Refex Industries Shares Rise 2.11% as Subsidiary Secures ₹474.45 Crore Wind Power Contract

Mumbai, 24 September 2025: Refex Industries Limited (NSE: REFEX, BSE: 532884) announced that its subsidiary, Venwind Refex Power Limited (VRPL), has signed a term sheet for a ₹474.45 crore wind power equipment contract in Gujarat. The agreement, awarded by a leading independent power producer, covers the supply and commissioning of wind turbine generators (WTGs) and tubular towers.

Founded in 2002 and listed on stock exchanges since 2009, Refex Industries is headquartered in Chennai. The company operates in the industrial gases segment, with an increasing focus on renewable energy projects via its subsidiaries. VRPL, its wind power arm, is engaged in delivering large-scale wind energy solutions and contributing to India’s renewable capacity growth.

Refex Industries Stock Climbs to ₹398.60 as Contract Announcement Boosts Momentum

Shares of Refex Industries closed at ₹398.60 on 24 September at 3:30 p.m., up 2.11% or ₹8.25 from the previous session. The stock touched an intraday high of ₹415.00 and a low of ₹380.05, with trading volumes reaching significant levels. The company’s market capitalisation stood at ₹5,170 crore, while the price-to-earnings ratio was 32.12. This upward price movement reflects immediate market reaction following the subsidiary’s contract announcement.

₹474.45 Crore Contract Split Across Two Phases with Deadlines in 2026 and 2027

The agreement with the independent power producer includes:

• Supply of WTGs and Tubular Towers
• Testing, pre-commissioning, and commissioning of WTGs
• Supervisory support for foundation casting and tower erection

The execution will be carried out in two stages:

• ₹142.33 crore by March 2026
• ₹332.12 crore by March 2027

The company clarified that the award has been granted by a domestic entity and does not involve any related-party transactions.

Contract Award Strengthens Renewable Energy Diversification Strategy

Refex Industries, traditionally known for its industrial gases business, has been steadily expanding into renewable energy through its subsidiary VRPL. This contract win strengthens its footprint in the wind energy sector, adding momentum to its diversification strategy. The project not only secures long-term revenues but also reinforces the company’s positioning in India’s clean energy transition.

Refex Industries’ share price movement and its subsidiary’s ₹474.45 crore contract highlight the company’s growing presence in renewable energy. The phased project execution ensures steady business visibility until 2027, reinforcing the group’s transition from its core industrial gases operations towards clean energy solutions.

REF: https://nsearchives.nseindia.com/corporate/REFEX2002_24092025135943_RIL_VRPL_STX_Intimation_Sep2025_sd.pdf

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