Reported Earnings • May 29
Full year 2026 earnings released: EPS: ₹18.18 (vs ₹12.96 in FY 2025) Full year 2026 results: EPS: ₹18.18 (up from ₹12.96 in FY 2025). Revenue: ₹23.0b (down 6.7% from FY 2025). Net income: ₹2.42b (up 52% from FY 2025). Profit margin: 11% (up from 6.4% in FY 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹329, the stock trades at a trailing P/E ratio of 26.1x. Average trailing P/E is 23x in the Trade Distributors industry in India. Total returns to shareholders of 204% over the past three years. Announcement • May 20
Refex Industries Limited to Report Q4, 2026 Results on May 26, 2026 Refex Industries Limited announced that they will report Q4, 2026 results on May 26, 2026 Announcement • Jan 16
Refex Industries Limited to Report Q3, 2026 Results on Jan 21, 2026 Refex Industries Limited announced that they will report Q3, 2026 results on Jan 21, 2026 Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₹254, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 26x in the Trade Distributors industry in India. Total returns to shareholders of 387% over the past three years. Announcement • Oct 28
Refex Industries Limited to Report Q2, 2026 Results on Nov 04, 2025 Refex Industries Limited announced that they will report Q2, 2026 results on Nov 04, 2025 Announcement • Sep 12
Refex Industries Limited announced that it expects to receive INR 0.1 million in funding Refex Industries Limited has announced that it has undergo an invest by the newly wholly owned subsidiary Refex Mobility Limited incorporated on September 12, 2025. The investment consists of 10,000 fully paid-up equity shares of INR 10 each aggregating to INR 1,00,000 Announcement • Aug 06
Refex Industries Limited to Report Q1, 2026 Results on Aug 12, 2025 Refex Industries Limited announced that they will report Q1, 2026 results on Aug 12, 2025 Reported Earnings • Jun 30
Full year 2025 earnings released: EPS: ₹12.96 (vs ₹8.48 in FY 2024) Full year 2025 results: EPS: ₹12.96 (up from ₹8.48 in FY 2024). Revenue: ₹24.7b (up 78% from FY 2024). Net income: ₹1.59b (up 69% from FY 2024). Profit margin: 6.4% (down from 6.8% in FY 2024). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 172% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 20
Refex Industries Limited, Annual General Meeting, Jul 18, 2025 Refex Industries Limited, Annual General Meeting, Jul 18, 2025, at 11:30 Indian Standard Time. Reported Earnings • Apr 24
Full year 2025 earnings released: EPS: ₹12.93 (vs ₹8.48 in FY 2024) Full year 2025 results: EPS: ₹12.93 (up from ₹8.48 in FY 2024). Revenue: ₹25.2b (up 82% from FY 2024). Net income: ₹1.59b (up 69% from FY 2024). Profit margin: 6.3% (down from 6.8% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 166% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 17
Refex Industries Limited to Report Q4, 2025 Results on Apr 23, 2025 Refex Industries Limited announced that they will report Q4, 2025 results on Apr 23, 2025 Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹447, the stock trades at a trailing P/E ratio of 39.9x. Average trailing P/E is 27x in the Trade Distributors industry in India. Total returns to shareholders of 1,655% over the past three years. Announcement • Apr 07
Refex Industries Limited Appoints Tarun Arora as Chief Business Officer, Effective April 5, 2025 The Board of Directors of Refex Industries Limited has approved the appointment of Mr. Tarun Arora as Chief Business Officer in the category of `senior managerial personnel' of the Company with effect from April 5, 2025. He will be responsible for overseeing the Company's Ash & Coal Handling business. Brief profile: EDUCATION: In 2015 he did Executive MBA from S P Jain Institute of Management & Research, SPJIMR, Mumbai and in 2004 he did BE (Chemical) from Thapar Institute of Engineering & Technology, Patiala. CAREER PATH: TOTAL 20 YEARS. From December 2022 - till date, at Karam Chand Thapar & Bros. Ltd, his designation is Vice President & Head Operations and from April 2011 - December 2022, at Hindustan Zinc Ltd. & Vedanta Ltd, his designation was SBU Head, Business Head- Silver portfolio, Chief Commercial Officer. From May 2009 -April 2011 at Ramky Group, Jalandhar, he was a Manager - Environment and from May 2008 - May 2009 at Evalueserve, Gurgaon he was designated as Sr. Business Analyst, Chemicals Division. From March 2005 - May 2008 at Hindustan Zinc Ltd, he was a Graduate Engineer Trainee, Process Engineer and Plant Head. Reported Earnings • Jan 28
Third quarter 2025 earnings released: EPS: ₹3.99 (vs ₹1.53 in 3Q 2024) Third quarter 2025 results: EPS: ₹3.99 (up from ₹1.53 in 3Q 2024). Revenue: ₹7.42b (up 143% from 3Q 2024). Net income: ₹500.5m (up 196% from 3Q 2024). Profit margin: 6.7% (up from 5.5% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 159% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 21
Refex Industries Limited to Report Q3, 2025 Results on Jan 27, 2025 Refex Industries Limited announced that they will report Q3, 2025 results on Jan 27, 2025 Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹547, the stock trades at a trailing P/E ratio of 63.5x. Average trailing P/E is 38x in the Trade Distributors industry in India. Total returns to shareholders of 2,137% over the past three years. Reported Earnings • Nov 14
Second quarter 2025 earnings released: EPS: ₹2.60 (vs ₹1.94 in 2Q 2024) Second quarter 2025 results: EPS: ₹2.60 (up from ₹1.94 in 2Q 2024). Revenue: ₹5.35b (up 52% from 2Q 2024). Net income: ₹310.6m (up 45% from 2Q 2024). Profit margin: 5.8% (down from 6.1% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 169% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹574, the stock trades at a trailing P/E ratio of 67.5x. Average trailing P/E is 38x in the Trade Distributors industry in India. Total returns to shareholders of 1,835% over the past three years. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹470, the stock trades at a trailing P/E ratio of 55.3x. Average trailing P/E is 37x in the Trade Distributors industry in India. Total returns to shareholders of 1,494% over the past three years. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹314, the stock trades at a trailing P/E ratio of 37x. Average trailing P/E is 36x in the Trade Distributors industry in India. Total returns to shareholders of 953% over the past three years. Announcement • Aug 08
Refex Industries Limited, Annual General Meeting, Aug 30, 2024 Refex Industries Limited, Annual General Meeting, Aug 30, 2024, at 11:30 Indian Standard Time. Announcement • Aug 06
Refex Industries Limited announced that it expects to receive INR 10 billion in funding Refex Industries Limited announced a private placement for an aggregate amount of INR 10,000,000,000 on August 5, 2024. The company will complete the transaction in one or more tranches and in forms, modes and means, by way of private placement or preferential issue or public issue or rights issue or qualified institutional placement or through any other permissible mode and/or combination thereof, including by way of issue of equity shares/ preference shares/ bonds/ debentures/ non-convertible debt instruments/ warrants/ any other securities, subject to approval from the shareholders in the ensuing annual general meeting and other regulatory/ governmental authorities. Announcement • Jul 31
Refex Industries Limited to Report Q1, 2025 Results on Aug 05, 2024 Refex Industries Limited announced that they will report Q1, 2025 results at 12:15 PM, Indian Standard Time on Aug 05, 2024 Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹187, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 36x in the Trade Distributors industry in India. Total returns to shareholders of 545% over the past three years. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹154, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 36x in the Trade Distributors industry in India. Total returns to shareholders of 439% over the past three years. Reported Earnings • May 25
Full year 2024 earnings released: EPS: ₹8.40 (vs ₹10.78 in FY 2023) Full year 2024 results: EPS: ₹8.40 (down from ₹10.78 in FY 2023). Revenue: ₹14.0b (down 14% from FY 2023). Net income: ₹938.7m (down 19% from FY 2023). Profit margin: 6.7% (down from 7.1% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 70% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 03
Refex Industries Limited Announces Resignation of G Divya as Company Secretary and Compliance Officer, with Effect from May 31, 2024 The board of directors of Refex Industries Limited at its meeting held on May 02, 2024, Considered the resignation of Ms. G Divya, Company Secretary and Compliance Officer (Key Managerial Personnel) of the Company due to personal commitment, with effect from May 31, 2024. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹164, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 33x in the Trade Distributors industry in India. Total returns to shareholders of 479% over the past three years. Announcement • Apr 13
Refex Industries Limited announced that it has received INR 1.01796875 billion in funding from Sherisha Technologies Private Limited On April 11, 2024, Refex Industries Limited closed the transaction. New Risk • Mar 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (42% net debt to equity). Shareholders have been diluted in the past year (4.7% increase in shares outstanding). Announcement • Mar 04
Refex Industries Limited announced that it expects to receive INR 1.01796875 billion in funding from Sherisha Technologies Private Limited Refex Industries Limited announced a private placement to issue 5,000,000 common shares at an issue price of INR 125 per share for the gross proceeds of INR 625,000 and 12,575,000 warrants at an issue price of INR 31.25 for the gross proceeds of INR 392,968,750; aggregate gross proceeds of INR ?1,017,968,750? on March 2, 2024. The transaction will include participation from new investor Sherisha Technologies Private Limited. The transaction has been approved by the shareholders of the company and subject to the approval of Shareholders in the upcoming General Meeting which is to be held on March 27, 2024 and sanctions/approvals from the other regulatory/ governmental authorities, as may be required. Upcoming Dividend • Feb 13
Upcoming dividend of ₹0.50 per share at 0.2% yield Eligible shareholders must have bought the stock before 20 February 2024. Payment date: 08 March 2024. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.2%). In line with average of industry peers (0.1%). New Risk • Feb 09
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: ₹7.64 (vs ₹11.87 in 3Q 2023) Third quarter 2024 results: EPS: ₹7.64 (down from ₹11.87 in 3Q 2023). Revenue: ₹3.06b (down 20% from 3Q 2023). Net income: ₹169.0m (down 35% from 3Q 2023). Profit margin: 5.5% (down from 6.9% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 08
Refex Industries Limited Declares Interim Dividend for the Financial Year Ended March 31, 2024 Refex Industries Limited Declared Interim Dividend of INR 0.5/- (5%) per equity share of INR 10/- each for the Financial Year ended March 31, 2024 on the entire issued, subscribed and paid-up share capital of the Company of 2,21,36,278 equity shares of the nominal value of INR 10/- each. Accordingly, the amount of Interim Dividend is INR 1,10,68,139/-. The Interim Dividend will be paid/dispatched on and upto March 8, 2024 to those members whose names appear in the Register of Members of the Company and as beneficial owner in the records of the depository, as on Tuesday, February 20, 2024 ("Record date"). Board Change • Dec 12
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Additional Independent Non-Executive Director Sivaramakrishnan Vasudevan was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹625, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 26x in the Trade Distributors industry in India. Total returns to shareholders of 503% over the past three years. Announcement • Nov 30
Refex Industries Limited Announces Resignation of Krishnan Ramanathan as Non-Executive & Independent Director and Cessation as Member of Respective Committees Refex Industries Limited at its board meeting held on November 30, 2023, announced that Mr. Krishnan Ramanathan has tendered his resignation from directorship (in capacity of Non-Executive & Independent Director) of the Company with effect from November 30, 2023 due to his personal reasons. Consequently, he shall also cease to be the Member of the respective Committees of the Board of Directors of the Company. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹590, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 23x in the Trade Distributors industry in India. Total returns to shareholders of 1,185% over the past three years. Reported Earnings • Oct 21
Second quarter 2024 earnings released: EPS: ₹9.70 (vs ₹12.12 in 2Q 2023) Second quarter 2024 results: EPS: ₹9.70 (down from ₹12.12 in 2Q 2023). Revenue: ₹3.57b (up 1.1% from 2Q 2023). Net income: ₹214.4m (down 16% from 2Q 2023). Profit margin: 6.0% (down from 7.2% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has increased by 143% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 29
Refex Industries Limited Approves Dividend to the Shareholders for the Financial Year Ended March 31, 2023 Refex Industries Limited approved dividend of INR 2 per equity share to the shareholders for the financial year ended March 31, 2023 at the Annual General Meeting held on September 26, 2023. Upcoming Dividend • Sep 07
Upcoming dividend of ₹2.00 per share at 0.3% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 26 October 2023. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.3%). Higher than average of industry peers (0.1%). Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹738, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 22x in the Trade Distributors industry in India. Total returns to shareholders of 1,375% over the past three years. New Risk • Aug 06
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Shareholders have been diluted in the past year (5.3% increase in shares outstanding). Reported Earnings • Aug 04
First quarter 2024 earnings released: EPS: ₹9.62 (vs ₹6.56 in 1Q 2023) First quarter 2024 results: EPS: ₹9.62 (up from ₹6.56 in 1Q 2023). Revenue: ₹3.84b (up 45% from 1Q 2023). Net income: ₹212.7m (up 54% from 1Q 2023). Profit margin: 5.5% (up from 5.2% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has increased by 147% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 28
Refex Industries Limited to Report Q1, 2024 Results on Aug 03, 2023 Refex Industries Limited announced that they will report Q1, 2024 results on Aug 03, 2023 Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹769, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 29x in the Trade Distributors industry in India. Total returns to shareholders of 1,431% over the past three years. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹630, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 28x in the Trade Distributors industry in India. Total returns to shareholders of 1,221% over the past three years. Reported Earnings • May 20
Full year 2023 earnings released: EPS: ₹53.89 (vs ₹21.61 in FY 2022) Full year 2023 results: EPS: ₹53.89 (up from ₹21.61 in FY 2022). Revenue: ₹16.4b (up 269% from FY 2022). Net income: ₹1.16b (up 156% from FY 2022). Profit margin: 7.1% (down from 10% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 111% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 19
Refex Industries Limited Recommends Final Dividend for the Financial Year Ended March 31, 2023 Refex Industries Limited recommended a final dividend of INR 2/- (20%) per equity share of INR 10/- each for the financial year ended March 31, 2023 subject to the approval of shareholders in the ensuing Annual General Meeting. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹366, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 25x in the Trade Distributors industry in India. Total returns to shareholders of 661% over the past three years. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹262, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 20x in the Trade Distributors industry in India. Total returns to shareholders of 568% over the past three years. Reported Earnings • Feb 05
Third quarter 2023 earnings released: EPS: ₹11.87 (vs ₹3.26 in 3Q 2022) Third quarter 2023 results: EPS: ₹11.87 (up from ₹3.26 in 3Q 2022). Revenue: ₹3.80b (up 324% from 3Q 2022). Net income: ₹261.5m (up 282% from 3Q 2022). Profit margin: 6.9% (down from 7.6% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 76% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 03
Refex Industries Limited Announces Executive Changes Refex Industries Limited at its board meeting held on February 2, 2023, approved the appointment of Ms. Susmitha Siripurapu, (DIN: 09850991) as an Additional Director of the Company (Non-Executive) with effect from February 2, 2023 and appointment of Mr. Krishnan Ramanathan (DIN: 09854815) as an Additional Director of the Company (Independent) with effect from February 2, 2023 and approved the resignation of Ms. Jamuna, (DIN: 08009308) Independent Director of the Company with effect from January 31, 2023. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹290, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 26x in the Trade Distributors industry in India. Total returns to shareholders of 468% over the past three years. Announcement • Feb 01
Refex Industries Limited Announces Resignation of Directors Refex Industries Limited informed that Mr. Shailesh Rajagopalan (DIN: 01855598) has tendered resignation from Non Executive Director due to personal reason. Date of Cessation: 31st January, 2023 and Mrs. Jamuna (DIN:08009308) also tendered resignation from Independent Director due to personal reason. Date of Cessation: 31 January, 2023 Other Directorships/Memberships of Committees in listed entities. Details of Committees Audit Committee Nomination & Remuneration Committee Stakeholders Relationship Committee. Further, the Company has received confirmation from Mr. Shailesh Rajagopalan (DIN: 01855598) and Mrs. Jamuna (DIN:08009308) that there are no material reasons for their resignation other than those, mentioned in the resignation letters dated 31st January, 2023. The said confirmation received is enclosed herewith. Announcement • Jan 25
Refex Industries Limited to Report Q3, 2023 Results on Feb 02, 2023 Refex Industries Limited announced that they will report Q3, 2023 results on Feb 02, 2023 Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 17% share price gain to ₹278, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 24x in the Trade Distributors industry in India. Total returns to shareholders of 442% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 16% share price gain to ₹248, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 23x in the Trade Distributors industry in India. Total returns to shareholders of 299% over the past three years. Reported Earnings • Nov 12
Second quarter 2023 earnings released: EPS: ₹12.12 (vs ₹3.57 in 2Q 2022) Second quarter 2023 results: EPS: ₹12.12 (up from ₹3.57 in 2Q 2022). Revenue: ₹3.53b (up 276% from 2Q 2022). Net income: ₹254.5m (up 240% from 2Q 2022). Profit margin: 7.2% (down from 8.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 55% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improved over the past week After last week's 30% share price gain to ₹205, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 22x in the Trade Distributors industry in India. Total returns to shareholders of 299% over the past three years. Announcement • Oct 01
Refex Industries Limited Appoints G. Divya as Company Secretary and Compliance Officer Refex Industries Limited at its board meeting held on 30 September 2022 appointed of Ms. G. Divya (Membership Number: A37320), Member of the Institute of Company Secretaries of India, to be the Company Secretary and the Compliance Officer of the Company w.e.f. 30 September, 2022 pursuant to Section 203 of the Companies Act, 2013 and Regulation 6 (1) of the Securities Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015. Ms. G Divya (A37320) is a Qualified Company Secretary with the 8+ Years post qualification experience. Ms G Divya is a Commerce graduate and a Member of Institute of Company Secretaries of India, she ishaving hands on experience on the Corporate Secretarial Functions, Listed Company Compliance, Public Issues (FPO) and the takeover transactions. Announcement • Sep 30
Refex Industries Limited Announces Resignation of S Gopalakrishnan as Company Secretary and Compliance Officer Refex Industries Limited informed that Mr. S Gopalakrishnan has resigned from the position of the Company Secretary and Compliance Officer of the Company due to personal reasons and is relieved from the duties of the Company with effect from September 29, 2022. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 21% share price gain to ₹177, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 23x in the Trade Distributors industry in India. Total returns to shareholders of 135% over the past three years. Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: ₹6.56 (vs ₹3.36 in 1Q 2022) First quarter 2023 results: EPS: ₹6.56 (up from ₹3.36 in 1Q 2022). Revenue: ₹2.67b (up 221% from 1Q 2022). Net income: ₹137.9m (up 96% from 1Q 2022). Profit margin: 5.2% (down from 8.5% in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • Jul 30
Refex Industries Limited to Report Q1, 2023 Results on Aug 05, 2022 Refex Industries Limited announced that they will report Q1, 2023 results on Aug 05, 2022 Recent Insider Transactions • Jan 26
Executive Chairman & MD recently bought ₹3.3m worth of stock On the 24th of January, T. Jain bought around 26k shares on-market at roughly ₹125 per share. This was the largest purchase by an insider in the last 3 months. This was T.'s only on-market trade for the last 12 months. Reported Earnings • Jan 25
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹3.26 (down from ₹5.74 in 3Q 2021). Revenue: ₹897.2m (down 38% from 3Q 2021). Net income: ₹68.4m (down 43% from 3Q 2021). Profit margin: 7.6% (down from 8.3% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 78% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improved over the past week After last week's 16% share price gain to ₹141, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 23x in the Trade Distributors industry in India. Total returns to shareholders of 623% over the past three years. Reported Earnings • Oct 29
Second quarter 2022 earnings released: EPS ₹3.57 (vs ₹7.62 in 2Q 2021) The company reported a soft second quarter result with weaker earnings and revenues, although profit margins were improved. Second quarter 2022 results: Revenue: ₹954.6m (down 63% from 2Q 2021). Net income: ₹74.9m (down 53% from 2Q 2021). Profit margin: 7.8% (up from 6.2% in 2Q 2021). The increase in margin was driven by lower expenses. Upcoming Dividend • Sep 09
Upcoming dividend of ₹0.50 per share Eligible shareholders must have bought the stock before 16 September 2021. Payment date: 30 October 2021. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.1%). Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improved over the past week After last week's 21% share price gain to ₹154, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 27x in the Trade Distributors industry in India. Total returns to shareholders of 883% over the past three years. Reported Earnings • Aug 11
First quarter 2022 earnings released: EPS ₹3.36 (vs ₹3.42 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹833.7m (up 6.8% from 1Q 2021). Net income: ₹70.5m (up 33% from 1Q 2021). Profit margin: 8.5% (up from 6.8% in 1Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Jul 04
Full year 2021 earnings released: EPS ₹21.73 (vs ₹21.37 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: ₹6.37b (down 3.6% from FY 2020). Net income: ₹409.4m (up 24% from FY 2020). Profit margin: 6.4% (up from 5.0% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 125% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improved over the past week After last week's 15% share price gain to ₹155, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 25x in the Trade Distributors industry in India. Total returns to shareholders of 1,006% over the past three years. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improved over the past week After last week's 42% share price gain to ₹147, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 22x in the Trade Distributors industry in India. Total returns to shareholders of 885% over the past three years. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improved over the past week After last week's 19% share price gain to ₹94.75, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 23x in the Trade Distributors industry in India. Total returns to shareholders of 486% over the past three years. Is New 90 Day High Low • Mar 15
New 90-day low: ₹86.15 The company is down 19% from a price of ₹107 on 15 December 2020. Underperformed the Indian market, which is up 14% over the last 90 days. Lagged the Trade Distributors industry, which is up 79% over the same period. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ₹89.70, the stock is trading at a trailing P/E ratio of 6.1x, down from the previous P/E ratio of 7.6x. This compares to an average P/E of 29x in the Trade Distributors industry in India. Total returns to shareholders over the past three years are 406%. Announcement • Feb 03
Refex Industries Limited to Report Q3, 2021 Results on Feb 12, 2021 Refex Industries Limited announced that they will report Q3, 2021 results on Feb 12, 2021 Upcoming Dividend • Jan 04
Upcoming Dividend of ₹1.00 Per Share Will be paid on the 28th of January to those who are registered shareholders by the 11th of January. The trailing yield of 2.1% is in the top quartile of Indian dividend payers (1.9%), and it is higher than industry peers (0.2%). Announcement • Dec 30
Refex Industries Limited Announces Board Appointments Refex Industries Limited announced that the Board, at their meeting held on December 29, 2020, approved the appointment of additional directors: Director and Mr. Ramesh Dugar (DIN: 01686047) as an Independent Director as required under Regulation 17 (1) (C) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Profile of each Directors has been enclosed as required under Part A of Schedule III of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. T. Ramesh Dugar is currently an active director in Dugar Finance & Investments Ltd, Kiwi Entertainment Vistas Ltd, Goodworth Properties Pvt Ltd. and also a partner in Dugar Infrastructures. Announcement • Dec 10
Refex Industries Limited, Annual General Meeting, Dec 29, 2020 Refex Industries Limited, Annual General Meeting, Dec 29, 2020, at 11:30 Indian Standard Time. 
