Refex Renewables & Infrastruct (REFEXRENEW.BO) 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

-462.1%

-₹1,335.28

vs ₹368.75 price

Levered DCF

-₹1,728.38

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-0.33

Distress zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-2.2×	-7.49×	-8.47×	-7.36×	-5.29×	-6.22×	-8.05×	22.27×
P/B	-1.16×	-6.04×	15.4×	4.57×	2.82×	0.92×	1.42×	14.05×
P/S	1.39×	4×	2.79×	2.26×	3.23×	2.4×	2.75×	2.43×
EV / EBITDA	17.47×	19.03×	12.16×	27.86×	119.45×	-24.64×	-30.09×	16.78×
Gross margin	46.5%	98.1%	42.8%	43.6%	12.6%	55.9%	7.6%	20.0%
Operating margin	10.7%	20.0%	21.0%	-9.2%	-42.9%	-37.8%	-24.8%	12.6%
Net margin	-63.2%	-53.4%	-32.9%	-30.7%	-61.1%	-38.6%	-34.2%	10.9%
Current ratio	0.3×	0.52×	0.45×	0.99×	0.67×	2.19×	1.45×	1.02×
Debt / equity	-6.08×	-10.49×	30.86×	12.61×	5.47×	0.82×	0.9×	1.96×
Interest coverage	0.15×	0.31×	0.38×	-0.2×	-1.17×	-1.93×	-2.67×	51.39×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	-0.1%	-0.2%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	52.5%	80.5%	-181.9%	-62.2%	-53.3%	-14.8%	-17.7%	63.1%
Return on invested capital	1.5%	2.9%	3.3%	-1.3%	-5.2%	-4.7%	-6.1%	14.3%
Return on assets	-8.1%	-7.0%	-4.7%	-3.8%	-5.7%	-6.8%	-6.9%	10.4%
Free cash flow yield	-13.3%	5.2%	26.2%	-84.8%	-92.6%	-50.1%	-19.9%	-0.6%
Earnings yield	-45.4%	-13.3%	-11.8%	-13.6%	-18.9%	-16.1%	-12.4%	4.5%
Enterprise value	₹5.7B	₹7.3B	₹6.2B	₹6.4B	₹4.9B	₹3.1B	₹2.8B	₹1.9B
Net debt / EBITDA	14.65×	11.97×	8.07×	20.36×	77.91×	-11.1×	-11.58×	1.66×
Cash conversion cycle (days)	-14	-1,890	-13	265	-313	438	194	-0