Refex Industries Share Price Jump Over 10% After Securing ₹100 Crore Ash Handling Order

Mumbai, 28 November 2025: Refex Industries Ltd’s share price witnessed a sharp surge in its share price on Friday after the company secured a new ash-handling contract worth around ₹100 crore. The stock opened at ₹336 and quickly gathered momentum, rising 10.05% to ₹352.60 as strong buying interest flowed in through the morning.

Refex Industries has been listed on both the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE) since 2009, and focuses mainly on building up an extensive base of Industrial Gases and offering solutions in Ash Management. Over the years, Refex has been able to broaden its client base within the Power Sector due to ongoing successes in its Projects and Services area.

Strong Market Response To New Order

There was a significant increase in investor sentiment following the contract announcement. The stock increased substantially, trading at ₹351.90 as of 12:30 IST, up ₹31.50 from the previous close. The market depth information also displayed a considerable disparity between buying and selling quantities, with a buy quantity of 13.09 lakh shares compared to a sell quantity of 3.67 lakh shares. The high volume of buying provided strong support and pushed the stock to an intraday high of ₹363.40, which remained above its VWAP of ₹356.46.

Details of the ₹100 Crore Contract

According to a disclosure dated 27 November 2025, the company has secured an order valued at approximately ₹100 crore. The scope of work includes excavation, loading and transportation of pond ash and bottom ash over a four-month period. The contract has been awarded by a major domestic conglomerate. Refex Industries clarified that the order is entirely domestic and involves no related parties or promoter entities.

Trading and Valuation Overview

The order-triggered rally was accompanied by a substantial jump in trading activity. Volume reached 2.80 crore shares, amounting to a turnover of ₹979.30 crore. Despite the strong rise, the stock remains about 30% below its previous high of ₹572, while trading more than 90% above its recent low of ₹312.30. The company currently commands a P/E ratio of 29.35, consistent with its positioning in the industrial gas and ash-management sector.

REF: https://nsearchives.nseindia.com/corporate/REFEX2002_27112025172959_RIL_NTPC_Order_SCPL_sd.pdf

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