Investor Presentation

October 28, 2026 The BSE Ltd. The National Stock Exchange of India Ltd. st th 1 Floor, New Trading Wing, Rotunda Exchange Plaza, 5 Floor, C – 1, Block G Building Phiroze Jeejeebhoy Towers, Bandra – Kurla Complex, Bandra (E) Scrip Code: 532884 Symbol: REFEX Dalal Street, Fort Mumbai – 400001 Mumbai – 400051 DReeaf.r: DSiirs(csl)o/s Muraed aumnd, er Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) Subject: Investor Presentation on un-audited Financial Results for the 2nd Quarter and half year ended September 30, 2026, of the FY27 Pursuant to the Regulation 30 of the SEBI Listing Regulations, we are enclosing herewith a copy of the Investor Presentation on the un-audited Financial Results of the Company for the 2 Quarter and half year ended September 30, 2026 for FY27. Kindly take the above information on your records Thanking you, You rRse ffaeixth Ifnudlluy,s tries Limited F or Ankit Poddar Company Secretary and Compliance Officer ACS-25443 Place: Chennai REFEX INDUSTRIES LIMITED IN VESTOR PR ES E N TATION Q2 & H1FY27 Results Safe Harbor Statement This presentation and the accompanying slides (the “Presentation”), which have been prepared by Refex Industries Limited (the “Company’), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the Company’s ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. All Maps used in the Presentation are not to scale. All data, information and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness. Financial Overview Q2 & H1FY27 Key Financial Highlights Standalone – Continuing operations on Y-o-Y basis Q2FY27 H1FY27 REVENUE EBITDA PAT REVENUE EBITDA PAT ₹ 560 Cr ₹ 91 Cr ₹ 60 Cr ₹ 1,179 Cr ₹ 196 Cr ₹ 133 Cr +36.1% +21.7% +13.1% +54.7% +71.8% +55.4% Updates for the Quarter Ash & Coal Business Wind Business RGML Demerger Strong Revenue Secured new orders Successfully De-merger process will growth despite worth ₹ 346 crore. completed the first set be completed in next monsoon impact Orderbook of ₹ 1,721 of deliveries to all few months crore as on 30th Sept’26 three customers Q2 & H1FY27 Standalone Financial Performance (Y-o-Y) from Continuing Operations Revenues (₹ Cr) EBIDTA (₹ Cr) +71.8% +54.7% +36.1% 1,178.8 +21.7% 195.9 762.2 411.1 559.5 90.5 114.0 74.4 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1 FY26 H1 FY27 PAT (₹ Cr) Strong Growth Driven by a Record Order Book and Accelerating +55.4% Execution +13.1% 133.2 85.7 59.5 52.6 Q2FY26 Q2FY27 H1 FY26 H1 FY27 Standalone Profit & Loss Statement Particulars (₹ Cr) Q2 FY27 Q2 FY26 Y-o-Y H1 FY27 H1 FY26 Y-o-Y Continuing Operations Revenue from Operations 559.5 411.1 1,178.8 762.2 Total Revenue 559.5 411.1 36.1% 1,178.8 762.2 54.7% Cost of Material/Services Purchased 436.8 324.3 937.2 620.9 Change in Inventories of Finished goods & Work in Progress 15.5 -0.7 10.2 -0.7 Purchases of stock-in-trade - - - - Gross Profit 107.2 87.4 22.6% 231.3 141.9 63.0% GP Margin (%) 19.2% 21.3% 19.6% 18.6% Employee Expenses 8.5 8.4 15.5 17.7 Other Expenses 8.2 4.7 19.9 10.3 EBITDA 90.5 74.4 21.7% 195.9 114.0 71.8% EBITDA Margin (%) 16.2% 18.1% 16.6% 15.0% Other Income 5.9 7.8 13.9 19.1 Depreciation 4.1 3.8 8.2 7.5 EBIT 92.3 78.4 201.6 125.6 Finance Cost 12.8 6.2 23.8 12.0 Profit before Tax 79.5 72.2 177.9 113.6 Tax 20.0 19.5 44.7 27.9 Profit After Tax 59.5 52.6 13.1% 133.2 85.7 55.4% PAT Margin (%) 10.6% 12.8% 11.3% 11.2% Net Profit /loss for the Period/Year from Discontinuing operations (after tax) -0.0 -0.6 -0.3 -0.7 Net Profit /loss for the Period/Year from both continuing and Discontinuing operations 59.5 52.0 132.9 85.0 Other Comprehensive Income 0.1 0.3 0.1 0.8 Total Comprehensive Income 59.5 52.3 13.1% 132.9 85.8 55.4% Comprehensive Income Margin (%) 10.6% 12.7% 11.3% 11.3% EPS (As per Profit after Tax) 4.34 4.03 9.70 6.63 **EPS - Continuing operations Standalone Balance Sheet EQUITY AND LIABILITIES (₹ Cr) 30-Sep-26 31-Mar-26 ASSETS (₹ Cr) 30-Sep-26 31-Mar-26 Equity Non-current assets Equity share capital 27.4 27.4 Property, plant and equipment 137.2 136.8 Other equity 1,664.0 1,544.2 Right-of-use assets 45.0 47.2 Total equity 1,691.4 1,571.7 Capital work-in-progress 1.8 1.4 Non-current liabilities Other intangible assets 7.3 7.7 Financial liabilities Financial assets (i) Borrowings 27.9 26.1 (i) Investments 110.8 106.0 (ii) Lease liabilities 53.2 55.0 Deferred tax asset (net) 0.0 0.0 Provisions 1.8 1.4 Other non-current assets 52.7 61.2 Deferred tax liabilities (net) 0.3 0.3 Total non-current assets 354.8 360.4 Total non-current liabilities 83.2 82.8 Current assets Current liabilities Inventories 0.2 10.4 Financial liabilities Financial assets (i) Borrowings 197.3 132.8 (i) Trade receivables 905.9 737.3 (ii) Lease liabilities 3.5 3.4 (ii) Cash and cash equivalents 242.1 180.5 (iii) Trade payables 397.7 334.2 (iii) Bank balances other than cash and cash equivalents 23.4 61.0 (iv) Other financial liabilities 236.5 208.1 (iv) Other financial assets 59.7 62.6 Other current liabilities 11.0 18.8 (v) Contract Asset 833.4 734.1 Provisions 1.3 0.9 Current tax liabilities (net) 99.4 69.7 Other current assets 110.4 112.9 Total current liabilities 946.7 767.9 Assets classified as held for sale 191.4 163.2 Total liabilities 1,029.8 850.7 Total current assets 2,366.5 2,062.0 Total Equity and Liabilities 2,721.2 2,422.4 Total Assets 2,721.2 2,422.4 Standalone Cash Flow Statement Cash Flow Statement (₹ Cr) Sep-26 Sep-25 Cash Flow from Operating Activities Profit before Tax 177.5 112.7 Adjustment for Non-Operating Items 27.0 3.2 Operating Profit before Working Capital Changes 204.5 115.9 Movement in working capi [Showing first 8,000 characters — download PDF for full document]