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Last Updated: April 2, 2026, 3:34 am
Author: Getaka|Social: XLinkedIn

Refex Industries Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹227.08Undervalued by 11.86%vs CMP ₹203.00

P/E (13.2) × ROE (22.0%) × BV (₹97.50) × DY (0.25%)

₹231.66Undervalued by 14.12%vs CMP ₹203.00
MoS: +12.4% (Thin)Confidence: 48/100 (Moderate)Models: 3 Under, 1 Fair, 5 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹294.5723%Under (+45.1%)
Graham NumberEarnings₹186.5917%Fair (-8.1%)
Earnings PowerEarnings₹64.4711%Over (-68.2%)
DCFCash Flow₹362.6411%Under (+78.6%)
Net Asset ValueAssets₹97.707%Over (-51.9%)
EV/EBITDAEnterprise₹120.659%Over (-40.6%)
Earnings YieldEarnings₹158.707%Over (-21.8%)
ROCE CapitalReturns₹561.239%Under (+176.5%)
Revenue MultipleRevenue₹88.796%Over (-56.3%)
Consensus (9 models)₹231.66100%Undervalued
Key Drivers: EPS CAGR 29.7% lifts DCF — verify sustainability. | Wide model spread (₹64–₹561) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 29.7%

*Investments are subject to market risks

Investment Snapshot

76
Refex Industries Ltd scores 76/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health92/100 · Strong
ROCE 25.3% ExcellentROE 22.0% ExcellentD/E 0.02 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money70/100 · Strong
FII holding up 0.03% (6mo) Slight increasePromoter increased by 2.47% Positive
Earnings Quality50/100 · Moderate
OPM stable around 10% Steady
Quarterly Momentum68/100 · Strong
Revenue (4Q): -4% YoY FlatProfit (4Q): +24% YoY PositiveOPM: 16.0% (up 8.0% YoY) Margin expansion
Industry Rank100/100 · Strong
P/E 13.2 vs industry 67.0 Cheaper than peersROCE 25.3% vs industry 14.9% Above peersROE 22.0% vs industry 13.4% Above peers3Y sales CAGR: 76% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:34 am

Market Cap 2,778 Cr.
Current Price 203
Intrinsic Value₹231.66
High / Low 534/188
Stock P/E13.2
Book Value 97.5
Dividend Yield0.25 %
ROCE25.3 %
ROE22.0 %
Face Value 2.00
PEG Ratio0.44

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Refex Industries Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Refex Industries Ltd 2,778 Cr. 203 534/18813.2 97.50.25 %25.3 %22.0 % 2.00
Linde India Ltd 59,713 Cr. 7,002 7,870/5,202102 4630.06 %16.9 %12.3 % 10.0
Bhagawati Oxygen Ltd 8.32 Cr. 36.0 67.0/33.659.4 17.50.00 %6.68 %10.6 % 10.0
Gagan Gases Ltd 10.3 Cr. 22.7 37.7/17.693.3 7.170.00 %10.6 %8.49 % 10.0
Industry Average31,245.50 Cr1,815.9366.98146.290.08%14.87%13.35%8.00

All Competitor Stocks of Refex Industries Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 380630381350302337585428686611365411576
Expenses 341557345315268294533385633548325337481
Operating Profit 40743735344452435364407495
OPM % 10%12%10%10%11%13%9%10%8%10%11%18%16%
Other Income 12253821225161176
Interest 4666774455668
Depreciation 2222222233444
Profit before tax 36683032274348497172417289
Tax % 26%25%26%27%28%16%25%23%17%21%20%27%25%
Net Profit 26512223203636375957335267
EPS in Rs 2.374.591.992.121.793.093.113.094.584.422.554.024.88

Last Updated: February 4, 2026, 10:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 2:46 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 25857838774616616334441,6291,3712,4301,963
Expenses 22797536754336095653831,4541,2222,2141,691
Operating Profit 2632228516861175149216273
OPM % 10%7%3%6%2%6%8%11%14%11%11%9%14%
Other Income 300222-14188185241
Interest 201310191319261825
Depreciation 221111156791115
Profit before tax 1301229485861156132241274
Tax % 0%0%-1,613%13%46%-10%31%29%26%26%23%21%
Net Profit 1350132334145116101189209
EPS in Rs 0.110.290.510.040.093.013.163.904.3210.508.7314.6615.87
Dividend Payout % 0%0%0%0%0%0%0%8%0%4%6%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)200.00%66.67%-100.00%3100.00%3.12%24.24%9.76%157.78%-12.93%87.13%
Change in YoY Net Profit Growth (%)0.00%-133.33%-166.67%3200.00%-3096.88%21.12%-14.49%148.02%-170.71%100.06%

Refex Industries Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:40%
5 Years:30%
3 Years:76%
TTM:40%
Compounded Profit Growth
10 Years:51%
5 Years:39%
3 Years:75%
TTM:63%
Stock Price CAGR
10 Years:72%
5 Years:109%
3 Years:133%
1 Year:-8%
Return on Equity
10 Years:30%
5 Years:27%
3 Years:27%
Last Year:22%

Last Updated: September 5, 2025, 1:00 pm

Balance Sheet

Last Updated: January 7, 2026, 4:18 pm

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 15151515151515212122232626
Reserves -14-11-6-5-427601191632924501,2241,311
Borrowings 119373541097485149161158165
Other Liabilities 235671154511553128112288114272292
Total Liabilities 357011860981591383413817527481,6811,793
Fixed Assets 171615151415228785147144199191
CWIP 0000000003968
Investments 000000074747481114145
Other Assets 175410345831431161812225285141,3621,449
Total Assets 357011860981591383413817527481,6811,793

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 9-2-254-44412123-142810-262
Cash from Investing Activity + 134-2-0105-122-5-78-30-74
Cash from Financing Activity + -21-226-34-411-526043568
Net Cash Flow 0-1-01-0317-4-171023231
Free Cash Flow 21-3-254-54212118-20-43-2-325
CFO/OP 362%-43%-931%190%-246%179%47%182%-23%25%22%-92%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-9.00-3.00-34.00-33.00-39.0028.0042.00-6.00-24.0026.00-12.0058.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 6521537687173694054965581101
Inventory Days 1744722337248332
Days Payable 32128138215626492277079492137
Cash Conversion Cycle -82-631-47-57-1515-122486366
Working Capital Days -273-34-402551599201470417499
ROCE %15%24%6%7%6%61%85%45%25%48%29%25%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 52.70%52.70%53.33%53.27%55.28%55.28%57.12%53.49%53.37%53.33%53.33%55.80%
FIIs 0.07%0.68%0.41%0.20%0.22%0.20%1.53%1.76%2.00%1.86%1.71%2.03%
DIIs 0.00%0.15%0.10%0.00%0.00%0.00%0.00%0.00%0.11%0.16%0.15%0.16%
Public 47.23%46.47%46.17%46.53%44.50%44.51%41.35%44.75%44.51%44.65%44.81%42.01%
No. of Shareholders 28,34033,61239,56842,58948,72957,63981,30281,85781,73985,42989,56897,015

Shareholding Pattern Chart

No. of Shareholders

Refex Industries Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 21Mar 20
FaceValue 2.002.0010.0010.0010.00
Basic EPS (Rs.) 12.938.4053.8921.7321.37
Diluted EPS (Rs.) 12.388.3653.8421.7321.37
Cash EPS (Rs.) 14.789.2155.6222.0122.31
Book Value[Excl.RevalReserv]/Share (Rs.) 81.9340.25142.2166.4548.98
Book Value[Incl.RevalReserv]/Share (Rs.) 81.9340.25142.2166.4548.98
Revenue From Operations / Share (Rs.) 191.02119.54736.94301.24426.97
PBDIT / Share (Rs.) 20.1414.2182.7534.3436.27
PBIT / Share (Rs.) 17.6213.0479.6331.8235.37
PBT / Share (Rs.) 15.4810.4970.7427.5531.03
Net Profit / Share (Rs.) 12.268.0452.5019.4921.41
NP After MI And SOA / Share (Rs.) 12.298.1152.5019.4921.41
PBDIT Margin (%) 10.5411.8811.2211.398.49
PBIT Margin (%) 9.2210.9010.8010.568.28
PBT Margin (%) 8.108.779.599.147.26
Net Profit Margin (%) 6.416.727.126.475.01
NP After MI And SOA Margin (%) 6.436.787.126.475.01
Return on Networth / Equity (%) 15.0020.1636.9129.3343.70
Return on Capital Employeed (%) 16.2224.9641.8831.4761.36
Return On Assets (%) 8.8211.7615.4211.9924.01
Long Term Debt / Equity (X) 0.080.110.120.000.00
Total Debt / Equity (X) 0.160.250.260.000.02
Asset Turnover Ratio (%) 1.901.780.002.644.46
Current Ratio (X) 3.492.591.591.322.24
Quick Ratio (X) 3.472.551.551.282.18
Inventory Turnover Ratio (X) 336.97153.270.0047.6080.69
Dividend Payout Ratio (NP) (%) 0.005.880.005.130.00
Dividend Payout Ratio (CP) (%) 0.005.140.004.540.00
Earning Retention Ratio (%) 0.0094.120.0094.870.00
Cash Earning Retention Ratio (%) 0.0094.860.0095.460.00
Interest Coverage Ratio (X) 9.395.609.428.0461.97
Interest Coverage Ratio (Post Tax) (X) 6.724.176.995.5643.99
Enterprise Value (Cr.) 4698.881642.00596.42180.0732.99
EV / Net Operating Revenue (X) 1.901.190.360.280.04
EV / EBITDA (X) 18.069.993.262.500.58
MarketCap / Net Operating Revenue (X) 1.981.130.320.310.07
Retention Ratios (%) 0.0094.110.0094.860.00
Price / BV (X) 4.613.351.671.410.68
Price / Net Operating Revenue (X) 1.981.130.320.310.07
EarningsYield 0.030.060.220.200.63

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Refex Industries Ltd. is a Public Limited Listed company incorporated on 13/09/2002 and has its registered office in the State of Tamil Nadu, India. Company's Corporate Identification Number(CIN) is L45200TN2002PLC049601 and registration number is 049601. Currently Company is involved in the business activities of Wholesale of solid, liquid and gaseous fuels and related products. Company's Total Operating Revenue is Rs. 2430.02 Cr. and Equity Capital is Rs. 25.84 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Industrial Gases2nd Floor, Refex Towers, Sterling Road Signal, 313, Valluvar Kottam High Road, Chennai (Madras) Tamil Nadu 600034Contact not found
Management
NamePosition Held
Mr. Anil JainChairman & Managing Director
Mr. Dinesh Kumar AgarwalWholeTime Director & CFO
Ms. Susmitha SiripurapuNon Executive Director
Mr. Ramesh DugarIndependent Director
Mr. Sivaramakrishnan VasudevanIndependent Director
Ms. Latha VenkateshIndependent Director
Dr. Vineet KothariIndependent Director

FAQ

What is the intrinsic value of Refex Industries Ltd and is it undervalued?

As of 11 April 2026, Refex Industries Ltd's intrinsic value is ₹231.66, which is 14.12% higher than the current market price of ₹203.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (22.0 %), book value (₹97.5), dividend yield (0.25 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Refex Industries Ltd?

Refex Industries Ltd is trading at ₹203.00 as of 11 April 2026, with a FY2026-2027 high of ₹534 and low of ₹188. The stock is currently near its 52-week low. Market cap stands at ₹2,778 Cr..

How does Refex Industries Ltd's P/E ratio compare to its industry?

Refex Industries Ltd has a P/E ratio of 13.2, which is below the industry average of 66.98. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Refex Industries Ltd financially healthy?

Key indicators for Refex Industries Ltd: ROCE of 25.3 % indicates efficient capital utilization; ROE of 22.0 % shows strong shareholder returns. Dividend yield is 0.25 %.

Is Refex Industries Ltd profitable and how is the profit trend?

Refex Industries Ltd reported a net profit of ₹189 Cr in Mar 2025 on revenue of ₹2,430 Cr. Compared to ₹45 Cr in Mar 2022, the net profit shows an improving trend.

Does Refex Industries Ltd pay dividends?

Refex Industries Ltd has a dividend yield of 0.25 % at the current price of ₹203.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Refex Industries Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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