Refex Industries Ltd Share Price Target – 2024, 2025, 2030, 2040 | Refex Industries Ltd Share Price Target – 2030
Written by – Parth Jayswal
Introduction
- Refrigerants are special type of chemicals that has function to absorb heat and has unique feature to cool products. Refrigerants are very important for its uses in latest refrigeration systems such as AC, refrigerators, freezers, chillers and its applications in different industries such as pharma, foods, beverages, chemicals, manufacturing, etc.
- Following are the factors that have huge impact on refrigerant market such as latest technology, ecoconomic conditions at worldwide, expansion of industry, regulatory changes, and environmental considerations. As per latest information, the market size of refrigerant gases at worldwide level is $25 billion in 2024 and is anticipated to increase 7% CAGR in future. The requirement of energy effective cooling solutions has shown rapid growth, per-capita income of developed countries integrated with increasing awareness about global warming and deterioration of ozone is the main reason for such increment.
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- There is huge increment in commercial industry due to infrastructure growth which results in growth of commercial AC market which has positive impact in growth of refrigerants in HVAC systems. As per data provided by International Energy Agency, the use of AC in commercial and residential buildsings is forecasted to increase from 1.7 billion in 2023 to 5.6 billion by 2050. The demand of electric or normal cars is growing consistently and such a growth in cars will result in increment in demand of refrigerant industry. The requirement of medicines, frozen foods, beveragaes and ice creams within the cold chain has lead to increase in demand of refrigerated transport. The data centers generate huge heat and they need proper cooling solutions.
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- The growth of data centers is constantly increasing which has requiremnent of effective chillers in HVAC systems and provide huge allocation for market development. The growth of Indian refrigerant industry is affected not only by environmental issues but also energy effective solutions. The steps taken by government has vision to encourage sustainable practices and bring down greenhouse gas emissions, energy effective refrigerants is increasing.
Refex Industries Ltd – Key Points
| Market cap | Rs 3977 crores |
| Promoter | Mr. Anil Jain |
| Headquarter | Chennai, Tamilnadu |
| Industry | Refrigerant gases, coal supply and fly ash handling, power trading, Refex Green Mobility |
| Established | 2002 |
| All-time high | 335 |
| All-time low | 102 |
Refex Industries Ltd – Statistics
| Dealers and Distributors | 500+ |
| Employees | 234 |
| EV cars | 475+ |
| Product offerings | R134a, R404A, R407C, R410, R32, R22 |
| ROCE | 26.4% |
| ROE | 23.9% |
| PE ratio | 39.4 |
| Face value | Rs 2 |
About Refex Industries Ltd
- In 2002, Refex Refrigerants Private Limited started its business of refilling of refrigerant gases, hydrofluorocarbons (HFCs) which eco-friendly. The company made huge growth in next 5 years and was listed on Bombay Stock Exchanges (BSE) as Refex Industries Ltd in 2007 and it was listed on National Stock Exchanges (NSE) in 2009. In the same year, Refex Industries Ltd achieved strong position by becoming pioneer in refrigerant gas industry in country and gain major portion of market share.
- The demand of refrigerant has observed fluctuations, the company has systemnatically diversified its business into ash and coal handling, alongwith entering into green mobility solutions, starting its operations in power trading. The company has taken strong benefit of specialised knowledge in resource management, we provide exhaustive services that gives preference to safety and proper management of ash and coal materials. The purpose is to present unique requirement of power plants and connected industries while making huge contribution to effective and sustainable energy solutions.
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- In 2023, the Refex increased its product range by presenting Hydrocarbon Blends and Copper tubes for commercial and domestic requirements of refrigeration. the mixture of Hydrocarbon which includes isobutane (R600a) and propane (R290) suitable with common refrigeration lubricants and is effective refrigerant with a low GWP and an ODP value of 0.
- The architecture of refex copper tubes is build for air conditioning, refrigeration, plumbing are utilized properly for longer period and reliability, fulfilling strict criteria of industry. It is available in different shapes and sizes, the tubes is made from huge quality raw material to assure proper usage and longevity, making them proper choice for experts and diversified business needs.
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- The company has set up new quality and being reliable on refilling of hydrofluorocarbons ozone-friendly which is suitable as per environment, used in air conditioners, refrigerating equipment, refrigerators with one of the first ISO-certified units for refrigerant gas filling in India. The company has achieved top position in the market, it also presented “Refex Cans” which pioneer in domestic market. The company was first to deliver gases in disposable cans in automobiles industry.
- It is build and implemented by professional and skilled engineers, the company uses strict and accurate procedures for testing its quality for precise purchase of HFC gases and its filling into different sizes of cans. The company has strong distribution chain which helps to supply cans across various parts of country. The gases can be utilized for aerosol propellants, blowing agents, and air conditioning among different industries.
- Refex Industries Limited is fully owned subsidiary of Refex Green Mobility Limited (RGML) commenced its operations on 31st March, 2023. The company is fully involved in business of 4-wheeler electric cars. The company offers different services such as trained and background checked drivers, electric cars, proper support to staff, state-of-the-art-equipment. The company is operating under brand name ‘Refex’, Refex has deep expertise in filling HFCs which is used as substitute in place of CFCs and HCFCs which had adverse impact on ozone layer.
- The re-filling capacity of the company is located in Thiruporur which is 40 Kms away from Chennai and it has distribution centers in whole India. The warehouse of the company is situated in Delhi and Mumbai, main areas which operates as hub for distributors and dealers of refrigerant gases and major portion of gases are used in these locations. The company buys HFCs gases from China and India. The company started distribution of refrigerants to popular brands such as Voltas, Carrier, TVS mobility, LG. The company has paid more attention to make its products better, this is the only reason why its products are completely different from competing brands.
Coal and Ash handling business
- The company entered into the business of Coal handling and supply in 2018. The company has wide network and manages its business in whole India. The company has to be flexible and accept itself as a strong external environment place us in strong position to reduce hurdles and take benefits of new opportunities. The services for coal includes procurement, identification, and supply of coal to thermal power plants. By properly using strong network of distributors, we assure fast delivery of best quality of coal and handling services to our clients.
- Handling of Fly Ash – The company has entered into maintaining and disposal of fly ash generated during the combustion of coal in thermal power plants and it is part of our busienss and minimize the environmental damage caused by plants. If fly ash is directly released in environment, it will lead to air and water pollution. Our deep experience by working with operators of power plants in past few years has helped us to understand their requirements and offers services that are developed to maximize fly ash collection and reduce the diposal of waste.
Power Trading business
- In March 2022, Central Electricity Regulatory Commission (CERC) gave license of Category-I Power trading for buying and selling of both renewable and non-renewable power encourages our power trading activities. The company is involved in following areas of business of trading and provision of electrical power to all states and union territories of India and also involved in import and export of electricity. There are two power exchanges in India such as IEX and PXIL and company is member of such exchanges. The company has strong base and very passionate to provide best quality, the company is expecting huge growth in quickly evolving power trading market.
- The company has entered into contract with NTPC Vidyut Vyapar Nigam Limited for purchasing power to setup 5 MW solar power project in Balmer district, Rajasthan. It is our unique strategy to enter into solar power market. The EPC contract was signed for implementation of project. Moreover, along with generating electricity, the company is also expert in providing advisory services and suppliers solar modules.
Refex Industries Ltd – Past Journey
- In year 2002, the company started its business as Refex Refrigerants Pvt. Ltd. for refilling business of refrigerant gases.
- In 2004, The Ministry of State of Commerce & Industry, a department of government of India appreciated company environment friendly strategic move by using HFCs instead of CFCs which caused damage to environment by setting up huge project in Thiruporur, Kancheepuram district.
- In 2005, TUV management service awarded company ISO 9001:2001 certificate and in year 2006 company converted into a public limited company.
- In 2007, company came out with IPO on BSE as Refex Refrigerants Limited and in year 2008 company launched disposable R134A cans.
- After 2 years in 2009, the company was listed on NSE and in the same year company achieved huge market share in refrigerant gases industry.
- In 2012, the company setup 5MW solar power plant in Rajasthan.
- In 2013, the company changed its name from Refex Refrigerants Limited to Refex Industries Limited and began to export gases in year 2015.
- In 2018, the company diversified into fly ash and coal handling services to thermal power plants and in 2022 after receiving category-1 Power Trading License started oits business of power trading.
- In 2023, the company added new products to its business such as copper tubes and Hydrocarbon gases. In the same year company, the company setup “Refex Green Mobility Ltd” a subsidiary company of Refex Industries Ltd. The company gave brand name “Refex eVeelz” and entered into collaboration with top giants.
Shareholding pattern
| Promoters | 57.13% |
| FIIs | 0.29% |
| DIIs | 0.00% |
| Public | 42.57% |
Refex Industries Ltd – Revenue and Net profit
| Particulars | 23-24 | 22-23 |
|---|---|---|
| Sales | 1383 | 1629 |
| Expenses | 1237 | 1454 |
| Ebidta | 146 | 175 |
| Interest | 29 | 19 |
| Depreciation | 14 | 7 |
| Profit before tax | 121 | 156 |
| -Tax (%) | (23%) | (26%) |
| Net profit | 93 | 116 |
| EPS in Rs. | 8.11 | 10.50 |
Founder of company
- The MD of Refex group is Mr Anil Jain. At the age of 17, Anil was actively involved and gave time to his family business of steel trading. He met with biggest manufacturer of AC where he identified that there was lot of potential in refrigerant gas business. In 2002, he established his first refrigerant gas business. Anil slowly scaled his business and spread its business in different sectors such as Ash and coal, pharma, medical technology.
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Refex Industries Ltd Share Price Target – 2024 to 2040
| Year | Minimum price (Rs) | Average price (Rs.) | Maximum price (Rs.) |
|---|---|---|---|
| 2024 | 374 | 407 | 439 |
| 2025 | 450 | 495 | 539 |
| 2026 | 559 | 619 | 678 |
| 2027 | 690 | 753 | 816 |
| 2028 | 824 | 961 | 1097 |
| 2029 | 1107 | 1260 | 1413 |
| 2030 | 1420 | 1527 | 1634 |
| 2040 | 8523 | 8641 | 8759 |
Refex Industries Ltd Share Price Target – 2024
- If market faces bearish trends, the minimum projected price is estimated to reach Rs 374. The average trading price is projected to hit Rs 407 at the end of the year. If market faces bullish signals, the maximum projected price is anticipated to reach Rs 439. The company was first to supply refilling cans of 450 ml and to fix refilling stations at locations of vehicles. The company offers different variety of products with extensive assortment of HFC products such as R134A, R404A, R32, R152A, R407C. The supply chain of company is properly developed to provide fast delivery to customers. The company follows all rules and regulations on refrigeration industry levied by government.
Refex Industries Ltd Share Price Target – 2025
- If market faces downward trends, the minimum projected price is anticipated to reach Rs 450. The average trading price is projected to reach Rs 495 at the end of the year. If market follows bullish trends, the maximum projected price is estimated to reach Rs 539.The demand of refrigerants gas was increased by 45% and reached 2241 MT, there has been huge growth. The extra 100 dealers were part of growth which took place in secondary and tertiary cities such as Punjab, Uttarakhand, Assam, Nepal, West Bengal. The two products such as R290 cans and HC mixes were launched for the first time. Refex is paying attention to grow its vendor network in India and looking for new market for its refrigerant products.
Refex Industries Ltd Share Price Target – 2026
- If market faces bearish sentiments, the minimum forecasted price is estimated to reach Rs 559. The average trading price is projected to hit Rs 619 at the end of the year. If market observes bullish sentiments, the maximum predicted price is anticipated to reach Rs 678. The motive of company is to deliver amazing products to customers and fulfill their requirements. Moreover, the aim of company is to receive huge contracts with OEMs and government of India. The company is making efforts to expand its business by increasing refilling plants across various parts of India which will lead to increment in income. The goal of company is to expand its refilling plants in eastern and western region of India.
Refex Industries Ltd Share Price Target – 2027
- If market observes downward sentiments, the minimum projected price is estimated to reach Rs 690. The average trading price is projected to hit Rs 753 at the end of the year. If market observes bullish signmals, the maximum projected price is estimated to reach Rs 816. The company’s ash business is predicted to grow in future. The company wants to diversify its fly ash business not only in Chattishgarh but in different states such as Karnataka, Andhra Pradesh, West Bengal, Rajasthan, Gujarat. The NHAI will utilize ash for development of country. The company collects fly ash from reputable thermal power plants and supplies to top cement manufacturers with purpose causing minimum pollution to environment.
Refex Industries Ltd Share Price Target – 2028
- If market faces downward trends, the minimum predicted price is anticipated to reach Rs 824. The average trading price is projected to hit Rs 961 at the end of the year. If market observes bullish sentiments, the maximum projected price is expected to reach Rs 1097. The company has received main contracts from PSU for ash supplying and collaborated with more than 15+ thermal power plants to expand its business. The company implements latest technologies for transportation, safe collection, and disposal of ash. The requirement of power is connected with demand of coal with thermal power plants. Refex efficiently maintains waste developed by its own operations alongwith providing service to thermal power plants and tries its best to minimize waste. The company recycles 50 lacs MT in this year.
Refex Industries Ltd Share Price Target – 2029
- If market faces bearish signals, the minimum projected price is anticipated to reach Rs 1107. The average trading price is projected to hit Rs 1260 at the end of the year. If market observes bullish sentiments, the maximum projected price is anticipated to reach Rs 1413. The company has developed strong presence in India and has 22 years of rich experience in refrigerant industry. The company has gained trust of stakeholders by following 4 principles of : diversity, integrity, professionalism, dedication. The company uses partnership model instead of potsourcing from manufacturers for coal ash handling business. The company raised profits and cost by using its own vehicles for supplying ash from thermal power plants.
Refex Industries Ltd Share Price Target – 2030
- If market faces bearish signals, the minimum projected price is expected to reach Rs 1420. The average trading price is projected to hit Rs 1527 at the end of the year. If market observes bullish trends, the maximum forecasted price is anticipated to reach Rs 1634. The company owns more than 800 vehicles for supplying fly ash and more than 5 million tonnes of ash was supplied which resulted an increment of 30% compared to previous year. In different states, the company has build strong team for busienss management. The company has successfully completed projects within 25% of time alloted which is good signal. The company is utilizing digital technologies which includes fuel sensors to raise productivity in all plants.
Refex Industries Ltd Share Price Target – 2040
- If market observes downward trends, the minimum projected price is anticipated to reach Rs 8523. The average trading price is projected to hit Rs 8641 at the end of the year. If market observes bullish signals, the maximum predicted price is anticipated to reach Rs 8759. Refex provides wide range of services such as solve the issues of power trading, power banking, bilateral agreement, swapping, group captive models. The company has achieved good skill in both conventional and non-conventional sources of power. Out of top power sectors Refex has occupied 6th position. The company is making full efforts to stand out from competitors, grow its market share, and implement various strategies in robust energy market.
FAQs
Q1) Who is owner of Refex Industries Ltd?
- Ans – The owner of Refex Industries Ltd is Mr. Anil Jain. He is also chairman and managing director of the company.
Q2) Is Refex Industries Ltd a profitable company?
- Ans – Yes, Refex Industries Ltd is profitable company with net profit of Rs 93 crores in FY-24 which was 19.83% down compared to FY-23 where net profit was Rs 116 crores.
Q3) Is Refex Industries Ltd a debt free company?
- Ans – No, Refex Industries Ltd has long term borrowing of Rs 53 crores and short term borrowings of Rs 64 crores. The company is earning sufficient profits to repay its debt.
Q4) What is turnover of Refex Industries Ltd?
- Ans – The turnover of Refex Industries Ltd is Rs 1383 crores in FY-24 which is less by 15.10% compared to FY-23 where turnover was Rs 1629 crores.
Q5) What is the old name of Refex Industries?
- Ans – The old name of Refex Industries is “Refex Refrigerants Ltd”.
Q6) What business does Refex Industries Ltd do?
- Ans – The company is involved in the business of selling refrigerant gases, coal supply and fly ash handling, power trading, Refex Green Mobility.
Q7) How many employess does Refex Industries Ltd have?
- Ans – The company has more than 234 employees.
Q8) Who are the competitors of Refex Industries Ltd?
- Ans – The competitors of Refex Industries Ltd are Adani enterprise, Cello world, Aegis logistics, Honasa consumer.
Q9) What is the product of Refex Industries Ltd?
- Ans – The company specializes in manufacturing and refilling refrigerant gases used in pharma, beverages, ice cream industries.
Q10) What is future of Refex Industries Ltd?
- Ans – The future of Refex Industries Ltd is very bright and has lot of potential. The sales of the company has shown consistent growth from 2013 with Rs 85 crores sales to Rs 1383 crores sales in year 2024. The company is market leader in refilling of refrigerant gases and has attained huge market share. The net profit of company has grown from Rs 3 crores in 2013 to Rs 93 crores in 2024.