Refex Industries Limited (REFEX) - Net Assets
Based on the latest financial reports, Refex Industries Limited (REFEX) has net assets worth Rs12.76 Billion INR (≈ $138.02 Million USD) as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (Rs20.47 Billion ≈ $221.37 Million USD) and total liabilities (Rs7.71 Billion ≈ $83.35 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check REFEX asset liquidity ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | Rs12.76 Billion |
| % of Total Assets | 62.35% |
| Annual Growth Rate | 54.33% |
| 5-Year Change | 768.86% |
| 10-Year Change | 12388.19% |
| Growth Volatility | 411.0 |
Refex Industries Limited - Net Assets Trend (2005–2025)
This chart illustrates how Refex Industries Limited's net assets have evolved over time, based on quarterly financial data. Also explore Refex Industries Limited (REFEX) total assets for the complete picture of this company's asset base.
Annual Net Assets for Refex Industries Limited (2005–2025)
The table below shows the annual net assets of Refex Industries Limited from 2005 to 2025. For live valuation and market cap data, see Refex Industries Limited (REFEX) market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-03-31 | Rs12.12 Billion ≈ $131.09 Million |
+160.86% |
| 2024-03-31 | Rs4.65 Billion ≈ $50.25 Million |
+47.81% |
| 2023-03-31 | Rs3.14 Billion ≈ $34.00 Million |
+70.90% |
| 2022-03-31 | Rs1.84 Billion ≈ $19.89 Million |
+31.86% |
| 2021-03-31 | Rs1.40 Billion ≈ $15.09 Million |
+84.05% |
| 2020-03-31 | Rs758.03 Million ≈ $8.20 Million |
+77.40% |
| 2019-03-31 | Rs427.29 Million ≈ $4.62 Million |
+284.94% |
| 2018-03-31 | Rs111.00 Million ≈ $1.20 Million |
+9.22% |
| 2017-03-31 | Rs101.63 Million ≈ $1.10 Million |
+4.70% |
| 2016-03-31 | Rs97.07 Million ≈ $1.05 Million |
+121.03% |
| 2015-03-31 | Rs43.92 Million ≈ $474.93K |
+220.26% |
| 2014-03-31 | Rs13.71 Million ≈ $148.30K |
+614.93% |
| 2013-03-31 | Rs1.92 Million ≈ $20.74K |
-98.79% |
| 2012-03-31 | Rs158.48 Million ≈ $1.71 Million |
-59.63% |
| 2011-03-31 | Rs392.56 Million ≈ $4.25 Million |
-18.89% |
| 2009-03-31 | Rs483.96 Million ≈ $5.23 Million |
+4.37% |
| 2008-03-31 | Rs463.71 Million ≈ $5.01 Million |
+15.87% |
| 2007-03-31 | Rs400.19 Million ≈ $4.33 Million |
+1544.50% |
| 2006-03-31 | Rs24.34 Million ≈ $263.17K |
+1080.16% |
| 2005-03-31 | Rs2.06 Million ≈ $22.30K |
-- |
Equity Component Analysis
This analysis shows how different components contribute to Refex Industries Limited's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 478711400000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (March 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | Rs4.79 Billion | 39.47% |
| Common Stock | Rs258.37 Million | 2.13% |
| Other Comprehensive Income | Rs1.59 Billion | 13.12% |
| Other Components | Rs5.49 Billion | 45.28% |
| Total Equity | Rs12.13 Billion | 100.00% |
Refex Industries Limited Competitors by Market Cap
The table below lists competitors of Refex Industries Limited ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Cryoport Inc
NASDAQ:CYRX
|
$391.54 Million |
|
Kuo Toong International Co Ltd
TWO:8936
|
$391.57 Million |
|
GDI Integrated
TO:GDI
|
$391.59 Million |
|
Kairuide Holding Co Ltd
SHE:002072
|
$391.69 Million |
|
Lim Seong Hai Capital Berhad
KLSE:0351
|
$391.50 Million |
|
Y mAbs Therapeutics
NASDAQ:YMAB
|
$391.22 Million |
|
Tus Pharmaceutical Group Co Ltd
SHE:000590
|
$391.07 Million |
|
Chemplast Sanmar Limited
NSE:CHEMPLASTS
|
$390.88 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Refex Industries Limited's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 4,655,782,000 to 12,127,941,000, a change of 7,472,159,000 (160.5%).
- Net income of 1,587,783,000 contributed positively to equity growth.
- Share repurchases of 5,879,832,000 reduced equity.
- New share issuances of 5,879,832,000 increased equity.
- Other comprehensive income increased equity by 1,549,832,000.
- Other factors increased equity by 4,334,544,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | Rs1.59 Billion | +13.09% |
| Share Repurchases | Rs5.88 Billion | -48.48% |
| Share Issuances | Rs5.88 Billion | +48.48% |
| Other Comprehensive Income | Rs1.55 Billion | +12.78% |
| Other Changes | Rs4.33 Billion | +35.74% |
| Total Change | Rs- | 160.49% |
Book Value vs Market Value Analysis
This analysis compares Refex Industries Limited's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 2.79x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 132.08x to 2.79x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2005-03-31 | Rs2.00 | Rs263.86 | x |
| 2006-03-31 | Rs2.11 | Rs263.86 | x |
| 2007-03-31 | Rs5.10 | Rs263.86 | x |
| 2008-03-31 | Rs5.92 | Rs263.86 | x |
| 2009-03-31 | Rs6.06 | Rs263.86 | x |
| 2011-03-31 | Rs23.80 | Rs263.86 | x |
| 2012-03-31 | Rs9.92 | Rs263.86 | x |
| 2013-03-31 | Rs0.12 | Rs263.86 | x |
| 2014-03-31 | Rs0.86 | Rs263.86 | x |
| 2015-03-31 | Rs2.75 | Rs263.86 | x |
| 2016-03-31 | Rs6.08 | Rs263.86 | x |
| 2017-03-31 | Rs6.36 | Rs263.86 | x |
| 2018-03-31 | Rs7.00 | Rs263.86 | x |
| 2019-03-31 | Rs25.91 | Rs263.86 | x |
| 2020-03-31 | Rs9.49 | Rs263.86 | x |
| 2021-03-31 | Rs66.48 | Rs263.86 | x |
| 2022-03-31 | Rs87.61 | Rs263.86 | x |
| 2023-03-31 | Rs29.17 | Rs263.86 | x |
| 2024-03-31 | Rs41.86 | Rs263.86 | x |
| 2025-03-31 | Rs94.56 | Rs263.86 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Refex Industries Limited utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 13.09%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 6.43%
- • Asset Turnover: 1.37x
- • Equity Multiplier: 1.48x
- Recent ROE (13.09%) is above the historical average (-387.66%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2005 | 3.01% | 0.72% | 1.29x | 3.23x | Rs-144.20K |
| 2006 | 35.81% | 7.89% | 2.21x | 2.05x | Rs6.28 Million |
| 2007 | 9.79% | 7.64% | 0.83x | 1.54x | Rs-852.80K |
| 2008 | 20.67% | 10.70% | 1.20x | 1.61x | Rs49.48 Million |
| 2009 | 4.56% | 2.47% | 0.84x | 2.21x | Rs-26.33 Million |
| 2011 | 18.41% | 9.02% | 0.77x | 2.67x | Rs33.03 Million |
| 2012 | -147.70% | -55.84% | 0.58x | 4.53x | Rs-249.92 Million |
| 2013 | -8162.71% | -92.46% | 0.32x | 277.18x | Rs-156.76 Million |
| 2014 | 86.01% | 4.81% | 0.69x | 25.75x | Rs10.42 Million |
| 2015 | 69.35% | 3.60% | 1.21x | 15.93x | Rs26.06 Million |
| 2016 | 54.80% | 6.82% | 0.66x | 12.23x | Rs43.48 Million |
| 2017 | 4.49% | 1.21% | 0.63x | 5.91x | Rs-5.60 Million |
| 2018 | 8.44% | 1.22% | 0.79x | 8.82x | Rs-1.73 Million |
| 2019 | 74.02% | 6.86% | 2.91x | 3.71x | Rs273.57 Million |
| 2020 | 43.70% | 5.01% | 4.79x | 1.82x | Rs255.46 Million |
| 2021 | 29.35% | 6.47% | 1.85x | 2.45x | Rs269.92 Million |
| 2022 | 24.67% | 10.22% | 1.17x | 2.07x | Rs269.94 Million |
| 2023 | 36.92% | 7.12% | 2.17x | 2.39x | Rs846.22 Million |
| 2024 | 20.16% | 6.79% | 1.73x | 1.71x | Rs473.12 Million |
| 2025 | 13.09% | 6.43% | 1.37x | 1.48x | Rs374.99 Million |
Industry Comparison
This section compares Refex Industries Limited's net assets metrics with peer companies in the Thermal Coal industry.
Industry Context
- Industry: Thermal Coal
- Average net assets among peers: $74,294,237,646
- Average return on equity (ROE) among peers: 8.34%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Refex Industries Limited (REFEX) | Rs12.76 Billion | 3.01% | 0.60x | $391.50 Million |
| Adani Enterprises Limited (ADANIENT) | $182.10 Billion | 6.25% | 1.58x | $30.06 Billion |
| Anmol India Limited (ANMOL) | $1.01 Billion | 21.09% | 1.81x | $7.29 Million |
| Coal India Limited (COALINDIA) | $193.42 Billion | 27.11% | 1.63x | $32.09 Billion |
| Gujarat Mineral Development Corporation Limited (GMDCLTD) | $61.16 Billion | 9.77% | 0.20x | $2.53 Billion |
| GMR Power and Urban Infra Limited (GMRP&UI) | $-18.18 Billion | 0.00% | 0.00x | $823.70 Million |
| Mercator Limited (MERCATOR) | $26.25 Billion | -14.17% | 1.61x | $2.78 Million |
About Refex Industries Limited
Refex Industries Limited engages in handling and disposal of fly ash in India. It provides refills hydrofluorocarbons, which is used in air conditioners, refrigerators, and refrigeration systems. The company engages in solar power generation and related activities; coal trading; and providing coal yard management services and power trading solutions. It also owns and operates electric vehicles. T… Read more