Refex Financials
NSE: REFEX | BSE: 532884
₹212.05
₹-10.25
(-4.61%)
As on 30-Oct-2026IST
Market cap
₹2,913 Cr
Revenue (TTM)
₹3,188 Cr
P/E Ratio
11.3
P/B Ratio
1.8
Div. Yield
0.7 %
Income Statement (₹ Cr) |
TTM | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-21 | Mar-20 | Mar-19 | Mar-18 | Mar-17 | Mar-16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Operating Revenue
|
3,187.80
|
2,276.74
|
2,259.43
|
1,382.87
|
1,629.15
|
632.66
|
|
|
|
|
|
|
Total Income
|
3,211.93
|
2,302.05
|
2,309.34
|
1,401.13
|
1,637.44
|
637.10
|
|
|
|
|
|
|
Total Expenditure
|
2,729.62
|
1,915.06
|
2,053.27
|
1,236.89
|
1,454.50
|
564.99
|
|
|
|
|
|
|
EBITDA
|
458.18
|
361.68
|
206.16
|
145.98
|
174.65
|
67.67
|
|
|
|
|
|
|
Depreciation
|
22.60
|
20.00
|
9.90
|
13.54
|
6.89
|
5.29
|
|
|
|
|
|
|
EBIT
|
435.58
|
341.68
|
196.26
|
132.43
|
167.76
|
62.38
|
|
|
|
|
|
|
Interest
|
49.14
|
36.56
|
17.73
|
29.36
|
19.41
|
8.97
|
|
|
|
|
|
|
Other Income
|
24.13
|
25.32
|
49.91
|
18.26
|
8.29
|
4.44
|
|
|
|
|
|
|
Exceptional Items
|
--
|
--
|
--
|
--
|
-0.25
|
--
|
|
|
|
|
|
|
Profit before Tax
|
410.57
|
330.43
|
228.43
|
121.33
|
156.39
|
57.85
|
|
|
|
|
|
|
Provision for Tax
|
109.18
|
88.05
|
48.74
|
28.35
|
40.33
|
16.91
|
|
|
|
|
|
|
Profit after Tax
|
301.40
|
242.38
|
179.70
|
92.98
|
116.06
|
40.94
|
|
|
|
|
|
|
Minority Interest
|
-3.77
|
--
|
--
|
--
|
--
|
--
|
|
|
|
|
|
|
Share of Associate
|
--
|
--
|
--
|
--
|
--
|
--
|
|
|
|
|
|
|
Consolidated Profit
|
258.63
|
203.72
|
158.38
|
92.98
|
116.06
|
40.94
|
|
|
|
|
|
Liabilities (₹ Cr) |
TTM | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-21 | Mar-20 | Mar-19 | Mar-18 | Mar-17 | Mar-16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Shareholder's Funds
|
1,603.94
|
1,504.15
|
1,212.79
|
465.58
|
314.39
|
139.51
|
|
|
|
|
|
|
Minority Interest
|
-3.77
|
4.43
|
-0.62
|
-0.89
|
--
|
--
|
|
|
|
|
|
|
Non-Current Liabilities
|
85.12
|
88.98
|
177.42
|
134.80
|
103.98
|
70.11
|
|
|
|
|
|
|
Current Liabilities
|
1,818.32
|
1,117.09
|
396.25
|
193.91
|
332.00
|
134.95
|
|
|
|
|
|
|
Total Liabilities
|
3,509.47
|
2,842.59
|
1,799.19
|
797.99
|
752.30
|
347.22
|
|
|
|
|
|
Assets (₹ Cr) |
TTM | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-21 | Mar-20 | Mar-19 | Mar-18 | Mar-17 | Mar-16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Non-Current Assets
|
201.96
|
302.99
|
404.07
|
291.30
|
224.12
|
167.78
|
|
|
|
|
|
|
Current Assets
|
3,195.36
|
2,326.72
|
1,381.77
|
502.09
|
526.26
|
176.79
|
|
|
|
|
|
|
Total Assets
|
3,509.47
|
2,842.59
|
1,799.19
|
797.99
|
752.30
|
347.22
|
|
|
|
|
|
|
Total Debt*
|
--
|
162.11
|
171.68
|
117.16
|
81.83
|
0.11
|
|
|
|
|
|
|
Net Current Assets
|
1,377.04
|
1,209.63
|
985.52
|
308.19
|
194.26
|
41.84
|
|
|
|
|
|
|
Contingent Liabilities
|
--
|
567.01
|
83.75
|
252.86
|
137.40
|
113.27
|
|
|
|
|
|
Cashflow (₹ Cr) |
TTM | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-21 | Mar-20 | Mar-19 | Mar-18 | Mar-17 | Mar-16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Cash From Operating Activities
|
--
|
107.14
|
-248.50
|
2.85
|
27.62
|
123.29
|
|
|
|
|
|
|
Cash Flow from Investing Activities
|
--
|
-267.90
|
-104.68
|
-41.88
|
-77.56
|
-122.27
|
|
|
|
|
|
|
Cash from Financing Activities
|
--
|
65.35
|
601.60
|
61.87
|
59.89
|
-4.72
|
|
|
|
|
|
|
Net Cash Inflow / Outflow
|
--
|
-95.41
|
248.42
|
22.84
|
9.95
|
-3.71
|
|
|
|
|
|
Financials Ratios |
TTM | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-21 | Mar-20 | Mar-19 | Mar-18 | Mar-17 | Mar-16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Adjusted EPS (₹)
|
21.69
|
14.85
|
12.26
|
8.04
|
10.50
|
3.90
|
|
|
|
|
|
|
Cash EPS (₹)
|
18.85
|
19.12
|
14.68
|
9.21
|
11.12
|
4.40
|
|
|
|
|
|
|
Adjusted Book Value (₹)
|
116.88
|
100.00
|
81.88
|
40.22
|
28.42
|
13.29
|
|
|
|
|
|
|
Dividend per Share (₹)
|
0.71
|
1.50
|
--
|
0.50
|
0.40
|
0.30
|
|
|
|
|
|
|
Cash Flow per Share (₹)
|
--
|
7.81
|
-19.24
|
0.25
|
12.49
|
58.70
|
|
|
|
|
|
|
Free Cash Flow per Share (₹)
|
--
|
-1.22
|
-27.53
|
-6.25
|
-38.54
|
41.08
|
|
|
|
|
|
Profitability Ratios |
TTM | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-21 | Mar-20 | Mar-19 | Mar-18 | Mar-17 | Mar-16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
ROCE (%)
|
--
|
24.06
|
25.03
|
30.79
|
65.61
|
61.55
|
|
|
|
|
|
|
ROE (%)
|
19.15
|
19.95
|
23.60
|
23.86
|
51.17
|
38.03
|
|
|
|
|
|
|
ROA (%)
|
10.85
|
10.47
|
13.93
|
12.05
|
21.20
|
16.59
|
|
|
|
|
|
|
EBIT Margin (%)
|
13.66
|
15.01
|
8.69
|
9.58
|
10.30
|
9.86
|
|
|
|
|
|
|
Net Margin (%)
|
9.38
|
10.53
|
7.78
|
6.64
|
7.09
|
6.43
|
|
|
|
|
|
|
Cash Profit Margin (%)
|
--
|
11.52
|
8.39
|
7.70
|
7.55
|
7.31
|
|
|
|
|
|
Growth Ratios |
TTM | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-21 | Mar-20 | Mar-19 | Mar-18 | Mar-17 | Mar-16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Revenue Growth (%)
|
55.72
|
0.77
|
63.39
|
-15.12
|
157.51
|
-4.25
|
|
|
|
|
|
|
EBIT Growth (%)
|
111.52
|
74.10
|
48.19
|
-21.06
|
--
|
24.88
|
|
|
|
|
|
|
Net Profit Growth (%)
|
51.37
|
34.88
|
93.27
|
-19.89
|
183.50
|
23.58
|
|
|
|
|
|
|
EPS Growth (%)
|
55.06
|
21.11
|
52.54
|
-23.45
|
169.33
|
-6.01
|
|
|
|
|
|
|
Book Value Growth (%)
|
--
|
29.71
|
127.35
|
48.10
|
125.17
|
84.05
|
|
|
|
|
|
Valuation Ratios |
TTM | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-21 | Mar-20 | Mar-19 | Mar-18 | Mar-17 | Mar-16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Price / Earnings
|
11.26
|
12.76
|
30.81
|
16.77
|
0.90
|
0.96
|
|
|
|
|
|
|
Price / Book Value
|
1.82
|
1.90
|
4.61
|
3.35
|
1.67
|
1.41
|
|
|
|
|
|
|
Dividend Yield (%)
|
0.71
|
0.79
|
--
|
0.37
|
0.84
|
1.60
|
|
|
|
|
|
|
EV/EBITDA
|
5.52
|
6.12
|
18.35
|
9.91
|
3.26
|
2.50
|
|
|
|
|
|
|
Close Price (₹)
|
265.25
|
189.49
|
378.70
|
134.20
|
47.54
|
18.69
|
|
|
|
|
|
|
High Price (₹)
|
382.40
|
534.00
|
600.00
|
184.80
|
67.00
|
24.28
|
|
|
|
|
|
|
Low Price (₹)
|
188.00
|
188.00
|
124.25
|
44.33
|
19.30
|
6.50
|
|
|
|
|
|
|
Market Cap (₹ Cr)
|
2,912.68
|
2,600.03
|
4,879.92
|
1,558.77
|
524.75
|
197.20
|
|
|
|
|
|
Solvency Ratios |
TTM | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-21 | Mar-20 | Mar-19 | Mar-18 | Mar-17 | Mar-16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Debt to Equity
|
0.02
|
0.12
|
0.16
|
0.25
|
0.26
|
0.00
|
|
|
|
|
|
|
Short term debt to equity ratio
|
--
|
0.08
|
0.02
|
0.10
|
0.08
|
--
|
|
|
|
|
|
|
Current Ratio
|
1.76
|
2.08
|
3.49
|
2.59
|
1.59
|
1.31
|
|
|
|
|
|
|
Quick Ratio
|
1.69
|
2.01
|
3.47
|
2.55
|
1.55
|
1.27
|
|
|
|
|
|
|
Interest Coverage
|
9.36
|
10.04
|
13.88
|
5.13
|
9.06
|
7.45
|
|
|
|
|
|
Operating Efficiency Ratios |
TTM | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-21 | Mar-20 | Mar-19 | Mar-18 | Mar-17 | Mar-16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Debtors to sales (%)
|
39.24
|
38.93
|
29.95
|
22.12
|
15.05
|
14.69
|
|
|
|
|
|
|
Asset Turnover
|
1.15
|
0.98
|
1.75
|
1.79
|
2.98
|
2.56
|
|
|
|
|
|
|
Receivable days
|
--
|
125.29
|
79.38
|
72.73
|
37.88
|
47.66
|
|
|
|
|
|
|
Inventory Days
|
--
|
6.69
|
1.18
|
2.38
|
1.83
|
2.50
|
|
|
|
|
|
|
Payable days
|
--
|
57.73
|
15.81
|
31.02
|
32.42
|
49.05
|
|
|
|
|
|
|
Cash Conversion Cycle
|
--
|
74.26
|
64.75
|
44.09
|
7.29
|
1.11
|
|
|
|
|
|
*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.
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