Refex Industries Limited (RIL) has had its credit ratings for bank loan facilities reaffirmed by Acuité Ratings & Research Limited. The long-term rating for ₹165.00 Cr. facilities has been reaffirmed as 'ACUITE A- | Stable', and the short-term rating for ₹135.00 Cr. facilities has been reaffirmed as 'ACUITE A2+'.

The reaffirmation is attributed to RIL's improved operating performance, a healthy order book, and a strong financial risk profile, supported by adequate financial flexibility. The company's extensive promoter experience and long track record are also key strengths. However, Acuité notes the challenges posed by working capital-intensive operations and intense market competition.

Financially, RIL reported a consolidated revenue of ₹2,467.66 Cr. in FY25, a significant increase from ₹1,383.43 Cr. in FY24, primarily driven by the ash and coal handling segment. The company's tangible net worth increased substantially to ₹1,192.43 Cr. in FY25 due to a preferential issue in November 2024. Gearing improved to 0.24 times in FY25 from 0.46 times in FY24, with a strong Interest Coverage Ratio of 9.39 times.

Acuité also highlighted recent developments, including search operations by the Income Tax Department in December 2025 and a penalty on the Promoter, Chairman, and Managing Director for insider trading. These remain key monitorables for the agency. The company's liquidity position is assessed as adequate, with expected steady cash accruals.