Refex Industries Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Refex Industries Ltd trades at ₹297, in a confirmed uptrend and 7 weeks into that stage. That is −1.5% against its own 200-day average. It sits at 59% of a 52-week range of ₹197 to ₹368. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (5 weeks and counting).

Today the stock is in a confirmed uptrend — week 7 of stage 2, confirmed. At ₹297 it trades −1.5% versus its 200-day average and sits at 59% of its 52-week range (₹197–₹368).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +19,585% while the NIFTY 500 moved +278% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (5 weeks and counting; last ahead the week of 2026-07-10) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Refex Industries Ltd trades at 14.3× P/E, mid-range by its own standards (48th percentile). Its long-run median P/E is 15.2×, measured across 9.9 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 14.3× is mid-range by its own standards (48th percentile), against a long-run median of 15.2× measured over 9.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +20.6% against a −17.1% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +61.5%/yr price move, ~+39.0%/yr came from earnings growth and ~+22.5 pp from the multiple (expanding); over 10y, of the +60.8%/yr price move, ~+45.0%/yr came from earnings growth and ~+15.8 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources disagree by up to 23% on reported income across 13 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

At its price on 13 June 2026, Refex Industries Ltd was priced for profit growth of about 11.1% a year. Profit itself has compounded 46.8% a year over the past 11 years. The market pays that at 14.3× P/E, the 48th percentile of its own 10-year range.

What the two numbers say together. The multiple is unremarkable against its own past, and the growth the price is paying for is below what this company has actually delivered. Both readings sit on the same earnings, so they are one reading rather than two.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements. Every other number on this page is read off the live quote.

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Refex Industries Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 23.0% and holding. The read is built from 8 quarters across 4 curves, on partial evidence.

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

70.6/100 — rank 1 of 2 in Refrigeration · 72% evidence confidence

Refex Industries Ltd scores 70.6 out of 100 against the 2 companies it is compared with in Refrigeration, ranking 1. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.

The four contributions add to the total exactly: 27.9 + 20 + 10 + 12.7 = 70.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Refex Industries Ltd reported ₹916 Cr of revenue in the Jun 26 quarter, +160.2% year on year. That is the 2nd straight quarter of year-on-year growth. Over 11 years it has compounded at 34.8% a year. The last full year, FY26, came in at ₹2,277 Cr. The last four reported quarters add to ₹2,841 Cr.

FY26 revenue came in at ₹2,277 Cr (+0.8% on the year), capping 11 years at 34.8% compound. The latest quarter (Jun 26) printed ₹916 Cr, +160.2% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +49.6% growth against the decade's 34.8% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +37.9% over the last 4 quarters against +33.6%/yr over the last 8 — accelerating; TTM profit +66.4% vs +57.5%/yr — accelerating.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Refex Industries Ltd's operating margin is 12.0% in the Jun 26 quarter, +2.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 11 fiscal years the operating margin has ranged 2.3% to 16.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 12.0%, +2.0 pp against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged 2.3%–16.0%, and FY26's 16.0% is the top of that band — a record year.

Why the margin moved: operating margin went +1.2 pp year on year while gross margin went −0.2 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Refex Industries Ltd earned ₹65.0 Cr of net profit in the Jun 26 quarter, +225.0% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹204 Cr. The 11-year compound rate is 46.8%. That is 7.1% of the quarter's revenue. The same quarter a year earlier earned ₹20.0 Cr.

Jun 26 profit was ₹65.0 Cr, +225.0% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹204 Cr (+29.1%), and the 11-year compound rate is 46.8%.

Why profit moved: revenue contributed +160.2% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +85.7% vs revenue +49.6%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −30% of Refex Industries Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹107 Cr of operating cash against ₹204 Cr of profit. After ₹−112 Cr of capital spending, ₹219 Cr was left as free cash.

FY26: operating cash of ₹107 Cr against reported profit of ₹204 Cr, leaving free cash of ₹219 Cr after ₹−112 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −30% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −30%: the cash cycle stretched 50 days between FY20 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 50 days — the next section's job is to find where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Refex Industries Ltd's cash conversion cycle runs 65 days in FY26, up from 15 days in FY20. Capital spending ran ₹124 Cr over the last 3 years. At FY26 sales of ₹2,277 Cr each day of that cycle holds about ₹6.2 Cr, so roughly ₹405 Cr sits inside the business at any moment.

FY26: debtors at 142 days, inventory at 15 days — roughly 0.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 65 days, looser than FY20's 15.

The full loop: cash goes out to suppliers and production on day 0; stock waits 15 days to sell; customers pay about 142 days after that; and suppliers themselves are paid at 92 days — netting out to the 65-day cycle.

In money terms: at FY26 sales of ₹2,277 Cr, each day of the cycle holds about ₹6.2 Cr — so the 65-day loop keeps roughly ₹405 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹124 Cr over the last 3 fiscal years against ₹44.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹18.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Refex Industries Ltd earns a ROCE of 23% in FY26. That is up from a trough of 6% in FY16. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 9.0% net margin on 0.80× asset turns.

FY26 ROCE is 23%, recovered from a FY16 trough of 6% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 9.0% net margin × 0.80× asset turns × 1.89× balance-sheet leverage ≈ 13.6% on equity. Margin does its share; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 23% on reported income across 13 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Refex Industries Ltd carries ₹225 Cr of borrowings against ₹1,504 Cr of equity in FY26, a debt-to-equity of 0.15. Operating profit covers the interest bill 10×. Over 6 years borrowings went from ₹9.0 Cr to ₹225 Cr. Capital spending ran ₹124 Cr across the last 3 of those years.

FY26: borrowings of ₹225 Cr against equity of ₹1,504 Cr — a debt-to-equity of 0.15. Operating profit covers the interest bill 10×. Over 6 years borrowings went from ₹9.0 Cr to ₹225 Cr while capital spending ran ₹124 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 23% on reported income across 13 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Refex Industries Ltd moved a full percentage point over the last two years — the register is quiet. Promoters moved −0.5 points over the same window, to 56.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −0.6 points over 8 quarters to 0.9%; Promoters: −0.5 points over 8 quarters to 56.6%; Domestic institutions: +0.4 points over 8 quarters to 0.4%.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Refex Industries Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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