Refex lands ₹29 cr ash transport order, its second in weeks
The 12-month contract from a Maharatna firm for NHAI road projects adds to order book but is modest at ~1.4% of revenue.
— 4 earlier stories on Refex Industries Ltd. →What's new
- Refex wins ₹29.34 crore contract from a Maharatna company to transport pond ash to NHAI road projects.
- Second order win in recent weeks, following a ₹36.91 crore contract for similar work.
- Order is to be executed over 12 months.
Why this matters
The win reinforces Refex's execution in its core ash handling vertical and strengthens ties with a reputed counterparty. At 1.4% of annual revenue, it's not large enough to materially shift the financials but provides near-term visibility. Two orders in quick succession suggest consistent deal flow.
What we're watching
- Whether additional ash handling orders follow in the coming quarters.
- Execution margins on this contract relative to prior guidance of 15-18% EBITDA.
- Impact on order book and revenue visibility for FY27.
The full read
Refex Industries has won its second pond ash transport contract in recent weeks — ₹29.34 crore from a Maharatna firm for delivery to NHAI road projects over 12 months. The order follows a ₹36.91 crore contract for excavation and transport of ash, confirming steady deal flow in the core ash handling vertical. At ~1.4% of annual revenue, the win is too small to move the needle on its own, but two orders in quick succession from a reputed counterparty signal operational consistency. This comes after Refex reported 35% profit growth to ₹247 crore for FY26 and guided a 15-18% EBITDA margin for FY27 after resetting expectations. The stock's ₹4,640 crore market cap and 22.8x P/E price in higher growth. This order alone doesn't justify that premium, but it adds to the narrative that Refex is executing in its legacy ash business while expanding into wind energy.
Questions answered
- How big is this order relative to Refex's revenue?
- The ₹29.34 crore order represents about 1.4% of Refex's annual revenue, well below the 5% materiality threshold but qualifies as a major order due to its absolute value exceeding ₹25 crore.
- Who is the counterparty and what is the work?
- The order is from an unnamed Maharatna company for transportation of pond ash to NHAI road projects. Pond ash is a byproduct of coal-fired power plants used in road construction.
- Is this order related to the previous ₹36.91 crore contract?
- Yes, both are for ash handling—the earlier contract was for excavation and transportation of pond ash. The new contract is for transportation to NHAI roads. Together they indicate sustained demand in Refex's ash business.
- How does this affect Refex's near-term financials?
- The 12-month execution period means the revenue will be recognised over FY27, contributing roughly ₹2.4 crore per month. It's a modest addition compared to the company's trailing annual revenue.
Story so far
All notes on REFEX →- 20 Jun 2026 · 3:54 PM IST Refex lands ₹29 cr ash transport order, its second in weeks
- 40d ago Refex Industries delays demerger and resets margin guidance
- 41d ago Refex profit rises 67% in Q4 as wind energy deliveries kick in
- 41d ago Refex Industries posts 35% annual profit growth to ₹247 crore
- 41d ago Refex Industries profit jumps 35% as margins widen