Refex Industries to Deploy 1,000 Electric Four-Wheelers in Major Indian Cities

Refex Industries share price gains after Refex Green Mobility Limited (“Refex eVeelz”), a wholly owned subsidiary of Refex Industries Limited, has agreed with one of India’s largest ride-hailing platforms to induct and operate 1,000 electric four-wheelers (e4Ws) across Chennai, Hyderabad, Bengaluru, and Mumbai in FY26.

Strengthening India’s Clean Mobility Transition

This strategic expansion is part of Refex eVeelz’s long-term growth roadmap, reinforcing its commitment to advancing India’s clean mobility transition. With a 100% electric fleet, the initiative aims to drive large-scale electric vehicle (EV) adoption while minimizing urban carbon footprints through the reduction of tailpipe emissions.

The ride-hailing platform will continue catering to demand and building new mobility categories, while Refex eVeelz will focus on service delivery, ensuring reliable and sustainable transportation solutions across key metropolitan cities.

Management Outlook

Speaking on the development, Anil Jain, Managing Director of Refex Industries Limited, said, “At Refex eVeelz, we are committed to playing a leading role in shaping the future of sustainable mobility in India. This strategic expansion not only strengthens our presence across key metropolitan cities but also aligns with our long-term vision of enabling a cleaner, smarter, and more efficient transportation ecosystem.”

Scaling Up EV Fleet Operations

Refex eVeelz is already a leader in four-wheeler EV-as-a-service, currently operating a fleet of nearly 1,300 electric vehicles across multiple cities, including Chennai, Bengaluru, Hyderabad, Mumbai, and Pune.

The addition of 1,000 new e4Ws, along with the organic growth of its fleet in the employee transportation segment, will further cement its role in mainstreaming electric mobility solutions in India.

This initiative aligns with India’s broader sustainability vision, contributing to the nation’s net-zero emissions target by 2070.

Stock Performance

On March 05, 2025, Refex Industries share price traded 4.26% higher at ₹397.95 at 9:58 AM (IST). Refex Industries’s share price reached a 52-week high of ₹600, and a 52-week low of ₹120.32. As per BSE, the total traded volume for the stock stood at 6,815 shares with a turnover of ₹26.80 lakhs.

At the current price, Refex Industries shares are trading at a price-to-earnings (P/E) ratio of 30.52x, based on its trailing 12-month earnings per share (EPS) of 13.04, and a price-to-book (P/B) ratio of 8.11, according to exchange data.

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