Refex Industries Ltd. has announced a significant expansion in its ash and coal handling business, with its order book swelling to ₹1,721 crore by the end of September 2026. This marks a substantial increase from approximately ₹1,500 crore recorded in March, driven by fresh contract acquisitions totaling ₹625 crore in the first half of FY27, alongside consistent project execution.
Key clients for Refex Industries include major power generators such as NTPC and its joint ventures, Adani Power, Tata Power, and various state-owned electricity generation companies. The company’s standalone revenue from continuing operations surged by 54.7% to ₹1,178.8 crore during April-September, with earnings before interest, taxes, depreciation, and amortisation (EBITDA) rising 71.8% to ₹195.9 crore.
Diversification into Ready-Mix Concrete
Beyond its core ash transportation services, Refex is strategically diversifying into downstream applications, notably ready-mix concrete (RMC). The company commissioned its inaugural RMC plant in Pune in September, operating under a capital-light business model.
Refex plans to establish over 100 RMC plants by 2029, leveraging the increasing use of fly ash in cement and concrete manufacturing. Currently, Refex manages over 2,000 owned and leased vehicles, serving more than 40 thermal power plants across 14 states, handling over 70,000 tonnes of ash daily, and having facilitated the utilization of over 50 million tonnes in the past eight years.
Growing Opportunities in Ash Management
Regulatory mandates requiring thermal power plants to utilize ash are expected to fuel further business growth. Citing Central Electricity Authority estimates, Refex projects India's annual fly ash generation to increase from 340 million tonnes in 2025 to 544 million tonnes by 2033. During this period, installed thermal power capacity is anticipated to rise from 205.6 GW to 251.6 GW.
Refex estimates the annual fly ash market at ₹8,500 crore and the pond ash market at a substantial ₹67,080 crore, highlighting significant growth potential.
Ventures in Wind Energy and Mobility
Refex is also making strides in other sectors. Its wind turbine manufacturing division, Venwind Refex Power, reported revenues of ₹201 crore in the September quarter and ₹499 crore for April-September, having completed initial deliveries to three customers. Meanwhile, the company's mobility business generated ₹36 crore in quarterly revenue and ₹69 crore in the first half of the fiscal year.
"The Ash & Coal Handling business continues to see strong momentum, supported by robust orderbook and execution scale-up," said Anil Jain, Chairman and Managing Director of Refex Industries. He added that the mobility segment was "progressing steadily towards profitability."
With a standalone debt-to-equity ratio of 0.10 in March 2026, Refex's operating performance is expected to improve, bolstered by ongoing order execution and strategic expansion across its diverse business segments, including concrete manufacturing, wind energy, and mobility.