Refex Industries Limited (REFEX.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-88.8%

₹24.32

vs ₹217.80 price

Levered DCF

-₹371.58

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.75

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	12.4×	30.26×	16.81×	4.41×	5.52×	4.3×	0.31×	0.39×
P/B	1.68×	3.96×	3.36×	1.63×	0.27×	0.28×	0.13×	0.29×
P/S	1.11×	1.95×	1.13×	0.31×	0.11×	0.06×	0.02×	0.03×
EV / EBITDA	6.07×	18.48×	10.62×	3.73×	1.76×	1.33×	-0.03×	0.29×
Gross margin	16.5%	8.7%	13.8%	12.3%	20.4%	16.7%	15.6%	12.6%
Operating margin	14.8%	7.5%	10.2%	10.3%	15.0%	10.2%	7.6%	6.1%
Net margin	8.9%	6.4%	6.8%	7.1%	10.2%	6.5%	5.0%	6.9%
Current ratio	2.04×	3.49×	2.59×	1.59×	1.57×	1.32×	2.24×	1.14×
Debt / equity	0.15×	0.24×	0.46×	0.48×	0.46×	0.53×	0.12×	0.01×
Interest coverage	10.51×	6.68×	4.78×	8.64×	6.95×	7.24×	55.14×	94.37×
Dividend yield	0.3%	0.0%	0.4%	0.0%	2.1%	5.4%	0.0%	0.0%
Payout ratio	3.2%	0.0%	5.9%	0.0%	2.3%	5.1%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.5%	13.1%	20.2%	36.9%	24.7%	29.3%	43.7%	74.0%
Return on invested capital	14.2%	9.8%	15.8%	26.8%	18.4%	20.5%	37.2%	71.7%
Return on assets	7.2%	8.8%	11.8%	15.4%	11.9%	12.0%	24.0%	20.0%
Free cash flow yield	0.8%	-9.9%	-2.7%	-8.7%	-46.6%	299.1%	115.0%	345.1%
Earnings yield	8.1%	3.3%	6.0%	22.7%	90.6%	104.4%	326.7%	257.5%
Enterprise value	₹25.6B	₹48.1B	₹17.4B	₹6.5B	₹1.3B	₹961.2M	-₹18M	₹87.9M
Net debt / EBITDA	0.1×	0.02×	1.11×	0.8×	1.1×	0.79×	-0.23×	-0.12×
Cash conversion cycle (days)	186	95	77	17	24	-10	-25	-15