Refex Industries delivered strong Q3 FY26 financial results with a notable strategic shift. **Business Performance:** Q3 revenue stood at ₹590.29 Cr and net profit at ₹66.91 Cr.

For the nine months, revenue was ₹1,398.68 Cr, with net profit at ₹151.91 Cr.

A key highlight is the significant expansion of 9M EBITDA margins to 15.11% from 8.43% year-on-year, driven by a strategic realignment from low-margin power trading to higher-value segments.

Ash & Coal Handling is the primary revenue driver, contributing over 97% of 9M FY26 revenue. **Growth Drivers & Strategy:** The company is India's largest organized player in ash management, pursuing an integrated ash handling model.

Its Green Mobility arm is set for a demerger to unlock value in the EV sector.

The Wind Energy subsidiary is targeting 5 GW annual production within 5 years, leveraging German technology. **Recent Developments:** Refex’s Wind Energy unit achieved significant milestones, including ALMM inclusion and securing three commercial orders totalling 408.1 MW for Wind Turbine Generators and O&M services. **Key Financial Metrics:** 9M FY26 EBITDA grew 35.3% to ₹207.38 Cr. **Management Commentary:** Management emphasized improved operating efficiency and a disciplined focus on value creation by optimizing its product mix.

The demerger aims to capitalize on EV growth, and new wind energy orders establish a foundation for long-term growth in India's accelerating renewable market.