Refex Industries Reports on Sustainability in FY2025-26; Sets Ambitions for Carbon Neutrality and Water Positivity

Refex Industries Reports on Sustainability in FY2025-26; Sets Ambitions for Carbon Neutrality and Water Positivity​

Refex Industries Ltd., a diversified player in industrial resource management and clean energy, has released its Business Responsibility and Sustainability Report (BRSR) for the Financial Year 2025-26. The report details the company's operations, ESG commitments, and performance metrics across various operational sites, underpinned by a framework aimed at balancing resource stewardship with business growth.

The reporting was conducted on a consolidated basis, receiving Limited Assurance from SGS India Private Limited, in line with International Standard on Assurance Engagements (ISAE) 3000, Revised.

Business Operations and Market Presence​

Refex Industries' core activities primarily revolve around Ash & Coal handling, which accounts for 83% of its turnover. The company is also active in Windpower (9.85%) and Mobility services (4.13%).

The company operates a significant national infrastructure footprint, with over 40 plants and more than 13 offices across the country. Refex serves markets across 14 states nationally, noting that less than 1% of its turnover is derived from exports. The customer base is predominantly industrial entities; for its coal and ash handling business, it serves both Independent Power Producers (IPPs) and Captive Power Producers (CPPs). For the Refex Mobility Services, services are offered under both Business-to-Business (B2B) and Business-to-Consumer (B2C) models.

As of FY 2025-26, Refex employed a total of 514 employees and 20 workers. The employment data highlights the distribution across these categories:


Refex reported that the gross wages paid to females constituted 12% of the total wages in FY 2025-26, showing a decrease from 19% in the previous financial year.

Core ESG Commitments and Focus Areas​

The company has made significant commitments toward long-term sustainability, setting targets across environmental stewardship and resource management. Refex aims to become Carbon Neutral by 2035 (Net Zero by 2040) and achieve Water Positive Status by 2035. The company is also committed to making its operations a 100% Circular Economy enterprise by 2035, focusing on waste utilization.

In terms of governance and risk management, the company employs an Enterprise Risk Management (ERM) framework aligned with ISO 31000. This framework helps manage risks associated with its asset-heavy, contract-dependent businesses in the ash handling and mobility sectors. The firm has instituted a Board-level Sustainability Committee to ensure ESG outcomes are linked to executive accountability.

Environmental and Operational Performance Metrics​

Refex’s environmental management systems are structured under ISO 14001:2015. A major focus of the reporting was on waste management, particularly regarding ash utilization in the thermal power plant industry. The company reported that it utilized 100% of the ash by repurposing it across various end-use sectors. Specifically, 60% of the ash was used in road construction, 23% in reclamation and backfilling of low-lying areas, and 14% in brick manufacturing.

In terms of climate commitments, Refex executed a comprehensive energy transition program for its refrigerant plant through rooftop solar installations, achieving 100% renewable energy adoption at that facility. The company also actively works to reduce Scope 1 emissions by optimizing logistics operations for the ash business and is exploring cleaner fleet alternatives.

Energy consumption across all operations showed an increase in the current financial year compared to the previous year, which was attributed to the expanded scope and enhanced inclusivity of the reporting boundaries. Both GHG and water intensity metrics were tracked and monitored against targets. Regarding pollution control, the company reported no significant adverse environmental impacts arising from its value chain during the reporting period.

Governance and Compliance Oversight​

The company maintains a rigorous framework for both governance and human rights protection. It has instituted an Occupational Health and Safety Management System (OHSMS) certified to ISO 45001:2018, which covers all operations and personnel. The commitment to safety was reflected in the company recording zero fatalities across all operations during FY 2025-26.

Refex also manages its supply chain through a mandatory Vendor Code of Conduct (CoC), ensuring that partners adhere to environmental and safety standards. The company reported no significant risks or concerns identified within its value chain regarding environmental impacts.

Regarding statutory compliance, the reporting detailed one penalty related to GST assessment orders, totaling ₹9,98,64,079. Appeals related to this penalty are currently pending before various commissions including the Commissioner of Central Tax (Appeals), Mysore and others.

Stakeholder Engagement and Community Relations​

Refex maintains a structured grievance redressal mechanism for all stakeholders, employees, and customers, which is reinforced by its commitment to operational integrity across all business lines. The company confirmed that it has not identified any material human rights abuses or serious adverse impacts on the community in its operations. Corporate Social Responsibility (CSR) initiatives were concentrated across four core themes: Education, Biodiversity Conservation, Water Stewardship, and Clean Energy, with projects selected in designated Aspirational Districts across states like Odisha, Chhattisgarh, Tamil Nadu, and Rajasthan.