Refex Industries reorients electric mobility operations in Bengaluru to scale enterprise transport services

Why is Refex Industries refocusing its EV mobility strategy in Bengaluru?

Refex Green Mobility Limited, a wholly owned subsidiary of Refex Industries Limited, has announced a strategic reorientation of its electric vehicle operations in Bengaluru. This move, formalised through its operating arm Refex EV Fleet Services Private Limited, involves the discontinuation of its airport-based electric taxi services in the city. Instead, the company will now concentrate efforts on expanding its scalable B2B and B2B2C electric mobility offerings, tailored for enterprise and institutional clients.

The decision is part of a broader effort to build a resilient electric mobility ecosystem backed by consistent demand and long-term service contracts. Refex aims to deepen its foothold in corporate transportation, leveraging predictable fleet utilisation and operational efficiencies that align with business-focused mobility use cases.

What is driving Refex’s shift away from consumer airport EV taxi services?

According to the company’s media disclosure dated April 17, 2025, the pivot away from consumer-facing airport EV taxi services is meant to prioritise enterprise-scale solutions that offer greater stability and long-term value. Unlike the consumer ride-hailing segment, which is exposed to seasonal fluctuations and variable demand, corporate transport and strategic B2B partnerships enable more predictable growth trajectories.

The updated model emphasises integrated fleet management, featuring company-owned EVs, vetted driver partners, and a comprehensive technology-backed operational layer. This integrated framework is designed to support high-frequency use cases such as employee transport, enterprise car rentals, airport transfers for corporate clients, and dedicated fleet partnerships with established ride-hailing platforms.

How has Refex scaled its electric vehicle fleet across India?

Since launching its Green Mobility vertical in March 2023 with just 24 electric four-wheelers, Refex has achieved rapid fleet expansion. As of April 2025, the fleet has grown to nearly 1,300 EVs, serving multiple metropolitan regions including Bengaluru, Chennai, Hyderabad, and Mumbai. This growth reflects the company’s agility in scaling capacity to meet enterprise-level demand while maintaining operational quality.

By focusing on electric four-wheelers, Refex is able to address a wide range of commercial mobility needs, from high-end employee shuttles to ride-hailing integrations. The flexibility of this vehicle format, combined with backend analytics and fleet optimisation tools, gives Refex an edge in servicing large institutions seeking sustainable, tech-enabled mobility solutions.

What’s the stock market sentiment on Refex Industries after this strategic pivot?

As of April 17, 2025, shares of Refex Industries Limited (NSE: REFEX) closed at ₹455.00, marking a 2.01% gain from the previous day. Over the last month, the stock has surged by approximately 23%, signaling strong short-term investor interest. However, year-to-date performance still reflects a decline of about 20%, underscoring volatility and broader market headwinds.

The company’s current price-to-earnings (P/E) ratio stands at 40.6x—well above the industry average—indicating optimistic expectations for future earnings. Its price-to-book (P/B) ratio of 12.65 further highlights that investors are willing to pay a premium for anticipated growth and sustainability leadership.

Institutional flows support this bullish outlook. Foreign Institutional Investors (FIIs) increased their holdings to 2.00% in the March 2025 quarter, up from 1.76%, while Domestic Institutional Investors (DIIs) also initiated new positions. Promoter holdings slightly declined, with a corresponding reduction in pledged shares, reflecting improved balance sheet confidence.

With quarterly results due on April 23, market participants are closely watching for confirmation of operational execution and margin expansion in the EV segment. Based on current fundamentals and growth drivers, analysts view the stock as a ‘Buy’ for long-term investors, while cautioning that high valuations may cause near-term fluctuations.

How does Refex Green Mobility fit into the group’s broader sustainability strategy?

Refex Industries Limited, founded in 2002 and headquartered in Chennai, has long positioned itself as a sustainability-first organisation. Its diversified portfolio includes Ash and Coal Handling, Power Trading, eco-friendly Refrigerant Gases, and now electric mobility through Refex Green Mobility Limited.

The company’s push into electric vehicle services for passenger transport complements national goals to reduce emissions and decarbonise urban infrastructure. Refex’s EV platform combines electric fleet operations with digital infrastructure, reinforcing its commitment to environmental innovation.

Its strategic pivot in Bengaluru aligns with its purpose-led growth trajectory—reducing exposure to variable B2C demand while doubling down on stable enterprise solutions. This aligns with a sector-wide shift, where B2B electric mobility is increasingly seen as a more bankable model, especially amid rising environmental, social, and governance (ESG) expectations.

What’s next for Refex in the electric mobility space?

Refex’s realignment in Bengaluru signals a focused push to serve India‘s expanding market for business-centric electric mobility. With corporate clients looking to meet ESG targets and government policies promoting EV adoption, the company stands to gain from demand tailwinds in FY2025–26 and beyond.

Its presence in multiple tier-1 cities offers both scale and redundancy, key to maintaining consistent service quality. Moreover, the company’s investments in operations tech, driver training, and backend fleet intelligence strengthen its ability to provide differentiated solutions in an increasingly competitive landscape.

For investors and industry watchers, Refex Green Mobility’s evolution represents a case study in adapting to structural demand while staying rooted in sustainability. As it transitions toward a data-led, enterprise-focused model, Refex is positioning itself as a pivotal player in India’s electric transport transformation—both on the road and in the market.