Stock Performance and Market Context
On 12 Dec 2025, Refex Industries opened with a gap down of 7.55%, continuing its recent negative momentum. The stock's intraday low touched Rs.254.35, representing a 19.99% decline on the day and underperforming its sector by 19.58%. Over the last three trading sessions, the stock has recorded a cumulative return of -22.37%, indicating sustained pressure on its price levels.
Volatility has been elevated, with an intraday weighted average price volatility of 8.09%, underscoring the unsettled trading environment. Refex Industries is currently trading below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, signalling a persistent downtrend in the short to long term.
In contrast, the broader market has shown resilience. The Sensex opened 232.90 points higher and is trading at 85,152.59, up 0.39% on the day. The index remains close to its 52-week high of 86,159.02, just 1.18% away, supported by bullish moving averages where the 50-day DMA is above the 200-day DMA. Mid-cap stocks have led gains with the BSE Mid Cap index rising by 0.79%.
Long-Term Price Movement and Valuation
Refex Industries’ 52-week high stands at Rs.549, highlighting the extent of the recent price contraction. Over the past year, the stock has recorded a return of -51.51%, significantly lagging behind the Sensex’s 4.74% gain and the BSE500’s 1.57% return. This divergence points to company-specific factors influencing investor sentiment and price action.
The company’s valuation metrics indicate a premium stance relative to its peers. With a Price to Book Value of 3.5 and a Return on Equity (ROE) of 13.5%, Refex Industries is positioned at a higher valuation level despite the subdued stock performance. This premium valuation may reflect expectations embedded in the market prior to the recent price declines.
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Financial Indicators and Recent Results
Refex Industries’ latest financial data reveals a mixed picture. Net sales for the most recent six-month period stand at Rs.792.86 crores, showing a decline of 22.19% compared to the previous period. Operating cash flow for the year is reported at a negative Rs.262.25 crores, marking the lowest level in recent times. Interest expenses for the nine-month period have risen by 26.54%, reaching Rs.21.60 crores.
Despite these figures, the company has demonstrated a healthy long-term growth trajectory in operating profit, which has expanded at an annual rate of 30.59%. Additionally, the debt servicing capacity remains robust, with a low Debt to EBITDA ratio of 0.65 times, indicating manageable leverage relative to earnings before interest, taxes, depreciation, and amortisation.
These financial metrics provide insight into the company’s current challenges and its ability to maintain financial discipline amid a difficult market environment.
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Sector and Industry Positioning
Operating within the Other Chemical products industry and sector, Refex Industries faces competitive pressures alongside broader market dynamics. The sector has experienced varied performance, with some peers maintaining steadier price levels. The stock’s recent underperformance relative to sector benchmarks highlights the specific headwinds impacting Refex Industries.
While the broader market indices and mid-cap segments have shown positive momentum, Refex Industries’ price action reflects a divergence that may be attributed to its financial results and valuation considerations.
Summary of Key Price and Performance Metrics
To summarise, Refex Industries’ stock has reached Rs.254.35, its lowest level in the past 52 weeks, following a three-day decline and a near 20% drop on 12 Dec 2025. The stock’s trading below all major moving averages and its elevated volatility underscore the current market uncertainty surrounding the company. Over the last year, the stock’s return of -51.51% contrasts sharply with the Sensex’s positive performance, reflecting company-specific factors influencing investor sentiment.
Financially, the company has reported subdued sales growth and increased interest expenses, alongside a negative operating cash flow for the year. However, its long-term operating profit growth and manageable debt levels provide context to its financial standing.
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