On the segmental front, revenue from the ash & coal handling business declined 17.14% YoY to Rs 566.31 crore. Revenue from refrigerant gas manufacturing (refilling) and sales fell 31.03% YoY to Rs 7.20 crore.

Revenue from green mobility surged sharply to Rs 28.09 crore in Q3 FY26 from Rs 8.88 crore in the year-ago period. Meanwhile, revenue from solar power generation and related activities edged up 2.33% YoY to Rs 2.64 crore during the quarter.

In a regulatory filing, the company said its board has approved the discontinuation of the refrigerant gases business segment.

The segment contributed around 2.5% to the company’s total revenue and was adversely impacted by operational and financial challenges amid intense competition and pricing pressures. The move is aimed at enabling better allocation of management focus and capital towards the company’s core, higher-growth businesses, the filing said.

The decision follows Refex’s discontinuation of its power-trading business in August last year, citing low profitability, muted volumes, high compliance costs, and limited strategic alignment with the company’s core logistics and energy infrastructure businesses.

Chennai-based Refex Industries has built a portfolio spanning ash and coal handling, wind energy, and green mobility solutions.

Shares of Refex Industries fell 2.95% to Rs 237 on the BSE.