TRF Ltd

₹ 199 1.18%

04 Nov - 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 ₹ 219 Cr.
Current Price ₹ 199
High / Low ₹ 333 / 181
Stock P/E 52.0
Book Value ₹ 81.2
Dividend Yield 0.00 %
ROCE 9.78 %
ROE %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Debtor days have improved from 153 to 107 days.

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
The company has delivered a poor sales growth of -5.69% over past five years.
Promoter holding is low: 34.1%
Tax rate seems low
Earnings include an other income of Rs.22.6 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

Part of BSE Industrials

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	39.27	28.77	38.00	37.62	32.70	23.31	27.11	23.42	22.34	19.89	19.39	26.03	35.96
YoY Sales growth	-26.74%	-33.42%	-2.29%	+10.94%	-16.73%	-18.98%	-28.66%	-37.75%	-31.68%	-14.67%	-28.48%	+11.14%	+60.97%
	30.16	16.66	33.88	32.54	24.82	11.82	22.03	19.56	16.40	13.05	25.13	24.44	31.11
Operating Profit	9.11	12.11	4.12	5.08	7.88	11.49	5.08	3.86	5.94	6.84	-5.74	1.59	4.85
OPM %	23.20%	42.09%	10.84%	13.50%	24.10%	49.29%	18.74%	16.48%	26.59%	34.39%	-29.60%	6.11%	13.49%
	10.91	10.39	5.12	2.95	2.84	3.17	5.71	3.00	-7.74	9.45	4.22	4.92	3.96
Interest	2.97	3.09	4.50	3.47	3.75	3.60	3.23	2.81	4.16	3.82	4.01	4.55	4.52
Depreciation	0.57	0.55	0.62	0.57	0.63	0.65	0.67	0.66	0.71	0.78	0.77	0.80	0.81
Profit before tax	16.48	18.86	4.12	3.99	6.34	10.41	6.89	3.39	-6.67	11.69	-6.30	1.16	3.48
Tax %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	16.48	18.86	4.12	3.99	6.34	10.41	6.89	3.39	-6.67	11.69	-6.30	1.16	3.48
EPS in Rs	14.98	17.14	3.74	3.63	5.76	9.46	6.26	3.08	-6.06	10.62	-5.72	1.05	3.16
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	535	533	500	345	223	185	114	127	177	140	121	85	101
Sales growth	-22%	-0%	-6%	-31%	-35%	-17%	-39%	+12%	+39%	-21%	-14%	-30%	+5%
	588	521	509	492	308	285	147	130	118	105	91	74	94
Operating Profit	-53	12	-10	-148	-85	-100	-33	-3	59	35	30	11	8
OPM %	-10%	2.2%	-1.9%	-43%	-38%	-54%	-29%	-2.4%	33%	25%	24%	13%	7%
	14	27	10	32	44	8	5	16	49	28	15	9	23
Interest	43	44	46	47	61	37	38	31	25	14	14	15	17
Depreciation	6	5	4	4	3	3	3	2	2	2	3	3	3
Profit before tax	-87	-10	-49	-166	-106	-133	-68	-20	81	47	28	2	10
Tax %	0%	0%	-45%	-12%	0%	0%	0%	0%	-8%	0%	0%	0%
	-87	-10	-27	-146	-106	-133	-68	-20	88	47	28	2	10
EPS in Rs	-79.38	-9.03	-24.45	-132.66	-95.93	-120.53	-61.76	-18.49	79.75	42.35	25.11	1.92	9.11
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-17%
5 Years:	-6%
3 Years:	-22%
TTM:	5%

Compounded Profit Growth
10 Years:	10%
5 Years:	16%
3 Years:	-60%
TTM:	-83%

Stock Price CAGR
10 Years:	-2%
5 Years:	9%
3 Years:	-9%
1 Year:	-40%

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

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital	11	11	11	11	11	11	11	11	11	11	11	11	11
Reserves	-23	-28	-55	-201	-304	-438	-504	-527	-415	-395	-368	-349	78
	373	417	381	371	437	531	494	523	507	542	554	552	138
	642	633	595	570	428	412	386	298	168	148	134	134	122
Total Liabilities	1,003	1,033	932	752	572	515	387	305	272	306	331	349	349
	38	34	31	28	25	23	20	18	17	19	21	26	26
CWIP	0	0	0	0	0	0	0	0	0	0	1	2	2
Investments	185	185	185	182	92	92	61	56	117	128	82	233	213
	780	813	716	542	454	401	306	231	137	158	227	88	107
Total Assets	1,003	1,033	932	752	572	515	387	305	272	306	331	349	349

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	15	-24	64	23	-123	-59	29	3	70	8	95	9
	18	29	6	30	135	-0	34	-3	-57	-3	-94	-10
	-39	1	-78	-53	-4	64	-82	-1	-12	-1	-1	-1
Net Cash Flow	-6	6	-7	-0	9	5	-18	-1	2	4	0	-2
Free Cash Flow	23	-25	64	22	-123	-59	29	3	69	3	91	0
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	-11%	-249%	-700%	-17%	147%	56%	-81%	-197%	93%	22%	330%	38%

Ratios

Standalone / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	349	369	327	369	457	433	616	400	130	258	93	107
Inventory Days	183	171	163	131	266	434	554	245	229	130		658
Days Payable	397	393	395	470	1,012	1,569	2,396	1,473	1,378	1,050		1,973
Cash Conversion Cycle	135	147	96	31	-289	-701	-1,227	-828	-1,020	-662	93	-1,208
Working Capital Days	-45	-73	-166	-417	-370	-658	-1,081	-926	-85	-62	-175	-239
ROCE %	-12%	9%	-1%	-56%	-50%	-77%	-60%	362%	186%	36%	20%	10%

Insights

In beta

Mar 2014

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Jul 2019

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Permanent Employees on Roll
Number

x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	xxx	xxx	xxx		xxx	xxx	xxx
								x.xx	x.xx	x.xx	x.xx
					xxx	xxx		xxx			xx
								x,xxx	x,xxx	x,xxx
									x	x	x
			xx.xx	xx.xx						xx.xx
					xxx	xx
										xx,xxx

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Manufacturing Productivity (per employee)
MT/Employee/Year

Total Order Book Outstanding
INR crore

Finished Goods Manufactured for Tata Steel
Metric Tonne (MT)

Legacy Projects Contractually Closed
Number

Tata Steel (Promoter) Share of Revenue
% of operating revenue

Order Book from Tata Steel (Parent)
INR crore

Idler Production
Numbers

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%
	0.00%	0.78%	0.72%	0.41%	0.46%	0.47%	0.67%	0.50%	0.49%	0.49%	0.30%	0.26%
	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%	0.02%	0.02%	0.02%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	65.85%	65.07%	65.13%	65.44%	65.38%	65.38%	65.17%	65.36%	65.35%	65.36%	65.53%	65.58%
No. of Shareholders	28,260	28,111	25,413	25,751	26,409	26,544	26,399	26,630	26,398	25,765	25,509	25,111

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	34.12%	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%	0.26%
	2.38%	0.37%	2.32%	2.37%	2.00%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	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%	65.36%	65.58%
No. of Shareholders	21,506	20,853	20,973	21,182	21,055	20,190	22,452	28,111	26,544	25,765	25,111

* 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

Documents

Announcements

Annual reports

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