Refex Industries Q1 FY27 Results (NSE: REFEX)
Signal: Margin expansion
The read
Refex Industries delivered strong YoY growth with consolidated revenue up 139% and PAT up 201%, driven by execution of a strong order book in ash & coal and the ramp-up of wind energy. EBITDA margin expanded 300bps YoY to 13%, though sequentially declined from 17% in Q4FY26. The company secured ₹279 Cr in new orders, and the wind business transitioned to active execution. Standalone metrics also robust. Key near-term concern is the sequential margin dip and the large sequential revenue decline per filing, which may be a data inconsistency.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹916.31 Cr | 139.1% | -59.8% |
| EBIT | ₹113.47 Cr | 230.3% | |
| Net profit | ₹63.8 Cr | 201.4% | |
| EPS | ₹4.65 | 194.3% | |
| EBIT margin | 13% |
P&L walk
Consolidated revenue grew 139% YoY to ₹916.31 Cr; EBITDA margin expanded 300bps YoY to 13% though sequentially down 400bps; PAT surged 201% YoY to ₹63.8 Cr; EPS rose 194% to ₹4.65.
Key positives
- Consolidated revenue grew 139.1% YoY to ₹916.31 Cr
- Consolidated PAT grew 201.4% YoY to ₹63.8 Cr
- EBITDA margin expanded 300bps YoY to 13%
- Secured new orders worth ₹279 Cr in Ash & Coal business
- Wind business entered execution phase with first turbine delivery
Key concerns
- Sequential EBITDA margin contracted 400bps from Q4FY26's 17% to 13%
- Revenue sequentially declined 59.8% per filing, though inconsistent with prior quarter revenue of ₹934 Cr
- EPS growth (194.3%) slightly lagged PAT growth (201.4%), indicating minor dilution
Research and educational content only. Not investment advice.