Refex Industries Limited (RIL), a leading Indian company with diversified interests across sectors, has officially announced that it has bagged a major order worth approximately ₹50 crore from NTPC Limited for the transportation and unloading of pond ash. This was disclosed by the company through a regulatory filing made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, along with the SEBI Master Circular dated 11 November 2024.

The announcement was submitted on 2 August 2025 to both BSE and NSE, where Refex Industries is listed under the symbols Scrip Code: 532884 (BSE) and REFEX (NSE).

Order Details and Terms

According to the company’s filing, NTPC Limited, India's largest power generation utility, awarded this domestic contract. The scope of the contract involves the transportation and unloading of pond ash, a by-product of coal combustion in thermal power plants. Pond ash has industrial utility in cement manufacturing, construction, and road infrastructure development.

The order is to be executed over a period of one year, and the timeline can be extended by an additional six months, depending on the discretion of NTPC’s Engineer-in-Charge (EIC).

Refex clarified that:

• This is a domestic order, not involving any international party.

• The contract is not a related party transaction, and neither the promoter nor the promoter group has any vested interest in NTPC Limited.

• The entire transaction is being executed on an arm’s length basis with full compliance.

Strategic Significance

This order win is significant for Refex Industries as it expands its footprint in logistics and waste material management services, especially in the context of environmental management and sustainability efforts in India’s power sector. NTPC’s ongoing focus on efficient disposal and reuse of ash residues through third-party service providers has opened up new opportunities for logistics and EPC companies.

The ₹50 crore order adds to Refex’s growing portfolio of service-based contracts, reinforcing its presence in the industrial infrastructure support segment. The nature of this work, which combines environmental compliance with heavy-duty logistics, fits well within Refex’s expanding business lines.

Official Statement

The filing was signed by Ankit Poddar, Company Secretary and Compliance Officer of Refex Industries Limited, bearing the membership number ACS-25443. The company stated in its release:

“We wish to inform you that Refex Industries Limited has procured an order for transportation and unloading of pond ash from NTPC Limited.”

They have also requested the exchanges to take the disclosure on record and disseminate it on their respective platforms.

Market Implications

With this contract, Refex Industries strengthens its visibility and credibility in executing industrial orders for public sector clients like NTPC. Given the size of the contract and its operational scope, it is expected to contribute positively to the company’s revenue and cash flow over the next financial year.

Investors and market analysts will closely watch the execution of this order as it may serve as a precursor to future contracts with other government and power sector entities. As India moves toward more sustainable waste and ash management, players like Refex stand to benefit from their experience and capability in handling such infrastructure logistics tasks.

Conclusion

The ₹50 crore contract win from NTPC Limited positions Refex Industries as a trusted partner in sustainable logistics services. This development not only enhances the company’s operational capabilities but also aligns with India’s national mission for cleaner energy and waste disposal. Refex's performance in this project could potentially open the doors for further engagements with major public-sector units.

As of now, Refex Industries continues to grow steadily, with this order being one more example of strategic execution and compliance transparency, as highlighted in their SEBI Regulation 30 announcement.

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