How Did Refex Mobility Perform In FY26?
Refex Mobility, the electric vehicle (EV)-based corporate mobility arm of Refex Industries Ltd, has crossed the ₹100 crore revenue milestone for the first time, marking a significant achievement in its growth journey.
The company reported a total income of ₹103.2 crore in FY26, registering a robust 2.5x growth compared to the previous year. The milestone highlights the rising adoption of electric mobility solutions among corporate customers and reinforces Refex Mobility’s position in India’s evolving clean transportation ecosystem.
The strong performance comes as businesses increasingly shift toward sustainable mobility solutions to reduce carbon emissions and meet environmental goals while managing transportation costs more efficiently.
What Drove The Company’s Revenue Growth?
A major contributor to Refex Mobility’s growth was the rapid expansion of its enterprise and executive mobility services.
During FY26, the company completed more than 1.5 million trips across various corporate mobility segments, reflecting growing demand for electric vehicle-based transportation solutions.
The company attributed its performance to increasing customer adoption, expanding fleet operations, and improving platform economics that helped support higher operational efficiency.
The growth also reflects a broader shift among businesses toward cleaner and more sustainable transportation alternatives as environmental, social, and governance (ESG) priorities gain importance across industries.
How Large Is Refex Mobility’s EV Network Today?
Within just three years of operations, Refex Mobility has rapidly scaled its business footprint across major urban centers.
The company now operates a fleet of more than 1,750 electric vehicles across five major cities in India.
Its services currently cater to over 70 enterprise clients spanning multiple industries, demonstrating strong traction in the business-to-business mobility segment.
By focusing on corporate transportation needs, Refex Mobility has built a specialized EV mobility platform designed to provide reliable, cost-effective, and environmentally sustainable transportation solutions.
The company’s growing customer base highlights the increasing willingness of enterprises to adopt electric mobility at scale.
What Expansion Initiatives Did The Company Undertake?
FY26 was marked by several strategic expansion initiatives for Refex Mobility.
One of the key developments was the launch of its app-based cab rental business, allowing the company to enter a broader segment of the mobility market and diversify its revenue streams.
The company also expanded its operations into the Delhi-NCR region, one of India’s largest mobility markets, strengthening its presence beyond its existing operating locations.
In addition, Refex Mobility introduced an asset-light operating model aimed at accelerating fleet growth while reducing capital expenditure requirements.
This approach enables the company to expand vehicle availability and geographic coverage without proportionately increasing investment in owned assets, thereby improving scalability and capital efficiency.
When Does Refex Mobility Expect To Become Profitable?
While the company continues to invest in growth and expansion, management has outlined a clear path toward profitability.
Refex Mobility expects to achieve operational breakeven by FY28, reflecting confidence in the scalability of its business model and the long-term economics of EV-based mobility services.
Industry experts believe that as fleet utilization improves and EV infrastructure continues to expand, electric mobility operators could benefit from lower operating costs compared to traditional fuel powered transportation services.
What Does This Mean For India’s EV Mobility Sector?
Refex Mobility’s performance underscores the growing momentum in India’s electric mobility ecosystem, particularly in the corporate transportation segment.
As organizations increasingly prioritize sustainability and governments continue to encourage EV adoption through supportive policies, demand for electric mobility solutions is expected to accelerate further.
Crossing the ₹100 crore revenue mark places Refex Mobility among the emerging players benefiting from India’s transition toward cleaner transportation, while its expansion plans indicate continued confidence in the long-term growth potential of the EV mobility market.
