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TRF Ltd

₹ 2850.81%
16 Jan 4:01 p.m. – close price
🔗trf.co.in•BSE: 505854•NSE: TRF
Market Cap₹ 314 Cr.
Current Price₹ 285
High / Low₹ 460
Stock P/E12.4
Book Value₹ 71.7
Dividend Yield0.00 %
ROCE20.1 %
ROEnull %
Face Value₹ 10.0
Sales₹ 96.2 Cr.
OPM27.4 %
Mar Cap₹ 314 Cr.

ABOUT

Incorporated in 1962, TRF Ltd undertakes turnkey projects of material handling for tinfrastructure sector and is engaged in production of such material handling equipments along with provding services relating to design and engineering, super vision, etc.[1]

KEY POINTS

Business Overview:[1][2]TRFL is promoted by TATA group, with TATA Steel Limited holding34.11% stake. It has executed various electromechanical jobs for bulk material handling equipment. Company has manufacturing facility along with design and engineering team in Jamshedpur to work in areas of:a)Electromechanical jobsb)Industrial structure and fabricationc)Life Cycle Services and allied services

Also present in buckets:
Excellent ResultsPreferential IssuanceRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.Honeywell Auto34055.0058.3630123.390.31119.503.821149.4012.2618.404537.8012.66516.10119.507.199.980.02
2.Kaynes Tech3613.6063.8824191.760.00121.41101.64906.2258.4014.283225.3516.21378.68121.415.177.240.19
3.Jyoti CNC Auto.924.0560.6821003.750.0085.5012.68507.9017.9324.351943.2626.50346.1385.5011.4812.990.40
4.Aditya Infotech1386.6082.7716291.820.0069.98196.78919.6437.4819.493111.877.96150.4469.9810.256.240.08
5.LMW14622.45130.3315673.690.2040.9267.29821.886.884.483086.084.91120.2740.925.522.070.00
6.Tega Inds.1860.4559.1313982.350.1144.94522.44405.3514.7317.801706.8221.45236.4444.948.3910.070.21
7.Syrma SGS Tech.705.1059.2113599.370.2166.3476.771145.8937.6011.673883.9310.01229.6764.064.834.370.12
8.TRF285.4012.42314.440.00-6.67-26.8122.34-31.6820.0696.1827.4225.334.643.986.771.55
–Median: 118 Co.272.132.07613.790.06.1712.9375.3415.9416.17228.7114.0315.935.813.587.690.19

Quarterly Results

Standalone figures in ₹ crores

Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales
53.6043.2138.8933.9139.2728.7738.0037.6232.7023.3127.1123.4222.34
Expenses
25.0431.2634.7124.1930.1616.6633.8832.5424.8211.8222.0319.5616.40
Operating Profit
28.5611.954.189.729.1112.114.125.087.8811.495.083.865.94
Other Income
25.072.978.431.2010.9110.395.122.952.843.175.713.00-7.74
Profit before tax
47.209.106.637.1316.4818.864.123.996.3410.416.893.39-6.67
Tax %
0.00%0.00%-101.06%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Net Profit
47.219.1013.337.1316.4818.864.123.996.3410.416.893.39-6.67
EPS in Rs
42.908.2712.116.4814.9817.143.743.635.769.466.263.08-6.06

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
68453553350034522318511412717714012196
Expenses
7015885215094923082851471301181059170
Operating Profit
-17-5312-10-148-85-100-33-359353026
Other Income
41142710324485164928154
Interest
44434446476137383125141414
Depreciation
5654433322233
Profit before tax
-24-87-10-49-166-106-133-68-2081472814
Net Profit
-25-87-10-27-146-106-133-68-2088472814
EPS in Rs
-22.93-79.38-9.03-24.45-132.66-95.93-120.53-61.76-18.4979.7542.3525.1112.74
Dividend Payout %
0%0%0%0%0%0%0%0%0%0%0%0%–

Compounded Sales Growth

10 Years:-14%
5 Years:-8%
3 Years:-2%
TTM:-30%

Compounded Profit Growth

10 Years:8%
5 Years:17%
3 Years:50%
TTM:-3%

Stock Price CAGR

10 Years:0%
5 Years:23%
3 Years:17%
1 Year:-26%

Return on Equity

10 Years:%
5 Years:%
3 Years:%
Last Year:%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
11111111111111111111111111
Reserves
62-23-28-55-201-304-438-504-527-415-395-36868
Borrowings
369373417381371437531494523507542554122
Other Liabilities
517642633595570428412386298168148134129
Total Liabilities
9591,0031,033932752572515387305272306331330
Fixed Assets
43383431282523201817192122
Gross Block
86.3084.6739.0139.9140.1440.5741.4141.5240.3136.8340.0040.72–
Accumulated Depreciation
43.2746.764.698.7912.2315.6118.8621.5722.1919.6620.5620.11–
CWIP
0000000000013
Investments
185185185185182929261561171288283
Other Assets
731780813716542454401306231137158227222
Total Assets
9591,0031,033932752572515387305272306331330

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
1615-246423-123-5929370895
Cash from Investing Activity
371829630135-034-3-57-3-94
Cash from Financing Activity
-74-391-78-53-464-82-1-12-1-1
Net Cash Flow
-22-66-7-095-18-1240

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
26034936932736945743361640013025893
Inventory Days
88183171163131266434554245229130–
Days Payable
2343973933954701,0121,5692,3961,4731,3781,050–
Cash Conversion Cycle
1141351479631-289-701-1,227-828-1,020-66293
Working Capital Days
1-45-73-166-417-370-658-1,081-926-85-62-175
ROCE %
-2%-12%9%-1%-56%-50%-77%-60%362%186%36%20%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters
34.12%34.12%34.12%34.12%34.12%34.12%34.12%34.12%34.12%34.12%34.12%34.12%34.12%
FIIs
0.22%2.04%3.27%0.00%0.00%0.78%0.72%0.41%0.46%0.47%0.67%0.50%0.49%
DIIs
0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.03%
Public
65.64%63.80%62.57%65.85%65.85%65.07%65.13%65.44%65.38%65.38%65.17%65.36%65.35%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

TRF Limited Announces Senior Management Personnel Changes

15th April 2026, 1:18 am

TRF Limited Files SEBI Compliance Certificate for Dematerialization Details

9th April 2026, 3:51 pm

TRF Limited Appoints Avishek Ghosh as Company Secretary, Compliance Officer, and KMP

30th March 2026, 4:52 pm

TRF Limited Closes Trading Window Ahead of Financial Results

23rd March 2026, 9:28 pm

TRF Limited Publishes Q3 FY26 Financial Results

2nd February 2026, 11:13 pm

Published by Other Websites

External media mentions & references

India's 2025 Corporate Titans: Aditya Birla, Bajaj Soar as Tata Group Faces Steep Fall!

31st December 2025, 9:18 am

Global Rally Ignites Indian Stocks! Big Orders, Mega Deals & Key Updates You Can't Miss!

12th December 2025, 7:55 am

Investor Alert: Stocks in Play Today With Major Corporate Updates!

12th December 2025, 7:11 am

Indian Conglomerates Show Mixed Performance in 2025, Diverging from Market Trends

15th September 2025, 1:06 pm

TRF Q3 Revenue Falls 14%, Profit Mixed Due to One-Offs

News Articles

Editorial & research coverage

India's 2025 Corporate Titans: Aditya Birla, Bajaj Soar as Tata Group Faces Steep Fall!
India's 2025 Corporate Titans: Aditya Birla, Bajaj Soar as Tata Group Faces Steep Fall!

31st December 2025, 9:18 am

Global Rally Ignites Indian Stocks! Big Orders, Mega Deals & Key Updates You Can't Miss!
Global Rally Ignites Indian Stocks! Big Orders, Mega Deals & Key Updates You Can't Miss!

12th December 2025, 7:55 am

Investor Alert: Stocks in Play Today With Major Corporate Updates!
Investor Alert: Stocks in Play Today With Major Corporate Updates!

12th December 2025, 7:11 am

TRF Q3 Profit Splits: Standalone Surges, Consolidated Halved Amid Revenue Drop
TRF Q3 Profit Splits: Standalone Surges, Consolidated Halved Amid Revenue Drop
TRF Q3 Revenue Falls 14%, Profit Mixed Due to One-Offs
TRF Q3 Revenue Falls 14%, Profit Mixed Due to One-Offs

Documents

Announcements

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

8 Jan - Certificate under Reg 74(5) for quarter ended Dec 31, 2025; demat details furnished to BSE/NSE timely.

Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 ('SEBI Listing Regulations')

31 Dec - Demand Order ₹283.35 lakh by Jajpur State Tax Officer for 2021-22 tax suppression, dated December 30, 2025.

Closure of Trading Window

22 Dec - Trading window closed from Dec 25, 2025 for Q3/9M results ending Dec 31, 2025; reopens 48 hours after.

Announcement under Regulation 30 (LODR)-Resignation of Chief Financial Officer (CFO)

11 Dec 2025 - CFO Anand Chand resigns effective Dec 11, 2025; Animesh Upadhyay appointed CFO effective Dec 12, 2025.

Announcement under Regulation 30 (LODR)-Change in Management

11 Dec 2025 - CFO Anand Chand resigns effective Dec 11, 2025; Animesh Upadhyay appointed CFO effective Dec 12, 2025.

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from web)

Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Financial Year 2020

(from bse)

Financial Year 2019

(from bse)

Financial Year 2018

(from bse)

Financial Year 2017

(from bse)

Financial Year 2016

(from bse)

Financial Year 2015

(from bse)

Financial Year 2014

(from bse)

Financial Year 2013

(from nse)

Financial Year 2013

(from bse)

Financial Year 2012

(from bse)

Credit Ratings

Rating update

8 Jan 2025 from care

Rating update

15 Feb 2024 from care

Rating update

3 Jan 2024 from care

Rating update

27 Dec 2022 from care

Rating update

4 Oct 2022 from care

Rating update

5 Aug 2022 from care

Concalls

Jul 2025

PPT

Jun 2021

Transcript

Stock Analysis

Description

  1. TRF Limited, established in 1962 and promoted by the Tata group, specializes in material handling equipment and turnkey project execution for the infrastructure sector, offering services like design, engineering, and lifecycle support.

Key Growth Triggers

  1. No specific growth triggers are mentioned in the provided company data.

Order Book

  1. Currently no data available for Order Book.

Key Red Flags

  1. Historical Financial Performance: The company has shown poor sales growth over the past five years and reported repeated losses in some recent years.
  2. Dividend Policy: Despite reporting profits in some periods, the company has not been paying dividends.
  3. Promoter Holding: Promoter holding is relatively low at 34.1%.
  4. Recent Performance: Q2 FY26 results showed a significant consolidated net loss of ₹680.81 Cr and a 31.7% YoY revenue decline, impacted by an exceptional charge of ₹11.31 Cr.
  5. Tax Demand: The company received a demand order of ₹283.35 Lakhs from Odisha tax authorities, which it plans to contest.

Key Dates To Watch

  1. The current report text, dated January 8, 2026, refers to the quarter ended December 31, 2025. The company's trading window for Q3/9M FY26 results was closed from September 24, 2025, to reopen 48 hours after results declaration.

Corporate Announcements

14th Apr 26
Impact Rating: 5
TRF Limited is set to see a change in its Head - Manufacturing role. Mr. Kumar Vivek's tenure ends April 14, 2026, with Mr. Ravi Rao Manda, who has over 31 years of experience from Tata Steel, taking over from April 15, 2026.
9th Apr 26
Impact Rating: 5
TRF Limited has officially confirmed to BSE and NSE that its dematerialized securities details for the quarter ended March 31, 2026, have been furnished in compliance with SEBI (Depositories and Participants) Regulations, 2018.
30th Mar 26
Impact Rating: 5
TRF Limited's Board approved the appointment of Avishek Ghosh as Company Secretary, Compliance Officer, and KMP. This key managerial change is effective from April 15, 2026.
23rd Mar 26
Impact Rating: 6
TRF Limited is closing its trading window from March 25, 2026, in preparation for the finalization of its financial results for the quarter and the financial year ending March 31, 2026. The window will resume operations 48 hours post-declaration of these results.
2nd Feb 26
Impact Rating: -
No description available.