Aniket PujariMultibagger small-cap stock: Refex Renewables & Infrastructure saw its share price jump 16% in intraday trade on Tuesday, April 8, reaching a 7-week high of ₹722 apiece after investors cheered the company’s latest order win—its third contract so far in April.
On Monday, the company informed investors through a regulatory filing that its wholly owned subsidiary, Refex Green Power Limited, has won a tender for the establishment of a 250 TPD Municipal Solid Waste-based Bio-CNG plant. The project is estimated to be worth ₹78.54 crore and is expected to be completed within 19 months from the date of commencement.
“Refex Green Power Limited, a wholly owned subsidiary of the company, has won a tender for the establishment of a 250 TPD Municipal Solid Waste-based Bio-CNG plant at Avaniyapuram village, Madurai South Taluk, Madurai District, under PPP mode on a DBFOT basis for a period of 20 years, vide Letter of Acceptance dated April 5, 2025 (received on April 7, 2025), issued by Madurai City Municipal Corporation,” the company stated in its Monday filing.
Recent order wins
Earlier in the month, on April 5, the subsidiary had won a tender for a similar 250 TPD Bio-CNG plant project in Coimbatore under the same PPP model and DBFOT basis for 20 years, awarded by the Coimbatore Municipal Corporation. On April 2, it secured another tender for the establishment of a 200 TPD Municipal Solid Waste-based Bio-CNG plant.
In 2018, Refex Renewables and Infrastructure Limited (RRIL) began its journey as an Independent Power Producer (IPP), dedicated to advancing solar energy as a sustainable alternative in India. The company specializes in developing industrial and commercial rooftop installations, greenfield ground-mounted projects, and solar initiatives for land-owning farmers.
Stock price trajectory
Since reaching their peak of ₹1,166 in November, the shares witnessed heavy sell-off over the following five months, losing 48% of their value. However, steady order wins in the current month have brought optimism back to the stock, which is currently up 14% so far in April.
Looking back, the shares have zoomed from ₹8.10 apiece to the current level of ₹680 over the past four years, resulting in a massive gain of 8295%. This has significantly boosted retail investors’ portfolios, as they cumulatively owned a 25.1% stake in the company as of the December-ending quarter.
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