This micro-cap stock has a market cap is less than Rs 250 crore, has shown tremendous growth in the last five years, and made its investors rich by giving returns of 8300%. That means for investors who had invested only Rs 10,000 in it five years ago, today the value of those Rs 10,000 shares has turned into Rs 8 lakh.
About the Company
Refex Renewables & Infrastructure Ltd (BOM: 531260) is a solar installation company that provides end-to-end renewable energy solutions. It provides solar energy to residential and commercial establishments as well as enterprises in metropolitan areas and rural townships across the country. The company has built its solar projects at more than 8000 locations across 15 states in the country and has achieved more than 25000 installations and 50 microgrid projects so far.
| Market Cap | ₹223 Cr. |
| Current Price | ₹490 |
| High / Low | ₹580 / 312 |
| Stock P/E | N/A |
| Industry PE | 21.1 |
| Book Value | 65.8 |
| ROCE | 2.78 % |
| ROE | -47.2 % |
| Face Value | 10 |
| Dividend Yield | 0.00 % |
| PEG Ratio | N/A |
| EPS | -40.6 |
| Reserves | ₹25.1 Cr. |
| Debt | ₹412 Cr. |
| Debt to equity | 13.9 |
| Cash Equivalents | ₹6.51 Cr. |
| Promoters Holding | 75% |
| Pledged percentage | 0.00 % |
| Price to book value | 8.15 |
| NCAVPS | -42.7 |
| Sales growth | 70.3 % |
| Inventory | 2.84 Cr. |
| Current assets | ₹38.0 Cr. |
| Current liabilities | ₹91.6 Cr. |
Refex Renewables & Infrastructure Year-After-Year Performance
| Year | Open | Close | Gain/ Fall |
| 2024 | ₹404.55 | ₹490.00 | 21.12% |
| 2023 | ₹495.45 | ₹390.00 | -21.28% |
| 2022 | ₹184.20 | ₹488.10 | 164.98% |
| 2021 | ₹54.15 | ₹175.45 | 224.01% |
| 2020 | ₹7.41 | ₹51.60 | 596.36% |
| 2019 | ₹5.82 | ₹7.06 | 21.31% |
If you look at the year-on-year performance of the stock, you will see strong growth and despite such huge growth every year, there has been no major decline on a year-on-year basis. Although it declined by 20% to 30% at times in a short period, it recovered by the end of the year. Although it could not show any special performance in 2023, now the bullish phase seems to be starting again in 2024. This stock has seen an increase of 37.64% within the first week of 2024. However, it has seen a slight decline since January 9 and the stock is currently about 9% below its 2024 high.
Refex Renewables & Infrastructure Compounded Performance
| Period | Growth | Returns on ₹10k | CAGR |
| 1Y | 7% | ₹10k | 7.27% |
| 2Y | 114% | ₹21k | 46.23% |
| 3Y | 526% | ₹62k | 84.28% |
| 4Y | 6513% | ₹6.61 Lakh | 185.16% |
| From Listing | 8319% | ₹8.41 Lakh | 149.22% |
- There was no big rise in the stock in the last year, if we look at the performance of the last two years, it has seen a rise of 114%.
- In the past three years, it has increased investors’ investment by more than 7 times.
- For investors who had invested Rs 10,000 in it four years ago, the value of those ₹10,000 shares has increased to ₹6.61 lahks today, while for investors who had invested the same amount in it on listing day, the value of those shares has increased to ₹8.41 lahks.
- Its CAGR growth since listing has been 149.22%.
Refex Renewables & Infrastructure Profit & Loss Statement
Figures in Rs. Crores
| Year | Sales | Profit | OPM % |
| Mar 2019 | 71 | 8 | 13% |
| Mar 2020 | 63 | -22 | -18% |
| Mar 2021 | 72 | -27 | -35% |
| Mar 2022 | 53 | -37 | -13% |
| Mar 2023 | 76 | -30 | 11% |
| TTM | 90 | -28 | 26% |
Although the financial condition of the company is not good, still it is seeing such growth which can also be a sign of danger. Either people are continuously investing in it because of its futuristic business or there are active operators in it.
Refex Renewables & Infrastructure Shareholding Pattern
| Period | Promoters | Public | Shareholders |
| Mar 2021 | 75% | 25% | 763 |
| Mar 2022 | 75% | 25% | 862 |
| Mar 2023 | 75% | 25% | 1,105 |
| Jun 2023 | 75% | 25% | 1,166 |
| Sep 2023 | 75% | 25% | 1,266 |
| Dec 2023 | 75% | 25% | 1,325 |
The promoters hold 75% shares of the company and appear to be quite confident about their company. They have not sold even 1% of their holding for the last three years. The public has a holding of 25% and the holding hands are changing. Three years ago, there were 763 shareholders in the company, which has now increased to more than 1,300.
Disclaimer: This article is written for informational purposes only, do not consider it any investment advice.