Refex Industries jumps 8% as SAT stays Sebi penalty against promoter

The counter saw buying after the Securities Appellate Tribunal (SAT) granted a stay on the recovery of the penalty imposed by the Sebi against Anil Jain, promoter of Refex Industries

Refex Industries shares jumped 8.3 per cent on BSE, logging an intra-day high at ₹264 per share. At 10:14 AM,  Refex Industries’ share price was trading 4.64 per cent higher at ₹255.05 per share. In comparison, the BSE Sensex was down 0.17 per cent at 83,593.66.

 

The counter saw buying after the Securities Appellate Tribunal (SAT) granted a stay on the recovery of the penalty imposed by the Securities and Exchange Board of India (Sebi) against Anil Jain, the company’s promoter, chairman, and managing director, in a matter relating to alleged insider trading by certain entities in the scrip of Refex Industries.

 

“We wish to inform you that an appeal challenging the said adjudication order passed by Sebi was preferred by Anil Jain before the Securities Appellate Tribunal (SAT) pursuant to which SAT vide order dated February 13, 2026, has granted a stay on recovery of the penalty under the said adjudication order passed by Sebi, subject to deposit of 50 per cent of the penalty amount within four weeks from the date of the order passed by SAT,” the filing read. 

 

Refex Industries stated that the development has no financial, operational, or monetary impact on the company.

 

In the December quarter (Q3FY26), the company posted a consolidated net profit of ₹54.21 crore, as compared to ₹50.04 crore a year ago, up 8.3 per cent year-on-year (Y-o-Y). Its revenue from operations stood at ₹576 crore, as against ₹686.04 crore, down 16 per cent Y-o-Y. 

 

The company board also approved the discontinuation of refringent gas business. The decision to discontinue the Refrigerant Gas business segment is a part of a strategic decision to enable better allocation of capital towards the company’s core, higher-growth businesses, thereby improving capital efficiency and long-term value creation, according to the filing. 

 

Refex Industries Limited is a diversified Indian enterprise with key operations spanning eco-friendly refrigerant gases, coal and ash handling for thermal power plants, and power trading. Founded in 2002, the company is part of the broader Refex Group, which also operates in renewable energy (solar and wind), medical technologies, and green mobility solutions. Refex is widely recognised for its expertise in refrigerant refilling and its end-to-end ash and coal management services for power utilities.