Refex Mobility, the clean mobility division of Refex Industries Ltd, has announced a significant milestone, reporting a total income of ₹103.2 crore for the financial year 2025-26. This achievement marks the company's entry into the prestigious ₹100-crore revenue club, reflecting a substantial 2.5-fold increase in its total income compared to the previous fiscal year.
During FY26, Refex Mobility successfully completed over 1.5 million trips across its enterprise and executive mobility segments. The company currently operates a robust fleet of more than 1,750 vehicles, serving over 70 enterprise clients across five major Indian cities.
Strategic Expansion and Operational Enhancements
The impressive growth is attributed to several strategic initiatives undertaken by Refex Mobility during FY26. The company launched an app-based cab rental service, diversifying its revenue streams, and expanded its operational footprint into the bustling Delhi-NCR region. Leadership and operational capabilities were significantly strengthened to support this growth.
A key focus was the deployment of proprietary technology, streamlining various aspects of its operations, including bookings, dispatch, driver management, enterprise billing, and automated payouts. To facilitate supply expansion without incurring proportional capital expenditure, Refex Mobility also introduced an asset-light attached fleet model. Furthermore, the company broadened its fleet composition by integrating CNG vehicles alongside its existing electric vehicle (EV) offerings, catering to a wider range of client needs.
Path to Profitability and Future Outlook
Refex Mobility reported notable improvements in its operating efficiency throughout the year, with losses as a percentage of revenue narrowing significantly. This enhanced performance is a result of its platform-led operating model, higher fleet utilisation rates, increased trip density, and stringent cost discipline. The company projects achieving operational breakeven by FY2027-28.
Anil Jain, Chairman & Managing Director of Refex Group, commented on the achievement, stating,
"Crossing the ₹100 crore milestone is an important step for Refex Mobility and reflects the strength of its business model. It also highlights the growing need for organized and technology-led mobility solutions in India."Jain emphasized the group's focus on building scalable and sustainable businesses, positioning mobility as a crucial part of that vision, especially with increasing emphasis on emissions and compliance.
Anirudh Arun, CEO of Refex Mobility, added,
"Our focus from the start has been to build a reliable, safe mobility platform with strong unit economics. As we grow further in the metros, we remain focused on service quality, operational control, and disciplined growth. Our economics continue to improve, and we are on a clear path to profitability, with breakeven in sight."
Refex Mobility is actively positioning itself as an integrated, technology-led operator, maintaining control over critical functions such as booking, dispatch, fleet compliance, driver operations, safety, and billing, to ensure sustained growth and service quality.