SYNOPSIS: The company clarified that no official press release was issued by the Income Tax Department on search operations, while SAT granted a conditional stay on the recovery of a SEBI-imposed penalty.
During Thursday’s trading session, shares of a company powering India’s green transformation with the ash & coal handling business vertical surged nearly 8 percent on BSE, after receiving tribunal relief for its promoter and clarification on IT search rumours.
With a market cap of Rs. 3,469 crores, shares of Refex Industries Limited were trading in the green at Rs. 253 on BSE, up by around 4 percent, compared to its previous closing price of Rs. 243.75. The stock has delivered negative returns of over 35 percent in the last one year, and has fallen by nearly 34 percent in six months.
What’s the News
As per the latest disclosures with the stock exchanges, Refex Industries Limited provided an update in continuation of its earlier communications dated 12th December and 14th December 2025, relating to media reports and the closure of search operations conducted by the Income Tax Department at entities belonging to the Refex Group. Certain media reports had cited an alleged press release or official communication by the I-T Department regarding the outcome of the search and seizure proceedings.
In order to verify the authenticity of such reports, the company informed that an offline application was filed under the Right to Information Act, 2005 (RTI Act), seeking clarification from the I-T Department on whether any press release, official statement, press communication, or public communication had been issued in connection with the search and seizure operations conducted between 9th-13th December 2025.
As per the order passed under Section 7(1) of the RTI Act by the ITO (HQ) (Inv)/DGIT (Inv) dated 10th February 2026, and received on 18th February 2026, the I-T Department confirmed that no such press release, official statement, press communication, or public communication had been issued in relation to the outcome of the said search and seizure operations.
Separately, with reference to its earlier disclosure dated 14th December 2025 concerning the adjudication order issued by the Securities and Exchange Board of India (SEBI) imposing a penalty on Promoter, Chairman and Managing Director, Anil Jain, in connection with alleged insider trading activities by certain entities in the company’s scrip, it was further informed that an appeal had been filed before the Securities Appellate Tribunal (SAT).
Pursuant to this appeal, SAT, through its order dated 13th February 2026, granted a stay on the recovery of the penalty, subject to the deposit of 50 percent of the penalty amount within four weeks from the date of the order.
Financials & More
Refex Industries reported a decline in consolidated revenue from operations of around 16 percent, from Rs. 686 crores in Q3 FY25 to Rs. 576 crores in Q3 FY26. In contrast, its net profit increased during the same period from Rs. 50 crores to Rs. 53 crores, representing a marginal rise of nearly 6 percent YoY.
Refex Industries Limited is a specialist manufacturer and refiller of Refrigerant gases, particularly environmentally acceptable gases that are replacements for Chloro-Fluoro-Carbons (CFCs). It has a diverse portfolio encompassing Ash & Coal Handling, Clean Mobility Solution and Wind Turbine Manufacturing.
Additionally, Refex has ventured into electric mobility through its subsidiary, Refex Green Mobility Limited, offering electric vehicle (EV) services for passenger mobility, corporate transportation, and B2B2C use cases, while its other subsidiary, Venwind Refex Power Limited, has been established for wind turbine manufacturing in India.
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