Refex profit rises 67% in Q4 as wind energy deliveries kick in
Full-year earnings climbed 35% on improved ash-handling margins and the start of wind turbine sales. Revenue dipped 10% as the company shifted focus.
— 3 earlier stories on Refex Industries Ltd. →What's new
- Q4 PAT rose 67% to ₹93.73 cr on revenue of ₹701.03 cr.
- Wind energy vertical delivered ₹233 cr in Q4, with 5.3 MW turbines gaining traction.
- Ash and coal handling order book is nearly ₹1,500 cr.
Why this matters
Refex is executing a deliberate trade-off: revenue shrank for the full year, but profit grew. The profit surge, driven by ash-handling and new wind deliveries, shows the shift toward higher-margin operations is delivering. The ₹1,500 cr order book gives near-term visibility.
What we're watching
- Sustainability of Q4's 20.13% EBITDA margin as wind deliveries scale.
- Scale-up of 5.3 MW wind turbine deliveries post-ALMM approval.
- Whether the ₹1 per share dividend signals confidence in cash flow.
The full read
Refex Industries delivered a sharp earnings beat. Q4 profit rose 67% to ₹93.73 crore on 17.92% revenue growth. EBITDA surged 128.84% to ₹141.15 crore, pushing the margin to 20.13%. The full-year picture shows the strategy: revenue fell 10% to ₹2,039 crore, but profit climbed 35% to ₹247 crore. The company is trimming lower-margin volume to chase profitability, and it's working. The wind energy business is now a material contributor, adding ₹233 crore in the quarter with its 5.3 MW turbine platform gaining traction and ALMM approval in place. The ash and coal handling order book, at nearly ₹1,500 crore, covers roughly 74% of last year's revenue. The open question is whether the Q4 margin level holds as wind deliveries scale up. The board has proposed a ₹1 per share final dividend.
Questions answered
- How did revenue decline even as profit grew so strongly?
- The company shifted toward higher-margin operations. Full-year revenue fell to ₹2,039.20 cr, but improved profitability in ash handling and new wind business lifted net profit 35% to ₹247.19 cr.
- What drove the explosive Q4 earnings beat?
- Q4 EBITDA surged 128.84% to ₹141.15 cr, pushing the margin to 20.13%. The ramp-up of wind turbine deliveries, which contributed ₹233 cr in the quarter, alongside strength in ash handling drove the profitability spike.
- How significant is the wind energy contribution?
- The wind vertical added ₹233 cr in Q4 alone, marking the commercialisation of its 5.3 MW turbine platform. The company also received ALMM approval, a prerequisite for selling into India's domestic wind projects.
- What does the order book imply for FY27?
- The ₹1,500 cr ash and coal handling order book represents about 74% of FY26 revenue, providing substantial near-term visibility for the core business.
Story so far
All notes on REFEX →- 26 May 2026 · 3:29 PM IST Refex profit rises 67% in Q4 as wind energy deliveries kick in
- 14d ago Refex Industries delays demerger and resets margin guidance
- 15d ago Refex Industries posts 35% annual profit growth to ₹247 crore
- 15d ago Refex Industries profit jumps 35% as margins widen