Refex Industries Cash Flow Statement

Financials in millions INR. Fiscal year is April - March.

Millions INR. Fiscal year is Apr - Mar.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Net Income	1,588	938.7	1,161	453.9	409.38
Depreciation & Amortization	325.64	135.45	68.9	56.48	52.91
Loss (Gain) From Sale of Assets	-105.11	-	-0.86	-1.45	-
Loss (Gain) From Sale of Investments	-200.87	1.31	2.47	-	-
Stock-Based Compensation	8.26	2.23	2.5	-	-
Provision & Write-off of Bad Debts	-12.43	3.42	43.56	16.92	14.54
Other Operating Activities	-87.63	280.71	360.59	206.99	295.61
Change in Accounts Receivable	-4,819	-641.75	-1,692	-251.59	-221.39
Change in Inventory	-1.83	35.83	-33.5	-19.78	-26.95
Change in Accounts Payable	1,245	-1,383	1,153	-231.3	595.13
Change in Unearned Revenue	-0.02	0.02	-	-	-
Change in Other Net Operating Assets	-588.13	655.15	-789.72	-399.65	113.63
Operating Cash Flow	-2,648	28.49	276.15	-169.5	1,233
Operating Cash Flow Growth	-	-89.69%	-	-	937.25%
Capital Expenditures	-1,653	-455.5	-719.89	-64.13	-59.99
Sale of Property, Plant & Equipment	-	-	5.99	6.04	3.28
Investment in Securities	180.3	-47.28	-62.75	-	-740
Other Investing Activities	109.86	84.31	1.04	44.98	39.95
Investing Cash Flow	-897.04	-418.75	-775.61	-13.11	-1,223
Long-Term Debt Issued	562.19	353.31	667.54	149.67	-
Total Debt Issued	562.19	353.31	667.54	149.67	-
Long-Term Debt Repaid	-	-	-107.21	-23.03	-16.09
Total Debt Repaid	-	-	-107.21	-23.03	-16.09
Net Debt Issued (Repaid)	562.19	353.31	560.33	126.64	-16.09
Issuance of Common Stock	5,880	626.98	143.65	-	79.57
Common Dividends Paid	-	-55.28	-	-10.5	-21
Other Financing Activities	-411.52	-306.32	-105.06	-96.07	-89.7
Financing Cash Flow	6,031	618.7	598.92	20.06	-47.23
Miscellaneous Cash Flow Adjustments	0	0.02	-0	-	-
Net Cash Flow	2,485	228.45	99.46	-162.54	-37.1
Free Cash Flow	-4,301	-427.02	-443.74	-233.62	1,173
Free Cash Flow Growth	-	-	-	-	906.00%
Free Cash Flow Margin	-17.43%	-3.09%	-2.72%	-5.26%	18.54%
Free Cash Flow Per Share	-33.62	-3.84	-4.12	-2.23	12.45
Cash Interest Paid	411.9	306.32	105.06	96.07	89.7
Cash Income Tax Paid	632.78	236.7	165.05	-	-
Levered Free Cash Flow	-4,132	-716.5	-957.33	-125.74	363.61
Unlevered Free Cash Flow	-3,994	-609.01	-899.55	-67.99	419.41
Change in Working Capital	-4,164	-1,333	-1,362	-902.32	460.41

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.