Synopsis :- Solar power company’s shares hit a lower circuit of 5 percent in today’s trading session after its subsidiary has been dragged to the National Company Law Tribunal (NCLT).
A small-cap Company that provides EPC services in respect of ground solar power plants, solar water pumps and home systems, is in the spotlight after its stepdown wholly owned subsidiary, has been dragged to the National Company Law Tribunal (NCLT), Chennai, under Section 7.
With the market capitalization of Rs. 215.72 crore, the shares of Refex Renewables & Infrastructure Ltd is trading at Rs. 479.75, down by 5 percent lower circuit from its previous day’s close price of Rs. 505 per equity share.
What’s the News?
Shares of Refex Renewables & Infrastructure Ltd slipped to a 5 percent lower circuit after the company disclosed that Sherisha Solar LLP (SS LLP), its stepdown wholly owned subsidiary, has been dragged to the National Company Law Tribunal (NCLT), Chennai, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. SILRES Energy Solutions Private Limited has filed a petition seeking initiation of a corporate insolvency resolution process over an alleged default of Rs. 34.24 crore.
The company clarified that SS LLP disputes the claim and plans to vigorously contest the petition, but the development triggered investor concerns, leading to a sharp fall in the stock.
About the Company & Others
Refex Renewables & Infrastructure Limited, founded in 1959 and headquartered in Chennai, is a renewable and green energy company operating across EPC-Rural, EPC-Commercial & Industrial, Compressed Bio-Gas, and related service segments.
The company provides design, engineering, procurement, construction, installation, commissioning, and maintenance of ground-mounted and rooftop solar power plants, along with solar water pumps and home lighting systems. It is also involved in the production of compressed biogas and manpower supply services.
The company reported revenue of Rs. 14.28 crore in Q2FY26, a marginal 2 percent YoY increase from Rs. 14 crore but a 15 percent QoQ decline from Rs. 16.74 crore, while losses widened to Rs. 14.32 crore, compared to a loss of Rs. 12.7 crore in Q2FY25 and Rs. 7.54 crore in Q1FY26, indicating weak operational performance with both yearly and sequential deterioration in profitability.
As of September 2025, the company’s shareholding pattern shows that promoters hold 74.89 percent of the total equity, indicating strong promoter ownership. The public shareholding stands at 25.11 percent, reflecting a healthy level of retail participation in the company.
Written by Akshay Sanghavi
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