TRF Ltd

₹ 233 -1.75%

12 Mar - 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 ₹ 257 Cr.
Current Price ₹ 233
High / Low ₹ 450 / 220
Stock P/E 14.8
Book Value ₹ 77.3
Dividend Yield 0.00 %
ROCE 21.8 %
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%
Company might be capitalizing the interest cost

* 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

	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
	43.21	38.89	33.91	39.27	28.77	38.00	37.62	32.70	23.31	27.11	23.42	22.34	19.89
	32.74	34.96	23.91	30.62	17.06	32.69	32.47	25.94	11.80	20.88	20.22	17.27	13.19
Operating Profit	10.47	3.93	10.00	8.65	11.71	5.31	5.15	6.76	11.51	6.23	3.20	5.07	6.70
OPM %	24.23%	10.11%	29.49%	22.03%	40.70%	13.97%	13.69%	20.67%	49.38%	22.98%	13.66%	22.69%	33.69%
	4.30	2.68	2.54	13.23	-4.76	6.11	3.87	3.64	4.01	6.53	3.78	-6.96	3.65
Interest	5.34	5.50	3.29	2.97	3.10	4.50	3.47	3.75	3.60	3.23	2.81	4.16	3.83
Depreciation	0.48	0.48	0.50	0.57	0.55	0.62	0.57	0.63	0.65	0.87	0.66	0.71	0.78
Profit before tax	8.95	0.63	8.75	18.34	3.30	6.30	4.98	6.02	11.27	8.66	3.51	-6.76	5.74
Tax %	0.00%	-1,065.08%	0.00%	0.00%	63.03%	0.00%	0.00%	0.00%	0.00%	59.35%	0.00%	0.74%	0.00%
	8.95	7.34	8.76	18.33	1.21	6.30	4.99	6.02	11.27	3.52	3.51	-6.81	5.74
EPS in Rs	8.13	6.67	7.96	16.66	1.10	5.72	4.53	5.47	10.24	3.20	3.19	-6.19	5.22
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	1,162.56	1,113.30	961.92	550.26	431.96	223.09	185.45	113.95	127.14	177.10	139.96	120.73	92.76
	1,162.13	1,197.13	946.16	584.87	575.02	314.15	339.47	151.40	131.01	118.62	104.29	91.27	71.56
Operating Profit	0.43	-83.83	15.76	-34.61	-143.06	-91.06	-154.02	-37.45	-3.87	58.48	35.67	29.46	21.20
OPM %	0.04%	-7.53%	1.64%	-6.29%	-33.12%	-40.82%	-83.05%	-32.87%	-3.04%	33.02%	25.49%	24.40%	22.85%
	44.05	101.16	11.52	42.68	44.86	120.48	9.75	-14.89	13.85	50.18	17.11	18.05	7.00
Interest	58.86	58.04	56.51	47.76	48.95	60.88	37.43	38.00	30.62	24.75	13.86	14.06	14.03
Depreciation	12.34	13.75	9.65	5.53	4.99	3.39	3.30	2.74	2.42	2.01	2.24	2.52	3.02
Profit before tax	-26.72	-54.46	-38.88	-45.22	-152.14	-34.85	-185.00	-93.08	-23.06	81.90	36.68	30.93	11.15
Tax %	5.58%	15.77%	5.32%	-46.70%	-11.84%	0.03%	0.02%	0.03%	-0.04%	-8.16%	5.67%	16.62%
	-28.21	-63.04	-40.95	-24.10	-134.11	-34.86	-185.03	-93.11	-23.04	88.58	34.60	25.79	5.96
EPS in Rs	-26.23	-59.05	-37.15	-21.90	-121.87	-31.41	-168.14	-84.61	-20.94	80.50	31.44	23.44	5.42
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Compounded Sales Growth
10 Years:	-20%
5 Years:	-8%
3 Years:	-2%
TTM:	-30%

Compounded Profit Growth
10 Years:	8%
5 Years:	16%
3 Years:	42%
TTM:	-39%

Stock Price CAGR
10 Years:	-1%
5 Years:	19%
3 Years:	13%
1 Year:	-28%

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	11.00	11.00	11.00	11.00	11.00	11.00	11.00	11.00	11.00	11.00	11.00	11.00	11.00
Reserves	45.47	-27.20	-59.73	-92.38	-211.83	-237.89	-416.63	-508.18	-531.21	-411.63	-394.55	-366.54	74.08
	624.89	601.80	620.55	561.05	398.52	457.20	530.68	494.46	522.79	507.42	542.01	554.22	122.27
	624.70	782.03	730.48	717.91	893.01	450.16	445.16	427.21	365.21	207.14	151.05	140.64	135.23
Total Liabilities	1,306.06	1,367.63	1,302.30	1,197.58	1,090.70	680.47	570.21	424.49	367.79	313.93	309.51	339.32	342.58
	281.53	244.96	226.26	209.06	193.67	112.53	22.55	19.95	18.11	17.17	19.44	20.61	21.88
CWIP	0.18	0.03	0.15	0.75	0.78	1.48	0.00	0.00	0.00	0.00	0.00	0.94	3.08
Investments	0.23	0.23	18.01	17.72	18.90	27.95	0.43	0.75	0.74	61.69	65.56	19.86	20.48
	1,024.12	1,122.41	1,057.88	970.05	877.35	538.51	547.23	403.79	348.94	235.07	224.51	297.91	297.14
Total Assets	1,306.06	1,367.63	1,302.30	1,197.58	1,090.70	680.47	570.21	424.49	367.79	313.93	309.51	339.32	342.58

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	37.40	57.61	1.83	110.51	55.22	-106.99	-55.75	20.96	-37.68	83.10	33.90	93.56
	39.00	46.96	3.89	2.06	25.19	134.12	1.47	60.51	6.33	-50.12	14.80	-110.85
	-85.04	-87.69	-33.54	-109.49	-70.01	-10.91	63.92	-79.13	8.93	-30.31	0.49	-0.62
Net Cash Flow	-8.64	16.88	-27.82	3.07	10.40	16.21	9.65	2.35	-22.42	2.66	49.20	-17.91

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	189.50	208.72	242.12	365.87	321.27	489.64	433.12	615.90	400.20	129.80	258.34	93.12
Inventory Days	103.92	143.34	147.51	243.40	130.41	354.96	434.34	553.66	245.46	228.81	129.50
Days Payable	161.83	220.40	243.33	459.32	401.36	1,051.21	1,568.55	2,396.25	1,473.33	1,378.16	1,050.07
Cash Conversion Cycle	131.59	131.65	146.29	149.95	50.32	-206.61	-701.09	-1,226.69	-827.68	-1,019.54	-662.23	93.12
Working Capital Days	-0.35	-21.57	-50.66	-146.95	-104.69	-363.82	-534.28	-950.57	-826.92	-88.44	-61.57	-190.16
ROCE %	0.29%	-6.35%	3.12%	-0.37%	-30.34%	-5.21%	-83.07%	-58.48%		188.39%	37.59%	21.81%

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 ・Standalone data

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Total Headcount (Employees)
Nos ・Standalone data

Order Book
Rs Crore ・Includes some standalone data

Inventory Reduction
% ・Standalone data

Manufacturing Productivity
MT / Employee / Year ・Standalone data

Idler Production
Nos ・Standalone data

Manufacturing Output / Work Production
MT ・Standalone data

Market Share (York Group India - Axles)
%

Work Production Value
Rs Lakhs ・Standalone data

Bank Guarantee Exposure Reduction
% ・Standalone data

Bank Guarantee Exposure Reduction
Rs Crore ・Standalone data

Shareholding Pattern

Numbers in percentages

2 Recently

	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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