TRF Ltd.

•

trf.co.inBSE: 505854NSE: TRF

Market Cap₹ 245 Cr.

Current Price

High / Low₹ 405 / 216

Stock P/E—

Book Value₹ -321

Price to Book-0.68

Dividend Yield0.00 %

ROCE5.0 %

ROE0.0 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Products & Services: 93.8% • Projects & Services: 6.2%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company has a healthy return on capital (ROCE) of 23.0%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.09x)

CONS

Company is loss-making at the operating / net level
Company has a high debt-to-equity of 1.53x
Recent results are weak - TTM profit is down 143.4% versus prior year
Company has a low return on equity of 0.0% over last 3 years
Operating cash flow has been negative in recent years
Interest coverage is weak at 0.7x - earnings barely cover interest

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHEL	430.60	61.64	149937.65	0.33	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	1018.90	94.43	50382.66	0.58	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3680.25	73.91	43852.50	0.54	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	34514.05	55.37	30515.68	0.32	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	987.95	69.84	22468.26	0.00	57.14	-19.99	508.47	23.97	21.34	21.40
6.	INOXINDIA	2245.75	80.12	20418.91	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	AZAD	2846.00	132.25	18379.96	0.00	35.16	19.46	172.60	25.90	12.04	37.29
8.	TRITURBINE	569.10	53.80	18091.60	0.75	51.10	-20.65	442.70	19.23	35.95	11.59
9.	TEGA	1731.10	615.52	13005.36	0.12	-108.25	-406.36	1723.44	383.99	8.37	3.27
10.	LLOYDSENGG	82.72	57.36	12830.19	0.30	68.23	-77.28	527.15	142.92	17.99	15.04
11.	KRN	1595.75	107.75	10445.54	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	TRF	222.20	0.00	244.52	0.00	1.88	-46.49	26.03	11.15	5.02	5.12

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	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	38	29	38	38	32	23	27	23	22	20	19	26
	24	31	17	33	32	26	12	21	20	17	13	26	30
Operating Profit	10	8	12	5	5	6	11	6	3	5	7	-6	-4
OPM %	28.63%	20.43%	40.42%	13.70%	13.62%	19.92%	48.83%	21.69%	13.66%	22.69%	33.63%	-32.18%	-15.43%
	1	12	3	6	4	4	4	7	4	-7	4	4	6
Interest	3	3	3	4	3	4	4	3	3	4	4	4	5
Depreciation	0	1	1	1	1	1	1	1	1	1	1	1	1
Profit before Tax	8	17	11	6	5	6	11	9	4	-7	6	-7	2
Tax %	0.00%	0.00%	19.10%	0.00%	0.00%	0.00%	0.00%	59.35%	0.00%	-0.74%	0.00%	0.86%	0.00%
Net Profit	0	0	0	0	5	6	11	4	4	-7	6	-7	2
	6.94	15.31	8.00	5.73	4.53	5.47	10.24	3.20	3.19	-6.19	5.22	-6.28	1.71

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	965	1,006	415	253	114	127	177	140	121	85	88
	961	1,130	504	385	151	131	123	128	100	88	86
Operating Profit	5	-124	-89	-132	-37	-4	54	12	21	-3	2
OPM %	0.50%	-12.28%	-21.56%	-52.05%	-32.89%	-3.04%	30.55%	8.76%	17.55%	-3.75%	1.71%
	16	29	121	-12	13	21	54	45	26	16	7
Interest	59	49	61	37	38	31	25	14	14	15	17
Depreciation	9	5	3	3	3	2	2	2	3	3	3
Profit before Tax	-47	-148	-33	-184	-65	-16	81	42	31	-4	-6
Tax %	47.45%	4.63%	-6.41%	-0.41%	-0.04%	0.07%	-8.27%	5.00%	16.62%	0.08%	0.16%
Net Profit	-25	-142	-35	-185	-66	-16	88	40	26	-4	-6
EPS	0.00	0.00	0.00	0.00	-84.62	-20.94	71.14	31.45	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%	—

COMPOUNDED SALES GROWTH

10 Years:: -22%
5 Years:: -6%
3 Years:: -22%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: -3%
5 Years:: 13%
3 Years:: 1%
1 Year:: -30%

RETURN ON EQUITY

10 Years:: 0%
5 Years:: 0%
3 Years:: 0%
Last Year:: 0%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	11	11	11	11	11	11	11	11	11	11
	-92	-212	-12	-190	-508	-531	-437	-395	-367	-366
	479	335	199	329	291	333	110	122	117	130
Trade Payables	421	309	255	219	188	151	68	46	38	34
	378	648	226	201	443	404	562	526	541	540
Total Liabilities	1,198	1,091	680	570	424	368	314	310	339	349
	209	194	113	48	31	26	17	19	21	26
Capital Work in Progress	1	1	1	1	0	0	0	0	1	2
	18	19	28	28	1	1	62	66	20	226
	223	100	86	75	59	56	26	6	4	11
	0	0	0	0	0	0	0	99	31	25
Cash & Bank	48	22	61	76	45	23	23	72	192	12
	698	755	391	342	288	262	186	48	71	46
Total Assets	1,198	1,091	680	570	424	368	314	310	339	349

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	116	66	-105	-50	20	-34	71	34	94	-0
Cash from Investing	3	23	134	20	60	6	-52	16	-113	-45
Cash from Financing	-109	-70	-11	64	-79	9	-30	0	-1	-1
	4	8	16	28	2	-23	1	50	-20	-46

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

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
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	0.03	0.02	0.02
0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
65.13	65.43	65.38	65.37	65.17	65.35	65.34	65.35	65.54

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-06

Shareholders meeting

2026-08-06 - TRF Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 06, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.

2026-08-06

Investor Presentation

2026-08-06 - TRF Limited has informed the Exchange about Investor Presentation

2026-07-20

Copy of Newspaper Publication

2026-07-20 - TRF Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-16

Outcome of Board Meeting

2026-07-16 - TRF Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-16

Copy of Newspaper Publication

2026-07-16 - TRF Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-15

General Updates

2026-07-15 - TRF Limited has informed the Exchange about physical letters to shareholders.

2026-07-15

Shareholders meeting

2026-07-15 - TRF Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 06, 2026

2026-07-10

Copy of Newspaper Publication

2026-07-10 - TRF Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-08

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-08 - TRF Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

News

Recent coverage and analyst commentary for TRF

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TRF Ltd.

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Free 5nance Account

Name

BHEL

430.60

61.64

149937.65

0.33

376.71

182.70

7697.72

40.29

9.24

6.69

INDOMIM

1018.90

94.43

50382.66

0.58

2401.22

—

12187.42

—

24.48

33.36

THERMAX

3680.25

73.91

43852.50

0.54

21.79

-85.61

2302.73

7.09

15.85

2.98

HONAUT

34514.05

55.37

30515.68

0.32

150.70

20.95

1204.40

1.80

17.04

14.32

JYOTICNC

987.95

69.84

22468.26

0.00

57.14

-19.99

508.47

23.97

21.34

21.40

INOXINDIA

2245.75

80.12

20418.91

0.09

58.07

-4.98

370.79

9.18

33.54

20.46

AZAD

2846.00

132.25

18379.96

0.00

35.16

19.46

172.60

25.90

12.04

37.29

TRITURBINE

569.10

53.80

18091.60

0.75

51.10

-20.65

442.70

19.23

35.95

11.59

TEGA

1731.10

615.52

13005.36

0.12

-108.25

-406.36

1723.44

383.99

8.37

3.27

LLOYDSENGG

82.72

57.36

12830.19

0.30

68.23

-77.28

527.15

142.92

17.99

15.04

KRN

1595.75

107.75

10445.54

0.00

32.90

164.84

252.32

118.87

16.06

19.44

TRF

222.20

0.00

244.52

0.00

1.88

-46.49

26.03

11.15

5.02

5.12

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Operating Profit

-6

-4

OPM %

28.63%

20.43%

40.42%

13.70%

13.62%

19.92%

48.83%

21.69%

13.66%

22.69%

33.63%

-32.18%

-15.43%

-7

Interest

Depreciation

Profit before Tax

-7

Tax %

0.00%

19.10%

0.00%

59.35%

0.00%

-0.74%

0.00%

0.86%

0.00%

Net Profit

-7

6.94

15.31

8.00

5.73

4.53

5.47

10.24

3.20

3.19

-6.19

5.22

-6.28

1.71

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

965

1,006

415

253

114

127

177

140

121

961

1,130

504

385

151

131

123

128

100

Operating Profit

-124

-89

-132

-37

-4

-3

OPM %

0.50%

-12.28%

-21.56%

-52.05%

-32.89%

-3.04%

30.55%

8.76%

17.55%

-3.75%

1.71%

121

-12

Interest

Depreciation

Profit before Tax

-47

-148

-33

-184

-65

-16

-4

-6

Tax %

47.45%

4.63%

-6.41%

-0.41%

-0.04%

0.07%

-8.27%

5.00%

16.62%

0.08%

0.16%

Net Profit

-25

-142

-35

-185

-66

-16

-4

-6

EPS

0.00

-84.62

-20.94

71.14

31.45

23.44

-4.06

—

Dividend Payout %

0.00%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-92

-212

-12

-190

-508

-531

-437

-395

-367

-366

479

335

199

329

291

333

110

122

117

130

Trade Payables

421

309

255

219

188

151

378

648

226

201

443

404

562

526

541

540

Total Liabilities

1,198

1,091

680

570

424

368

314

310

339

349

209

194

113

Capital Work in Progress

226

223

100

Cash & Bank

192

698

755

391

342

288

262

186

Total Assets

1,198

1,091

680

570

424

368

314

310

339

349

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

116

-105

-50

-34

-0

Cash from Investing

134

-52

-113

-45

Cash from Financing

-109

-70

-11

-79

-30

-1

-23

-20

-46

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

34.12

0.72

0.41

0.46

0.47

0.67

0.50

0.49

0.30

0.02

0.03

0.02

0.01

65.13

65.43

65.38

65.37

65.17

65.35

65.34

65.35

65.54

TRF Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

TRF Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI