TRF Ltd

₹ 237 2.00%

02 Apr - close price

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 holding 34.11% 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 jobs
b) Industrial structure and fabrication
c) Life Cycle Services and allied services

Website BSE NSE

Market Cap ₹ 260 Cr.
Current Price ₹ 237
High / Low ₹ 450 / 212
Stock P/E 12.5
Book Value ₹ 71.7
Dividend Yield 0.00 %
ROCE 20.1 %
ROE %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Debtor days have improved from 160 to 93.1 days.

Cons

Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor sales growth of -8.23% over past five years.
Promoter holding is low: 34.1%
Tax rate seems low
Company might be capitalizing the interest cost
Earnings include an other income of Rs.10.4 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Manufacturing Industrial Products

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	43	39	34	39	29	38	38	33	23	27	23	22	20
	31	35	24	30	17	34	33	25	12	22	20	16	13
Operating Profit	12	4	10	9	12	4	5	8	11	5	4	6	7
OPM %	28%	11%	29%	23%	42%	11%	14%	24%	49%	19%	16%	27%	34%
	3	8	1	11	10	5	3	3	3	6	3	-8	9
Interest	5	6	3	3	3	4	3	4	4	3	3	4	4
Depreciation	0	0	0	1	1	1	1	1	1	1	1	1	1
Profit before tax	9	7	7	16	19	4	4	6	10	7	3	-7	12
Tax %	0%	-101%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	9	13	7	16	19	4	4	6	10	7	3	-7	12
EPS in Rs	8.27	12.11	6.48	14.98	17.14	3.74	3.63	5.76	9.46	6.26	3.08	-6.06	10.62
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	684	535	533	500	345	223	185	114	127	177	140	121	93
	701	588	521	509	492	308	285	147	130	118	105	91	71
Operating Profit	-17	-53	12	-10	-148	-85	-100	-33	-3	59	35	30	22
OPM %	-2%	-10%	2%	-2%	-43%	-38%	-54%	-29%	-2%	33%	25%	24%	23%
	41	14	27	10	32	44	8	5	16	49	28	15	10
Interest	44	43	44	46	47	61	37	38	31	25	14	14	14
Depreciation	5	6	5	4	4	3	3	3	2	2	2	3	3
Profit before tax	-24	-87	-10	-49	-166	-106	-133	-68	-20	81	47	28	15
Tax %	3%	0%	0%	-45%	-12%	0%	0%	0%	0%	-8%	0%	0%
	-25	-87	-10	-27	-146	-106	-133	-68	-20	88	47	28	15
EPS in Rs	-22.93	-79.38	-9.03	-24.45	-132.66	-95.93	-120.53	-61.76	-18.49	79.75	42.35	25.11	13.90
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:	-16%

Stock Price CAGR
10 Years:	-2%
5 Years:	22%
3 Years:	14%
1 Year:	-33%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	%
Last Year:	%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	11	11	11	11	11	11	11	11	11	11	11	11	11
Reserves	62	-23	-28	-55	-201	-304	-438	-504	-527	-415	-395	-368	68
	369	373	417	381	371	437	531	494	523	507	542	554	122
	517	642	633	595	570	428	412	386	298	168	148	134	129
Total Liabilities	959	1,003	1,033	932	752	572	515	387	305	272	306	331	330
	43	38	34	31	28	25	23	20	18	17	19	21	22
CWIP	0	0	0	0	0	0	0	0	0	0	0	1	3
Investments	185	185	185	185	182	92	92	61	56	117	128	82	83
	731	780	813	716	542	454	401	306	231	137	158	227	222
Total Assets	959	1,003	1,033	932	752	572	515	387	305	272	306	331	330

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	16	15	-24	64	23	-123	-59	29	3	70	8	95
	37	18	29	6	30	135	-0	34	-3	-57	-3	-94
	-74	-39	1	-78	-53	-4	64	-82	-1	-12	-1	-1
Net Cash Flow	-22	-6	6	-7	-0	9	5	-18	-1	2	4	0
Free Cash Flow	14	23	-25	64	22	-123	-59	29	3	69	3	91
CFO/OP	-66%	-11%	-249%	-700%	-17%	147%	56%	-81%	-197%	93%	22%	330%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	260	349	369	327	369	457	433	616	400	130	258	93
Inventory Days	88	183	171	163	131	266	434	554	245	229	130
Days Payable	234	397	393	395	470	1,012	1,569	2,396	1,473	1,378	1,050
Cash Conversion Cycle	114	135	147	96	31	-289	-701	-1,227	-828	-1,020	-662	93
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%

Insights

In beta

Mar 2014

Mar 2015

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Debtors Turnover Ratio
Ratio

			x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx
				xxx	x,xxx	xxx	xxx	xxx	xxx	xxx
						xxx.xx	xxx.xx	xxx.xx	xxx.xx	xx.xx
						xx	xx		xx	xx
								x.xx	x.xx	x.xx
									x,xxx	xx,xxx
									x,xxx	x,xxx
		xx	xx
xx,xxx.xx	xx,xxx.xx
									xx
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Total Headcount (Employees)
Nos

Order Book
Rs Crore

Inventory Reduction
%

Manufacturing Productivity
MT / Employee / Year

Idler Production
Nos

Manufacturing Output / Work Production
MT

Market Share (York Group India - Axles)
%

Work Production Value
Rs Lakhs

Bank Guarantee Exposure Reduction
%

Bank Guarantee Exposure Reduction
Rs Crore

Shareholding Pattern

Numbers in percentages

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%
	2.04%	3.27%	0.00%	0.00%	0.78%	0.72%	0.41%	0.46%	0.47%	0.67%	0.50%	0.49%
	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	63.80%	62.57%	65.85%	65.85%	65.07%	65.13%	65.44%	65.38%	65.38%	65.17%	65.36%	65.35%
No. of Shareholders	22,452	22,297	27,476	28,260	28,111	25,413	25,751	26,409	26,544	26,399	26,630	26,398

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.04%	0.78%	0.47%	0.49%
	2.38%	0.37%	2.32%	2.37%	2.00%	0.02%	0.02%	0.02%	0.02%	0.03%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%	0.01%
	63.49%	65.50%	63.55%	63.50%	63.88%	65.85%	63.80%	65.07%	65.38%	65.35%
No. of Shareholders	21,506	20,853	20,973	21,182	21,055	20,190	22,452	28,111	26,544	26,398

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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TRF Ltd

TRF Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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