TRF Ltd

₹ 252 4.90%

14 Jul - 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 ₹ 278 Cr.
Current Price ₹ 252
High / Low ₹ 410 / 212
Stock P/E 40.1
Book Value ₹ 76.7
Dividend Yield 0.00 %
ROCE 10.5 %
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
Working capital days have increased from 159 days to 729 days

* 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

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	38.89	33.91	39.27	28.77	38.00	37.62	32.70	23.31	27.11	23.42	22.34	19.89	19.39
	34.96	23.91	30.62	17.06	32.69	32.47	25.94	11.80	20.88	20.22	17.27	13.19	25.64
Operating Profit	3.93	10.00	8.65	11.71	5.31	5.15	6.76	11.51	6.23	3.20	5.07	6.70	-6.25
OPM %	10.11%	29.49%	22.03%	40.70%	13.97%	13.69%	20.67%	49.38%	22.98%	13.66%	22.69%	33.69%	-32.23%
	2.68	2.54	13.23	-4.76	6.11	3.87	3.64	4.01	6.53	3.78	-6.96	3.65	4.06
Interest	5.50	3.29	2.97	3.10	4.50	3.47	3.75	3.60	3.23	2.81	4.16	3.83	4.01
Depreciation	0.48	0.50	0.57	0.55	0.62	0.57	0.63	0.65	0.87	0.66	0.71	0.78	0.77
Profit before tax	0.63	8.75	18.34	3.30	6.30	4.98	6.02	11.27	8.66	3.51	-6.76	5.74	-6.97
Tax %	-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%	-0.86%
	7.34	8.76	18.33	1.21	6.30	4.99	6.02	11.27	3.52	3.51	-6.81	5.74	-6.91
EPS in Rs	6.67	7.96	16.66	1.10	5.72	4.53	5.47	10.24	3.20	3.19	-6.19	5.22	-6.28
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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
	1,113.30	961.92	550.26	431.96	223.09	185.45	113.95	127.14	177.10	139.96	120.73	85.03
	1,197.13	946.16	584.87	575.02	314.15	339.47	151.40	131.01	118.62	104.29	91.27	76.30
Operating Profit	-83.83	15.76	-34.61	-143.06	-91.06	-154.02	-37.45	-3.87	58.48	35.67	29.46	8.73
OPM %	-7.53%	1.64%	-6.29%	-33.12%	-40.82%	-83.05%	-32.87%	-3.04%	33.02%	25.49%	24.40%	10.27%
	101.16	11.52	42.68	44.86	120.48	9.75	-14.89	13.85	50.18	17.11	18.05	4.53
Interest	58.04	56.51	47.76	48.95	60.88	37.43	38.00	30.62	24.75	13.86	14.06	14.82
Depreciation	13.75	9.65	5.53	4.99	3.39	3.30	2.74	2.42	2.01	2.24	2.52	2.91
Profit before tax	-54.46	-38.88	-45.22	-152.14	-34.85	-185.00	-93.08	-23.06	81.90	36.68	30.93	-4.47
Tax %	15.77%	5.32%	-46.70%	-11.84%	0.03%	0.02%	0.03%	-0.04%	-8.16%	5.67%	16.62%	0.00%
	-63.04	-40.95	-24.10	-134.11	-34.86	-185.03	-93.11	-23.04	88.58	34.60	25.79	-4.47
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
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:	-22%
5 Years:	-6%
3 Years:	-22%
TTM:	-30%

Compounded Profit Growth
10 Years:	8%
5 Years:	16%
3 Years:	-57%
TTM:	-65%

Stock Price CAGR
10 Years:	-2%
5 Years:	14%
3 Years:	11%
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
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
Reserves	-27.20	-59.73	-92.38	-211.83	-237.89	-416.63	-508.18	-531.21	-411.63	-394.55	-366.54	73.37
	601.80	620.55	561.05	398.52	457.20	530.68	494.46	522.79	507.42	542.01	554.22	129.65
	782.03	730.48	717.91	893.01	450.16	445.16	427.21	365.21	207.14	151.05	140.64	134.76
Total Liabilities	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	348.78
	244.96	226.26	209.06	193.67	112.53	22.55	19.95	18.11	17.17	19.44	20.61	25.68
CWIP	0.03	0.15	0.75	0.78	1.48	0.00	0.00	0.00	0.00	0.00	0.94	2.30
Investments	0.23	18.01	17.72	18.90	27.95	0.43	0.75	0.74	61.69	65.56	19.86	226.12
	1,122.41	1,057.88	970.05	877.35	538.51	547.23	403.79	348.94	235.07	224.51	297.91	94.68
Total Assets	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	348.78

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
	57.61	1.83	110.51	55.22	-106.99	-55.75	20.96	-37.68	83.10	33.90	93.56	-0.07
	46.96	3.89	2.06	25.19	134.12	1.47	60.51	6.33	-50.12	14.80	-110.85	-45.06
	-87.69	-33.54	-109.49	-70.01	-10.91	63.92	-79.13	8.93	-30.31	0.49	-0.62	-0.61
Net Cash Flow	16.88	-27.82	3.07	10.40	16.21	9.65	2.35	-22.42	2.66	49.20	-17.91	-45.74
Free Cash Flow	104.41	-7.34	112.85	52.02	-109.64	-56.51	20.55	-37.26	81.81	28.98	89.76	-8.47
CFO/OP	-60%	5%	-336%	-46%	118%	33%	-53%	883%	122%	112%	327%	11%

Ratios

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
Debtor Days	208.72	242.12	365.87	321.27	489.64	433.12	615.90	400.20	129.80	258.34	93.12	107.44
Inventory Days	143.34	147.51	243.40	130.41	354.96	434.34	553.66	245.46	228.81	129.50		657.82
Days Payable	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		1,972.88
Cash Conversion Cycle	131.65	146.29	149.95	50.32	-206.61	-701.09	-1,226.69	-827.68	-1,019.54	-662.23	93.12	-1,207.61
Working Capital Days	-21.57	-50.66	-146.95	-104.69	-363.82	-534.28	-950.57	-826.92	-88.44	-61.57	-190.16	729.48
ROCE %	-6.35%	3.12%	-0.37%	-30.34%	-5.21%	-83.07%	-58.48%		188.39%	37.59%	21.81%	10.54%

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

Permanent Employees on Roll
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Finished Goods Manufactured for Tata Steel
Metric Tonne (MT) ・Standalone data

Manufacturing Productivity (per employee)
MT/Employee/Year ・Standalone data

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

Total Order Book Outstanding
INR crore

Legacy Projects Contractually Closed
Number ・Standalone data

Order Book from Tata Steel (Parent)
INR crore

Idler Production
Numbers ・Standalone data

R&D Expenditure (Percentage of Turnover)
% ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 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%
	3.27%	0.00%	0.00%	0.78%	0.72%	0.41%	0.46%	0.47%	0.67%	0.50%	0.49%	0.49%
	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%	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%
	62.57%	65.85%	65.85%	65.07%	65.13%	65.44%	65.38%	65.38%	65.17%	65.36%	65.35%	65.36%
No. of Shareholders	22,297	27,476	28,260	28,111	25,413	25,751	26,409	26,544	26,399	26,630	26,398	25,765

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	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%	0.02%
	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%	65.36%
No. of Shareholders	21,506	20,853	20,973	21,182	21,055	20,190	22,452	28,111	26,544	25,765

* 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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