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Refex Industries Limited (532884) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Refex Industries Limited ₹74.22, price ₹271, upside -72.7%, quality 29 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? No
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Thin data
Sep 24, 2026
Refex Industries Limited
532884 · BSEWeakest SetupStrongly overvalued and low quality.
!Fair value ₹74.22 · Strongly overvalued (−72.7%)
!Quality 29/100
!Expensive Growth (revenue 5y +30.2 %/yr)
!Thin margins · 5.0% net margin (TTM)
✓Low debt
!Narrow moat 35/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ₹19.95 – ₹571.02 · fair‑value band ₹55.66 – ₹92.77 · the ₹271.45 price screens above the ₹74.22 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
Refex Industries Limited engages in refilling and distributing refrigerant gases in India. The company operates in two segments, Refrigerant Gases and Solar Power. The company primarily refills hydrofluorocarbons, which are used in automobile and room air-conditioners, and refrigerating equipment.
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Refex Industries Limited engages in refilling and distributing refrigerant gases in India. The company operates in two segments, Refrigerant Gases and Solar Power. The company primarily refills hydrofluorocarbons, which are used in automobile and room air-conditioners, and refrigerating equipment. It also generates and distributes solar power; trades in solar accessories; and provides consultancy services, such as techo-commercial feasibility study for power evacuation systems, labor services for EPC contracts with respect to the solar business. The company was formerly known as Refex Refrigerants Limited and changed its name to Refex Industries Limited in November 2013. Refex Industries Limited was incorporated in 2002 and is based in Chennai, India.
Stock analysis
Refex Industries Limited (532884) currently trades at ₹271.45, while our model-based Fair Value estimate is ₹74.22, 72.7% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of ₹659.17 per share, and 15 of the 15 models we run sit above the ₹271.45 price.
Bear case: the Asset-Based group reads lowest at ₹386.90, and 0 of the 15 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹55.66 (bear) to ₹92.77 (bull), the price of ₹271.45 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 29/100 (below-average quality), in the Energy sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Refex Industries Limited reported revenue of ₹24.7B in FY2025 versus ₹6.3B in FY2021, a compound +40.5%/yr. Reported net income was ₹1.6B in FY2025, compounding +40.3%/yr from FY2021.
Key figures
Market cap ₹1.0B (≈ $10.6M) · P/E ratio 1.4 · P/S ratio 0.09 · EPS (TTM) ₹19.18 · Net margin 6.4% · Return on assets (EBIT) 17.2% · Operating margin 7.9% · Revenue growth (YoY) −44.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 27% below its 52-week high and 44% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −33% fair-value upside, at −73%, 532884 screens richer than that median.
Fair Value models
Bear ₹55.66
Fair Value ₹74.22
Bull ₹92.77
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (₹19.18 per share) are deliberately not added.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
EPV
₹778.70
₹894.93
₹995.20
74
Residual Income
₹541.65
₹659.17
₹958.67
73
ROIC Compounder
₹987.59
₹1,388
₹1,705
70
All 15 models by family
DCF Models
Owner Earnings
₹226.61
₹450.39
₹902.92
69
Earnings-Based
Graham-Dodd
₹514.09
₹3,585
₹5,031
61
Lynch FV
₹1,852
₹2,646
₹3,440
59
PEG = 1.0
₹1,852
₹2,646
₹3,440
55
EPV
₹778.70
₹894.93
₹995.20
74
Multiples
P/E Multiple
₹793.82
₹1,058
₹1,323
63
P/S Multiple
₹963.92
₹1,285
₹1,607
58
P/B Multiple
₹779.58
₹1,039
₹1,299
55
EV/EBIT
₹717.36
₹942.28
₹1,167
66
EV/EBITDA
₹517.24
₹675.44
₹833.65
67
EV/Revenue
₹861.31
₹1,212
₹1,563
54
Asset-Based
NCAV (Graham)
₹288.73
₹386.90
₹577.47
54
Economic Profit
Residual Income
₹541.65
₹659.17
₹958.67
73
ROIC Compounder
₹987.59
₹1,388
₹1,705
70
Growth Earnings
Growth-Adj P/E
₹2,171
₹3,101
₹4,032
65
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Set up alert →Quality Score breakdown
Overall quality
29/100
Of which business quality 33 · Market factors (momentum, volatility) 38
Profitability
55
Margins and returns on capital today
Quality Growth
37
Are margins and returns improving?
Cashflow
0
Earnings quality: real cash, not paper profit
Fin. Strength
69
Balance sheet, leverage, solvency risk
Investment
25
Disciplined investing over empire-building
Low Volatility
44
Calm price path (market factor)
Momentum
42
Price trend over the last 3–12 months (market factor)
52W Momentum
26
Distance to the 52-week high (market factor)
Net Issuance
0
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+78.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+77.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+30.2%
Start year 2020 (pandemic). Over 10 years: +40.1% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+52.1%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−9.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−9.1%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.7% → 8%
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Thermal Coal · 84 stocks
Beats the industry median on 4/9 measures
A mixed picture versus its industry peers.
Valuation Multiplesvs Thermal Coal median · lower = cheaper
Context: sector, industry, market
- Is the Energy sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Energy
- Undervalued stocks: Indian Stocks
- Valuation of the India market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Coal
Oil & gas
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10 more Thermal Coal stocks, each showing price versus our Fair Value estimate.
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|---|---|---|---|
| China Shenhua Energy Company 601088 | ¥48.03 | ¥31.96 | −33% |
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| Shaanxi Coal Industry Company 601225 | ¥25.83 | ¥28.41 | +10% |
| Yankuang Energy Group 600188 | ¥19.76 | ¥9.35 | −53% |
| China Coal Energy Company 601898 | ¥14.01 | ¥14.62 | +4% |
| Coal India Limited COALINDIA | ₹426.10 | ₹464.01 | +9% |
| PT Bayan Resources Tbk., BYAN | 12,100 IDR | 4,698 IDR | −61% |
| Inner Mongolia Dian Tou Energy Corporation 002128 | ¥27.82 | ¥20.72 | −26% |
| PT Dian Swastatika Sentosa Tbk, DSSA | 1,055 IDR | 243.05 IDR | −77% |
| Shanxi Lu'an Environmental Energy Development Co 601699 | ¥15.35 | ¥6.23 | −59% |
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Frequently asked questions
Is Refex Industries Limited (532884) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹74.22 versus a price of ₹271.45, about −73% upside (overvalued).
What is the fair value of 532884?
Our model-based fair value for Refex Industries Limited is ₹74.22 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹271.45.
What is the quality score of 532884?
Refex Industries Limited has a Quality Score of 29/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Refex Industries Limited (532884)?
Our model-based price target is the fair value of ₹74.22 (as of Sep 24, 2026) from 15 valuation models. Cautious scenario ₹55.66, optimistic scenario ₹92.77. It is a calculation from audited fundamentals, not an analyst target.
What is the Refex Industries Limited stock forecast for 2026?
Our models put fair value at ₹74.22, about −73% upside versus a price of ₹271.45 (overvalued). Cautious scenario ₹55.66, optimistic scenario ₹92.77. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Refex Industries Limited (532884)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Refex Industries Limited it is ₹74.22 per share (as of Sep 24, 2026), against a price of ₹271.45. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Refex Industries Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 532884 trades above its calculated fair value: price ₹271.45, fair value ₹74.22, a gap of about −73% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 532884?
No. The price is what the market pays today (₹271.45); the fair value is what the company's own numbers justify (₹74.22). For Refex Industries Limited the two are ₹197.23 per share apart. That gap is exactly why we show both numbers side by side.
How much is Refex Industries Limited worth?
The market values Refex Industries Limited at about ₹1.0B (market capitalisation, as of Sep 24, 2026). Per share that is ₹271.45; our models calculate a fair value of ₹74.22 per share.
What do the bullish and bearish scenarios say about 532884?
Our models span a range for Refex Industries Limited: cautious scenario ₹55.66, base ₹74.22, optimistic ₹92.77 per share (as of Sep 24, 2026, price ₹271.45). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 532884?
Refex Industries Limited trades at a price-to-earnings ratio of 1.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹74.22 is built from several models across several years. Other multiples: P/B 0.1, P/S 0.2.
How solid is the balance sheet of Refex Industries Limited (532884)?
Balance-sheet figures for Refex Industries Limited (as of Sep 24, 2026): debt of 0.08 per unit of equity. They feed the Quality Score of 29/100, which measures business quality independently of the share price.
How far is 532884 from its 52-week high?
Refex Industries Limited trades at ₹271.45, about 27% below its 52-week high of ₹373.56 and 44% above the low of ₹188.60 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹74.22 is for.
Which stocks are comparable to Refex Industries Limited?
From the same area (Energy) we also value China Shenhua Energy Company, Adani Enterprises Limited, Shaanxi Coal Industry Company, Yankuang Energy Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Refex Industries Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹271.45, calculated fair value ₹74.22 (−73%), Quality Score 29/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 532884 calculated?
We run Refex Industries Limited through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹74.22, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Refex Industries Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Refex Industries Limited (532884)?
The closing price on Oct 1, 2026 was ₹271.45. Our model-based fair value is ₹74.22, about −73% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Refex Industries Limited right now?
The price sits above even our optimistic bull case (₹92.77). The favourable scenario is already priced in. Weak quality (29/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Refex Industries Limited
How large is the market capitalisation of Refex Industries Limited (532884)?
The market capitalisation of Refex Industries Limited is ₹1.0B (≈ $10.6M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Refex Industries Limited (532884)?
The price-to-sales ratio of Refex Industries Limited is 0.09 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Refex Industries Limited (532884)?
Earnings per share at Refex Industries Limited are ₹19.18 (price ÷ EPS = P/E 1.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Refex Industries Limited (532884)?
The net margin of Refex Industries Limited is 6.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of Refex Industries Limited (532884)?
On an EBIT basis the return on assets of Refex Industries Limited is 17.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Refex Industries Limited (532884)?
The operating margin of Refex Industries Limited is 7.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Refex Industries Limited (532884)?
Revenue at Refex Industries Limited is growing −44.0% versus a year earlier (3y avg +77.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Refex Industries Limited (532884)?
Earnings per share at Refex Industries Limited are growing −39.1% versus a year earlier. How much earnings per share grew versus a year earlier.
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