According to an exchange filing, the scope of the order includes excavation, loading and transportation of pond ash to National Highways Authority of India (NHAI) road projects.

The company said the contract is to be executed within four months. It also clarified that none of its promoters or members of the promoter group have any interest in the awarding entity and that the order does not qualify as a related-party transaction under applicable regulatory norms.

Chennai-based Refex Industries has built a portfolio spanning ash and coal handling, wind energy, and green mobility solutions.

The company’s consolidated net profit jumped 20.5% to Rs 37.44 crore despite a 0.3% decline in revenue from operations to Rs 426.85 crore in Q2 Sept 2025 over Q2 Sept 2024.

The counter slipped 1% to Rs 247 on the BSE.