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The BSE, founded in 1875, is Asia's oldest stock exchange — it started under a banyan tree on Dalal Street, where the bronze bull stands today.
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The BSE, founded in 1875, is Asia's oldest stock exchange — it started under a banyan tree on Dalal Street, where the bronze bull stands today.
The BSE, founded in 1875, is Asia's oldest stock exchange — it started under a banyan tree on Dalal Street, where the bronze bull stands today.
Refex Industries Limited is an India-based specialist manufacturer and re-filler of refrigerant gases. The Company offers a range of non-ozone depleting refrigerant gases known as Hydrofluorocarbons (HFC), which are used in air conditioners, refrigerators and refrigerating…
Weekly engine runs — movement reflects the numbers, not analyst opinion.
A middling, fast-growing business, reasonably priced — but flagged on governance.
REFEX INDUSTRIES LIMITED is scored on the commodity / cyclical framework. It keeps a slim 8.8% of every rupee of sales as net profit. Cash conversion lags the reported profit (CFO/PAT 0.53×) — worth a closer look. Free cash flow is worth about -5.2% of its market value.
Over the last 3 years revenue compounded at 12%/yr and profit at 21%/yr. Book value itself has compounded 69%/yr — the hallmark of a genuine compounder. Return on equity is an elite 18.6%. In the latest quarter profit fell 21% versus the prior quarter.
At 15× earnings, the stock sits at the 29th percentile of its own 3.6-year range — the middle of where it has historically traded. Today's price asks for only ~2%/yr growth over a decade — undemanding expectations. The forensic screen raises 2 red flags: Only ₹-0.19 of cash per ₹1 profit over 4 years — earnings not converting to cash; Share count up 47% over 4 years — heavy equity dilution.
A plain-English restatement of the figures on this page — rules-based, for education and research context, not investment advice or a recommendation.
| Ratio | Company | Sector | Read |
|---|---|---|---|
| P/E | 11.83 | 10.37 | worse |
| P/B | 1.94 | 1.37 | worse |
| EV/EBITDA | 6.73 | — | — |
| ROE | 18.56 | 16.03 | better |
| ROCE | 24.32 | 14.23 | better |
| ROA | 7.48 | — | — |
| Quick Ratio | 1.98 | 2.58 | worse |
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Adani Enterprises | 69.6 | 3.8 | 3.7% |
| Aegis Logistics | 25.8 | 6.0 | 20.0% |
| Premier Energies | 22.8 | 7.8 | 34.2% |
12% CAGR over 3 years — steady double-digit compounder. Growth is decelerating — latest year grew slower than the year before.
Profit is growing faster than revenue (21% vs 12%) — margin expansion is at work.
Operating margin has expanded from 10% to 14% — the business is keeping more of each rupee earned. The gap between operating and net margin is widening — interest or tax costs are rising.
ROE at 16% — a respectable return on shareholder capital. Capital efficiency declining — ROE down 21pp.
Profit grew faster than EPS (21% vs 12%) — share dilution is eroding per-share value. 12% EPS CAGR — this is the rate at which each share's claim on earnings is compounding.
1 of 4 years had negative operating cash flow — profitability on paper may not translate to cash. Investing outflows exceed operating cash — the company relies on external funding to finance expansion. Raising capital despite positive cash flow — could signal expansion plans or opportunistic fundraising.
When operating cash keeps pace with reported profit, earnings are cash-backed; a persistent shortfall is a quality flag.
Revenue fell 18% QoQ — could be seasonality or a genuine slowdown. Wide quarterly swings (38% spread) — likely seasonality, lumpy orders, or project-based revenue. Run-rate stepping up — recent quarters average 11% above earlier ones.
Profit fell 21% QoQ — one-quarter drops can be noise, but a pattern matters. Quarterly margins are compressing (9% → 7%) — more revenue isn't translating to proportionally more profit.
How today's P/E compares to the stock's own historical range. Dashed line = the 3.6y median.
Promoter holding at 56.6% — majority control intact.
Produced by a rules-based engine over licensed exchange fundamentals — every sentence above is derived from the numbers shown, no analyst or AI opinion involved. Education and research context, not investment advice. We are not SEBI-registered as an Investment Adviser or Research Analyst.