Refex Industries

What Refex Industries does

Refex Industries Limited is a Chennai-based, publicly listed Indian company (NSE: REFEX, BSE: 532884) that operates across environmental logistics, electric mobility, and renewable energy. Incorporated in 2002 and listed via IPO in 2017, the company has executed a strategic pivot away from its legacy refrigerant gas distribution business — which the board approved for discontinuation in January 2026 due to competitive pressure — to focus on three core verticals: Ash Utilization and Coal Handling, Green Mobility (Refex Mobility), and Wind Power (Venwind Refex).

The company's revenue engine is ash transportation services: Refex excavates, loads, and transports fly ash, pond ash, and bottom ash from thermal power plants to road construction projects managed by NHAI, state Public Works Departments, and central government schemes including PMGSY. Contracts are awarded through government and Maharatna/Navratna PSU procurement processes, with engagement values ranging from ₹21 crore to ₹300 crore and durations of 4 months to 4 years. The Refex Mobility segment operates an integrated EV fleet management platform with control over booking, dispatch, fleet compliance, driver operations, safety and billing across 1,750+ vehicles in 5 major cities, serving 70+ enterprise clients and completing 1.5 million+ trips in FY26. The Venwind Refex subsidiary contributes wind power generation to the renewable energy portfolio.

FY26 revenue from operations reached ₹2,276.74 crore with net profit of ₹203.35 crore, while Q4 FY26 revenue grew 57.14% year-over-year to ₹936 crore and ash/coal handling alone delivered ₹140 crore PBIT in Q4 FY26. A March 2025 strategic partnership with Uber targets deployment of 1,000 EVs across Indian cities, and a proposed Composite Scheme of Amalgamation filed with NCLT in June 2026 seeks to merge Refex Industries and Refex Green Mobility Limited into Refex Mobility Limited under Sections 230-232 of the Companies Act 2013. The group is headquartered at Refex Towers, Sterling Road, Nungambakkam, Chennai.

Name

Refex Industries

Legal name

Refex Industries Limited

Website

https://refex.co.in

Company type

Public

Founded year

2002

Operating status

Operating

Headcount range

101–250 employees

Short description

Refex Industries is a Chennai-based Indian public company that transports industrial ash from power plants to government road projects, operates 1,750+ EVs across five cities via Refex Mobility, and generates wind power through Venwind Refex.

Ownership category

akta.pro rank

Product category

Industrial waste logistics and green mobility services

SIC

Refuse Systems (4953)

akta.pro industry

PRIMARYEUAIAGAD

Industrial Packaging Waste Services (Pallets, Cardboard, Film, IBCs/Drums—Non-hazardous)

Energy, Utilities & Environment/Environmental Services (Waste Management, Recycling & Remediation)/Industrial & Commercial Waste Services (Non-hazardous, Specialized Streams)

Keywords

• Ash transportation services
• Electric fleet mobility
• Industrial waste logistics
• Wind power generation
• Coal handling services

Headquarters

HQ city

Chennai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Ash and Coal Handling Services: Contract-based services for excavation, loading, transportation and management of pond ash and bottom ash from power plants to road construction sites. Revenue recognized over contract execution period typically ranging from 4 months to 4 years.
2. Green Mobility / EV Fleet Services: Electric vehicle mobility services for enterprise clients including corporate transportation, executive mobility, and app-based cab rental business. Revenue from fleet operations across 5 major cities with 1,750+ vehicles.
3. Wind Power Generation: Renewable energy generation through Venwind Refex subsidiary providing wind power capacity.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Refex Industries provides ash and coal transportation services from power plants to road construction sites under long-term contracts with government entities and PSUs. It also operates an EV mobility business under Refex Mobility, running 1,750+ vehicles across 5 major Indian cities for enterprise clients, and a renewable wind power generation business through Venwind Refex. The company discontinued its refrigerant gas refilling business in January 2026 to concentrate on industrial waste logistics and clean mobility operations.

Differentiator

Problem solved

Functional benefit

Brands

• Ash Utilization and Coal Handling: Core business segment for transportation and handling of pond ash and coal for infrastructure projects including NHAI and government road construction.
• Green Mobility / Refex Mobility
• Venwind Refex

Products and services

• Ash Utilization and Coal Handling Core logistics business of Refex Industries involving transportation of fly ash, pond ash, and bottom ash from thermal power plants to road construction sites. Includes excavation, loading, and material handling services for NHAI and government road projects, supporting India's circular economy goals by utilizing industrial byproducts in highway construction. Long-term contracts with values up to ₹300 crore per engagement.
• Refex Mobility (Green Mobility) Electric vehicle mobility arm operating 1,750+ vehicles across 5 major Indian cities, serving 70+ enterprise clients for corporate transportation, executive mobility, and app-based cab rental services. Achieved 1.5 million+ trips and 2.5x YoY revenue growth in FY26, reaching ₹103.2 crore total income.
• Venwind Refex Wind Power Wind power generation business under the Venwind Refex Power Limited subsidiary, providing renewable energy capacity as part of Refex's energy infrastructure portfolio. Revenue is usage-based from wind energy generation.

Quantifiable outcome

• 2.5x year-over-year revenue growth in mobility segment
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered minor and core.

• Chennai Super KingsminorGTM or Marketing Partner · 27 March 2025Official Sponsor of Chennai Super Kings cricket team. Provides brand visibility and marketing exposure through cricket sponsorship.
• UbercoreGTM or Marketing Partner · 11 March 2025Strategic partnership for deploying 1,000 EVs across Indian cities. Uber's platform provides booking and dispatch infrastructure while Refex supplies and operates the EV fleet.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Emerging players

• Gensol Engineering Ltd: Listed Indian engineering, procurement, and solar EPC firm that has expanded into EV leasing and mobility via Gensol Electric. Comparable to Refex as a publicly listed Indian player bridging renewables/EV infrastructure and corporate mobility.
• Evera Cabs (Pinnacle Mobility Solutions): Delhi-NCR based all-electric cab service with app-based booking for individual and corporate riders. Closely comparable to Refex Mobility's Delhi-NCR EV cab rental expansion and corporate-focused EV mobility.

Broad incumbents

• Ion Exchange (India) Ltd: Established Indian environmental and water treatment company with a long history in industrial process solutions. Adjacent to Refex's environmental services and circular economy positioning serving industrial clients in India.
• Ramky Enviro Engineers Ltd: One of India's largest environmental services and waste management companies with hazardous waste handling, recycling, and integrated disposal infrastructure. Broader and more established than Refex but operates in the same industrial waste-to-resource recovery space relevant to ash utilization.
• Suzlon Energy Ltd: India's largest wind turbine manufacturer and wind power project developer. Comparable to Refex's Venwind Refex wind power subsidiary and the broader renewables positioning of the parent group.
• Adani Green Energy Ltd: Largest Indian renewable energy IPP with significant wind and solar capacity. A scaled incumbent comparable in renewable generation profile (relevant to Venwind Refex) and ESG-aligned infrastructure positioning that overlaps Refex's broader thesis.
• Inox Wind Ltd: Listed Indian wind turbine manufacturer and wind farm operator. Comparable as a publicly traded Indian wind power play similar in size and scope to Venwind Refex's contribution.

Direct peers

• BluSmart Mobility: India's largest all-electric ride-hailing and chauffeur-driven mobility service operating dense urban EV fleets. Most direct comparison to Refex Mobility's enterprise and app-based EV mobility business across Indian Tier-1 cities.
• Antony Waste Handling Cell Ltd: India's leading publicly listed municipal and industrial waste management company providing collection, transportation, and processing. Directly comparable to Refex's ash/coal handling and material logistics franchise serving Indian infrastructure projects.

Others

• Ola Electric Mobility Ltd: Listed Indian EV manufacturer and fleet operator with mobility services arm. Adjacent enabler for Refex's EV fleet expansion rather than a direct competitor — they serve as supplier/ecosystem participant to multi-thousand-vehicle Indian EV mobility operators like Refex Mobility.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/refex-industries-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries4 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Refex Industries