Refex Industries Reports Higher Q4 Loss Despite Revenue Growth

Mumbai: Refex Industries Limited reported standalone revenue from operations of Rupees 2.1 crore in Q4 FY26, up 8.2 percent from Rupees 2 crore in the corresponding quarter last year. Total income, however, declined 23 percent year-on-year to Rupees 2.8 crore from Rupees 3.7 crore due to lower other income. The company posted a net loss of Rupees 2.9 crore during the quarter compared with a loss of Rupees 2.2 crore in Q4 FY25. Loss before tax widened to Rupees 2.9 crore from Rupees 2.2 crore a year ago.

Sequential And Annual Growth

On a sequential basis, revenue rose 12 percent from Rupees 1.9 crore in Q3 FY26, while net loss narrowed from Rupees 4 crore reported in the previous quarter. Total expenses declined to Rupees 5.7 crore from Rupees 6.5 crore sequentially. Finance costs increased to Rupees 2.4 crore from Rupees 2.3 crore in Q3 FY26, while employee benefit expenses fell to Rupees 1.5 crore from Rupees 2.5 crore. Other expenses stood at Rupees 0.9 crore against Rupees 0.7 crore in the previous quarter.

What Drove The Numbers

The commercial and industrial segment remained the primary contributor to revenue, generating Rupees 2.1 crore during the quarter. Segment results for the business remained negative at Rupees 0.9 crore. Higher finance costs and borrowings continued to impact earnings performance.

Total borrowings increased to Rupees 83.2 crore as of March 31, 2026, compared with Rupees 61.5 crore a year ago. The company also reported higher trade receivables and loans during the year.

Full-Year Performance

For FY26, Refex Industries reported standalone revenue from operations of Rupees 9.9 crore compared with Rupees 18.8 crore in FY25. Net loss widened to Rupees 12 crore from Rupees 9.2 crore last year. Total income declined to Rupees 13 crore from Rupees 20.5 crore in FY25.

Total assets increased to Rupees 41.9 crore as of March 31, 2026, compared with Rupees 26.8 crore a year earlier. Cash and cash equivalents fell sharply to Rupees 0.1 crore from Rupees 5.7 crore at the end of FY25.

Disclaimer: This report is based on audited financial results filed by the company and does not constitute investment advice.