Recent Price Movement and Market Context
On 8 December 2025, Refex Industries recorded an intraday low of Rs.314.15, representing a fall of 5.22% during the trading session. The stock has been on a downward trajectory for two consecutive days, accumulating a return of -5.89% over this period. This performance notably underperformed its sector by 3.18% on the day.
Refex Industries is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating sustained downward momentum. The broader market, represented by the Nifty index, closed at 25,960.55, down 0.86% or 225.9 points. Despite this, the Nifty remains 1.41% below its 52-week high of 26,325.80 and is trading above its 50-day and 200-day moving averages, signalling a more resilient market backdrop compared to the stock’s performance.
All market capitalisation segments experienced declines, with the Small Cap segment exerting the most pressure, as the Nifty Small Cap 100 index fell by 2.61%. Refex Industries’ share price movement aligns with this broader small-cap weakness.
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One-Year Performance and Valuation Metrics
Over the past year, Refex Industries has recorded a return of -42.49%, contrasting sharply with the Sensex’s positive return of 4.15% during the same period. The stock’s 52-week high was Rs.564.95, highlighting the extent of the recent decline.
Despite the negative share price performance, the company’s profits have shown a rise of 59.8% over the last year. The company’s return on equity (ROE) stands at 13.5%, while the price-to-book value ratio is 3.6, indicating a valuation premium relative to its peers’ historical averages. The PEG ratio is 0.7, reflecting the relationship between valuation and earnings growth.
Financial Results and Cash Flow Analysis
Refex Industries reported flat results in the September 2025 quarter. The operating cash flow for the year was recorded at a low of Rs. -262.25 crores, signalling cash generation pressures. Interest expenses for the nine-month period reached Rs. 21.60 crores, representing a growth of 26.54% compared to the previous period.
Net sales for the latest six months stood at Rs. 792.86 crores, showing a decline of 22.19%. This contraction in sales has contributed to the stock’s subdued performance in recent months.
Debt and Profitability Considerations
On a positive note, Refex Industries maintains a low Debt to EBITDA ratio of 0.65 times, indicating a strong capacity to service its debt obligations. Additionally, the company has demonstrated healthy long-term growth, with operating profit increasing at an annual rate of 30.59%.
These factors suggest that while the stock price has experienced significant pressure, the company’s underlying financial structure retains some resilience.
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Sector and Industry Overview
Refex Industries operates within the Other Chemical products sector, which has faced headwinds in recent months. The sector’s performance has been mixed, with some companies managing to maintain stability while others have encountered pricing and demand pressures. Refex Industries’ recent share price movement reflects these broader sector dynamics.
Market participants have noted that the stock’s valuation remains elevated relative to peers, despite the recent price decline. This premium valuation is supported by the company’s profitability metrics and growth rates, although the recent sales contraction and cash flow challenges have tempered market sentiment.
Summary of Key Price and Performance Indicators
To summarise, Refex Industries’ key price and performance indicators as of 8 December 2025 are:
- New 52-week low price: Rs.314.15
- 52-week high price: Rs.564.95
- One-year return: -42.49%
- Sensex one-year return: 4.15%
- Operating cash flow (yearly): Rs. -262.25 crores
- Interest expense (9 months): Rs. 21.60 crores (up 26.54%)
- Net sales (latest six months): Rs. 792.86 crores (down 22.19%)
- Debt to EBITDA ratio: 0.65 times
- Operating profit growth rate: 30.59% annually
- Price to book value: 3.6
- Return on equity: 13.5%
These figures provide a comprehensive view of the company’s recent financial and market performance, contextualising the stock’s movement to its current 52-week low.
Market Sentiment and Broader Implications
The stock’s decline to Rs.314.15 marks a significant technical level, reflecting investor caution amid a challenging operating environment. The broader market’s relative stability, with the Nifty trading above key moving averages, contrasts with Refex Industries’ underperformance, highlighting company-specific factors influencing the share price.
While the stock has experienced pressure, the company’s ability to maintain debt servicing capacity and deliver long-term profit growth remains notable. These elements contribute to a nuanced understanding of the stock’s current valuation and market position.
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