Refex Industries Limited has released the transcript of its Earnings Conference Call held on May 27, 2026, to discuss the financial results for the 4th Quarter and Financial Year ended March 31, 2026 (Q4 FY26). During the call, Chairman and Managing Director Mr. Anil Jain highlighted FY26 as a significant year of transition and growth, with a business portfolio reshaped towards sectors offering stronger scalability and better margin visibility. The Ash & Coal Handling business showed continuous momentum, maintaining strong operational performance and expanding its capabilities, with an order pipeline of nearly ₹1,500 crores. The wind energy business entered a new growth phase with the commencement of wind turbine generator deliveries, contributing approximately ₹233 crores in Q4 FY26. The business achieved ALMM approval for its wind turbine platform, strengthening its market position. The mobility business demerger process is progressing as planned, with key regulatory milestones achieved. Operationally, this segment crossed ₹100 crores in revenue and is focusing on an asset-light growth strategy. Mr. Dinesh Kumar Agarwal, Whole-Time Director and CFO, reported standalone revenue of ₹701 crores for Q4 FY26, an 18% year-on-year growth, with EBITDA at ₹141 crores and PAT at ₹94 crores, a 67% increase. For the full year FY26, standalone revenue was ₹2,039 crores, with EBITDA at ₹350 crores and PAT at ₹247 crores. Discussions during the Q&A included guidance for FY27, with the Ash & Coal Handling business expected to maintain similar growth to FY26 and the wind business aiming to execute the remaining ₹1,500 crores of its order book, potentially with new orders. The demerger of the mobility business is expected to be completed within 60-75 days, pending court processes. The company also addressed the IT search issue, stating confidence in governance and no expected financial or reputational impact. The current EBITDA margin for the wind business is around 8%, with expectations of improvement through localization.
