Refex Industries Limited Q3 FY26 Results

Q3 FY26 marked a strong sequential recovery in our core Ash and Coal Handling business, driven by improved site accessibility and the normalization of operations following the extended monsoon impact in the first half of the year. Total income from continuing operations rose to INR 590 crore during the quarter, reflecting a 38% quarter-on-quarter growth, supported by a significant ramp-up in ash and coal volumes handled across our sites. The increase in operating throughput translated into improved profitability, with EBITDA rising to INR 93.91 crore and profit after tax increasing to INR 66.91 crore for the quarter. In line with our continued focus on disciplined execution, cost efficiency, and prudent capital allocation, the Company has taken a strategic decision to exit the Power Trading and Refrigerant Gas businesses, enabling sharper focus on higher-return core operations. With multiple new ash handling projects commencing and site activity stabilising across locations, we believe the Company is well positioned to sustain operational momentum in the coming quarters, while continuing to deploy capital toward businesses with stronger long-term return potential.