Is Refex Industries Ltd (REFEX) a good quality company?

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

Is Refex Industries Ltd (REFEX) 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 .

What is Refex Industries Ltd (REFEX) share price return in the past 10 years?

Refex Industries Ltd share price has appreciated 66.7% annually (CAGR) over the past ten years.

Is Refex Industries Ltd (REFEX) a good buy now?

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

What is the share price of Refex Industries Ltd (REFEX)?

Company share prices are keep on changing according to the market conditions. The current trading price of Refex Industries Ltd (REFEX) on 17-Apr-2026 16:59:59 at 16:59 is 244.75.

What is the P/E ratio of Refex Industries?

The latest standalone P/E ratio of Refex Industries as of 17-Apr-2026 is 15.98.

What is the P/B ratio of Refex Industries Ltd (REFEX)?

The latest standalone P/B ratio of Refex Industries Ltd (REFEX) as of 17-Apr-2026 is 2.24.

What is the 52-week high and low of Refex Industries Ltd (REFEX)?

The 52-week high of Refex Industries Ltd (REFEX) is Rs. 534.00 and the 52-week low is Rs. 188.00.

Refex Industries Ltd (REFEX) Share Analysis – Quality, Valuation Zone & Price Trend & DeciZen Rating

Name: Refex Industries Ltd (REFEX)
Brand: Refex Industries

Refex Industries Ltd (REFEX) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

Refex Industries Ltd (REFEX)

BSE: 532884 NSE: REFEX

Key Metrics

Market Cap

₹3,358 Cr.

P/E Ratio

15.98

Price to Book (P/B)

2.24

Price to Sales (P/S)

1.70

EV/EBITDA

10.12

Return on Capital Employed (ROCE)

26.96%

Current Price

₹244.8

Return on Equity (ROE)

24.17%

Return on Assets (ROA)

15.37%

Operating Profit Margin

8.9%

Net Profit Margin

7.79%

Gross Profit Margin

10.3%

Book Value per Share

₹109.3

Sales Growth (YoY)

77.3%

Sales Growth (3 Years)

76.23%

Operating Profit Growth (1 Year)

45.61%

Operating Profit Growth (3 Years)

52.64%

Net Profit Growth (1 Year)

87.63%

52-Week Low / High

₹188 / 534

Net Profit Growth (3 Years)

61%

Dividend Yield

0.00%

Promoter Holding

55.80%

Pledged shares (%)
of Promoter's holding (%)

28.84%

Check Before You Invest

Q.1 Revenue growth of Refex Industries Ltd?

Refex Industries Ltd revenue growth is 77.3% for FY-2025 , which is above its 5 year CAGR of 29.8% , indicating faster growth.

Q.1 Promoter shareholding and pledge status of Refex Industries Ltd?

Promoters hold 55.80% of the Refex Industries Ltd, with 28.84% of their stake pledged, indicating high pledge risk.

Q.1 Revenue growth of Refex Industries Ltd vs industry peers?

Refex Industries Ltd revenue CAGR is 29.75% , compared to the industry median CAGR of 4.12% , indicating faster growth and gaining its market share.

Q.1 Which industry/sub-sector does Refex Industries Ltd belong to?

Refex Industries Ltd belongs to the Oil & Gas sector, operating specifically within the Industrial Gases & Fuels segment.

Q.1 Stock return of Refex Industries Ltd over the last decade?

Over the last 9 year(s), the stock has delivered a CAGR of 66.3% based on the current price.

DeciZen - make an informed investing decision on Refex Industries

Based on:

Data

Overall Rating ⓘ
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1. Quality

2. Valuation ⓘ

3. Price Trend

Refex Industries stock performance

Key Ratios

Is Refex Industries Ltd an attractive stock to invest in?

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record

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

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	5.5%	6.7%	6%	61.1%	81.1%	61.5%	43.5%	59.1%	32.8%	27%	-
Value Creation Index ⓘ	-0.6	-0.5	-0.6	3.4	4.8	3.4	2.1	3.2	1.3	1.0	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	78	37.7	76.9	461	661	633	444	1,629	1,371	2,430	1,977
Sales YoY Gr.	-	-51.6%	103.8%	499.9%	43.3%	-4.3%	-29.8%	267%	-15.9%	77.3%	-
Adj EPS ⓘ	0.7	0.1	0.1	4	4.6	3.9	4.3	10.5	8.7	14	15.3
YoY Gr.	-	-91%	100%	3191.7%	17%	-15.8%	10.5%	143.7%	-16.7%	60.7%	-
BVPS (₹) ⓘ	1.2	1.3	1.4	5.4	9.5	13.3	17.5	28.4	40.8	84.8	109.3
Adj Net Profit ⓘ	5.3	0.5	0.9	31.5	36.9	40.9	45.1	116	101	181	210
Cash Flow from Ops. ⓘ	-24.6	4.2	-4.4	44.2	11.9	123	-13.8	27.9	9.5	-262	-
Debt/CF from Ops. ⓘ	-1.5	8.4	-9.3	0	0.1	0	-1.1	2.9	10.1	-0.4	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	46.6%	29.8%	76.2%	77.3%
Adj EPS ⓘ	40.2%	24.9%	48.3%	60.7%
BVPSⓘ	60.2%	54.9%	69.1%	107.6%
Share Price	66.7%	63.7%	60.1%	-46.2%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	75.2	4.7	8.8	117	62.2	37.9	27.9	46.5	25.7	21	15.8
Op. Profit Mgn % ⓘ	3.4	5.8	2.3	6.1	7.8	10.7	13.7	10.7	10.9	8.9	13.8
Net Profit Mgn % ⓘ	6.8	1.2	1.2	6.8	5.6	6.5	10.2	7.1	7.4	7.5	10.6
Debt to Equity ⓘ	3.8	3.4	3.7	0	0	0	0.1	0.3	0.2	0.1	-
Working Cap Days ⓘ	363	698	298	87	67	79	161	85	135	117	124
Cash Conv. Cycle ⓘ	305	418	-6	-9	1	3	17	17	46	61	92

Recent Performance Summary

Latest Financials

	Standalone	Consolidated
TTM EPS (₹)	15.3	11.7
TTM Sales (₹ Cr.)	1,977	2,014
BVPS (₹) ⓘ	109.3	103.3
Reserves (₹ Cr.) ⓘ	1,472	1,390
P/BV ⓘ	2.24	2.37
PE ⓘ	15.98	20.88

From the Market
52 Week Low / High (₹)	188.00 / 534.00
All Time Low / High (₹)	0.34 / 600.00
Market Cap (₹ Cr.)	3,358
Equity (₹ Cr.)	27.4
Face Value (₹)	2
Industry PE ⓘ	22.4

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

6.31

16.34

15.81

11.33

10.37

30.19

28.84

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

Valuation of Refex Industries - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max

Analyst's Notes

No data found!

Key Ratios

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Sales	78	38	77	461	661	633	444	1,629	1,371	2,430
Operating Expenses ⓘ +	75	36	75	433	609	565	383	1,455	1,222	2,214
Manufacturing Costs	0	1	1	1	1	7	27	34	5	4
Material Costs	60	20	57	403	557	527	328	1,388	1,178	2,152
Employee Cost	0	1	1	2	3	5	12	13	15	28
Other Costs ⓘ	15	14	16	26	48	26	15	19	24	31
Operating Profit ⓘ	3	2	2	28	51	68	61	175	149	216
Operating Profit Margin (%)	3.4%	5.8%	2.3%	6.1%	7.8%	10.7%	13.7%	10.7%	10.8%	8.9%
Other Income ⓘ +	0	2	2	2	5	4	5	8	18	52
Exceptional Items ⓘ	-0	-0	0	0	-6	0	13	-0	0	0
Interest ⓘ	1	3	1	0	1	9	13	19	26	18
Depreciation ⓘ	1	1	1	1	1	5	6	7	9	11
Profit Before Tax ⓘ	0	1	2	29	48	58	61	156	132	241
Tax ⓘ	-5	0	1	-3	15	17	16	40	31	51
Profit After Tax	5	0	1	32	33	41	45	116	101	189
PAT Margin (%)	6.8%	1.2%	1.2%	6.9%	5.0%	6.5%	10.2%	7.1%	7.4%	7.8%
Adjusted EPS (₹)	0.7	0.1	0.1	4.0	4.2	3.9	4.3	10.5	8.7	14.7
Dividend Payout Ratio (%)	0%	0%	0%	0%	0%	8%	0%	4%	6%	0%

Balance Sheet

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Equity and Liabilities
Shareholders Fund +	10	10	11	43	76	140	184	314	472	1,095
Share Capital ⓘ	15	15	15	15	15	21	21	22	23	26
Reserves ⓘ	-6	-5	-4	27	60	119	163	292	449	1,069
Debt +	37	35	41	0	2	0	13	65	87	62
Long Term Debt	0	35	41	0	0	0	1	40	39	37
Short Term Debt	37	0	0	0	2	0	12	25	48	25
Minority Interest	0	0	0	0	0	0	0	0	0	0
Trade Payables	63	8	41	101	41	100	77	193	52	167
Others Liabilities ⓘ	8	6	4	12	30	105	112	195	148	381
Total Liabilities ⓘ	117	59	98	156	149	345	386	767	760	1,705
Fixed Assets
Net Fixed Assets ⓘ +	15	15	14	15	22	87	85	147	144	199
Gross Block	28	28	15	17	25	90	89	153	154	220
Accumulated Depreciation	13	13	1	2	3	3	4	6	10	21
CWIP ⓘ	0	0	0	0	0	0	0	3	9	6
Investments ⓘ	0	0	0	0	0	74	74	74	81	114
Inventories	1	1	5	8	3	5	7	11	7	7
Trade Receivables	80	9	37	87	72	93	116	245	305	674
Cash Equivalents	0	1	1	4	21	17	0	10	48	311
Others Assets ⓘ	20	34	41	42	31	68	102	277	166	395
Total Assets ⓘ	117	59	98	156	149	345	386	767	760	1,705

Cash Flow

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash Flow From Operating Activity ⓘ +	-25	4	-4	44	12	123	-14	28	10	-262
PBT ⓘ	0	1	2	29	48	58	61	156	132	241
Adjustment ⓘ	2	2	1	-1	31	19	12	24	31	-17
Changes in Working Capital ⓘ	-27	2	-7	22	-54	46	-87	-136	-129	-422
Tax Paid ⓘ	0	0	0	-7	-12	0	0	-17	-24	-63
Cash Flow From Investing Activity ⓘ +	-2	-0	1	0	5	-122	-5	-78	-30	-74
Capex	-0	-0	-1	-2	-0	-6	-6	-71	-12	-62
Net Investments	0	-0	0	0	0	-74	-4	-6	-12	42
Others ⓘ	-2	-0	1	2	5	-43	4	0	-6	-53
Cash Flow From Financing Activity ⓘ +	26	-3	4	-41	1	-5	2	60	43	568
Net Proceeds from Shares ⓘ	0	0	0	0	0	8	0	14	63	588
Net Proceeds from Borrowing ⓘ	27	-1	5	-41	-0	0	15	67	15	1
Interest Paid ⓘ	-1	-3	-1	-0	-1	-9	-1	-11	-18	-10
Dividend Paid ⓘ	0	0	0	0	0	-2	-1	0	-6	0
Others ⓘ	0	0	-0	-0	2	-2	-11	-11	-11	-11
Net Cash Flow ⓘ	-0	1	-0	3	17	-4	-17	10	23	231

Finance Ratio

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Ratios
ROE (%)	75.17	4.65	8.83	117.35	55.86	38.01	28.06	46.6	25.67	24.17
ROCE (%)	5.49	6.74	6.04	61.08	81.06	61.52	43.46	59.09	32.77	26.96
Asset Turnover Ratio	0.83	0.43	0.99	3.64	4.33	2.56	1.22	2.83	1.79	1.97
PAT to CFO Conversion(x)	-5	N/A	-4	1.38	0.36	3	-0.31	0.24	0.1	-1.39
Working Capital Days
Receivable Days	305	427	107	49	44	48	86	41	73	74
Inventory Days	4	12	15	5	3	3	5	2	2	1
Payable Days	8	24	137	65	47	49	85	26	31	14

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Refex Industries Ltd FAQs

The current trading price of Refex Industries on 17-Apr-2026 16:59 is ₹244.8.

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 16-Apr-2026 the market cap of Refex Industries stood at ₹3,358 Cr

The latest P/E ratio of Refex Industries as of 16-Apr-2026 is 15.98.

The latest P/B ratio of Refex Industries as of 16-Apr-2026 is 2.24.

The 52-week high of Refex Industries is ₹534.0 and the 52-week low is ₹188.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Refex Industries is ₹1,977 ( 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 â€˜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 -40Â°F to -100Â°F (-40Â°C to -73Â°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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Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
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SEBI Registration Number:	INA000013323 Validity – May 16, 2019 – Perpetual
Registration:	Non-Individual
BSE Enlistment No:	1187
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Refex Industries Ltd (REFEX) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

Refex Industries Share Price