| Ash & Coal Handling Business | Comprehensive ash disposal, transportation, and utilization solutions for thermal power plants. | Largest organized player with proprietary technology, extensive fleet, and multi-year client contracts. | B2B; thermal power plants and cement industries. | Operation & maintenance of plant and transportation integration. | 2235 | 90 | Service contracts charging based on volume and long-term operation & maintenance agreements. | Contractual pricing, volume-based fees, and multi-year service agreements. | Stringent environmental regulations and power sector capacity expansions. | Refex Ash Handling Services |
| Refrigerant Gases | Refilling and supply of ozone-friendly refrigerant gases and new low GWP products. | Early market entrant with technical tie-ups and first-mover advantage on refill can products. | B2B; automotive OEMs, air conditioning manufacturers. | Canned refilling and OEM collaborations. | 62 | 2 | Sales and refill services primarily via trading and technical collaboration. | Direct sales and contract supplies. | Global phase-out of CFCs/HCFCs and regulatory support for eco-friendly refrigerants. | HydrofluoroCarbons (HFCs) Refilling Cans |
| Electric Vehicles | Electric vehicle fleet management and passenger mobility services. | Integrated fleet with technology platform and customer trust from established markets. | B2B and B2B2C; corporate and institutional clients. | Fleet operations and technology-enabled services. | 38 | 1 | Fleet service contracts and technology platform fees. | Subscription and usage-based models. | Rising demand for clean urban mobility. | Refex Green Mobility EV Fleet |
| Power Trading | Trading of electricity and power-related services. | Limited; segment contribution is being reduced in favor of higher margin businesses. | B2B; utility companies and industrial consumers. | None notable; business has been downsized. | 109 | 4 | Trading margins and contract fees. | Transactional and volume-based. | Energy market liberalization and demand fluctuations. | |
| Solar Power Generation | Solar energy generation and sale to grid from rooftop installations. | Renewable integration with existing facilities and net exporter of solar energy. | B2B and B2G; grid and institutions. | Energy sales and carbon credits. | 12 | 0 | Sale of generated electricity and net metering benefits. | Feed-in tariff and power purchase agreements. | Renewable energy policy support and cost declines. | Rooftop Solar Plants |
| Wind Power | Manufacturing and assembly of wind turbines and related services. | Exclusive technology license and growing order book with key market entries. | B2B; Independent Power Producers and developers. | OEM manufacturing and long-term service contracts. | 0 | 0 | Sales of turbines, O&M contracts, and consulting services. | Project-based contracts and service agreements. | Government renewable targets and private investment in wind energy. | Venwind Refex Wind Turbines |
