Stock Performance and Price Movement
On 24 Nov 2025, Refex Industries recorded an intraday low of Rs.315.25, representing a 3.06% drop during the trading session. This level is the lowest the stock has traded at in the past year, underscoring a sustained downward trajectory. Over the last six trading days, the stock has experienced a cumulative decline of 10.53%, reflecting persistent selling pressure.
The stock’s current price is below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages. This technical positioning indicates a bearish trend and suggests that the stock has not found short-term or long-term support levels in recent sessions.
Market Context and Sector Comparison
While Refex Industries has been underperforming, the broader market has shown strength. The Sensex opened 88.12 points higher and was trading at 85,455.79, up 0.26% on the day. The index is approaching its 52-week high of 85,801.70, currently just 0.4% away. The Sensex has also recorded a three-week consecutive rise, gaining 2.69% over this period, supported by strong performances from mega-cap stocks.
In contrast, Refex Industries has underperformed both the Sensex and its sector peers. The stock’s returns over the past year stand at -32.62%, while the Sensex has delivered a positive return of 8.02% and the BSE500 index has generated 6.77% returns. This divergence highlights the challenges faced by the company relative to the broader market and its industry.
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Financial Metrics and Recent Results
Refex Industries’ recent financial data reveals several factors contributing to its subdued stock performance. The company’s net sales for the latest six months stand at Rs.792.86 crores, showing a decline of 22.19% compared to the previous period. This contraction in sales has weighed on overall revenue growth.
Operating cash flow for the year is reported at a negative Rs.262.25 crores, indicating cash outflows from core business activities. Additionally, interest expenses for the nine-month period have risen by 26.54%, reaching Rs.21.60 crores, which may reflect increased borrowing costs or higher debt levels.
Despite these pressures, the company maintains a return on equity (ROE) of 13.5%, suggesting that it continues to generate profits relative to shareholder equity. However, the stock’s price-to-book value ratio is 3.5, indicating a valuation premium compared to its peers’ historical averages.
Valuation and Profitability Insights
Over the past year, Refex Industries’ profits have grown by 59.8%, a notable increase amid the stock’s negative price returns. The company’s price-to-earnings-to-growth (PEG) ratio stands at 0.6, which may imply that earnings growth is not fully reflected in the current share price. Nevertheless, the stock’s valuation remains elevated relative to its sector.
The company’s debt servicing capacity appears robust, with a low Debt to EBITDA ratio of 0.65 times. This metric suggests that Refex Industries has a manageable level of debt relative to its earnings before interest, taxes, depreciation, and amortisation, which could be a stabilising factor amid market volatility.
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Long-Term Growth and Market Position
Refex Industries has demonstrated healthy long-term growth in operating profit, with an annual growth rate of 30.59%. This growth rate indicates that the company has been able to expand its core earnings over time despite recent sales declines and market headwinds.
However, the stock’s performance over the last year has not aligned with these fundamentals, as it has lagged behind both the Sensex and the BSE500 index. The 52-week high for Refex Industries was Rs.574.70, which contrasts sharply with the current 52-week low of Rs.315.25, illustrating the extent of the stock’s price correction.
In the context of the broader chemical products sector, Refex Industries’ recent underperformance and valuation premium highlight the challenges faced by the company in maintaining market confidence amid fluctuating sales and rising interest expenses.
Summary of Key Price and Market Data
To summarise, Refex Industries’ stock has experienced a notable decline, reaching Rs.315.25 as its 52-week low on 24 Nov 2025. The stock has fallen by over 10% in the past six days and is trading below all major moving averages. This contrasts with the Sensex’s positive momentum, which is near its own 52-week high and supported by mega-cap gains.
Financially, the company shows mixed signals with declining sales and increased interest costs, yet maintains profitability and a strong debt servicing ratio. The valuation remains elevated relative to peers, despite the stock’s negative returns over the past year.
Investors and market participants will continue to monitor Refex Industries’ price movements and financial disclosures as the company navigates its current market environment.
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