Refex Inds hits the roof as EV unit plans fleet expansion

Refex Industries hit an upper limit of 5% at Rs 400.75 after the company said that its subsidiary, Refex eVeelz, will expands its EV fleet with 1,000 electric cars in strategic partnership with leading ride-hailing platform.

In a regulatory filing made during market hours today, the company informed that Refex Green Mobility (Refex eVeelz), a wholly owned subsidiary of Refex Industries, has entered into an agreement with one of Indias largest ride-hailing platforms to induct and operate 1,000 electric four-wheelers (e4Ws) across Chennai, Hyderabad, Bengaluru, and Mumbai in FY26.

The ride-hailing platform will continue to cater to demand and build new mobility categories, while Refex eVeelz will focus on seamless service delivery, ensuring reliable and sustainable transportation solutions.

Refex eVeelz currently operates a fleet of nearly 1,300 electric vehicles at present, across multiple cities such as Chennai, Bengaluru, Hyderabad, Mumbai, and Pune. The addition of 1,000 new e4Ws, combined with the organic growth of its fleet size in the employee transportation segment, will further solidify its role in driving the mainstream adoption of electric mobility solutions across India.

Anil Jain, managing director of Refex Industries, said: "At Refex eVeelz, we are committed to playing a leading role in shaping the future of sustainable mobility in India. This strategic expansion not only strengthens our presence across key metropolitan cities but also aligns with our long-term vision of enabling a cleaner, smarter, and more efficient transportation ecosystem."

Refex Industries is primarily into coal trading to power plants, coal handling services, and refillery of refrigerant gases in India. The company has also forayed into the logistic services to power plants, such as handling and disposal of fly ash and crushing of uncrushed coal. The company also operates a solar power plant at Vituza village, Barmer, Rajasthan.

The company's consolidated net profit surged to Rs 50.05 crore in the quarter ended December 2024 as against Rs 16.89 crore during the previous quarter ended December 2023. Sales rose 134.36% to Rs 717.13 crore in Q3 FY25 as compared with Q3 FY24.

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