Recent Price Movement and Market Context
On 21 Nov 2025, Refex Industries recorded an intraday low of Rs.330, representing a 2.8% decline on the day and a 2.49% drop compared to the previous close. This marks the lowest price level for the stock in the past 52 weeks, a notable milestone given the stock’s 52-week high of Rs.574.7. Over the last five trading sessions, the stock has experienced a cumulative return of -6.42%, indicating sustained selling pressure.
The stock’s performance has underperformed its sector by 0.79% on the day, and it currently trades below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages. This technical positioning suggests a prevailing bearish sentiment among market participants.
In contrast, the broader market index, Sensex, opened lower by 285.28 points and was trading at 85,344.16, down 0.34% on the day. Despite this, Sensex remains close to its 52-week high of 85,801.70 and is positioned above its 50-day and 200-day moving averages, indicating a generally bullish trend in the wider market.
Financial Performance and Valuation Metrics
Refex Industries operates within the Other Chemical products sector and has reported a mixed set of financial indicators over recent periods. The company’s net sales for the latest six months stand at Rs.792.86 crores, reflecting a contraction of 22.19% compared to previous periods. This decline in sales volume has contributed to the subdued market sentiment.
Operating cash flow for the year has been recorded at a negative Rs.262.25 crores, highlighting cash utilisation pressures. Meanwhile, interest expenses for the nine-month period have risen by 26.54%, reaching Rs.21.60 crores, which may weigh on profitability margins.
Despite these challenges, the company’s return on equity (ROE) remains at 13.5%, indicating a moderate level of profitability relative to shareholder equity. However, the stock’s price-to-book value ratio of 3.7 suggests that the market valuation is relatively high compared to the company’s book value, positioning it at a premium relative to peer averages.
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Comparative Performance and Market Position
Over the past year, Refex Industries has recorded a negative return of 29.50%, contrasting sharply with the Sensex’s positive return of 10.58% and the broader BSE500 index’s 8.79% gain. This divergence highlights the stock’s relative underperformance within the market and its sector.
Despite the stock’s price decline, the company’s profits have shown an increase of 59.8% over the same period, a factor that contrasts with the stock’s downward price movement. The price-to-earnings-to-growth (PEG) ratio stands at 0.7, which may indicate that earnings growth is not fully reflected in the current share price.
Refex Industries maintains a low debt-to-EBITDA ratio of 0.65 times, signalling a strong capacity to service its debt obligations. Additionally, the company has demonstrated healthy long-term growth, with operating profit expanding at an annual rate of 30.59%, underscoring underlying operational strengths despite recent sales contraction.
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Summary of Key Concerns
The recent decline to Rs.330 reflects a combination of factors including subdued sales performance, increased interest expenses, and a negative operating cash flow position. The stock’s trading below all major moving averages further emphasises the current cautious market stance. While profitability metrics such as ROE and operating profit growth remain positive, these have not translated into price stability or upward momentum in the stock.
Valuation metrics suggest that the stock is priced at a premium relative to book value, which may be a consideration for market participants given the recent price weakness. The contrast between profit growth and stock price performance indicates a complex market assessment of the company’s prospects within the Other Chemical products sector.
Broader Market and Sector Context
The Other Chemical products sector, in which Refex Industries operates, has experienced mixed trends, with some companies showing resilience while others face headwinds. The broader market’s positive trajectory, as seen in the Sensex’s proximity to its 52-week high, contrasts with the stock’s downward movement, highlighting sector-specific and company-specific dynamics at play.
Investors and market watchers will continue to monitor Refex Industries’ financial disclosures and market developments to better understand the factors influencing its stock price trajectory.
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