TRF Ltd

₹ 220 -4.25%

15 Oct - 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 ₹ 243 Cr.
Current Price ₹ 220
High / Low ₹ 350 / 181
Stock P/E 59.0
Book Value ₹ 81.2
Dividend Yield 0.00 %
ROCE 9.42 %
ROE %
Face Value ₹ 10.0

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Pros

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

Cons

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.64.3 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

Consolidated Figures in Rs. Crores / View Standalone

	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	29	38	38	33	23	27	23	22	20	19	26	36
	31	17	33	32	26	12	21	20	17	13	26	25	31
Operating Profit	9	12	5	5	7	12	6	3	5	7	-6	1	4
OPM %	22%	41%	14%	14%	21%	49%	23%	14%	23%	34%	-32%	5%	12%
	13	-5	6	4	4	4	7	4	-7	4	4	6	51
Interest	3	3	4	3	4	4	3	3	4	4	4	5	5
Depreciation	1	1	1	1	1	1	1	1	1	1	1	1	1
Profit before tax	18	3	6	5	6	11	9	4	-7	6	-7	2	50
Tax %	0%	63%	0%	0%	0%	0%	59%	0%	1%	0%	-1%	0%	0%
	18	1	6	5	6	11	4	4	-7	6	-7	2	50
EPS in Rs	16.66	1.10	5.72	4.53	5.47	10.24	3.20	3.19	-6.19	5.22	-6.28	1.71	45.30
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	1,113	962	550	432	223	185	114	127	177	140	121	85	101
	1,197	946	585	575	314	339	151	131	119	104	91	76	95
Operating Profit	-84	16	-35	-143	-91	-154	-37	-4	58	36	29	9	6
OPM %	-8%	1.6%	-6%	-33%	-41%	-83%	-33%	-3.0%	33%	25%	24%	10%	6%
	101	12	43	45	120	10	-15	14	50	17	18	5	64
Interest	58	57	48	49	61	37	38	31	25	14	14	15	17
Depreciation	14	10	6	5	3	3	3	2	2	2	3	3	3
Profit before tax	-54	-39	-45	-152	-35	-185	-93	-23	82	37	31	-4	51
Tax %	16%	5%	-47%	-12%	0%	0%	0%	-0%	-8%	6%	17%	0%
	-63	-41	-24	-134	-35	-185	-93	-23	89	35	26	-4	51
EPS in Rs	-59.05	-37.15	-21.90	-121.87	-31.41	-168.14	-84.61	-20.94	80.50	31.44	23.44	-4.06	45.95
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

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

Compounded Profit Growth
10 Years:	8%
5 Years:	15%
3 Years:	-62%
TTM:	-81%

Stock Price CAGR
10 Years:	-2%
5 Years:	7%
3 Years:	-3%
1 Year:	-34%

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	-27	-60	-92	-212	-238	-417	-508	-531	-412	-395	-367	-349	78
	602	621	561	399	457	531	494	523	507	542	554	552	138
	782	730	718	893	450	445	427	365	207	151	141	135	122
Total Liabilities	1,368	1,302	1,198	1,091	680	570	424	368	314	310	339	349	349
	245	226	209	194	113	23	20	18	17	19	21	26	26
CWIP	0	0	1	1	1	0	0	0	0	0	1	2	2
Investments	0	18	18	19	28	0	1	1	62	66	20	226	213
	1,122	1,058	970	877	539	547	404	349	235	225	298	95	107
Total Assets	1,368	1,302	1,198	1,091	680	570	424	368	314	310	339	349	349

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	58	2	111	55	-107	-56	21	-38	83	34	94	-0
	47	4	2	25	134	1	61	6	-50	15	-111	-41
	-88	-34	-109	-70	-11	64	-79	9	-30	0	-1	-1
Net Cash Flow	17	-28	3	10	16	10	2	-22	3	49	-18	-42
Free Cash Flow	104	-7	113	52	-110	-57	21	-37	82	29	90	-8
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	-60%	5%	-336%	-46%	118%	33%	-53%	883%	122%	112%	327%	11%

Ratios

Consolidated / View Standalone

	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	209	242	366	321	490	433	616	400	130	258	93	107
Inventory Days	143	148	243	130	355	434	554	245	229	130		658
Days Payable	220	243	459	401	1,051	1,569	2,396	1,473	1,378	1,050		1,973
Cash Conversion Cycle	132	146	150	50	-207	-701	-1,227	-828	-1,020	-662	93	-1,208
Working Capital Days	-22	-51	-147	-105	-364	-534	-951	-827	-88	-62	-190	-241
ROCE %	-6%	3%	-0%	-30%	-5%	-83%	-58%		188%	38%	22%	9%

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 ・Standalone data

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 ・Standalone data

Total Order Book Outstanding
INR crore

Finished Goods Manufactured for Tata Steel
Metric Tonne (MT) ・Standalone data

Legacy Projects Contractually Closed
Number ・Standalone data

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

Order Book from Tata Steel (Parent)
INR crore

Idler Production
Numbers ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 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%	0.00%	0.78%	0.72%	0.41%	0.46%	0.47%	0.67%	0.50%	0.49%	0.49%	0.30%
	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%	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%	65.85%	65.07%	65.13%	65.44%	65.38%	65.38%	65.17%	65.36%	65.35%	65.36%	65.53%
No. of Shareholders	27,476	28,260	28,111	25,413	25,751	26,409	26,544	26,399	26,630	26,398	25,765	25,509

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 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%	0.30%
	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%	65.53%
No. of Shareholders	21,506	20,853	20,973	21,182	21,055	20,190	22,452	28,111	26,544	25,765	25,509

* 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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