RIRefex Industries532884Quarterly results

Q2 FY27 call: ready-mix concrete foray, first plant at Pune, wind turbine supplies to 3 customers

Q2 FY27 earnings call: revenue up 36% and PAT up 13% year-on-year in Q2 FY27; PAT up 56% in H1 FY27.

By ScoutQuest · Mon 2 Nov 2026, 4:18 PM IST · 2 min read

Q2 FY27 Revenue Growth

revenue up 36% year-on-year in Q2 FY27

Q2 FY27 PAT Growth

PAT up 13% year-on-year in Q2 FY27

H1 FY27 PAT Growth

PAT up 56% in H1 FY27

Ash & Coal Handling — the core business

• Management said this quarter is seasonally tough every year because of monsoon in the Northeast and Central part of India, with rainfall, water logging and transport constraints temporarily reducing volumes. Quarterly performance, it said, should be read in that context.
• Despite this, revenue rose 36% and PAT rose 13% year-on-year in Q2 FY27; PAT rose 56% year-on-year in H1 FY27.
• The company is working in multiple states to convert integrated ash handling opportunities into orders, with discipline in bidding, pricing and commercial terms with GENCOs.
• On demand: India's plan for coal-based power capacity was described as rising to 150 gigawatts by 2035 from the earlier envisaged 97 gigawatts.

Ready-mix concrete — new segment

• Described as a natural forward integration of the ash handling business, extending into construction materials and infrastructure.
• The first RMC plant at Charholi, Pune commenced operation on 25 September 2026, followed by Hoskote in Karnataka and Kalyan near Mumbai. A phased rollout is planned across Mumbai, Bangalore, Hyderabad, Kolkata and Chennai.
• The model is capital-light and lease-based, intended to scale without significant investment in fixed assets.
• Market estimate quoted: about 240 million cubic meters valued at INR 1.25 lakhs crores in 2025, growing to 317 million cubic meters valued at INR 1.74 lakhs crores by 2031, a CAGR of 7%.
• Stated operating commitments: 100% on-time delivery and 0 cube failure; focus on green concrete through greater fly ash use and automated, technology-enabled plants.

Wind turbine manufacturing

• Deliveries gained momentum and initial supplies were completed to all three customers — Torrent, KP Energy and Jindal; foundation erection activity is underway at the customer side in line with the delivery schedule.
• Industry backdrop quoted: India added about 1.8 gigawatts of wind capacity during July to September 2026, up 30% sequentially and 21% year-on-year, taking total installed wind capacity to 59.2 gigawatts as on September 2026.
• Outlook quoted from the Ministry of New and Renewable Energy: India could add up to 8 gigawatts of wind capacity during FY27, compared with 6 gigawatts during FY26.
• The company said it is progressing on technology transfer and indigenisation, including development of domestic manufacturing capability, and strengthening its leadership and execution team.

Green mobility

• Priority stated as profitable growth, pursued through four initiatives. The first is a shift from own vehicles to a driver-cum-owner model and third-party supply, which turns fixed ownership cost into a variable payout.

What management signalled for the period ahead

• Accelerating execution and converting secured orders into revenue as monsoon conditions ease.
• Selective expansion of the RMC business with attention to unit economics, working capital discipline and capital efficiency.
• Delivering the existing wind order book while building indigenous manufacturing capability and adding new orders.

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