Refex Industries' ash and coal handling order book rises to Rs 1,721 crore in September

Refex Industries Ltd's ash and coal handling order book increased to Rs 1,721 crore at the end of September 2026, compared with approximately Rs 1,500 crore in March, driven by fresh contracts and steady execution despite the monsoon-related seasonal slowdown.

According to PTI, the company secured new orders worth Rs 625 crore during the first half of FY27. Its customers include NTPC and its joint ventures, Adani Power, Tata Power and several state-owned power generation companies.

The company's standalone revenue from continuing operations jumped 54.7% to Rs 1,178.8 crore during April-September, while earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 71.8% to Rs 195.9 crore.

"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.

Expansion into ready-mix concrete

Refex is diversifying beyond ash transportation into downstream applications. In September, it commissioned its first ready-mix concrete (RMC) plant in Pune under a capital-light business model.

The company plans to establish more than 100 RMC plants by 2029, capitalising on the use of fly ash in cement and concrete manufacturing.

Currently, Refex operates over 2,000 owned and leased vehicles, serving more than 40 thermal power plants across 14 states. It handles over 70,000 tonnes of ash daily and has facilitated the utilisation of more than 50 million tonnes over eight years.

Growing opportunities in ash management

Regulatory requirements mandating ash utilisation by thermal power plants are expected to support business expansion.

Citing Central Electricity Authority estimates, Refex said India's annual fly ash generation could increase from 340 million tonnes in 2025 to 544 million tonnes by 2033.

During this period, installed thermal power capacity is projected to rise from 205.6 GW to 251.6 GW. Refex estimates the annual fly ash market at Rs 8,500 crore and the pond ash market at Rs 67,080 crore.

Wind energy and mobility businesses

Refex's wind turbine manufacturing arm, Venwind Refex Power, reported revenue of Rs 201 crore in the September quarter and Rs 499 crore during April-September, completing initial deliveries to three customers.

Meanwhile, its mobility business generated Rs 36 crore in quarterly revenue and Rs 69 crore during the first half. Jain said the segment was "progressing steadily towards profitability".

Refex's standalone debt-to-equity ratio stood at 0.10 in March 2026. Acuite Ratings & Research expects operating performance to improve, supported by order execution and expansion in ash handling.

The company's diversification into concrete manufacturing, wind energy and mobility is aimed at creating additional revenue streams alongside its established ash management operations.