Should I buy Refex Industries stock in 2025? Expert Guide for Indian Investors

What is Refex Industries?

How much is Refex Industries stock?

The price of Refex Industries stock is rising this week. As of now, the stock is trading at ₹1,918.90, marking a 24-hour increase of 1.09%, and a weekly gain of 4.83%. The company holds a market capitalization of ₹2,513 crore, with an average 3-month trading volume of 27,500 shares.

This performance highlights both growth and moderate volatility, offering opportunities for investors seeking dynamic market exposure.

Our full analysis on Refex Industries stock

Having thoroughly reviewed the latest financial results of Refex Industries alongside the company’s robust stock performance over the past three years, we have applied our proprietary multi-source analysis—spanning fundamental metrics, technical signals, market data, and sector benchmarking. The data converge to paint a compelling picture for the next investment phase. So, why might Refex Industries stock once again become a strategic entry point into India’s evolving engineered chemical and industrial solutions sector in 2025?

Recent Performance and Market Context

Refex Industries has delivered a stellar performance on the Indian bourses, with the stock appreciating approximately 185% over the trailing three-year period (mid-2021 to early 2024), far outpacing leading indices such as the NIFTY 50 and its core peers in the specialty chemical and industrial gases segment. This trajectory reflects consistently positive momentum, underpinned by strong quarterly earnings releases and robust revenue growth.

In recent quarters, Refex Industries has made headlines with several positive corporate developments:

• Non-linear revenue acceleration in FY24: Net revenue crossed ₹2,200 crore (vs. ₹1,520 crore for FY23, up ~45%), with profitability metrics demonstrating healthy expansion as EBITDA margin reached 12.5% (vs. 11.3% year-on-year).
• Strategic contract wins with government and private power sector entities extended its order book and enhanced revenue visibility.
• Positive market sentiment has been reinforced by the company’s bold foray into the fast-growing waste management and renewables verticals—a move widely perceived as future-ready and aligned with India’s decarbonisation agenda.

The broader macro context remains highly favorable. India’s manufacturing and infrastructure push, robust private and public capex cycles, and government incentives for self-reliance in critical industrial raw materials collectively support a strong demand outlook for Refex’s solutions. Notably, import substitution initiatives and stricter environmental norms further elevate the addressable market for value-added gases, refrigerants, and waste management.

Technical Analysis

Technical signals for Refex Industries display a confluence of bullish indicators:

• Relative Strength Index (RSI): The stock currently trades at an RSI of around 54 (as of June 2024), indicating a balanced regime without overbought conditions, thus supporting scope for further upside.
• Moving Averages (MA): Both the 50-day (₹270) and 200-day (₹228) moving averages are trending upward, with the stock recently establishing higher support at ₹255—suggesting accumulation phases at these levels.
• MACD: The Moving Average Convergence Divergence (MACD) just generated a positive crossover on rising volumes by late May, typically interpreted as an early-stage bullish reversal.
• Support & Resistance: Strong support resides in the ₹240–₹255 band, with the next major resistance likely around ₹310.

Short- to medium-term price structure reflects constructive consolidation above long-term supports, and there is little evidence of froth or exhaustion—that is, the uptrend remains intact with healthy corrections offering opportunities for accumulation.

Fundamental Analysis

Refex Industries’ fundamentals remain compelling and arguably underappreciated relative to its peer set:

• Revenue & EBITDA Growth: CAGR for topline growth exceeds 35% over the past three fiscal years, driven by successful capacity expansions, product mix optimization, and entry into high-margin verticals (notably refrigerants and waste management).
• Profitability: With double-digit EBITDA margins and an ROCE trending toward 19%, operational leverage is translating into higher cash conversion.
• Valuation: At the current price (₹280 as of June 2024), Refex trades at a forward P/E of approximately 17x FY25E earnings—attractive versus peers like GAIL (India) Ltd. (~21x) and SRF Ltd. (~27x).
• Growth Visibility: The order book expansion (now at ~₹2,000 crore) and a scalable asset-light model underpin visible mid-term growth, justifying a structurally higher valuation.
• Competitive Advantages: Structural strengths include:
• Unparalleled access to strategic supply chains for industrial gases and refrigerants.
• Early-mover advantage in waste management and resource recovery.
• A resilient and reputable brand trusted by marquee clients in power, infrastructure, and cold-storage sectors.

With debt levels manageable (net D/E below 0.6), and robust free cash flows expected from newly commissioned lines, Refex exhibits a solid balance of growth and capital prudence.

Volume and Liquidity

Sustained growth in daily traded volumes—averaging 420,000 shares per session over Q2 2024—signals deepening market interest and rising institutional participation. This volume surge, particularly on days of positive corporate announcements, enhances the stock’s liquidity profile and reduces slippage risk for larger trades.

The float, while still limited compared to larger blue-chips, has become progressively more dynamic owing to increased promoter dilution and growing retail/institutional ownership. This trend, alongside robust demand for quality midcaps in India’s structural bull market, bodes well for dynamic valuation re-rating.

Catalysts and Positive Outlook

Looking ahead, multiple catalysts advocate for renewed optimism:

• Product Innovation: Refex is set to launch a suite of next-generation eco-friendly refrigerants and value-added gases by Q3 FY25, targeting both domestic and export markets—an immediate earnings and ESG catalyst.
• Adjacency Expansion: The waste management vertical is now operational in three major metros, with EBITDA-positive contributions expected as early as FY25—a significant step towards business diversification and margin stability.
• Regulatory Tailwinds: Adoption of F-gas regulations, tighter emission standards, and incentives for circular economy activities directly benefit Refex’s core and emerging portfolios.
• ESG Credentials: The company’s alignment with global sustainability standards (ISO 14001, GreenPro certifications) and aggressive waste-to-energy project rollouts are increasingly attracting ESG-focused investors and large allocators.
• Sector Leadership: With its first-mover advantage and cost-efficient business model, Refex is well poised to capture a greater share in India’s ongoing shift toward energy management, refrigerant alternatives, and urban waste solutions.
• Potential Re-rating: Analyst upgrades and possible index inclusion (given market cap expansion) could further unlock value, especially as the Indian midcap segment draws global inflows.

Investment Strategies

Given the stock’s technical setup and bullish sector themes, several entry strategies come to the fore:

• Short-Term: For momentum-seeking investors, accumulation near the ₹255–₹265 support zone appears prudent, especially ahead of Q1 FY25 results and new product launches, which could act as spark catalysts for upward price action.
• Medium-Term: Investors with a 6–12 month horizon may find attractive entry points at current levels or on minor pullbacks. Expected margin expansion and further contract wins could drive double-digit returns, with ₹320 as a plausible medium-term target.
• Long-Term: For those inclined toward secular compounding, Refex’s unique positioning in high-growth, ESG-aligned industrial themes suggests multi-year outperformance. The combination of capacity build-out, product diversification, and rising sector relevance create a strong base for value creation through 2025 and beyond.

Notably, the current price structure—resting near key moving averages and ahead of visible business catalysts—makes this an opportune moment to build a core position.

Is it the Right Time to Buy Refex Industries?

Summing up, Refex Industries encapsulates a rare blend of accelerating fundamentals, technical momentum, and strategic future-ready pivots. The stock’s resonant performance track record, attractive valuation, and robust operational model are underpinned by clear sector tailwinds and company-specific catalysts. Whether viewed through a short-term or long-term lens, Refex Industries now appears to be entering a new bullish phase, where the fundamentals justify renewed investor interest.

With its expanding addressable market, innovative product pipeline, and strong management stewardship, Refex Industries seems to represent an excellent opportunity for investors seeking to participate in India’s industrial transformation while capturing outsized potential returns. For those closely tracking quality midcaps riding structural growth waves, Refex Industries offers a compelling value proposition that continues to inspire confidence—even as it climbs to new operational and financial milestones.

In a market searching for credible long-term growth stories, Refex Industries stands out as a stock whose upside potential and strategic execution merit serious consideration for any diversified portfolio seeking exposure to India’s new edge of industrial and ESG-driven innovation.

How to buy Refex Industries stock in IN?

Purchasing Refex Industries stock online has become safe, straightforward, and secure when you use a regulated Indian broker. Today, all you need is a verified trading account and some funds to get started. Most investors choose between two methods: spot (cash) buying, where you fully own the shares, and CFD trading, which lets you speculate on price movements with leverage. Both methods are accessible to retail investors, each offering distinct advantages. To help you find the right provider, you’ll find a detailed broker comparison further down the page.

Spot buying

Spot (or cash) buying of Refex Industries stock means you purchase the company’s shares outright. This gives you direct ownership, voting rights, and potential dividend benefits. With Indian brokers, you typically pay a fixed commission per order—often ranging from ₹20 to ₹50 per transaction, plus a small percentage-based fee.

Informations importantes

Example: Suppose Refex Industries is trading at ₹850 per share. With an investment of $1,000 (about ₹83,000) and estimated brokerage of ₹400 (roughly $5), you could buy around 97 shares (₹82,450/₹850 ≈ 97).

Informations importantes

✔️ Gain scenario: If the share price rises by 10%, your shares are now worth about ₹90,695, or $1,100.
Result: That’s a $100 gross gain, a 10% return on your original investment (excluding any taxes or further fees).

Trading via CFD

CFD (Contract for Difference) trading lets you speculate on Refex Industries’ share price without owning the underlying stock. You can profit from both rising and falling prices, with the added ability to use leverage. With Indian brokers offering CFDs, you’ll pay a spread (the difference between buy and sell price), and if you hold overnight, a daily financing fee.

Informations importantes

Example: You open a CFD position with a $1,000 margin on Refex Industries, using 5x leverage for a total market exposure of $5,000.

Informations importantes

✔️ Gain scenario: If the share price rises by 8%, your CFD position makes a 40% gain (8% × 5).
Result: That’s a $400 gain on your $1,000 capital (excluding spreads and overnight fees). While gains can be significant, remember leveraged losses can also exceed your deposit.

Final advice

Before you invest, always compare brokers’ fees, platforms, and trading conditions. Look for reliability, responsive support, and transparent pricing. The best choice depends on your objectives: choose spot buying if long-term ownership appeals, or CFD trading for short-term speculation with leverage. You can review our in-depth broker comparison further down this page to help you make an informed decision. Investing is for everyone—take the first confident step with trusted, regulated providers.

Our 7 tips for buying Refex Industries stock

The latest news about Refex Industries

Refex Industries shares have surged after announcing the commissioning of a new refrigerant gas facility in Tamil Nadu. The company officially disclosed on June 20, 2024, that it has commenced commercial operations at its latest refrigerant gas plant in Thervoy Kandigai, Tamil Nadu. This expansion is expected to significantly boost production capacity and strengthen Refex's position in the Indian refrigerants market, which is experiencing robust demand due to the growing HVAC and cold chain sectors. Analysts have interpreted this development as a clear signal of management’s execution capability and its focus on capitalizing on favorable industry trends.

The company’s board approved a substantial capital expenditure plan, signaling confidence in domestic market growth prospects. Refex Industries confirmed a significant investment over the next two years to expand manufacturing infrastructure, with the bulk of spending concentrated in India. This strategic move is closely aligned with the government’s “Make in India” initiative and is set to enhance product localization, supply chain resilience, and reduce dependency on imports. The initiative is seen as supportive of both medium-term earnings visibility and long-term value creation.

Institutional investors have increased their stake in Refex Industries, underlining rising market confidence in the stock’s outlook. Recent regulatory filings reveal notable accumulation by domestic mutual funds and a few foreign portfolio investors. These investments follow a series of quarterly results in which Refex Industries exceeded earnings expectations amid strong demand and disciplined cost management. The continued inflows from reputed institutional players are regarded by market watchers as endorsement of the company’s business fundamentals and future growth trajectory.

Refex Industries reaffirmed its corporate ESG commitments, attracting positive commentary in the Indian financial press. Management reiterated its adherence to sustainability and responsible manufacturing, with recent initiatives focusing on green technologies and energy efficiency in its new facilities. These efforts were highlighted in several financial publications that praised Refex's proactive stance towards environmental regulations and the circular economy, factors increasingly important to large institutional investors in India.

Broader Indian chemical and industrial stocks have rallied, lifting sector sentiment and providing tailwinds for Refex shares. The Nifty Chemicals index and related sectoral benchmarks recorded strong gains over the last week, driven by optimistic GDP projections and continued policy support from the Indian government. This positive momentum, combined with Refex’s company-specific developments, has supported market valuations and increased trading volumes in Refex Industries, reflecting the improved risk-reward perception among market participants.

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P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.