Refex Industries Limited (RIL) has formally disclosed the acquisition of a significant domestic service contract under Regulation 30 of the SEBI Listing Regulations. The company informed the stock exchanges on April 16, 2026, regarding its selection for the transportation of pond ash to NHAI PWD road construction sites. This disclosure aligns with the requirements of the SEBI Master Circular dated January 30, 2026, ensuring transparency in corporate developments.

The newly awarded contract involves the transportation of pond ash from a Maharatna Public Sector Undertaking (PSU) to construction sites managed by the National Highways Authority of India (NHAI) and the Public Works Department (PWD). Valued at INR 32.45 Crore (inclusive of GST), the project is scheduled for execution over a primary period of one year, with a provision for an extension of up to six additional months. The transaction is confirmed as a domestic contract and does not involve any related party transactions or interest from the promoter group.

Refex Industries is a diversified player primarily recognized for its dominance in the ash and coal handling sector, which remains its core business segment. Beyond waste management, the company operates in eco-friendly refrigerant gases, power trading, and solar energy, and has recently expanded into green mobility through its subsidiary, Refex Green Mobility. In 2025, the company actively pursued geographical expansion across ten additional states and doubled its ash collection capacity to meet rising demand from thermal power plants and cement companies. Recent updates from early 2026 indicate a continuous stream of new orders, including a contract worth approximately INR 70.2 Crore in April 2026 and another valued at INR 49.22 Crore in February 2026.

For the financial year ending March 2025, Refex reported a robust performance with total sales reaching INR 2,430.02 Crore, a significant growth from the previous year’s INR 1,370.56 Crore. The Profit After Tax (PAT) for FY 2025 surged to INR 189.41 Crore, reflecting a growth of approximately 48.73% year-on-year. In the quarterly results for December 2025, the company maintained momentum with a consolidated net profit of INR 53.91 Crore, marking a recovery of 45.6% on a quarter-on-quarter basis from INR 37.44 Crore in September 2025. Notably, the company’s shareholding pattern includes Network18 Media and Investments Ltd, which held a 1.0% stake as of 2025.