Refex Industries Ltd.Q2 revenue +36%, H1 PAT +55%, wind order near, RMC launched

Refex Industries' Q2 FY27 call, held on 29 October 2026, reported standalone revenue from continuing operations of ₹560 crore, up 36%, EBITDA of ₹91 crore, up 22%, at a 16% margin, and profit after tax of ₹60 crore, up 13%, in a quarter hit by monsoon.

First-half revenue was ₹1,179 crore, up 55%, and profit after tax ₹133 crore, up 55%. The wind turbine business earned ₹201 crore of revenue and ₹11.32 crore of EBITDA, and a large new order is in final price negotiation to close in 30 to 45 days. The company launched ready-mix concrete on an asset-light model, with a first Pune plant and plans for five more cities. Green mobility turned EBITDA positive, with the NCLT hearing on its demerger adjourned to 11 November.

Management kept ash and coal revenue growth guidance at 20% to 25%, a 15% to 18% standalone EBITDA margin, and ₹1,300 crore to ₹1,400 crore of wind revenue in FY27, and said a ₹400 crore to ₹450 crore secondary promoter pledge will be released within three to five months.