Analysts/Institutional Investor Meet/Con. Call Updates

November 02, 2026 The BSE Limited The National Stock Exchange of India Limited 1st Floor, New Trading Wing, Rotunda Building Exchange Plaza, 5th Floor, C – 1, Block G Phiroze Jeejeebhoy Towers, Dalal Street, Fort Bandra – Kurla Complex, Bandra (E) Mumbai – 400001 Mumbai – 400051 Security Code: 532884 Symbol: REFEX Ref.: Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations") Subject: Transcript of the Earnings Conference Call held for the 2nd quarter and half year ended September 30, 2026 of FY27 Dear Sir/ Ma’am, In continuation to our previous intimations dated October 22, 2026 and October 29, 2026 and pursuant to Regulation 30 read with Schedule III of Part A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript of the Earnings Conference Call held on Thursday, October 29, 2026 at 11:30 a.m. (IST) for discussing the Company’s Financial Results for 2nd quarter and half year ended September 30, 2026 for FY27. The same has also been made available on the Company's website. Click Here This is for your information and record. Thanking you, Yours faithfully, For & on behalf of Refex Industries Limited Ankit Poddar Company Secretary and Compliance Officer ACS- 25443 “Refex Industries Limited Q2 FY27 Earnings Conference Call” October 29, 2026 E&OE - THIS TRANSCRIPT IS EDITED FOR FACTUAL ERRORS. IN CASE OF DISCREPANCY, THE AUDIO RECORDINGS UPLOADED ON THE STOCK EXCHANGE ON 29TH OCTOBER 2026 WILL PREVAIL. MANAGEMENT: MR. DINESH KUMAR AGARWAL – WHOLE-TIME DIRECTOR AND CHIEF FINANCIAL OFFICER – REFEX INDUSTRIES LIMITED MR. SONAL JAIN – HEAD, ACCOUNTS AND TAXATION – REFEX INDUSTRIES LIMITED MODERATOR: MS. VIDHI VASA – MUFG INTIME Moderator: Ladies and gentlemen, good day, and welcome to the Q2 FY27 Earnings Call of Refex Industries Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchtone phone. I now hand the conference over to Ms. Vidhi Vasa from MUFG Intime. Thank you and over to you. Page 1 of 17 Refex Industries Limited October 29, 2026 Vidhi Vasa: Thank you, Nessya. On behalf of MUFG Intime, I welcome you all to the Refex Industries Limited Q2 and H1 FY27 Earnings Conference Call. On the management side, we have Mr. Dinesh Kumar Agarwal Whole-Time Director and Chief Financial Officer; and Mr. Sonal Jain, Head Accounts and Taxation. I hope everybody had an opportunity to go through the investor deck that we have uploaded on exchanges and on the company's website. I would like to mention a short disclaimer before we begin the call. This call may contain some of the forward-looking statements, which are completely based upon our belief, opinion and expectation as of today. These statements are not a guarantee of our future performance and involve unforeseen risks and uncertainties. With this, now I hand over the call to Mr. Dinesh Agarwal. Over to you, sir. Dinesh Agarwal: Thank you very much, Vidhi. Good morning and thank you for joining us for the Refex Industries earnings call for the second quarter and half year ended 30 September 2026. The quarter reflected solid execution in our established business and encouraging early progress in the new one. Let me take you through the developments across our business segments, starting with Ash & Coal Handling. India's growing power demand, continued dependence on the thermal power generation and plan for further increase of the capacity to 150 gigawatts in the coal-based power plant by 2035 compared to earlier envisaged 97-gigawatts, continue to provide strong structural growth opportunity for our business. Stricter environmental compliance requirement and financial consequence of non-compliance are also making the ash management and complete ash utilization a critical operational necessities for the thermal power plant and accelerating the shift towards outsourcing to organized players with proven execution capabilities, strong logistic infrastructure and robust compliance credentials. This quarter of the year has always been tough for us with monsoon conditions in Northeast and Central part of India, directly impacting our execution volume and consequently impacting the revenue due to rainfall, water logging and transportation constraint temporarily reducing our volume, which we handle on a day-to-day basis. Therefore, quarterly performance needs to be viewed in the context of seasonal operating conditions. Despite these weather-related challenges, we have made a healthy year-on-year progress with revenue up by 36% and PAT up by 13% in the Q2FY27and PAT up by 56% in H1 FY27on year-to-year basis. This reflects the strength of our underlying business, execution capabilities and growing our order pipeline. As conditions bounce back, our focus remains on accelerating the executions, mobilizing new secured orders and converting opportunity into profitable growth. The focus on developing integrated ash handling contracts has been high and we are working in multiple states to convert the opportunity to order. We'll continue to exercise discipline in our Page 2 of 17 Refex Industries Limited October 29, 2026 bidding and pricing and commercial arrangement with these GENCOs with an emphasis on this sustainable margin, operational efficiency and timely realization of revenues. Moving to our next area of focus, I'd like to highlight our entry into ready-mix concrete business, an important strategic step that represents a natural forward integration for our existing ash handling business. By extending our presence downstream into the construction material and infrastructure ecosystem, we aim to strengthen ash utilization, access new markets, create complementary avenues for the growth. While leveraging our existing expertise in logistics and material handling and industrial operations to build an integrated presence across the value chain. The Indian RMC market presents a significant opportunity driven by infrastructure development, urbanization and increasing demand for the quality controlled concrete. Industry estimate indicates the market is expected to grow approximately 240 million cubic meter valued at INR1.25 lakhs crores in 2025 to 317 million cubic meters valued at INR1.74 lakhs crores by 2031, representing a CAGR growth of 7% year-on-year. Our first RMC plant at Charholi, Pune commenced the operation on 25 September 2026, followed by Hoskote in Karnataka and Kalyan near Mumbai. We are progressing with a phased rollout across Mumbai, Bangalore, Hyderabad, Kolkata and Chennai. The business is being led by Mr. Anil Kulkarni, an industry veteran bringing 30 years of experience and leadership to this business expansion. Our differentiation in the RMC business will be built around sustainable concrete solutions, advanced technology and customer-centric innovation. We are promoting green concrete through greater fly ash utilization, supporting the cement industry decarbonization effort while developing fly ash blended concrete for enhanced durability in conditions of water scarcity and deteriorating groundwater quality. Technology and automation will be central to our operational model, with a focus on fully automated, technology-enabled and manless RMC plant to address labor shortage, improve operational efficiency and ensure consistent quality. Alongside this, we intend to move beyond commodity-based raw material supply towards solution-led customized concrete offering. Tailored to specific customer needs, construction application and project requirements, creating a greater value through product performance and application expertise. To support this ambition, we are building [Showing first 8,000 characters — download PDF for full document]