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Refex Industries Limited reports their financial results for Q2 and H1 ended September 30,2022; H1 revenue numbers have surpassed overall FY22 revenue numbers

 Refex Industries Limited (Refex) reported its financial results for the quarter ending September 30, 2022.


Nearly 33% QoQ revenue growth and 69% QoQ EBITDA growth;


Particulars (Rs. Cr)





Income from Operations

353.43 crs

93.95 crs

618.62 crs

177.32 crs


36.91 crs

12.20 crs

58.82 crs

23.83 crs

Net Debt to EBITDA



2.65 times

0.24 times


Q2FY23 Highlights

  • Revenue increased 33.28% QoQ from Rs. 265.19 crs to Rs. 353.43 crs, 276.20% YoY from Rs. 93.94 crs in Q2FY22 to Rs. 353.43 crs in Q2FY23
  • Net Debt/EBITDA stood at 2.65 times.


We have seen a healthy growth of revenue as well as an improved profitability in Q2 FY23. Increased orders during the period have brought in an increased revenue in segments such as coal and fly ash handling segment as well as refrigerant gas segment.

Commenting on the quarter gone by, Anil Jain, Managing Director, Refex Industries Limited, said, “the results in the quarter have been healthy and we will continue to work hard in order to generate value for our stakeholders in the coming quarters as well as in line with our thrust towards ESG”.

Other important events in Q2:

  • Refex celebrated its 20th anniversary.
  • ESOPs were granted to the employees
  • Awards:
    • Refex Group named as a Gold Stevie award winner in the conglomerates category (medium size)
    • Anil Jain, MD, Refex announced as a bronze Stevie award winner for the ‘Best Entrepreneur of the Year’ in the conglomerates category (medium size)                                               




About Refex Group*:

Refex Group is one of India’s leading business groups, serving across refrigerant gases, coal and fly ash handling, renewables (solar power), healthcare, and power trading sector. Refex Group also supports the dreams of budding entrepreneurs by way of its investments and providing additional support to start-ups. With multiple offices in India, it has been a 20-year-long journey of learning, resilience, and agility that Refex has traversed where it has always aimed for excellence. The Group relies on a strong foundation of principles such as integrity, diversity, dedication, commitment, and competitiveness, and keeps its customers and shareholders’ interest at the core.


* Refex Industries Limited along with its associate companies, sister companies, and their subsidiaries form part of the Refex Group.

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