Refex Industries Ltd - Stock Valuation and Financial Performance

BSE: 532884 | NSE: REFEX | Industrial Gases & Fuels | Small Cap

Refex Industries Share Price

133.80 0.80 0.60%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Refex Industries

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Refex Industries stock performance -

mw4me loader
P/E Ratio (SA):
12.87
Market Cap:
1,491.4 Cr.
52-wk low:
133
52-wk high:
4,619.8

Is Refex Industries Ltd an attractive stock to invest in?

1. Is Refex Industries Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Refex Industries Ltd is a average quality company.

2. Is Refex Industries Ltd undervalued or overvalued?

The key valuation ratios of Refex Industries Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Refex Industries Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Refex Industries Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Refex Industries:

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 end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

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

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 12.3%23.5%20.8%4.9%3.7%66.5%62.2%43.4%31.9%43.5%-
Value Creation
Index
-0.10.70.5-0.7-0.73.83.42.11.32.1-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 24.584.77837.776.94616616334441,6291,663
Sales YoY Gr.-245.3%-7.9%-51.6%103.8%499.9%43.3%-4.3%-29.8%267%-
Adj EPS 3.79.616.71.52.998.7115.697.3107.426210.5
YoY Gr.-159.8%72.9%-91.2%100.7%3269.3%17.1%-15.8%10.4%144%-
BVPS (₹) 4.313.830.531.934.9133.9237.4332.3438710.533.9
Adj Net
Profit
1.23.15.30.50.931.536.940.945.1116116
Cash Flow from Ops. 8.8-2.4-24.64.2-4.444.211.9123-13.827.9-
Debt/CF from Ops. 1.3-3.9-1.58.4-9.300.10-1.12.9-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 59.4%84.2%35.1%267%
Adj EPS 60.5%145.6%31.4%144%
BVPS76.4%82.7%44.1%62.2%
Share Price 13% -6% -31.7% -88.2%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
151.7106.475.24.78.811762.237.927.946.52.8
Op. Profit
Mgn %
9.96.63.45.82.36.17.810.713.710.710.8
Net Profit
Mgn %
4.83.66.81.21.26.85.66.510.27.17
Debt to
Equity
8.32.13.83.43.70000.10.3-
Working Cap
Days
2531493636982988767791618545
Cash Conv.
Cycle
141126305418-6-913171721

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 35.10%

Net Profit is growing at healthy rate in last 3 years 31.37%

Sales growth is good in last 4 quarters at 69.59%

Return on Equity has declined versus last 3 years average to 2.80%

Latest Financials - Refex Industries Ltd.

Standalone Consolidated
TTM EPS (₹) 10.5 10
TTM Sales (₹ Cr.) 1,663 1,671
BVPS (₹.) 33.9 33.4
Reserves (₹ Cr.) 353 347
P/BV 3.98 4.04
PE 12.87 13.52
From the Market
52 Week Low / High (₹) 133.00 / 4619.75
All Time Low / High (₹) 8.38 / 4619.75
Market Cap (₹ Cr.) 1,491
Equity (₹ Cr.) 22.1
Face Value (₹) 2
Industry PE 19.3

Management X-Ray of Refex Industries:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *1.441.441.421.421.420.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Refex Industries

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales25857838774616616334441,629
Operating Expenses 22797536754336095653831,455
Manufacturing Costs000111172734
Material Costs8646020574035575273281,388
Employee Cost 000112351213
Other Costs 13151514162648261519
Operating Profit 2632228516861175
Operating Profit Margin (%) 9.9%6.6%3.4%5.8%2.3%6.1%7.8%10.7%13.7%10.7%
Other Income 4002225458
Interest 201310191319
Depreciation 2211111567
Exceptional Items 000000-60130
Profit Before Tax 1301229485861156
Tax 00-501-315171640
Profit After Tax 1350132334145116
PAT Margin (%) 4.8%3.6%6.8%1.2%1.2%6.9%5.0%6.5%10.2%7.1%
Adjusted EPS (₹)3.79.516.71.53.099.0103.797.5108.1262.5
Dividend Payout Ratio (%)0%0%0%0%0%0%0%8%0%4%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 141010114376140184314
Share Capital 15151515151515212122
Reserves -14-11-6-5-42760119163292
Minority Interest0000000000
Debt1193735410201582
Long Term Debt0003541000140
Short Term Debt11937000201441
Trade Payables749638411014110077193
Others Liabilities 1578641230105110179
Total Liabilities 35701175998156149345386767

Fixed Assets

Gross Block262728281517259089157
Accumulated Depreciation91213131233411
Net Fixed Assets171615151415228785147
CWIP 0000000003
Investments 0000000747474
Inventories41115835711
Trade Receivables45080937877293116245
Cash Equivalents 1101142117010
Others Assets83203441423168102277
Total Assets 35701175998156149345386767

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 9-2-254-44412123-1428
PBT 1301229485861156
Adjustment 53221-131191224
Changes in Working Capital 3-8-272-722-5446-87-136
Tax Paid 00000-7-1200-17
Cash Flow From Investing Activity 134-20105-122-5-78
Capex 13-100-1-20-6-6-71
Net Investments 0000000-74-4-6
Others 05-20125-4340
Cash Flow From Financing Activity -21-226-34-411-5260
Net Proceeds from Shares 00000008014
Net Proceeds from Borrowing -3027-100001567
Interest Paid -20-1-3-10-1-9-1-11
Dividend Paid 0000000-2-10
Others -17-2005-412-2-11-11
Net Cash Flow 0-1010317-4-1710
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)150.92105.2375.174.658.83117.3555.8638.0128.0646.6
ROCE (%)15.3623.325.496.746.0461.0881.0661.5243.4659.09
Asset Turnover Ratio0.581.620.830.430.993.644.332.561.222.83
PAT to CFO Conversion(x)9-0.67-5INF-41.380.363-0.310.24
Working Capital Days
Receivable Days861163054271074944488641
Inventory Days55104121553352
Payable Days004241376547498526

Refex Industries Ltd Stock News

Refex Industries Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Refex Industries on 28-Mar-2024 16:01 is ₹133.8.
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 28-Mar-2024 16:01 the market cap of Refex Industries stood at ₹1,491.4.
The latest P/E ratio of Refex Industries as of 28-Mar-2024 16:01 is 12.87.
The latest P/B ratio of Refex Industries as of 28-Mar-2024 16:01 is 3.98.
The 52-week high of Refex Industries is ₹4,619.8 and the 52-week low is ₹133.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Refex Industries is ₹1,663 ( Cr.) .

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 134aIt 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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