Recent Price Movement and Market Context
On 9 December 2025, Refex Industries traded at Rs.313.2, its lowest level in the past year. This price point contrasts sharply with its 52-week high of Rs.564.95, indicating a substantial contraction in market valuation. Despite the stock outperforming its sector by 0.34% on the day, the overall trend remains downward, with the share price trading below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages.
The broader market, represented by the Sensex, opened lower by 359.82 points and was trading at 84,545.91, down 0.65%. Notably, the Sensex remains close to its 52-week high of 86,159.02, just 1.91% away, and is positioned above its 50-day moving average, which itself is above the 200-day moving average, signalling a generally bullish market environment contrasting with Refex Industries’ performance.
Performance Comparison and Valuation Metrics
Over the last year, Refex Industries has recorded a return of -41.87%, significantly underperforming the Sensex, which posted a positive return of 3.71% during the same period. This divergence highlights the stock’s relative weakness within the broader market context.
From a valuation standpoint, Refex Industries carries a price-to-book value of 3.4, which is considered high relative to its peers in the Other Chemical products sector. The company’s return on equity (ROE) stands at 13.5%, reflecting moderate profitability. Despite the stock’s price contraction, the company’s profits have shown a rise of 59.8% over the past year, indicating some operational resilience amid price pressures.
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Financial Indicators and Debt Profile
Refex Industries’ net sales for the latest six months stand at Rs.792.86 crores, reflecting a decline of 22.19% compared to the previous period. The company’s interest expenses for the nine-month period total Rs.21.60 crores, representing a growth of 26.54%, which may contribute to pressure on profitability.
Operating cash flow for the year is reported at a negative Rs.262.25 crores, indicating cash outflows from core business activities. However, the company maintains a low debt-to-EBITDA ratio of 0.65 times, suggesting a manageable debt burden relative to earnings before interest, taxes, depreciation, and amortisation.
Profitability and Growth Trends
Operating profit has grown at an annual rate of 30.59%, signalling healthy long-term growth in earnings despite recent sales contraction. The company’s PEG ratio is 0.6, which reflects the relationship between its price-to-earnings ratio and earnings growth rate, though the stock’s valuation remains on the higher side compared to sector averages.
While the stock price has experienced a notable decline, the company’s ability to service debt and maintain profit growth provides a nuanced picture of its financial health.
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Sector and Industry Context
Refex Industries operates within the Other Chemical products sector, which has experienced mixed performance amid fluctuating demand and input cost pressures. The stock’s recent price movement contrasts with the broader market’s relative strength, as the Sensex continues to trade near its yearly highs supported by bullish moving averages.
The company’s market capitalisation grade is rated at 3, reflecting its mid-tier size within the sector. Despite the stock’s recent price weakness, the company’s fundamentals show a combination of challenges and strengths that contribute to its current market valuation.
Summary of Key Metrics
To summarise, Refex Industries’ stock price has reached Rs.313.2, its lowest level in 52 weeks, following a three-day decline with a cumulative return of -6.63%. The stock trades below all major moving averages, signalling sustained downward momentum. Over the past year, the stock’s return of -41.87% contrasts with the Sensex’s positive 3.71% return.
Financially, the company’s net sales have contracted by 22.19% in the latest six months, while interest expenses have increased by 26.54% over nine months. Operating cash flow remains negative at Rs.262.25 crores for the year. However, operating profit growth at 30.59% annually and a low debt-to-EBITDA ratio of 0.65 times indicate areas of financial stability.
Valuation metrics show a price-to-book value of 3.4 and an ROE of 13.5%, with profits rising by 59.8% over the past year. These figures suggest a premium valuation relative to peers despite the stock’s price decline.
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