Why is Everyone on Dalal Street Talking About Refex Industries?

Today, 15 December 2025, the Indian stock markets are trading marginally lower. At the time of writing, the BSE Sensex has dropped around 72 points at 85,194 points, while the NSE Nifty is down 30 points at 26,7013 points.

Metal and banking stocks are seeing some buying support at lower levels.

Refex Industries is in the news today, and before diving into the reasons behind this, let's take a moment to explore what the company is all about.

About Refex Industries

Refex Industries has interests in clean mobility, renewable energy, coal and ash management, and refrigerant gases. The company specialises in environmentally friendly refrigerant gas trading with a variety of cylinder size options. It offers integrated services for coal supply, handling, and ash utilisation in the energy sector.

Why is Everyone Talking About Refex Industries?

#1 Search Operations by the Income Tax Department

There were search operations initiated by the Income Tax Department on 9 December 2025 at the company.

The search operations were concluded on 13 December 2025. The company says that its officers extended full cooperation to the authorities throughout the course of the search and have furnished all information and documents as sought by them.

As on date, Refex Industries has not received any communication, notice, or order from the Income-Tax Department indicating any adverse findings pursuant to the aforesaid search operations.

According to the company, certain media reports and social media posts suggesting adverse outcomes are speculative in nature and are not supported by any official communication. The company continues to conduct its business in the normal course.

#2 SEBI Penalty

SEBI in the matter of insider trading activities of certain entities in the scrip of Refex Industries has imposed a fine of Rs 1 m on Anil Jain, promoter, chairman & managing director of the company.

According to a company statement, Anil Jain intends to contest his position, believing he can defend the same through the legal process, and would avail recourse available under law against the penalty adjudication order.

What Next for Refex Industries?

On the financial front, the company reported flat revenues for Q2 FY26, while net profits increased sharply. The revenues of Refex Industries were Rs 4,269 m vs Rs 4,280 m YoY. The net profits stood at Rs 453 m vs Rs 330 m YoY.

With the monsoon period now largely behind, the company is seeing a steady pickup in site activity and volumes across its core ash and coal handling operations.

Specifically, the improved site access and normalised plan schedules are driving the recovery. The focus is on disciplined execution and operational efficiency.

The mobility vertical continues to strengthen its foundation with teams on the ground engaging closely with the corporate clients to chart a 'ready to deploy' fleet expansion and improve utilisation across B2B and B2B2C platforms.

The company has taken a conscious decision to wind down its power trading operations, focusing instead on core business with higher strategic and financial alignment.

Looking ahead, with multiple new ash handling projects commencing, Refex Industries anticipates momentum in the coming quarters.

How Shares of Refex Industries have Performed Recently

Over the last 5 days, the share price of Refex Industries has moved lower from levels of Rs 316 to the levels of Rs 298 at the time of writing. The stock has jumped 17% intraday today.

In the past one year, shares of the company have lost 43%.

The stock hit a 52-week high of Rs 534 on 16 December 2024. The stock also hit a 52-week low of Rs 212 on 15 December 2025.

Conclusion

The income tax search and penalties on the chairman and MD could remain an overhang. However, investors must also look at the fundamentals.

Diversifying investments across various stocks and sectors can help minimise risks while aligning with individual risk tolerance levels.

Adopting a long-term investment approach helps navigate short-term market fluctuations.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

Investors should evaluate the company's fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...