Refex wins ₹31 crore ash transport contract from a Maharatna PSU

Order win
Logistics

Blacklitt Research21 October 20262 min read

Refex (NSE: REFEX) received a slab-wise rate contract for ash transportation to road construction sites from a Maharatna PSU under the Ministry of Power, with a cumulative maximum award value of ₹31.445 crore including GST, it said in a filing on 21 Oct 2026. The company had a market value of about ₹3,282 crore when its shares closed at ₹239.15 on 21 Oct 2026.

Key highlights

Cumulative maximum award value of ₹31.445 crore including GST
Validity of one year, extendable by six months
Q1 FY27 consolidated revenue of ₹928.66 crore and net profit of ₹64.55 crore
Domestic award, with no promoter or group interest in the awarding entity

The contract in numbers

Item	Detail
Awarded by	A Maharatna public sector undertaking under the Ministry of Power
Scope	Ash transportation to construction sites of road projects for NHAI, other central or state road departments and PMGSY
Value	Cumulative maximum award value of ₹31,44,50,000 (₹31.445 crore), including GST
Duration	One year, extendable by six months
Domestic or export	Domestic
Related party	No; the filing says promoters and group companies have no interest in the awarding entity

Scope of the rate contract

The filing describes the award as a slab-wise rate contract for ash transportation to construction sites of road projects. The work covers projects of NHAI, other central or state government road departments and authorities, and PMGSY. The filing does not define slab-wise rates, and it states a maximum award value rather than expected volumes or rates, so this article does not estimate what will be billed under the contract.

Refex's recent results and filings

Consolidated revenue for Q1 FY27 was ₹928.66 crore and net profit was ₹64.55 crore, against ₹938.10 crore and ₹94.45 crore in Q4 FY26. On 14 Oct 2026, the exchange received two disclosures from the company on promoter encumbrance of shares (pledges or other charges over shares) under SEBI's takeover regulations. This award filing does not mention them.

What the contract means for shareholders

For shareholders, the award adds a road transport contract with a government-linked buyer, with a maximum value of ₹31.445 crore against a market value of about ₹3,282 crore on 21 Oct 2026. The contract is valid for one year, and the filing gives no start date for that period. The next step the filing sets is a possible six-month extension at the end of the first year.

Reference: Original filing (PDF)

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