Refex Industries Share Price

Refex Industries Limited is a diversified Indian company, focusing on sustainable solutions in refrigerant gases, coal/ash management, power trading, clean mobility (electric vehicles), and renewable energy, with the vision to support India’s growth with innovative, eco-friendly solutions in these critical industries. Refex Industries share price on NSE and BSE is an indicator of how market participants perceive the company’s financial performance, regulatory environment, raw material dynamics, and overall trends in the chemical and basic materials sector. Movements in Refe͏x Industries share price also capture investor reaction to changes in energy transition policies, demand in refrigeration-relat͏ed industries, and changes in cost structures associated with commodities and power inputs.  

Refex Industries stock price is influenced by many factors, such as growth in revenues from the chemicals and power segments, operating margins, cost efficiency, compliance with regulations relating to refrigerant gases, and general sector sentiment. Over the longer term, product diversification, stable execution, and the mix of manufacturing and trading activities determine how the market interprets Refex Industries share price within the small-cap and microcap space.  

Refix Industries live share price offers you the latest traded price, volume and market depth to help you make informed decisions. These indicators show how market participants react to corporate disclosures, sector developments, macroeconomic signals and broader equity market trends. Monitoring Refex Industries share price today allows us to analyse short-term volatility, intraday activity and compare the stock’s relative strength to that of the wider market and its sector peers.  

Refex Industries Limited Fundamentals 

Refex Industries Company Background 

Refex Industries Limited (Formerly known Refex Refrigerants Limited) was incorporated on September 13, 2002. Refex Industries Limited is a diversified and forward-looking company operating in refrigerant gases, coal and ash management, power trading, clean mobility, and renewable energy. It trades eco-friendly refrigerant gases in multiple cylinder sizes and offers integrated coal supply, handling, and ash utilisation services. With a Category-I interstate power trading licence, Refex facilitates electricity transactions nationwide. Its clean mobility arm provides four-wheelers running on clean fuel via a tech-enabled platform for corporates and aggregators. Through its renewable energy subsidiary Venwind, it focuses on wind energy manufacturing using advanced technology and local production. Together, these businesses deliver scalable, sustainable solutions that support efficient resource use and a cleaner future for India. 

Refex Industries Company Product Lines 

• Refrigerant Gases: Eco-friendly refrigerants, foam-blowing agents, and aerosol propellants for HVAC and refrigeration applications.  
• Ash Utilization & Coal Handling Services: End-to-end ash disposal, coal yard management, and coal supply solutions to thermal power plants.  
• Green Mobility Services: Electric four-wheeler fleet services for corporate commuting and B2B2C mobility via Refex Green Mobility Limited.  
• Wind Energy (Venwind Refex): Wind turbine manufacturing using advanced technology (JV with Venwind) to support renewable energy.  
• Power Trading: Category-I licensed interstate power trading, including power exchange, bilateral agreements, power banking/swapping, and group captive solutions 

Refex Industries Company Revenue Model 

• Ash & Coal Handling Services: Major revenue contributor through coal supply, ash collection, transportation, and utilization contracts with thermal plants across India.  
• Refrigerant Gas Sales: Revenue from manufacturing and trading of various refrigerants and related products.  
• Electric Vehicle / Mobility Services: Revenue from EV fleet operations and mobility services via Refex Green Mobility.  
• Power Trading Income: Earnings from power trading operations under CERC Category-I licence across exchanges and bilateral markets.  
• Solar & Renewable Energy: Income from solar power generation and activities linked to wind turbine manufacturing and O&M (Venwind Refex).  
• Other Services: Smaller contributions from related services (e.g., sales of copper tubes, refrigerant cans) and allied activities 

Refex Industries Geographic Presence 

• Headquarters: Chennai, Tamil Nadu, India.  
• Pan-India Operations: Active across India with ash & coal handling services at 40+ thermal power plants, refrigerant distribution, EV fleets, and power trading coverage including major states and union territories.  
• National Power Trading Footprint: Power trading services across Uttar Pradesh, Delhi, Haryana, Tamil Nadu, Gujarat, and beyond.  
• Renewables & Manufacturing: Wind turbine manufacturing facility in India under Venwind Refex for domestic and export potential 

Refex Industries Leadership  

As of January 2026, the leadership of the company include –  

• Anil Jain – Chairman & Managing Director 
• Dinesh Kumar Agarwal – Whole-Time Director & Chief Financial Officer 
• Susmitha Siripurapu – Non-Executive Director 
• Dr. Vineet Kothari – Independent Director 
• Sivaramakrishnan Vasudevan – Independent Director 
• Latha Venkatesh – Independent Director 
• Ramesh Dugar – Independent Director 

Refex Industries Key Milestones 

• 2002: Refex Industries Limited (formerly Refex Refrigerants Limited) was incorporated on 13 September and entered the HFC refrigerant business, breaking the monopoly in the controlled refrigerant market. 
• 2002: Began importing eco-friendly HydrofluoroCarbons (HFCs) as replacements for ozone-depleting CFCs and HCFCs. 
• Mid-2000s: Established a refrigerant refilling plant at Thiruporur near Chennai with technical collaboration from Kaltech Engineering and Refrigeration Pvt. Ltd., Singapore, with an initial capacity of 40 MT per month. 
• 2011: Launched voltage stabilisers and outdoor unit stands. 
• 2011: Entered solar power generation and distribution with a solar power plant in Barmer district, Rajasthan. 
• 2011–12: Diluted stake in Sherisa Technologies (S) Pte Ltd to 49%, resulting in the company ceasing to be a subsidiary. 
• 2018: Started coal trading operations. 
• 2020–21: Launched low-GWP refrigerants R600 and R152a in canned form and introduced 450 ml refilling cans for OEM renewal plants in India. 
• 2021–22: Expanded refilling infrastructure and increased refilling capacity to 2,500 MT. 
• 2024–25: Commissioned a 50.76 KWp rooftop solar power plant in Rajasthan and ventured into wind energy through Venwind Refex. 

Industry Perspective 

The refrigerant gas industry in India — part of the broader HVAC and refrigeration sector — is seeing steady demand as markets transition from older CFC/HCFC products to eco-friendly alternatives, with the Indian R134a refrigerant market valued at around USD 156 million in 2024 and expected to grow modestly with a ~3.3 % CAGR through 2032 under regulatory shifts and sustainability requirements.  Refex’s ash and coal handling services align with the ongoing need for environmentally compliant disposal and utilisation in the thermal power sector, while power trading supports the dynamic Indian electricity market. Meanwhile, the renewable energy sector in India is expanding rapidly — renewable capacity reached 184.6 GW by mid-2025 and has historically grown at nearly 15 % CAGR, with wind and solar targets aiming for 500 GW by 2030. Growth in clean mobility and EV services further taps into India’s push for low-emission transportation. Together, these industry trends position Refex to benefit from structural demand in energy transition, sustainable refrigerants, and mobility solutions, reflecting broader national and global growth trajectories for cleaner, efficient technology solutions. 

Refex Industries will benefit from India’s accelerating energy transition, driven by rising renewable capacity, large-scale power infrastructure investments, and stricter environmental compliance in thermal power operations. Growing demand for ash and coal handling, expanding power trading volumes, and rapid growth in clean mobility and renewable energy create sustained opportunities. Strong policy support and rising investments further strengthen Refex’s long-term growth prospects. 

Refex Industries Limited Stock Market Presence: Listings & Index Representation 

Refex Industries Limited listed on the Bombay Stock Exchange and National Stock Exchange after establishing its operational base within India’s chemical and industrial services segment. Since its listing, the company has remained an actively traded small-cap stock, reflecting consistent market participation across market cycles. 

Refex Industries Limited trades on the NSE under the symbol REFEX and on the BSE under the code 532884. The stock forms part of several broader market indices, including BSE 1000, Nifty Microcap 250 Index, Nifty Total Market, S&P BSE MidSmallCap, S&P BSE SmallCap, S&P BSE Basic Materials, and S&P BSE AllCap. Inclusion in these indices reflects the company’s market capitalisation, sector classification, liquidity thresholds, and compliance with exchange requirements. 

Refex Industries share price remains closely tracked by investors who monitor small-cap and microcap stocks within the basic materials and chemicals space. Index inclusion ensures visibility among institutional trackers and benchmark-linked portfolios, while listings on both NSE and BSE support price discovery and liquidity across trading sessions. 

Refex Industries Stock Performance and Refex Industries Share Price History 

Refex Industries share price on NSE and BSE reflects its position as a diversified player within the organic chemicals and basic materials segment. Performance links closely to revenue growth, margin stability, regulatory developments related to refrigerants, and execution across its chemical and solar power businesses. Market participants often compare Refex Industries share price today with broader indices such as Nifty, Sensex, and sector benchmarks to assess relative performance. 

Short-term movements in Refex Industries share price frequently follow quarterly disclosures, volume changes, and sector sentiment. Broader market conditions have also influenced Refex Industries share price, particularly during periods of heightened volatility in small-cap stocks. Corporate developments, regulatory shifts, and operational updates contribute to short-term fluctuations in Refex Industries stock price even when underlying business operations remain unchanged. 

Over longer periods, Refex Industries share price 52-week high and low provide perspective beyond daily movements. Higher levels have historically aligned with strong revenue expansion phases, improved operating performance, and favourable sector conditions. Lower levels have coincided with market corrections, sector-wide slowdowns, or periods of elevated volatility across small-cap equities. 

Refex Industries stock performance reflects trading behaviour typical of a company operating within cyclical industrial and chemical markets. The Refex Industries share price history shows phases of sharp appreciation followed by consolidation and corrections. During earlier growth phases, Refex Industries stock price benefited from expanding operations and increasing investor interest in niche chemical businesses. Subsequent periods saw moderation as broader market sentiment shifted. 

Between 2020 and 2022, Refex Industries share price experienced notable volatility amid pandemic-related disruptions, commodity price swings, and uneven demand recovery. Strong rebounds followed as industrial activity resumed and investor appetite for small-cap stocks increased. From 2023 onwards, Refex Industries stock price entered a corrective phase, reflecting profit booking, sector rotation, and broader market reassessment of valuations. 

Refex Industries share price movements during recent periods also reflect returns comparisons across multiple horizons. One-day returns showed a gain of 6.06 percent, while one-week returns stood at 7.14 percent. However, one-month returns declined by 7.95 percent, three-month returns fell by 26.95 percent, and six-month returns dropped by 41.98 percent. Over one year, Refex Industries share price declined by 47.59 percent, underperforming Nifty50, Sensex, sector, and industry benchmarks. 

Longer-term trends present a different picture. Over three years, Refex Industries share price delivered returns of 372.17 percent. Five-year returns reached 1,291.11 percent, while ten-year returns stood at 12,838.78 percent. These figures highlight the stock’s historical ability to generate outsized returns over extended periods, despite sharp interim corrections. 

Seasonality data further explains Refex Industries stock price behaviour. Quarterly trends show periods of strong gains followed by corrections. For example, 2024 recorded an annual return of 300.17 percent, driven largely by a 259.56 percent gain in Q3. In contrast, 2025 recorded a negative annual return of 46.55 percent, reflecting declines across multiple quarters. Such patterns underline how Refex Industries share price reacts to earnings visibility, market cycles, and investor sentiment shifts. 

Refex Industries Investor Relevance and Role in Portfolio 

Refex Industries holds relevance within small-cap and microcap portfolios that seek exposure to India’s basic materials and organic chemicals segment. The company offers participation in chemical manufacturing, refrigerant distribution, and renewable power generation, making it relevant for portfolios tracking industrial growth and environmental transition themes. Its inclusion in indices such as the Nifty Microcap 250 Index reinforces its position within benchmark-tracked allocations. 

Refex Industries equity attracts a mix of promoter holdings, domestic institutions, and global investors. Key institutional participants include Refex Holding Private Limited, Reliance Industries Limited, State Street Global Advisors, BlackRock, Motilal Oswal Asset Management, Dimensional Fund Advisors, Teachers Insurance and Annuity Association, American Century Investment Management, Investor Education and Protection Fund, and Groww Asset Management. This ownership mix reflects interest across strategic, domestic, and international investment categories. 

Mutual fund participation includes holdings by SPDR Portfolio Emerging Markets ETF, Motilal Oswal Nifty Microcap 250 Index Fund, iShares Core MSCI EM IMI UCITS ETF, iShares MSCI India Small-Cap ETF, SPDR S&P Emerging Markets Small Cap ETF, College Retirement Equities Fund, and other global index-linked funds. Such participation highlights Refex Industries’ role within passive and index-oriented portfolios. 

Refex Industries share price also attracts attention in derivatives and volatility analysis due to its sensitivity to market cycles. Technical indicators such as RSI, MACD, and momentum oscillators provide insight into short-term price behaviour of Refex Industries stock price, especially during periods of sharp movement. 

Refex Industries beta reflects relatively high volatility compared to broader market indices. Long-term beta stands at 2.76, indicating higher sensitivity to market movements. Daily one-month beta is 1.94, while daily three-month beta measures at -0.342. Weekly beta ranges include 1.11 over one year and 1.33 over two years. The two-week two-year beta reads 2.01, while monthly two-year beta stands at 3.41. Mean values and standard deviations across these periods highlight elevated volatility, positioning Refex Industries share price as more reactive than large-cap counterparts. 

Refex Industries Limited Sectoral Relevance and Peer Positioning 

Refex Industries maintains relevance within India’s organic chemicals, refrigerant gas, and industrial services sectors. Its operations contribute to refrigeration, air-conditioning, and industrial cooling solutions, while also engaging in renewable energy generation. These activities place the company within the small-cap segment of the basic materials ecosystem, where scale, regulatory compliance, and cost efficiency shape peer comparisons. Refex Industries competes alongside companies like Navin Fluorine, SRF Limited, and Gujarat Fluorochemicals, with focus on niche market penetration and specialized chemical products rather than sheer size. 

Refex Industries market cap reflects its valuation evolution. In 2022, it stood at ₹6.15 billion, rose to ₹13.31 billion in 2023, and reached ₹62.08 billion by 2024. The most recent market cap is approximately ₹52.82 billion, reflecting share price corrections after rapid earlier growth. These figures indicate how market valuation reacts to operational performance, sector trends, and investor sentiment, reinforcing the company’s position in small-cap chemical and industrial segments. 

Net income has varied alongside operational and sectoral dynamics. Refex Industries earnings, showed ₹93.87 crore revenue in FY24, ₹116.06 crore in FY23, and ₹158.78 crore in FY25. Historical earnings performance demonstrates resilience amid commodity price shifts, regulatory impacts, and industrial activity fluctuations. The progression of net income underlines the company’s ability to maintain positive profitability while navigating cyclical industry trends and cost pressures. 

Refex Industries EPS reflect how profitability translates to shareholder returns. EPS increased from ₹21.41 in FY20 to ₹52.50 in FY23, then fell to ₹8.04 in FY24 before rising to ₹12.26 in FY25. These movements highlight how revenue, operational costs, and industrial cycles affect investor returns and share price performance. EPS trends help contextualise Refex Industries stock within its small-cap and chemicals sector peer group. 

Valuation trends are indicated by P/E ratios, which track market perception of earnings. FY25 Refex Industries P/E Ratio stood at 29.29, higher than 15.98 in FY24. The trailing twelve-month P/E is 20.47, with historical lows around 4.41 in FY23. The five-year average P/E is 12.00. These ratios illustrate market expectations, investor sentiment, and sector-relative valuation, helping position Refex Industries relative to similar small-cap chemical and industrial peers. 

Summary 

Refex Industries Limited operates in India’s chemical, refrigerant, and industrial services sectors, offering products and solutions across refrigeration, air-conditioning, and renewable energy. The company is listed on NSE and BSE, forming part of various small-cap and sectoral indices. Its market cap, earnings, EPS, and P/E ratios have varied over time, reflecting operational performance and market conditions. Refex Industries share price captures investor sentiment and sector trends. The company maintains relevance within its sector, with a focused presence among peers in chemicals and industrial services.