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Last Updated on: 24 February, 2024|Author: Getaka | Social: X Twitter Profile

Fundamental Analysis of Refex Industries Ltd

About the Company - Refex Industries Ltd

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 Retail sale of household fuel oil, bottled gas, coal and fuel wood. Company’s Total Operating Revenue is Rs. 443.96 Cr. and Equity Capital is Rs. 21.00 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Industrial GasesGround Floor, Bascon Futura IT Park, New No. 10/2, Old No. 56L, Chennai (Madras) Tamil Nadu 600017admin@refex.co.in
http://www.refex.co.in
Management
NamePosition Held
Mr. Anil JainChairman & Managing Director
Mr. Dinesh Kumar AgarwalNon Executive Director
Ms. Susmitha SiripurapuNon Executive Director
Mr. Ramesh DugarIndependent Director
Mr. Sivaramakrishnan VasudevanIndependent Director
Mr. Krishnan RamanathanIndependent Director

Refex Industries Ltd. Share Price Update

Share PriceValue
Today₹610.00
Previous Day₹610.50

Basic Stock Data of Refex Industries Ltd

Market Cap 1,344 Cr.
Current Price 607
High / Low924/220
Stock P/E11.6
Book Value 161
Dividend Yield0.33 %
ROCE48.0 %
ROE46.6 %
Face Value 10.0

Data Source: screener.in

Competitors of Refex Industries Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Industry Average0 Cr0000%0%0%0

Refex Industries Ltd Quarterly Results

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Sales144152839490177265353380630381350302
Expenses128131728277155243317341557345315268
Operating Profit16221212122222374074373534
OPM %11%14%14%13%14%12%8%10%10%12%10%10%11%
Other Income04121152212253
Interest0822234346667
Depreciation0411112222222
Profit before tax161391093219343668303227
Tax %22%41%25%26%28%25%27%26%26%25%26%27%28%
Net Profit1287772414252651222320
EPS in Rs5.743.623.363.573.2611.436.5712.1211.8322.929.9610.588.94

Refex Industries Ltd Quarterly Chart

Refex Industries Ltd Profit & Loss

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales421725857838774616616334441,6291,742
Expenses592522797536754336095653831,4541,556
Operating Profit-17-82632228516861175186
OPM %-42%-46%10%7%3%6%2%6%8%11%14%11%11%
Other Income0-4300222-1418810
Interest3120131019131923
Depreciation3322111115678
Profit before tax-23-161301229485861156165
Tax %0%0%0%0%-1,613%13%46%-10%31%29%26%26%
Net Profit-23-161350132334145116122
EPS in Rs-11.15-7.460.561.452.530.220.4515.0615.7819.4921.6152.5055.29
Dividend Payout %0%0%0%0%0%0%0%0%0%8%0%4%

Refex Industries Ltd Profit & Loss Yearly Chart

Refex Industries Ltd Growth

Compounded Sales Growth
10 Years:58%
5 Years:84%
3 Years:35%
TTM:41%
Compounded Profit Growth
10 Years:29%
5 Years:160%
3 Years:46%
TTM:45%
Stock Price CAGR
10 Years:64%
5 Years:87%
3 Years:89%
1 Year:128%
Return on Equity
10 Years:43%
5 Years:43%
3 Years:37%
Last Year:47%

Refex Industries Ltd Balance Sheet

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital15151515151515151521212222
Reserves0-15-14-11-6-5-42760119163292333
Borrowings3534119373541097485149139
Other Liabilities2119235671154511553128112288143
Total Liabilities725335701186098159138341381752637
Fixed Assets4033171615151415228785147148
CWIP0000000000032
Investments00000000074747481
Other Assets312017541034583143116181222528406
Total Assets725335701186098159138341381752637

Refex Industries Ltd Reserves and Borrowings Chart

Refex Industries Ltd Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 2129-2-254-44412123-1428
Cash from Investing Activity -1-8134-2-0105-122-5-78
Cash from Financing Activity -3-2-21-226-34-411-5260
Net Cash Flow-110-1-01-0317-4-1710

Refex Industries Ltd Financial Efficiency Indicators

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days16616865215376871736940549655
Inventory Days2662417447223372483
Days Payable591,1853212813821562649227707949
Cash Conversion Cycle133-393-82-631-47-57-1515-12248
Working Capital Days64-91-1075132255159922208451
ROCE %-31%-25%15%24%6%7%6%61%85%45%25%48%

Refex Industries Ltd Financial Efficiency Indicators Chart

Refex Industries Ltd Share Holding Pattern

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Promoters49.72%49.72%49.72%49.72%50.21%50.21%52.70%52.70%52.70%52.70%53.33%53.27%
FIIs0.00%0.00%0.00%0.29%0.26%0.00%0.07%0.00%0.07%0.68%0.41%0.20%
DIIs0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.15%0.10%0.00%
Public50.28%50.28%50.28%49.99%49.53%49.78%47.23%47.30%47.23%46.47%46.17%46.53%
No. of Shareholders21,15525,58427,12227,29827,13527,24225,91228,28728,34033,61239,56842,589

Refex Industries Ltd Shareholding Pattern Chart

No. of Refex Industries Ltd Shareholders

This stock is not held by any mutual fund

Refex Industries Ltd ROCE Trend

Refex Industries Ltd EPS Trend

Refex Industries Ltd Key Financial Ratios

MonthMar 23Mar 21Mar 20Mar 19Mar 18
FaceValue10.0010.0010.0010.0010.00
Basic EPS (Rs.)53.8921.7321.3720.440.61
Diluted EPS (Rs.)53.8421.7321.3720.440.61
Cash EPS (Rs.)55.6222.0122.3121.061.14
Book Value[Excl.RevalReserv]/Share (Rs.)142.2166.4548.9827.617.17
Book Value[Incl.RevalReserv]/Share (Rs.)142.2166.4548.9827.617.17
Revenue From Operations / Share (Rs.)736.94301.24426.97297.9349.66
PBDIT / Share (Rs.)82.7534.3436.2719.472.44
PBIT / Share (Rs.)79.6331.8235.3718.841.90
PBT / Share (Rs.)70.7427.5531.0318.651.12
Net Profit / Share (Rs.)52.5019.4921.4120.440.60
NP After MI And SOA / Share (Rs.)52.5019.4921.4120.440.60
PBDIT Margin (%)11.2211.398.496.534.90
PBIT Margin (%)10.8010.568.286.323.82
PBT Margin (%)9.599.147.266.262.25
Net Profit Margin (%)7.126.475.016.861.21
NP After MI And SOA Margin (%)7.126.475.016.861.21
Return on Networth / Equity (%)36.9129.3343.7074.028.44
Return on Capital Employeed (%)41.8831.4761.3667.715.59
Return On Assets (%)15.4211.9924.0119.950.96
Long Term Debt / Equity (X)0.120.000.000.003.69
Total Debt / Equity (X)0.260.000.020.003.69
Asset Turnover Ratio (%)0.002.644.463.600.97
Current Ratio (X)1.591.322.241.141.76
Quick Ratio (X)1.551.282.181.071.64
Inventory Turnover Ratio (X)0.0047.6080.6926.132.02
Dividend Payout Ratio (NP) (%)0.005.130.000.000.00
Dividend Payout Ratio (CP) (%)0.004.540.000.000.00
Earning Retention Ratio (%)0.0094.870.000.000.00
Cash Earning Retention Ratio (%)0.0095.460.000.000.00
Interest Coverage Ratio (X)9.428.0461.97101.503.12
Interest Coverage Ratio (Post Tax) (X)6.995.5643.99107.571.78
Enterprise Value (Cr.)596.42180.0732.9954.6563.62
EV / Net Operating Revenue (X)0.360.280.040.110.82
EV / EBITDA (X)3.262.500.581.8116.88
MarketCap / Net Operating Revenue (X)0.320.310.070.120.30
Retention Ratios (%)0.0094.860.000.000.00
Price / BV (X)1.671.410.681.372.11
Price / Net Operating Revenue (X)0.320.310.070.120.30
EarningsYield0.220.200.630.540.04

Refex Industries Ltd Profitability Ratios (%)

Refex Industries Ltd Liquidity Ratios

Refex Industries Ltd Liquidity Ratios (%)

Refex Industries Ltd Interest Coverage Ratios (X)

Refex Industries Ltd Valuation Ratios

Fair Value / Intrinsic Value of Refex Industries Ltd

Fair Value: ₹873.17

The stock is undervalued by 43.85% compared to the current price ₹607

*Investments are subject to market risks

Strength and Weakness of Refex Industries Ltd

StrengthWeakness
  1. The stock has a high average ROCE of 22.17%, which is a positive sign.
  2. The stock has a low average Cash Conversion Cycle of -40.67, which is a positive sign.
  3. The company has higher reserves (72.23 cr) compared to borrowings (50.62 cr), indicating strong financial stability.
  4. The company has shown consistent growth in sales (197.15 cr) and profit (37.31 cr) over the years.
  1. The stock is trading at a high valuation with an average P/B ratio of 33.51 and average Dividend Yield of 7.96%.
  2. The stock has a high average Working Capital Days of 50.25, which may not be favorable.

Should I Buy Refex Industries Ltd Share Now?

  • Considering various financial indicators, investors might exercise caution regarding investment in Refex Industries Ltd:
    1. Net Profit Margin: 7.12%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 41.88% (Industry Average ROCE: 0%)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. Interest Coverage Ratio (Post Tax): 6.99
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    4. Quick Ratio: 1.55
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    5. ✗ Stock P/E: 11.7 (Industry average Stock P/E: 0)
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    6. ✓ Total Debt / Equity: 0.26
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis suggests exercising caution. It's advisable to conduct further research or consult with financial experts before considering any investment.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

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