Intraday Price Movements and Volatility
The stock opened with a gap down of 16.65%, initiating trading at a notably lower level compared to the previous close. During the day, Refex Industries experienced high volatility, with an intraday price range spanning from Rs.212 to Rs.281.75, representing a 15.65% weighted average price volatility. Despite the initial sharp decline, the stock managed to gain 10.77% from its intraday low to reach the high point, indicating some buying interest during the session.
Refex Industries outperformed its sector by 10.8% today, a notable development given the broader downward pressure on the stock. However, the share price remains below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, signalling a sustained bearish trend over multiple time horizons.
Market Context and Broader Indices
The broader market environment saw the Sensex open lower at 84,891.75, down 375.91 points or 0.44%, and was trading at 84,984.66 by midday, reflecting a 0.33% decline. The Sensex remains close to its 52-week high of 86,159.02, just 1.38% away, and is trading above its 50-day and 200-day moving averages, suggesting a generally bullish trend for the benchmark index. Small-cap stocks led the market gains with the BSE Small Cap index rising by 0.07%, contrasting with the performance of Refex Industries.
One-Year Performance and Valuation Metrics
Over the past year, Refex Industries has recorded a negative return of 45.97%, significantly underperforming the Sensex, which posted a positive return of 3.47% during the same period. The stock’s 52-week high was Rs.534, highlighting the extent of the decline to the current low of Rs.212.
From a valuation perspective, the company’s price-to-book value stands at 2.8, which is considered relatively high within its peer group. The return on equity (ROE) is reported at 13.5%, indicating moderate profitability relative to shareholder equity. Despite the stock’s price decline, the company’s profits have shown a rise of 59.8% over the last year, with a price/earnings to growth (PEG) ratio of 0.5, suggesting that earnings growth has not been fully reflected in the share price.
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Financial Performance and Debt Position
Refex Industries reported net sales of Rs.792.86 crores over the latest six-month period, reflecting a decline of 22.19% compared to previous periods. Interest expenses for the nine-month period stood at Rs.21.60 crores, showing a growth of 26.54%. Operating cash flow for the year was recorded at a negative Rs.262.25 crores, the lowest level reported in recent times.
Despite these figures, the company maintains a low debt-to-EBITDA ratio of 0.65 times, indicating a strong capacity to service its debt obligations. Operating profit has grown at an annual rate of 30.59%, signalling underlying long-term growth potential within the business fundamentals.
Stock Price Trend and Moving Averages
The stock has experienced a trend reversal today after three consecutive days of decline, with the intraday gains partially offsetting earlier losses. However, the overall trend remains subdued as the share price continues to trade below all major moving averages, including the short-term 5-day and 20-day averages as well as the longer-term 50-day, 100-day, and 200-day averages. This positioning suggests that the stock is still under pressure from a technical standpoint.
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Sector and Industry Overview
Refex Industries operates within the Other Chemical products sector, which has experienced mixed performance in recent months. While some segments have shown resilience, the company’s stock has faced headwinds, reflected in its underperformance relative to the broader market indices and sector peers. The stock’s market capitalisation grade is rated at 3, indicating a mid-tier position within its industry group.
Summary of Key Price and Performance Data
To summarise, Refex Industries’ stock price today reached Rs.212, marking a fresh 52-week low. The stock’s intraday range was between Rs.212 and Rs.281.75, with a day change of 10.48%. The Sensex, by comparison, traded lower by 0.33% during the same period. Over the last year, the stock’s return was negative 45.97%, contrasting with the Sensex’s positive 3.47% return.
The company’s financials reveal a decline in net sales over the recent six months, alongside increased interest expenses and negative operating cash flow for the year. However, operating profit growth and a low debt-to-EBITDA ratio provide some indication of financial stability amid the challenges.
Overall, Refex Industries remains in a phase of price consolidation at lower levels, with the current 52-week low underscoring the stock’s recent performance trajectory within a volatile market environment.
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