Multibagger small-cap Refex Industries saw its shares rise sharply in Friday’s trading session, November 28, surging 13.42% to ₹360 apiece, as investor sentiment improved following a series of order wins, with the company securing another significant order on Thursday.
The company informed investors through an exchange filing post-market hours on Thursday that it had secured an order worth ₹100 crore. The company did not disclose the name of the entity awarding the order; instead, it stated that the order is from a large business conglomerate.
According to the company, the order is for the excavation, loading, and transportation of pond ash/bottom ash. It also informed that neither the promoter nor the promoter group companies have any interest in the entity that awarded the order. The company further clarified that the order does not fall under related-party transactions.
This marks the company’s fourth order win in November, as it had previously secured three orders with a cumulative value of ₹76.5 crore, further strengthening its order book.
Refex Industries Q2 Performance
For the September-ending quarter, the company reported a 16% YoY improvement in its consolidated net profit at ₹36 crore. It had posted a net profit of ₹31 crore in the same period last year. The revenue from operations, however, came in flat at ₹431 crore.
At the operating level, EBITDA came in higher at ₹74 crore, as against ₹43 crore delivered in the year-ago quarter, with margins expanding 746 basis points to 17.44%.
The company, in its earnings filing, stated that its Ash & Coal Handling segment recovered despite the above-average rains this year, supported by new project ramp-ups. The company remains focused on disciplined execution, cost efficiency, and sustainable growth as it builds on this performance in the second half of the year.
Refex Industries is a specialist manufacturer and re-filler of refrigerant gases in India, particularly environmentally acceptable gases that are replacements for chlorofluorocarbons (CFCs). These are used primarily as refrigerants, foam-blowing agents, and aerosol propellants.
It also offers services for handling and disposing of fly ash, crushing uncrushed coal, and trading coal to power plants. The company, in 2022, forayed into the supply of electricity and other services to power users, producers, state electricity boards, and distribution companies.
Stock under pressure in recent months, but long-term outlook remains bright
After delivering multibagger returns for three consecutive years, Refex Industries shares failed to extend their remarkable rally in 2025, tanking 25% so far.
To be precise, the stock began its weak trend in September 2024 after hitting a new record high and has closed in the red in nine out of the following 14 months, losing a cumulative 40%.
Although the short-term performance looks painful, the stock’s long-term trend remains impressive, as it still trades 532% higher over three years and has gained 1,900% over five years.