How did profit grow while revenue fell?

Refex shifted its business mix toward higher-margin operations. This focus on profitability over volume pushed EBIT margins to 16.4%, up from 10.5% in the previous year.

What was the performance in the final quarter?

The fourth quarter saw a net profit of ₹93.74 crore. This is a 67% increase compared to the same period last year.

What is the dividend payout?

The board has recommended a final dividend of ₹1 per share. It is subject to approval by shareholders.

What was the total revenue for the year?

Revenue from continuing operations for FY26 was ₹2,039 crore. It was ₹2,259 crore in FY25.

Earnings · Industrial Services · Small cap

Refex Industries profit jumps 35% as margins widen

Refex Industries reported a standalone net profit of ₹247.19 crore for FY26. Revenue dipped slightly to ₹2,039 crore.

— 1 earlier story on Refex Industries Ltd. →

REFEX 26 May 2026 · 12:44 PM IST Verify on BSE · NSE

Mkt cap₹4,066 cr

P/E25.28×

ROE13.06%

Debt / eq.0.14

₹247.19 cr Standalone net profit for FY26, up 35% year-over-year.

What's new

FY26 net profit rose to ₹247.19 crore from ₹183.56 crore.
EBIT margins grew to 16.4% from 10.5% in FY25.
Board recommended a final dividend of ₹1 per share.

Why this matters

The company traded top-line volume for bottom-line efficiency. By shifting toward higher-margin ash and coal handling, Refex grew profits by double digits despite a revenue decline. This shift is the primary driver of the current performance.

What we're watching

Sustainability of the 16.4% EBIT margin in the coming quarters.
Shareholder approval for the proposed ₹1 dividend.
Whether revenue growth resumes as the strategic shift matures.

The full read

Refex Industries delivered a sharp profit increase for FY26, reporting ₹247.19 crore in standalone net profit. This 35% gain over the previous year's ₹183.56 crore comes despite a revenue contraction to ₹2,039 crore from ₹2,259 crore.

The divergence is explained by a deliberate strategic shift toward higher-margin operations within the company's ash and coal handling business. This pivot lifted EBIT margins to 16.4%, a jump from the 10.5% recorded in FY25. The fourth quarter was particularly strong, with net profit surging 67% to ₹93.74 crore. The board has proposed a final dividend of ₹1 per share to reward shareholders.

Profitability is up. The company is prioritizing margin quality over absolute revenue scale, a move that has clearly paid off for the bottom line this fiscal year.

Questions answered

How did profit grow while revenue fell?: Refex shifted its business mix toward higher-margin operations. This focus on profitability over volume pushed EBIT margins to 16.4%, up from 10.5% in the previous year.
What was the performance in the final quarter?: The fourth quarter saw a net profit of ₹93.74 crore. This is a 67% increase compared to the same period last year.
What is the dividend payout?: The board has recommended a final dividend of ₹1 per share. It is subject to approval by shareholders.
What was the total revenue for the year?: Revenue from continuing operations for FY26 was ₹2,039 crore. It was ₹2,259 crore in FY25.

Mentioned: Refex Industries · FY26 · ₹1 dividend

Primary source BSE · NSE

An independent reading of the company's own disclosure — the primary filing above is the final word.

Story so far

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26 May 2026 · 12:44 PM IST Refex Industries profit jumps 35% as margins widen
today Refex Industries posts 35% annual profit growth to ₹247 crore