TRF Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Products & Services: 93.8% • Projects & Services: 6.2%
AI Sector View
AI GENERATEDCapital Goods
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.
PROS
- Company has a healthy return on capital (ROCE) of 26.1%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.46x)
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Company has a high debt-to-equity of 1.52x
- A large part of profit comes from other income (1216.7% of PBT)
- Recent results are weak - TTM profit is down 100.7% versus prior year
- Company has a low return on equity of 0.0% over last 3 years
- Interest coverage is weak at 1.1x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHEL | 433.35 | 62.03 | 150895.22 | 0.32 | 376.71 | 182.70 | 7697.72 | 40.29 | 9.24 | 6.69 |
| INDOMIM | 970.60 | 89.95 | 47994.32 | 0.61 | 2401.22 | — | 12187.42 | — | 24.48 | 33.36 |
| THERMAX | 3634.35 | 72.98 | 43305.57 | 0.55 | 21.79 | -85.61 | 2302.73 | 7.09 | 15.85 | 2.98 |
| HONAUT | 35625.15 | 57.15 | 31498.06 | 0.31 | 150.70 | 20.95 | 1204.40 | 1.80 | 17.04 | 14.32 |
| JYOTICNC | 1002.85 | 70.89 | 22807.13 | 0.00 | 57.14 | -19.99 | 508.47 | 23.97 | 23.88 | 21.40 |
| INOXINDIA | 2248.45 | 80.08 | 20407.72 | 0.09 | 580.72 | 850.16 | 3707.90 | 991.77 | 33.54 | 20.46 |
| TRITURBINE | 577.50 | 54.59 | 18358.64 | 0.74 | 51.10 | -20.65 | 442.70 | 19.23 | 35.95 | 11.59 |
| AZAD | 2775.95 | 128.99 | 17927.57 | 0.00 | 35.16 | 19.46 | 172.60 | 25.90 | 12.28 | 37.29 |
| LLOYDSENGG | 84.28 | 58.44 | 13072.16 | 0.30 | 68.23 | -77.28 | 527.15 | 142.92 | 17.99 | 15.04 |
| TEGA | 1547.15 | 550.12 | 11623.38 | 0.13 | -108.25 | -406.36 | 1723.44 | 383.99 | 8.37 | 3.27 |
| KRN | 1579.75 | 106.67 | 10340.80 | 0.00 | 32.90 | 164.84 | 252.32 | 118.87 | 16.06 | 19.44 |
| TRF | 231.10 | 0.00 | 254.31 | 0.00 | 1.88 | -46.49 | 26.03 | 11.15 | 5.02 | 5.12 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 30 | 17 | 34 | 33 | 25 | 12 | 22 | 20 | 16 | 13 | 25 | 30 | |
| Operating Profit | 9 | 8 | 12 | 4 | 5 | 8 | 11 | 5 | 4 | 6 | 7 | -6 | -4 |
| OPM % | 27.79% | 21.62% | 41.85% | 10.56% | 13.41% | 23.38% | 48.74% | 18.20% | 16.48% | 26.59% | 34.39% | -29.60% | -14.45% |
| 1 | 11 | 10 | 5 | 3 | 3 | 3 | 6 | 3 | -8 | 9 | 4 | 7 | |
| 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 | 7 | 16 | 19 | 4 | 4 | 6 | 10 | 7 | 3 | -7 | 12 | -6 | 1 |
| 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% |
| Net Profit | 7 | 16 | 19 | 4 | 4 | 6 | 10 | 7 | 3 | -7 | 12 | -6 | 1 |
| 6.48 | 14.98 | 17.14 | 3.75 | 3.62 | 5.77 | 9.46 | 6.26 | 3.08 | -6.06 | 10.62 | -5.73 | 1.05 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 506 | 352 | 236 | 186 | 114 | 127 | 177 | 140 | 121 | 85 | 88 | |
| 515 | 499 | 321 | 286 | 147 | 130 | 122 | 128 | 99 | 85 | 84 | |
| Operating Profit | -10 | -148 | -85 | -100 | -33 | -3 | 55 | 12 | 21 | -0 | 3 |
| OPM % | -1.88% | -42.04% | -36.08% | -53.97% | -28.66% | -2.44% | 30.99% | 8.85% | 17.62% | -0.36% | 3.74% |
| 10 | 33 | 44 | 8 | 5 | 16 | 53 | 50 | 23 | 20 | 13 | |
| Interest | 46 | 47 | 61 | 37 | 38 | 31 | 25 | 14 | 14 | 15 | 17 |
| Depreciation | 4 | 4 | 3 | 3 | 3 | 2 | 2 | 2 | 3 | 3 | 3 |
| Profit before Tax | -49 | -166 | -106 | -133 | -68 | -20 | 81 | 47 | 28 | 2 | -0 |
| Tax % | 45.45% | 11.83% | -0.00% | -0.00% | -0.00% | -0.00% | -8.26% | 0.00% | 0.00% | 0.00% | -0.00% |
| Net Profit | -27 | -146 | -106 | -133 | -68 | -20 | 88 | 47 | 28 | 2 | -0 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | -61.76 | -18.49 | 70.48 | 42.34 | 25.11 | 1.92 | — |
| 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:
- -17%
- 5 Years:
- -6%
- 3 Years:
- -22%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -71%
STOCK PRICE CAGR
- 10 Years:
- -3%
- 5 Years:
- 14%
- 3 Years:
- 0%
- 1 Year:
- -26%
RETURN ON EQUITY
- 10 Years:
- 0%
- 5 Years:
- 0%
- 3 Years:
- 0%
- Last Year:
- 0%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
| -55 | -201 | -78 | -212 | -504 | -527 | -440 | -395 | -368 | -365 | |
| 330 | 304 | 212 | 308 | 267 | 296 | 85 | 119 | 115 | 130 | |
| Trade Payables | 311 | 299 | 246 | 212 | 177 | 127 | 63 | 46 | 38 | 34 |
| 336 | 338 | 181 | 196 | 436 | 398 | 553 | 526 | 535 | 540 | |
| Total Liabilities | 932 | 752 | 572 | 515 | 387 | 305 | 272 | 306 | 331 | 349 |
| 31 | 28 | 25 | 23 | 20 | 18 | 17 | 19 | 21 | 26 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 |
| 185 | 182 | 92 | 92 | 61 | 56 | 117 | 128 | 82 | 233 | |
| 128 | 84 | 65 | 59 | 41 | 21 | 10 | 6 | 4 | 11 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 99 | 31 | 25 | |
| Cash & Bank | 7 | 12 | 25 | 20 | 1 | 4 | 2 | 6 | 122 | 5 |
| 581 | 447 | 364 | 322 | 264 | 206 | 125 | 47 | 70 | 46 | |
| Total Assets | 932 | 752 | 572 | 515 | 387 | 305 | 272 | 306 | 331 | 349 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 67 | 25 | -125 | -56 | 26 | 6 | 55 | 8 | 95 | 9 | |
| Cash from Investing | 6 | 30 | 135 | -0 | 34 | -3 | -57 | -3 | -94 | -10 |
| Cash from Financing | -78 | -53 | -4 | 64 | -82 | -1 | -12 | -1 | -1 | -1 |
| -7 | -0 | 9 | 5 | -18 | -1 | 2 | 4 | 0 | -2 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -24.45 | -132.65 | -95.93 | -120.53 | -61.76 | -18.49 | 79.75 | 42.34 | 25.11 | 1.92 |
| Book Value (₹) | -39.93 | -172.44 | -60.98 | -182.68 | -448.05 | -468.73 | -389.42 | -349.35 | -324.06 | -321.83 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -20.66 | -129.32 | -92.85 | -117.53 | -59.27 | -16.30 | 81.58 | 44.38 | 27.40 | 4.56 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 0.09% | -40.17% | -32.79% | -49.31% | -25.11% | 13.82% | 60.88% | 8.85% | 17.62% | -0.36% |
| Net Margin % | -5.18% | -41.24% | -44.53% | -71.15% | -59.64% | -16.01% | 49.55% | 33.29% | 22.88% | 2.48% |
| ROE % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| ROCE % | -1.01% | -45.84% | -27.48% | -77.21% | -58.55% | 390.14% | 195.28% | 46.45% | 23.50% | 8.22% |
| -2.74% | -17.34% | -15.95% | -24.40% | -15.06% | -5.88% | 30.44% | 16.14% | 8.67% | 0.62% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 347 | 411 | 483 | 489 | 660 | 476 | 209 | 211 | 196 | 120 |
| Inventory Days | 93 | 109 | 114 | 121 | 160 | 89 | 33 | 21 | 15 | 34 |
| Payable Days | 393 | 484 | 1052 | 1730 | 2075 | 1763 | 2087 | 1247 | 3772 | 2089 |
| 46 | 36 | -455 | -1120 | -1255 | -1198 | -1846 | -1014 | -3560 | -1936 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | -8.67x | -1.96x | -3.15x | -1.51x | -1.00x | -1.02x | 4.39x | 3.12x | 1.40x | 1.52x |
| Interest Coverage (x) | -0.08x | -2.54x | -0.73x | -2.54x | -0.79x | 0.34x | 4.28x | 4.36x | 2.97x | 1.14x |
| 0.75x | 0.57x | 0.67x | 0.52x | 0.43x | 0.36x | 1.15x | 1.31x | 1.73x | 2.62x | |
| GROWTH | ||||||||||
| Revenue Growth % | -6.40% | -30.50% | -32.92% | -21.31% | -38.59% | 11.57% | 39.30% | -20.97% | -13.74% | -29.57% |
| Operating Profit Growth % | -98.82% | 0.00% | 45.33% | -18.25% | 68.87% | 161.41% | 513.62% | -48.64% | -20.18% | -42.59% |
| Net Profit Growth % | -170.85% | -442.44% | 27.68% | -25.64% | 48.76% | 70.06% | 531.26% | -46.90% | -40.71% | -92.36% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -46.90% | -40.71% | -92.36% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 9.53x | 14.02x | 113.43x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -1.15x | -1.09x | -0.68x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 17.68x | 18.54x | 31.61x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - TRF Limited has informed the Exchange about Investor Presentation
2026-07-20 - TRF Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-16 - TRF Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-16 - TRF Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-15 - TRF Limited has informed the Exchange about physical letters to shareholders.
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 - TRF Limited has informed the Exchange about Copy of Newspaper Publication
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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