Refex Industries Limited has received a tax and penalty order totaling ₹100.7 million from tax authorities. The demand relates to prior assessment periods, prompting the company to evaluate appeal options while maintaining robust operations amid recent order wins in ash handling and renewables.
Refex Industries disclosed receipt of a consolidated tax demand and penalty notice amounting to ₹100.7 million, likely pertaining to GST or income tax disputes from earlier fiscal years. Such orders are common in the industrial sector amid aggressive assessments, with companies typically filing appeals or rectification applications to contest demands.
Despite the notice, Refex's core businesses remain strong, highlighted by recent ₹100 crore pond ash transportation contract from a major conglomerate (4-month execution) and a ₹474 crore wind energy deal via subsidiary Venwind Refex Power. Q2 FY26 showed revenue of ₹432 crore (+9.7% QoQ) and PAT of ₹36 crore (+77% QoQ).
The company will assess merits and pursue appellate remedies, with no immediate material financial impact expected given cash reserves and order inflows. Investors monitor resolution timelines amid sector-wide tax litigations.
Key highlights
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Tax + penalty demand: ₹100.7 million on Refex Industries Ltd.
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Likely GST/income tax dispute from prior years; appeal under evaluation.
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Recent positives: ₹100 Cr ash handling order (4 months); ₹474 Cr wind project.
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Q2 FY26: Revenue ₹432 Cr (+10% QoQ), PAT ₹36 Cr (+78% QoQ).
Sources: Company exchange filings; CNBC-TV18; Business Standard; Marketscreener; Kotak Securities results summary