Refex Renewables & Infrastructure Limited

Technology — Semiconductors · BSE

₹357.95₹0.00 (0.00%)

DalalBaazaar Score

16 / 100

🔴 Poor

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, short-term liabilities exceed short-term assets, the company is currently loss-making.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth, though profits are falling even as sales grow. Solvency — whether it can keep funding itself at all — is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:57 pm

Understanding the Business

Company site ↗

The 60-second version of Refex Renewables & Infrastructure Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Refex Renewables & Infrastructure Limited, together with its subsidiaries, operates as a renewable and green energy company in India. The company operates through the EPC-Commercial and Industrial (C&I), Compressed Bio-Gas, and Others segments.

IndustrySemiconductors

SectorTechnology

Employees70

Annual revenue₹66 Cr

How does it make money?

Turns over ₹66 Cr a year. Of every ₹100 of sales, about ₹-63 reaches shareholders as profit, with ₹47 left at the operating level before interest, tax and depreciation. Each of its 70 employees supports ₹95.0 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹95.0 lakh

Who are its competitors?

The closest listed comparisons in its industry are TATA CONSULTANCY SERV LT, INFOSYS LIMITED, HCL TECHNOLOGIES LTD, WIPRO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 3.1% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE32.0%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -13% while net margin moved +107% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-13%

Margin effect+107%

DalalBaazaar Score

16/ 100

Poor

Weighted across six categories. Every point is explained below.

✗ Shareholders' equity is negative — accumulated losses exceed the capital in the business

Quality vs. Valuation

Company Quality

15/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

30/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

Multiples unreliable — equity base is negative

EV/EBITDA

19.2x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from 30.5% to 47.3% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

5 items require attention · 3 high · 2 watch

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🔴Thin interest coverageFinancial
Operating profit covers interest only 0.3x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹42 Cr in the latest reported year.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 0.5x to 0.3x.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.30 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 30.5% to 47.3%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

Solvency comes before everything else
Liabilities exceed assets. Until net worth is rebuilt, the equity is a claim on a business that owes more than it owns, and further losses or a funding squeeze can leave shareholders with nothing.
The debt load needs earnings to hold up
Debt is 14.3x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 45%✓ 47.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 14.3x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Interest cover stays above 3x✗ 0.3x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹10 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

5 / 10 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

2 good · 4 neutral · 5 weak

Market Cap

₹161 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹-85.35

Loss-making

Negative earnings per share — the business is losing money

ROE

Not meaningful

Negative equity

Return on equity can't be read when equity itself is negative

ROCE

3.1%

Distorted

Distorted by the negative net worth — read this alongside the solvency flag, not on its own

Debt/Equity

Not meaningful

Negative equity

Shareholders' equity is negative, so this ratio can't be read

Revenue Growth (YoY)

32.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-15.7%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹10 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

30.7%

Good

Healthy core-business profitability

Net Margin

-52.2%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.30

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.37

Defensive

Steadier than the market

52W Range Position

26%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

352.4 / 341.6

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

100.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹77 Cr	₹76 Cr	₹68 Cr	₹66 Cr	-4.6%
EBITDA	₹23 Cr	₹40 Cr	₹37 Cr	₹31 Cr	+10.3%
EBITDA Margin	30.5%	52.1%	54.8%	47.3%	—
PAT (Net Profit)	-₹23 Cr	-₹25 Cr	-₹36 Cr	-₹42 Cr	—
EPS	₹-52.07	₹-76.42	₹-80.86	₹-93.47	—
ROE	-62.2%	-181.9%	—	—	—
ROCE	1.4%	7.7%	4.5%	3.1%	—
Total Debt	₹444 Cr	₹384 Cr	₹473 Cr	₹449 Cr	+0.4%
Free Cash Flow	-₹127 Cr	₹105 Cr	₹14 Cr	₹10 Cr	—

🔴 Revenue has shrunk at 4.6% a year over 3 years.

🟢 EBITDA has grown at 10.3% a year over 3 years.

🟢 EBITDA Margin has risen from 30.5% to 47.3% over 3 years (+16.7 pts).

🟢 ROCE has risen from 1.4% to 3.1% over 3 years (+1.7 pts).

🟡 Total Debt has been broadly flat over 3 years (0.4% a year).

🟢 Free Cash Flow has turned positive, from -₹127 Cr to ₹10 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹517 Cr

Total Liabilities

₹599 Cr

Cash & Equivalents

₹6 Cr

Operating Cash Flow

₹16 Cr

Capex

-₹6 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

77.6%

Peer Comparison

Company	P/E	ROE
TATA CONSULTANCY SERV LT	17.3x	45.6%
INFOSYS LIMITED	15.8x	32.0%
HCL TECHNOLOGIES LTD	20.4x	24.6%
WIPRO LTD	14.5x	15.9%

Recent News

1 negative5 general

Refex Renewables approves ₹16.2 crore preferential issue to FPI

scanx.trade, 17 Oct

Refex Renewables & Infrastructure Upper Circuit Today

Univest, 12 Oct

Refex Holding acquires 30.94% stake in Refex Renewables via inter-se transfer

scanx.trade, 14 Aug

Godrej Properties consolidated net profit declines 41.66% in the June 2026 quarter

Business Standard, 04 AugResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Refex Renewables & Infrastructure Ltd

Equitypandit, 10 Mar

Refex Renewables & Infrastruct Share Price - Live REFEXRENEW Stock Price & Chart

Upstox, 25 Mar

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

WeakBusiness Quality · Financial Health · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

Avoid until solvency is resolved

Refex Renewables & Infrastructure Limited owes more than it owns. Whatever the operating numbers show, the equity is a residual claim on a business with negative net worth, and that question has to be settled before any of the rest is worth weighing. 3 high-severity red flags sit above this conclusion and should be read first.

2 of 4 tripwires tripped — Debt / EBITDA falls below 3x; Interest cover stays above 3x · see Key things to watch ↑