Refex Renewables spurts on bagging Rs 79-cr tender

Refex Renewables & Infrastructure surged 9.86% to Rs 684.95 after the company announced that its wholly-owned subsidiary, Refex Green Power, has won a tender worth Rs 78.54 crore from Madurai City Municipal Corporation, Tamil Nadu.

The order involves the establishment of a 250 TPD municipal solid waste-based bio-CNG plant at Avaniyapuram village, Madurai South Taluk, Madurai District, under PPP mode on design, build, finance, operate and transfer (DBFOT) basis for a period of 20 years, as per the letter of acceptance dated 05 April 2025, received by the company on 07 April 2025.

The scheduled commissioning date (SCD) for the full capacity of the project is set for 19 months from the date of the concession agreement, which is expected to be signed within 30 days from the date of the LOA. The total project cost is estimated at Rs 78.54 crore.

The company also clarified that the contract does not involve any related party transactions and confirmed that neither the promoter, promoter group, nor any group companies have any interest in the awarding entity.

The official announcement was made on 7 April 2025, after market hours.

Refex Renewables & Infrastructure is engaged in the business of rendering engineering, procurement and construction services in respect of ground solar power plants, solar water pumps and home systems.

The company reported a consolidated net loss of Rs 10.45 crore in Q3 FY25 as against net loss Rs 8.54 crore posted in Q3 FY24. Revenue from operations fell 22.6% YoY to Rs 15.90 crore in the quarter ended 31 December 2024.

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