Refex Industries Q1FY27: consolidated PAT surges 217% YoY to ₹64.6 Cr, softer QoQ

Refex Industries' consolidated Q1 FY27 (Apr-Jun 2026) revenue from continuing operations rose 160.4% YoY to ₹916.31 Cr (₹351.86 Cr a year ago), led by the newly-scaled Windpower segment (₹297.05 Cr vs ₹0.76 Cr YoY, on execution of the ₹1,500 Cr wind order book management flagged last quarter) and continued strength in the core Ash & Coal Handling business (segment revenue ₹610.50 Cr, +75.9% YoY). On a like-for-like basis including the now-discontinued Green Mobility/Power Trading/Refrigerant Gas units, total group revenue grew a still-strong 147.3% YoY. Consolidated net profit for the period (before non-controlling interests) was ₹64.55 Cr, up 216.9% YoY from ₹20.37 Cr; the owners-attributable slice — the figure most commonly cited externally — was ₹63.80 Cr (+201.3% YoY). Standalone PAT, the company's own headline number, was ₹73.39 Cr, up 76.4% on standalone revenue growth to ₹619.25 Cr. Sequentially both bases pulled back: consolidated PAT fell 31.6% QoQ (owners-basis -29.7%) from Q4 FY26's ₹94.45 Cr, and standalone PAT fell 21.9% QoQ.

The YoY margin story is expansion — consolidated NPM rose to 6.95% from 5.62% a year ago — but QoQ it compressed sharply from 10.07% in Q4 FY26, and that pullback looks largely seasonal rather than a deterioration: Ash & Coal Handling, whose volumes track thermal-plant coal offtake and tends to run lighter in the June quarter, saw segment EBIT drop 20.9% QoQ to ₹111.47 Cr even as it grew 172.8% YoY. The Windpower segment, despite its revenue leap, posted a near-breakeven EBIT of -₹0.34 Cr this quarter versus a positive ₹16.89 Cr in Q4 FY26 — order-book execution is showing up in the top line but hasn't yet turned into segment profit. Discontinued operations (Green Mobility, Power Trading, Refrigerant Gas) added a further ₹9.98 Cr net loss this quarter versus ₹8.85 Cr a year ago, a modest incremental drag on the consolidated bottom line.

The stock went into the print at ₹302.8, down 16.9% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters.

Management's FY26-Q4 concall guided to continued Ash & Coal Handling growth "mirroring FY26" and confident execution of the ₹1,500 Cr wind order book — this print bears both out directionally, though wind's profit contribution remains unproven; no specific numeric revenue target was given, so this reads as guidance met rather than a quantified beat. No brokerage consensus or pre-result Street estimate for this print turned up in search, so vsStreet is unknown. No standalone management press-release commentary on this result was available for review. Corporately, the company closed a ₹22.75 Cr ash-transportation contract on July 30 (after quarter-end), and the Refex Green Mobility/Refex Mobility demerger — guided in May to complete "within 90 days" — remains in process: Chennai NCLT ordered a shareholders'/creditors' meeting for August 5, 2026, so the scheme has not yet closed on the original informal timeline. Separately, ₹13.07 Cr of application money on lapsed convertible warrants was forfeited during the quarter (Note 7); this sits on the equity side and the filing shows zero exceptional item in the P&L, so it should not be read as having inflated this quarter's profit.