
Cash Flow
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 4 | -4 | 44 | 12 | 123 | -14 | 28 | 10 | -254 | 31 |
| Cash Flow From Investing Activity ⓘ + | -0 | 1 | 0 | 5 | -122 | -5 | -78 | -30 | -82 | -216 |
| Cash Flow From Financing Activity ⓘ + | -3 | 4 | -41 | 1 | -5 | 2 | 60 | 43 | 568 | 102 |
| Net Cash Flow ⓘ | 1 | -0 | 3 | 17 | -4 | -17 | 10 | 23 | 231 | -83 |
Financial Ratio
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 4.65 | 8.83 | 117.35 | 55.86 | 38.01 | 28.06 | 46.6 | 25.67 | 23.42 | 19.5 |
| ROCE (%) | 6.74 | 6.04 | 61.08 | 81.06 | 61.52 | 43.46 | 59.09 | 32.77 | 26.14 | 23.84 |
| Asset Turnover Ratio | 0.43 | 0.99 | 3.64 | 4.33 | 2.56 | 1.22 | 2.83 | 1.79 | 1.85 | 0.99 |
| PAT to CFO Conversion(x) | N/A | -4 | 1.38 | 0.36 | 3 | -0.31 | 0.24 | 0.1 | -1.38 | 0.13 |
| Working Capital Days | ||||||||||
| Receivable Days | 427.10 | 107.30 | 49.10 | 44.10 | 47.70 | 86.10 | 40.50 | 73.30 | 79.10 | 126.30 |
| Inventory Days | 11.60 | 15.20 | 5.10 | 3 | 2.50 | 5.30 | 2.10 | 2.40 | 1.20 | 1.60 |
| Payable Days | 23.80 | 136.80 | 64.60 | 46.60 | 49.10 | 84.80 | 26.10 | 30.80 | 15.20 | 50.10 |
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 6.31 | 16.34 | 15.81 | 11.33 | 10.37 | 10.37 | 30.19 | 28.84 | 41.29 | 43.51 |
* Pledged shares as % of Promoter's holding (%)
Top 5 Mutual Funds Holding
Last Visited Stocks
Announcements
Refex Industries Ltd FAQs
The current trading price of Refex Industries on 27-Jul-2026 15:18 is ₹331.6.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 26-Jul-2026 the market cap of Refex Industries stood at ₹4,339.6 Cr
The latest P/E ratio of Refex Industries as of 26-Jul-2026 is 17.56.
The latest P/B ratio of Refex Industries as of 26-Jul-2026 is 3.01.
The 52-week high of Refex Industries is ₹454.0 and the 52-week low is ₹188.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Refex Industries is ₹2,039 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Refex Industries Ltd is a average quality company.
The key valuation ratios of Refex Industries Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Refex Industries Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Refex Industries Ltd
Refex Refrigerants Limited was incorporated as Refex Refrigerants Private Limited on September13,2002 under the Companies Act 1956. The Company was converted into a Public Limited Company on 13th March 2006 with the name ‘Refex Refrigerants Limited. Tarachand Jain, is the founder and Chairman of the company.
Refex Refrigerants is a specialist refiller and distributor of Refrigerant gases in India particularly, environmentally acceptable gases that are replacements for chloro-fluoro-carbons (CFC's). These Refex Refills Refrigerants are used primarily as refrigerants, foam blowing agents and aerosol propellants.
RRL exercise superior quality control and efficiency with the aid of sophisticated and novel computer technology. Refex is committed to the responsible treatment of both human beings and the environment: the standards it upholds-governing quality, environmental protection, and product and workplace safety are documented in guidelines for the various business segments and form an integral part of the Group's corporate strategy.
Refex is committed to being an exemplary player in terms of safety, protection of health and the environment, and sustainable development. The Group's policy is underpinned by strong values shared across the Company: spirit of initiative, commitment to progress, professionalism, solidarity, openness, and dialogue.
For a number of years, Refex has been committed to a continuous improvement approach concerning safety and the protection of health and the environment, with three paramount objectives
Product range of the company includes:
- Refex 134a - It is used in new medium-and high-temperature stationary commercial refrigeration, as well as chiller systems and home appliances. In addition, it can be used to retrofit existing R-12 refrigeration and air conditioning systems. It is also the global standard for new mobile air conditioning and can be used to retrofit existing R-12 mobile air conditioning systems.
- R 404A refrigerant -R 404A continues to lead the way as the global industry standard HFC refrigerant for new commercial refrigeration applications. R 404A delivers exceptional capacity and efficiency as an R-502 and R-22 replacement in refrigeration applications and is approved for use by the leading compressor and equipment manufacturers worldwide.
- Refex 23 refrigerant -Refex 23 is an HFC retrofit refrigerant for R-13 and R-503 in very low temperature applications [below -40°F to -100°F (-40°C to -73°C)] such as medical freezers and environmental chambers. It can be used in new systems as well as to retrofit existing systems.
- Refex 123 refrigerant -Refrigerant for R-11 in low-pressure centrifugal chillers. New centrifugal equipment design provides excellent energy efficiency. In retrofits of existing centrifugal chillers, systems modifications are often needed to increase capacity or avoid material incompatibility.
- REFEX 141b -141b is ideal for spray since it is a liquid at atmospheric conditions and has low vapor thermal conductivity. These properties allow the production of easy to process polyurethane chemicals and the production of polyurethane foam with excellent physical properties.
- Cans- RRL is a front-runner in the trade of refilling ozone friendly (HFC) gases used in mobile air conditioning and refrigeration. We are credited for many industry firsts and as a part of our incessant innovation; we are introducing REFEX 134a refrigerant cans.
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