Refex Industries profit jumps 35% as margins widen in FY26
Profit growth outpaced revenue as the company pivoted to higher-margin ash handling and wind turbine sales. Q4 profit surged 67% to ₹93.73 crore.
— 4 earlier stories on Refex Industries Ltd. →What's new
- FY26 profit rose 34.67% to ₹247.19 crore despite a revenue dip to ₹2,039.20 crore.
- Q4 profit climbed 66.91% to ₹93.73 crore on revenue of ₹701.03 crore.
- Ash and coal handling order book reached nearly ₹1,500 crore.
Why this matters
Refex is successfully trading top-line volume for bottom-line quality. The 20.13% EBITDA margin in Q4 proves the shift toward wind energy and specialized ash handling is working, making the company a test case for margin-led growth in the small-cap space.
What we're watching
- Execution speed on the ₹1,500 crore ash and coal handling order book.
- Sustained demand for the 5.3 MW wind turbine platform.
- Whether margins hold above the 20% mark in coming quarters.
The full read
Refex Industries delivered a sharp increase in profitability for FY26, reporting a standalone net profit of ₹247.19 crore. This 34.67% gain arrived even as annual revenue slipped to ₹2,039.20 crore from ₹2,259.43 crore in the prior year. The divergence confirms a deliberate pivot toward higher-margin work. The fourth quarter provided the clearest evidence of this strategy, with profit climbing 66.91% to ₹93.73 crore on revenue of ₹701.03 crore. EBITDA margins hit 20.13% in the final quarter, fueled by the company's ash and coal handling business and the rollout of its 5.3 MW wind turbine platform. With an order book of nearly ₹1,500 crore in ash and coal handling and ₹233 crore in quarterly wind energy revenue, the company has secured a clear path for near-term visibility. The next test is whether these margins can persist as the wind energy business scales.
Questions answered
- Why did profit rise while annual revenue declined?
- Refex shifted its focus toward higher-margin operations. This trade-off resulted in a revenue drop to ₹2,039.20 crore for FY26, but a 34.67% increase in net profit.
- How did the wind energy business perform in Q4?
- The wind energy vertical contributed ₹233 crore during the quarter. Deliveries of the 5.3 MW turbine platform are gaining traction following recent ALMM approval.
- What is the status of the ash and coal handling business?
- The division remains a core pillar with an order book of nearly ₹1,500 crore as of March 31. It is a primary driver of the company's improved profitability.
- What dividend did the board recommend?
- The board recommended a final dividend of ₹1 per share for FY26.
Story so far
All notes on REFEX →- 26 May 2026 · 3:29 PM IST Refex Industries profit jumps 35% as margins widen in FY26
- 1d ago Refex Industries lands ₹36.91 cr pond ash logistics contract
- 3d ago Refex Industries delays demerger and resets margin guidance
- 4d ago Refex Industries posts 35% annual profit growth to ₹247 crore
- 4d ago Refex Industries profit jumps 35% as margins widen