Refex Industries Q2 FY27 Results: Standalone Net Profit ₹59.48 Crore on Total Income of ₹565 Crore

Earnings
Industrial services and power

Blacklitt Research28 October 20263 min read

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Refex Industries (NSE: REFEX) reported standalone total income of ₹565.41 crore and net profit of ₹59.48 crore for the quarter ended 30 Sep 2026, it said in a filing on 28 Oct 2026. The filing covers the quarter and the half year and is unaudited.

Key highlights

Standalone

The company on its own, without its subsidiaries

Total income: ₹565.41 crore, up 35.0% YoY and down 9.9% QoQ
Net profit and EPS: ₹59.48 crore, up 14.3% YoY and down 19.0% QoQ; basic EPS ₹4.34
Finance costs: ₹12.76 crore, up 105.7% YoY against ₹6.21 crore a year earlier
Discontinued operations: Loss of ₹3.64 lakh after tax on revenue of ₹0.28 lakh

Summary

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	565.41	418.85	+35.0%	627.26	-9.9%
Revenue from operations	559.51	411.05	+36.1%	619.25	-9.6%
Other income	5.90	7.79	-24.3%	8.01	-26.3%
	59.48	52.03	+14.3%	73.39	-19.0%
Profit before tax	79.46	71.35	+11.4%	98.02	-18.9%
Finance costs	12.76	6.21	+105.7%	11.02	+15.8%
Depreciation	4.12	3.78	+8.9%	4.03	+2.2%
Tax expense	19.98	19.32	+3.4%	24.63	-18.9%
Net profit margin	10.52%	12.42%	-1.90 pp	11.70%	-1.18 pp
EPS, basic (₹)	4.34	4.03	+7.7%	5.37	-19.2%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Total income grew faster than profit. Revenue from operations rose 36.1% year on year to ₹559.51 crore, while other income fell 24.3% to ₹5.90 crore. Other income is now 1.0% of total income, against 1.9% a year earlier. Net profit rose 14.3%, slower than total income, and profit before tax rose 11.4%.

Finance costs more than doubled, rising 105.7% to ₹12.76 crore, and now equal 2.3% of total income. Depreciation rose 8.9% to ₹4.12 crore. The filing does not give the reason for the rise in finance costs.

Tax expense of ₹19.98 crore is 25.1% of profit before tax of ₹79.46 crore, against 27.1% a year earlier.

The quarter is also lower than the quarter before. Net profit fell 19.0% from ₹73.39 crore and EPS fell from ₹5.37 to ₹4.34, while total income fell 9.9%. Net profit margin was 10.52%, against 12.42% a year earlier and 11.70% in the June quarter.

The filing says the Board approved discontinuing the Power Trading and Refrigerant Gases segments to focus on core businesses, both classified as discontinued operations under Ind AS 105. The loss from these operations for the quarter is ₹3.64 lakh after tax, on revenue of ₹0.28 lakh, a very small share of the reported figures.

The filing also says the Composite Scheme of Amalgamation and Arrangement involving Refex Green Mobility Limited, Refex Industries Limited and Refex Mobility Limited is pending before the NCLT, Chennai bench, with the next hearing on 28 Oct 2026. The company has classified its investment under the scheme as a non-current asset held for sale pending NCLT approval.

Refex Industries is classed under Business Services, with a market value of ₹3,055 crore at the 28 Oct 2026 close of ₹222.65 a share.

Inference

The filing says the Board approved the Power Trading and Refrigerant Gases discontinuation, and that 9,100 equity shares were allotted on ESOP exercise on 21 Aug 2026, taking paid-up capital to ₹27.45 crore. The auditors gave an unmodified limited review conclusion with an other matter paragraph on discontinued operations and the pending amalgamation.

The filing does not give the consolidated results, the reason for the fall in other income or the rise in trade receivables, or whether a dividend has been declared for FY27. The outcome of the NCLT hearing on 28 Oct 2026 is not yet known.

Reference: Original filing (PDF)

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