Mumbai: Refex Industries Limited reported a strong sequential improvement in profitability for the third quarter ended December 31, 2025, with standalone net profit rising 28.6 percent quarter-on-quarter to Rupees 66.9 crore, even as revenue declined on a year-on-year basis. The company’s performance reflected improved operating efficiency and a sharper focus on its core ash and coal handling business amid the discontinuation of non-core segments.
The Chennai-based infrastructure and logistics company posted revenue from operations of Rupees 576.0 crore in Q3 FY26, marking a sharp 40.1 percent sequential jump from Rupees 411.1 crore in Q2 FY26. However, revenue declined 16.0 percent from Rupees 686.0 crore reported in the year-ago quarter, largely due to the exit from power trading and refrigerant gas segments, which are now classified as discontinued operations. Total income for the quarter stood at Rupees 583.0 crore, while total expenses increased to Rupees 493.2 crore in line with higher operational activity.
Profit from continuing operations before tax rose to Rupees 89.8 crore in Q3 FY26 from Rupees 72.2 crore in the preceding quarter. After accounting for a tax expense of Rupees 22.0 crore, net profit from continuing operations came in at Rupees 67.8 crore, compared with Rupees 52.6 crore in Q2 FY26 and Rupees 59.2 crore in Q3 FY25. Including the impact of discontinued operations, net profit for the quarter stood at Rupees 66.9 crore.
Sequential growth was driven primarily by the ash and coal handling business, which remained the company’s dominant revenue contributor. Segment profit before interest and tax from this business increased to Rupees 96.7 crore in Q3 FY26 from Rupees 75.2 crore in Q2 FY26, reflecting higher volumes and better cost absorption. Finance costs rose to Rupees 8.3 crore from Rupees 6.2 crore sequentially, while depreciation remained largely stable.For the nine months ended December 31, 2025, Refex Industries reported revenue from operations of Rupees 1,338.2 crore, down 19.6 percent from Rupees 1,665.0 crore in the corresponding period last year.
Despite the revenue contraction, net profit for the nine-month period increased 15.6 percent year-on-year to Rupees 152.9 crore, underscoring the benefits of portfolio rationalisation and tighter cost controls.The board has approved the discontinuation of the refrigerant gas business, which accounted for about 2.5 percent of revenue in FY25, as part of a strategy to redeploy capital toward higher-growth and higher-margin businesses. The company’s basic earnings per share from continuing operations improved to Rupees 4.95 in Q3 FY26 from Rupees 4.03 in the previous quarter.
Disclaimer: This report is based on publicly disclosed financial results by Refex Industries. It is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell.
