Refex Industries Share Price Target 2027: What Earnings Say About Rs 267 and Rs 320

Investors weighing a Refex Industries target price for 2027 should start with where the stock sits today. At Rs 232.49 on 5 November 2026, it is 39.1% below its 52-week high of Rs 382.00 and 23.7% above its 52-week low of Rs 188.00. That range spans 103% from low to high, so the entry point matters as much as the Refex Industries price forecast itself.

This article builds the Refex Industries share price target from reported numbers only: five years of annual results, the last five quarters, the latest shareholding pattern and current valuation ratios from company filings and exchange data. Each scenario states its assumptions, so you can trace how the base case, the bull case and the downside risk level were reached and test them against your own view.

Click Here – Get Free Investment Predictions

Refex Industries Stock Analysis: Company Overview and Key Stats

Refex Industries (NSE: REFEX) has a market capitalisation of Rs 3,051 crore. In FY26 it reported revenue of Rs 2,302 crore and net profit of Rs 242.38 crore. The table collects the figures the Refex Industries share price target is built on.

Metric	Value
Company	Refex Industries
NSE Ticker	REFEX
CMP (5 November 2026)	Rs 232.49
52-Week High	Rs 382.00
52-Week Low	Rs 188.00
Market Cap	Rs 3,051 crore
PE Ratio (TTM)	11.63
Industry PE	45.21
Price to Book	1.90
Return on Equity	18.56%
Debt to Equity	0.18
EPS (TTM)	Rs 19.12
Dividend Yield	0.45%
12-Month Base Target	Rs 267
Bull Case	Rs 320
Downside Risk Level (not a target)	Rs 178

Why Is Refex Industries Share Price Target Set at Rs 267 for 2027?

The arithmetic is short. Trailing EPS of Rs 19.12 grown for one year gives a forward EPS estimate of Rs 22.94, and multiplying it by the unchanged PE of 11.63 gives the Rs 267 base-case Refex Industries stock target. The bull case adds faster earnings growth and a higher multiple, while the downside risk level assumes flat earnings and a lower multiple.

Earnings Growth Behind the Refex Industries Target Price: Five Years of Results

Refex Industries grew revenue from Rs 637.10 crore in FY21 to Rs 2,302 crore in FY26, a compound annual growth rate of 37.9%. Net profit grew faster, from Rs 40.94 crore to Rs 242.38 crore (56.0% a year), which shows margin gains did part of the work and not just higher sales.

Financial Year	Revenue (Rs Cr)	Net Profit (Rs Cr)	EPS (Rs)	Dividend per Share (Rs)
FY21	637.10	40.94	21.73	1.50
FY23	1,637.44	116.06	10.77	2.00
FY24	1,401.00	92.98	8.36	0.50
FY25	2,309.34	179.70	12.33	0.50
FY26	2,302.05	242.38	15.07	1.00

FY26 revenue growth was -0.3%, slower than the four-year average of 37.9%, and net profit moved up 34.9%. EPS rose from Rs 8.36 in FY24 to Rs 15.07 in FY26. The FY27 outlook depends on whether that EPS estimate keeps compounding.

Margins and the Latest Quarter

Refex Industries converted 10.5% of FY26 revenue into net profit, against 7.8% in FY25, within a five-year range of 6.4% to 10.5%. EBITDA margin was 16.6% in FY26 versus 11.1% in FY25.

In the September 2026 quarter, revenue was Rs 763.36 crore, up 81.8% from the same quarter a year earlier, while net profit of Rs 50.69 crore was up 40.1%. EBITDA came in at Rs 103.99 crore, up 36.4% year on year. The next quarterly result is the first test of whether the earnings assumption holds.

Balance Sheet and Cash Flow

Debt to equity stands at 0.18, and shareholders' equity grew from Rs 139.51 crore in FY21 to Rs 1,509 crore in FY26. Operating cash flow in FY26 was Rs 107.14 crore against capital expenditure of Rs 60.46 crore, leaving free cash flow of Rs 46.68 crore, or 1.5% of the current market capitalisation. In FY25 free cash flow was negative at Rs 413.82 crore, so cash generation has not been steady year to year.

Valuation Check for the Refex Industries Stock Target: PE, Price to Book and ROE

At a PE of 11.63 against an industry PE of 45.21, Refex Industries trades at a discount to its industry. Price to book is 1.90 on a book value of Rs 116.88 per share, and return on equity is 18.56%. A PE of 11.63 equals an earnings yield of 8.6%, and the FY26 dividend of Rs 1.00 per share gives a yield of 0.45%.

Shareholding Pattern and Institutional Holding

Promoters held 56.56% of Refex Industries in September 2026, and promoter holding rose from 55.80% in December 2025 to 56.56% in September 2026. Foreign institutional investors (FII) held 0.55% and domestic institutions (DII) held 0.65%, which puts total institutional holding at 1.20%. FII holding fell from 2.03% in December 2025 to 0.55% in September 2026. Public shareholders own the remaining 42.23%. Institutional holding this low means the stock sees limited professional coverage, and price moves can be sharper when trading volumes are thin.

Refex Industries Share Price Targets for the Short Term and 12 Months

Short Term Refex Industries Stock Target Levels: Technical Setup

At Rs 232.49 on 5 November 2026, Refex Industries trades below its 50-day simple moving average of Rs 261.82 and below its 200-day exponential moving average of Rs 285.97. The 14-day RSI reads 32.8, which is neutral territory, and the MACD line sits above its signal line. The nearest resistance level is Rs 261.82 (50-day simple moving average) and the nearest support is Rs 188.00 (52-week low). A sustained move above Rs 261.82 would improve the short-term setup, while a close below Rs 188.00 would shift attention to the next support.

12 Month Refex Industries Target Price for 2027

The 12-month target of Rs 267 means a move of 14.8% up from Rs 232.49 over the next 12 months. It would still leave the stock 30.1% below its 52-week high of Rs 382.00. Anyone checking the Refex Industries share price target against their own view should focus on two inputs: the EPS estimate and the PE multiple.

How EPS Growth and PE Multiple Change the Refex Industries Target Price

EPS Growth	PE 9.30	PE 11.63	PE 13.37
0.0% (EPS Rs 19.12)	Rs 178	Rs 222	Rs 256
20.0% (EPS Rs 22.94)	Rs 213	Rs 267	Rs 307
25.0% (EPS Rs 23.90)	Rs 222	Rs 278	Rs 320

Each cell multiplies the forward EPS estimate by the PE shown. Reading across a row shows what a de-rating or re-rating does to the Refex Industries price forecast, and reading down a column shows what earnings growth is worth at a fixed multiple.

Bull Case and Downside Risk for Refex Industries Stock Target in 2027

Bull Case Rs 320

The bull case Refex Industries price target needs EPS growth of 25.0%, which lifts forward EPS to Rs 23.90, and a PE multiple that rises 15% to 13.37. That gives Rs 320, 37.6% above the current price and below the 52-week high of Rs 382.00.

Downside Risk Level Rs 178

The downside risk level is not a target. It assumes EPS stays flat at Rs 19.12 and the PE falls 20% to 9.30. That gives Rs 178, 23.4% below the current price and below the 52-week low of Rs 188.00.

Scenario	EPS Growth	PE Multiple	Price (Rs)	Change vs CMP
Bull Case	25.0%	13.37	Rs 320	+37.6%
Base Case	20.0%	11.63	Rs 267	+14.8%
Downside Risk	0.0%	9.30	Rs 178	-23.4%

Key Risks to the Refex Industries Target Price for 2027

Growth Slowdown Risk for the Refex Industries Price Target

Revenue in the September 2026 quarter was up 81.8% year on year, and FY26 revenue growth was -0.3%. If growth slows from here, the EPS estimate behind the Refex Industries stock target will need revising.

Liquidity and Size Risk

Refex Industries has a market capitalisation of Rs 3,051 crore. Institutional holding is 1.20%, and promoters hold 56.56%. Stocks of this size can move sharply on small volumes, and exits can take longer than entries.

Valuation and Margin Risk

Net margin was 10.5% in FY26, and a squeeze from higher costs or weaker pricing would hit earnings first. At a PE of 11.63 versus an industry PE of 45.21, a de-rating toward the downside-risk PE of 9.30 would cut the price even if earnings hold.

Market and Technical Risk

Technical indicators add short-term risk: the 14-day RSI is 32.8 and the MACD sits above its signal line. A broad fall in the Nifty 50 or the Sensex can override company fundamentals for weeks at a time.

How to Invest in Refex Industries

Start with the live price and volume. Any Refex Industries share price target is only as current as the data behind it, and the data here is as of 5 November 2026, so refresh the Rs 232.49 price before acting on any level.

Next, review the fundamentals yourself. The Univest Screener lets you check Refex Industries' PE, ROE, debt and shareholding in one place.

Check Refex Industries fundamentals on the Univest Screener

Then compare the three Refex Industries target price scenarios with your own view. If you expect EPS growth below 20.0%, the base case is too optimistic for you; if you expect more, the bull case deserves weight.

Decide your position size and exit levels before you buy. The support and resistance levels above can serve as reference points, but they are not recommendations.

Finally, place the order through a SEBI-registered broker or the Univest app, and review the position after each quarterly result. Consult a SEBI-registered advisor if you are unsure.

Download the Univest iOS App or Univest Android App to track Refex Industries live price and get daily stock recommendations.

Conclusion

The Refex Industries share price target for 2027 is Rs 267 in the base case, with Rs 320 as the bull case. The support for that view is arithmetic you can check: EPS grew 34.3% a year over FY24 to FY26, and the stock trades at a PE of 11.63. The risks are equally concrete, including institutional holding of only 1.20% and a downside scenario that cuts the price 23% if earnings stall. Use these numbers as a framework, check them against the latest filings, and size any position to your own risk appetite.

FAQs on Refex Industries Share Price Target 2027

What is the Refex Industries share price target for 2027?

Ans. The base-case Refex Industries share price target for 2027 is Rs 267, which is 14.8% above the price of Rs 232.49 on 5 November 2026. The bull case is Rs 320 and the downside risk level, which is not a target, is Rs 178. All three come from one method: forward EPS multiplied by a PE multiple, using only reported results. They are model estimates and not guaranteed outcomes, and the next quarterly result is the first check on the EPS assumption.

What is the Refex Industries share price today?

Ans. As of 5 November 2026, 11:37 AM IST, Refex Industries (NSE: REFEX) trades at Rs 232.49, up 4.56% on the day. That is 39.1% below the 52-week high of Rs 382.00 and 23.7% above the 52-week low of Rs 188.00. The market capitalisation of Rs 3,051 crore places it among small-cap stocks. Prices change through the trading session, so check the live quote before acting on any level in this article.

Is Refex Industries a buy or sell at the current price?

Ans. The data points both ways. On the positive side, EPS has grown 34.3% a year over FY24 to FY26 and the base case implies 14.8% upside; on the cautious side, institutional holding is only 1.20%, and the downside risk level of Rs 178 is 23% below the current price. Whether Refex Industries fits your portfolio depends on your time horizon, position size and risk appetite. Consult a SEBI-registered advisor before investing, as this article is not investment advice.

What are the bull case target and downside risk level for Refex Industries shares?

Ans. The bull case in the Refex Industries share price target for 2027 is Rs 320, which assumes 25.0% EPS growth and a PE of 13.37, a 15% re-rating from today's multiple. That is 37.6% above the current price and below the 52-week high of Rs 382.00. The downside risk level is Rs 178, which assumes flat EPS and a PE of 9.30, 20% lower than today. It sits 23.4% below the current price and below the 52-week low of Rs 188.00, and it marks a risk to watch, not a target.

What are the main risks to the Refex Industries price target?

Ans. Four risks matter most for the Refex Industries share price target: slower revenue or profit growth, a PE de-rating, thin liquidity or size risk, and weakness in the broader market. With a market capitalisation of Rs 3,051 crore, the stock can move sharply on small volumes, and exits can take longer than entries. Institutional holding is only 1.20%, which can make price moves sharper. A fall to the downside-risk PE of 9.30 would cut the price even if earnings hold.

What is the PE ratio of Refex Industries and how does it compare with the industry?

Ans. The PE ratio of Refex Industries is 11.63, against an industry PE of 45.21, which is a discount to the industry. Price to book is 1.90 and return on equity is 18.56%, and the PE equals an earnings yield of 8.6%. The base case holds the PE unchanged, so the Refex Industries share price target moves only with earnings, while the bull and downside scenarios change the multiple by +15% and -20%.

Who owns Refex Industries, and what is the promoter holding?

Ans. Promoters held 56.56% of Refex Industries in September 2026. FII held 0.55%, DII held 0.65% and the public held 42.23%. Together the two institutional groups hold 1.20%. Shareholding is filed every quarter, so it is worth rechecking after each result.

What were Refex Industries' latest quarterly results?

Ans. In the September 2026 quarter, Refex Industries reported revenue of Rs 763.36 crore (up 81.8% year on year) and net profit of Rs 50.69 crore (up 40.1%). For comparison, FY26 full-year revenue growth was -0.3% and net profit moved up 34.9%. Each new quarter either supports or weakens the EPS growth of 20.0% assumed in the base case.