Strong Order Wins Drive Revenue and EBITDA Growth in H1 FY27Refex Industries Limited's ash and coal handling order book expanded to ₹1,721 crore as of September 30, 2026, up from roughly ₹1,500 crore in March 2026.
Growth was driven by ₹625 crore in new H1 FY27 contracts secured from major power producers including NTPC, Adani Power, Tata Power, and state electricity boards.
Alongside the backlog increase, H1 FY27 revenue climbed 54.7% year-on-year to ₹1,178.8 crore as the company scales its wind energy and ready-mix concrete businesses.
Refex Industries Ltd's ash and coal handling order book rose to Rs 1,721 crore at the end of September 2026, from around Rs 1,500 crore in March, supported by fresh contract wins and continued execution despite the seasonal slowdown during the monsoon.
Strong Order Wins Drive Revenue and EBITDA Growth in H1 FY27
The company secured fresh orders worth Rs 625 crore in the first half of FY27, with its customer base including NTPC and its joint ventures, Adani Power, Tata Power and several state-owned power generation companies, officials said.
The growth in orders has translated into stronger financial performance. Refex's standalone revenue from continuing operations rose 54.7 per cent to Rs 1,178.8 crore in the April-September period, while EBITDA increased 71.8 per cent to Rs 195.9 crore.
"The Ash & Coal Handling business continues to see strong momentum, supported by robust orderbook and execution scale-up," said Anil Jain, Chairman and Managing Director of Refex Industries.
Forward Integration into Ready-Mix Concrete and Operational Scale
The company is also expanding beyond ash transportation and handling into downstream applications. In September, it commissioned its first ready-mix concrete (RMC) plant at Pune under a capital-light model, a move Jain described as strategic forward integration. Refex aims to operate more than 100 such plants by 2029, leveraging the use of fly ash in cement and concrete.
Refex currently operates a fleet of more than 2,000 owned and leased vehicles, serves over 40 thermal power plants across 14 states and handles more than 70,000 tonnes of ash daily. It has facilitated the utilisation of over 50 million tonnes of ash in the past eight years.
The business is supported by regulatory requirements mandating thermal power plants to utilise the ash they generate, alongside a 10-year roadmap for the disposal of legacy ash.
Projected Growth in India's Fly Ash and Pond Ash Markets
Citing Central Electricity Authority data, Refex estimates annual fly ash generation in India will increase from 340 million tonnes in 2025 to 544 million tonnes by 2033, as installed thermal power capacity expands from 205.6 GW to 251.6 GW.
The quantity of pond ash accumulated in storage dykes is projected to rise from 1,677 million tonnes to 2,012 million tonnes over the same period. The company estimates the annual fly ash market at around Rs 8,500 crore and the pond ash market at Rs 67,080 crore.
Wind Energy and Mobility Businesses Gain Traction
Refex's newer businesses also reported growth during the period. Venwind Refex Power, its wind turbine manufacturing arm, completed initial deliveries to all three customers and recorded revenue of Rs 201 crore in the September quarter and Rs 499 crore in the first half of FY27, officials said.
The mobility business posted revenue of Rs 36 crore in the September quarter and Rs 69 crore in the first half. Jain said the business was "progressing steadily towards profitability".
Healthy Balance Sheet Supports Multi-Sector Diversification
Refex's standalone debt-to-equity ratio stood at 0.10 as of March 2026. In its August 2026 rating action, Acuite Ratings & Research said it expected the company's operating performance to improve steadily, supported by its order book and execution in ash handling.
The expansion of its core ash handling business, alongside moves into concrete manufacturing and wind energy, reflects Refex's effort to diversify its revenue streams while capitalising on India's growing thermal power and infrastructure requirements.
