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Employees: 534
Size Refex Industries (REFEX.NS) is an India Materials company (Coal) with a market value of $329M, the 1017th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹226.25 on 6 Nov 2026.
Performance Over six months the shares fell 14.5%, against -0.4% for the median peer and 0.0% for the India market (cap-weighted) — 6th lowest of 19 in its peer set.
Growth Revenue grew 47.9% over the last twelve months (peer median +11.9%); the operating margin is 13.7% (peer median 7.1%).
Valuation It trades at 0.9× enterprise value to sales against a peer median of 1.7× (4th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +29%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.0 points above its cost of capital (20.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹31.9B | ₹22.8B | ₹22.6B | ₹13.8B | ₹16.3B |
| Revenue growth | — | +1% | +63% | -15% | — |
| Gross profit | ₹4.95B | ₹3.76B | ₹2.27B | ₹1.59B | ₹1.86B |
| EBITDA | ₹4.58B | ₹3.70B | ₹2.14B | ₹1.54B | ₹1.75B |
| Net income | ₹2.59B | ₹2.03B | ₹1.59B | ₹939M | ₹1.16B |
| Free cash flow | n/a | ₹191M | -₹4.18B | -₹343M | -₹548M |
| Capital expenditure | n/a | ₹605M | ₹1.65B | ₹456M | ₹720M |
| Total debt | ₹2.86B | ₹2.25B | ₹2.86B | ₹2.15B | ₹1.49B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | REFEX.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.1% | -7.3% | 2nd lowest of 21 |
| 6-month return | -14.5% | -0.4% | 6th lowest of 19 |
| Distance from 52-week high | -40.8% | -30.5% | 3rd lowest of 21 |
| Revenue growth (TTM) | +47.9% | +11.9% | 3rd highest of 20 |
| Operating margin | 13.7% | 7.1% | 4th highest of 20 |
| EV / Sales | 0.9× | 1.7× | 4th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 15.8% | 19.4% | 3rd least demanding of 7 |
| Growth delivered (Del g) | +29.2% | +14.1% | highest of 7 |
| Hurdle (Req g minus delivered) | -13.4 pp | +1.8 pp | least demanding of 7 |
| ROIC minus cost of capital | +3.0 pp | -3.5 pp | 5th highest of 19 |
| EV / EBITDA | 6.4× | 13.3× | 2nd cheapest of 14 |
| Net debt / EBITDA | -0.4× | 0.7× | 5th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Refex Industries REFEX.NS | India | $329M | -14% | +48% | 14% | 0.9× | 15.8% | +29.2% |
| Ratnaveer Precision Engineering RATNAVEER.NS | India | $325M | +106% | +21% | 8% | 2.4× | n/a | n/a |
| Jindal Poly Films JINDALPOLY.NS | India | $324M | -4% | -58% | -35% | 1.4× | n/a | n/a |
| A-One Steels India AONESTEELS.NS | India | $323M | n/a | n/a | n/a | n/a | n/a | n/a |
| National Fertilizers NFL.NS | India | $321M | -21% | +23% | 3% | 0.1× | n/a | n/a |
| Trualt Bioenergy TRUALT.NS | India | $320M | -26% | -5% | 14% | 1.7× | n/a | n/a |
| Pondy Oxides & Chemicals POCL.NS | India | $317M | -32% | +49% | 6% | 0.9× | n/a | n/a |
| Welspun Specialty Solutions WELSPLSOL.NS | India | $316M | +5% | +5% | 3% | 3.3× | n/a | n/a |
| Mayur Uniquoters MAYURUNIQ.NS | India | $344M | +23% | +16% | 22% | 3.2× | 14.8% | +13.6% |
| JTL Industries JTLIND.NS | India | $314M | -8% | +16% | 7% | 1.3× | n/a | n/a |
| Styrenix Performance Materials STYRENIX.NS | India | $345M | -20% | +10% | 9% | 1.0× | 17.4% | +16.1% |
| Kiri Industries KIRIINDUS.NS | India | $345M | +16% | +11% | -25% | 3.4× | n/a | n/a |
| Sangam (India) SANGAMIND.NS | India | $310M | +10% | +12% | 9% | 0.9× | n/a | n/a |
| Chemplast Sanmar CHEMPLASTS.NS | India | $353M | -9% | +5% | -3% | 1.0× | n/a | n/a |
| Jubilant Agri and Consumer Products JUBLCPL.NS | India | $302M | +3% | +20% | 9% | 1.4× | 24.3% | +23.6% |
| John Cockerill India COCKERILL.NS | India | $358M | +23% | +174% | -1% | 3.6× | 21.5% | +0.4% |
| Caliber Mining and Logistics CMLL.NS | India | $359M | n/a | +17% | 18% | 2.0× | n/a | n/a |
| Grauer & Weil India GRAUWEIL.NS | India | $367M | +9% | +10% | 13% | 2.8× | 29.0% | +14.6% |
| Vardhman Special Steels VSSL.NS | India | $371M | +31% | +15% | 11% | 1.8× | n/a | n/a |
| NACL Industries NACLIND.NS | India | $290M | -35% | +12% | 5% | 1.8× | n/a | n/a |
| Polyplex POLYPLEX.NS | India | $290M | -7% | +10% | 4% | 0.4× | 9.9% | +7.6% |