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Refex Industries Secures ₹2.5 Billion Order, Strengthens Position in Thermal Waste Management

Updated: July 07, 2025 20:12

Image Source: Refex Industries
Refex Industries Ltd has bagged a significant order worth approximately ₹2.5 billion, reinforcing its leadership in thermal waste management and ash handling services. The order win is expected to boost the company’s revenue visibility and operational scale in the infrastructure and energy services domain.
 
Key Highlights and Strategic Implications:
  • The ₹2.5 billion order pertains to long-term ash utilization and disposal services for a major thermal power client, aligning with Refex’s core competency in environmentally responsible coal byproduct management.
  • The contract tenure spans multiple years and includes end-to-end handling, transportation, and scientific disposal of fly ash and bottom ash, in compliance with CPCB norms.
  • This win follows a series of recent project awards in the waste management and refrigerant gas segments, indicating strong order book momentum.
  • Refex Industries has been actively diversifying its portfolio beyond refrigerant gases into ESG-aligned services such as coal ash logistics, e-waste processing, and solar EPC.
  • The company’s asset-light model and focus on recurring service contracts have contributed to improving margins and return ratios in recent quarters.
Strategic Outlook:
  • With this order, Refex’s cumulative order book crosses ₹10 billion, providing multi-year revenue visibility and supporting its FY26 growth guidance.
  • Management is expected to provide further clarity on execution timelines and margin impact in the upcoming quarterly earnings call.
  • The deal also underscores Refex’s growing relevance in India’s circular economy and clean energy transition narrative.
Sources: Moneycontrol, Refex Industries BSE Filings, Economic Times Energy Desk, Company Press Release (July 2025)

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