Refex Industries' arm enters Rs 100-crore revenue club; FY26 total income rises 2.5 times

Refex Mobility, the clean mobility arm of Refex Industries Ltd, reported total income of Rs 103.2 crore for FY2025-26, marking its entry into the Rs 100-crore revenue club. The company said its FY26 total income increased 2.5 times compared with the previous financial year.

The company completed more than 1.5 million trips across enterprise and executive mobility segments during the year. Refex Mobility said it currently operates a fleet of over 1,750 vehicles across five major cities and serves more than 70 enterprise clients across sectors.

During FY26, the company launched an app-based cab rental business as a new revenue stream, expanded operations into Delhi-NCR, strengthened leadership and operational capabilities, and deployed proprietary technology across bookings, dispatch, driver journeys, enterprise billing and automated payouts.

Refex Mobility also introduced an asset-light attached fleet model to expand supply without proportional capital expenditure and broadened its fleet mix by adding CNG vehicles alongside electric vehicles (EVs).

The company said its operating efficiency improved during the year, with losses as a percentage of revenue narrowing significantly. It attributed this to its platform-led operating model, higher fleet utilisation, improving trip density and cost discipline.

Refex Mobility said it expects to achieve operational breakeven by FY2027-28.

Commenting on the development, Anil Jain, Chairman & Managing Director of Refex Group, said, "Crossing the Rs 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. At Refex Group, we focus on building scalable and sustainable businesses, and mobility is a key part of that vision. With increasing focus on emissions and compliance, we believe Refex Mobility is well placed to play a meaningful role in the sector’s growth."

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. Over the past year, we have scaled our fleet, adopted an asset-light model, and expanded our fleet mix with CNG vehicles alongside EVs to address a wider set of requirements from enterprises and executives. 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. We see a large opportunity ahead and are building for the long term."

Refex Mobility said it is positioning itself as an integrated, technology-led operator with control over booking, dispatch, fleet compliance, driver operations, safety and billing.

Meanwhile, shares of Refex Industries were last seen trading 1.71 per cent lower at Rs 311.20 in Friday's trade.