Transcript of the Earnings Conference Call held for the 1st Quarter ended June 30, 2026 - Q1 FY27

August 04,2026 The BSE Limited The National Stock Exchange of India Limited st th 1 Floor, New Trading Wing, Rotunda Building Exchange Plaza, 5 Floor, C – 1, Block G Phiroze Jeejeebhoy Towers, Dalal Street, Fort Bandra – Kurla Complex, Bandra (E) Security Code: 532884 Symbol: REFEX Mumbai – 400001 Mumbai – 400051 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 1st Quarter ended June 30, 2026 for FY27 Dear Sir/ Ma’am, In continuation to our previous intimations dated July 24, 2026 and July 31, 2026 and pursuant to Regulation 30 read with Schedule III of Part A of the Securities and Exchange Board of India (Listing Thursday, July 30, 2026 at 11:30 a.m. (IST) Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript of the Earnings Conference Call held on for discussing the Company’s Financial Results for 1 Quarter ended June 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, Refex Industries Limited Yours faithfully, For & on behalf of Ankit Poddar Company Secretary and Compliance Officer ACS- 25443 “Refex Industries Limited Q1 FY27 Earnings Conference Call” July 30, 2026 MANAGEMENT: MR. ANIL JAIN – CHAIRMAN AND MANAGING DIRECTOR – REFEX INDUSTRIES LIMITED 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: MR. PARTH PATEL – MUFG INTIME E&OE - THIS TRANSCRIPT IS EDITED FOR FACTUAL ERRORS. IN CASE OF DISCREPANCY, THE AUDIO RECORDINGS UPLOADED ON THE STOCK EXCHANGE ON 31ST JULY 2026 WILL PREVAIL. Page 1 of 16 Refex Industries Limited July 30, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Refex Industries Limited Q1 FY27 Earnings Conference Call. 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 this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand over to Mr. Parth Patel. Thank you, and over to you, sir. Parth Patel: Thank you. On behalf of MUFG Intime, I welcome you all to Refex Industries Limited Q1 FY27 earnings conference call. On the management side, we have Mr. Anil Jain, Chairman and Managing Director; Mr. Dinesh Kumar Agarwal, Whole-Time Director and Chief Financial Officer; Mr. Sonal Jain, Head, Accounts and Taxation. I hope everyone had an opportunity to go through the investor deck that we have uploaded on exchange in 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 expectations 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. Anil Jain. Over to you, sir. Anil Jain: Thank you very much, Parth. Good morning, everyone, and thank you for joining us for the Refex Industries earnings call for the first quarter ended 30th June , 2026. We have entered FY27 with a strong momentum across our businesses supported by robust execution, a healthy order pipeline, and continued progress across our strategic growth platforms. Let me take you through the businesses, the various segments, and what we have done over there. Starting with our ash and coal handling business, it continued to deliver a strong operational performance during the quarter and remain the largest contributor to the company's revenue and profitability. Over the years, Refex has built one of India's most comprehensive, technology- enabled ash utilization platforms, providing integrated solutions across the entire value chain, including ash evacuation, transportation, utilization, logistics management, and regulatory compliance, which is most important. This integrated approach has enabled us to create a robust nationwide ecosystem for sustainable ash management and the most preferred vendor to go for thermal power plants. During the quarter, the business benefited from healthy execution across major project locations, supported by our growing order book, improved operating environment compared to the corresponding last year, and sustained demand for integrated ash management solutions. During the quarter, we also witnessed intermittent diesel supply constraints and logistics disruptions arising from ongoing geopolitical developments. There were acute shortages of diesel supply at many of our locations, but we still managed to cover most of it. However, our diversified operations, extensive fleet network, technology- Page 2 of 16 Refex Industries Limited July 30, 2026 enabled process, and strong execution capabilities enabled us to maintain uninterrupted service delivery for our customers. The industry fundamentals continue to remain strong, driven by increasing power demand, expansion of thermal generation capacity, and greater regulatory focus on achieving 100% ash utilization. As customers increasingly seek integrated and technology-driven partners who can deliver operational excellence along with regulatory compliance, Refex remains very well- positioned to capture the emerging opportunities. Our integrated business model continues to strengthen customer relationships, improve revenue visibility, and reinforce our position as a trusted partner for comprehensive ash management solutions. Going forward, we remain focused on expanding our presence across broader ash value chain, including downstream value-added applications, which we expect to contribute meaningfully over the coming quarters and years, and create additional revenues for sustainable growth and value creation. Moving to our wind energy business, we continued execution of of customer project deliveries under existing order books during the quarter. As highlighted in our previous interaction, this business has successfully transitioned from the initial development and order book creation phase into an active delivery phase. We believe this segment has the potential to emerge as a significant growth engine for Refex, supported by the long-term structural opportunity in India's renewable energy sector, especially wind. A key milestone during the quarter was the successful erection of India's first 5.3 megawatt wind turbine by our customer at its project site in Koppal, Karnataka. This was a very proud [moment for all of us and for the country This marks an important step towards the commercial deployment of our next-generation wind turbine platform. As we scale this business, we remain focused on further strengthening our manufacturing ecosystem, supply chain capabilities, and execution excellence. Coming to our mobility business, execution remains on track. The business continues to operate on an asset-light model and has added a few new clients during the quarter, further strengthening our presence in the premium corporate mobility segment. The demerger process is progressing as planned. During the quarter, we received approval from the honourable NCLT court to convene meetings of shareholders and creditors as part of the scheme arrangement. Pursuant to NCLT's direction, the equity shareholders meeting has been scheduled for next month. Upon completion of the demerger, the mobility business will operate as an independent entity focused exclusively on premium, clean, reliable, and sustainable mobility solutions, with its own growth strategy, capital allocation framework, and operational priorities. We believe this restructuring w [Showing first 8,000 characters — download PDF for full document]