TRF Ltd.

•

trf.co.inBSE: 505854NSE: TRF

Market Cap₹ 254 Cr.

Current Price

High / Low₹ 405 / 216

Stock P/E0.0

Book Value₹ -321

Price to Book-0.68

Dividend Yield0.00 %

ROCE8.2 %

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 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

Capital GoodsCapital GoodsEngineering - Industrial Equipments

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

S.No.	Name
1.	BHEL	433.35	62.03	150895.22	0.32	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	970.60	89.95	47994.32	0.61	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3634.35	72.98	43305.57	0.55	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	35625.15	57.15	31498.06	0.31	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	1002.85	70.89	22807.13	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	INOXINDIA	2248.45	80.08	20407.72	0.09	580.72	850.16	3707.90	991.77	33.54	20.46
7.	TRITURBINE	577.50	54.59	18358.64	0.74	51.10	-20.65	442.70	19.23	35.95	11.59
8.	AZAD	2775.95	128.99	17927.57	0.00	35.16	19.46	172.60	25.90	12.28	37.29
9.	LLOYDSENGG	84.28	58.44	13072.16	0.30	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1547.15	550.12	11623.38	0.13	-108.25	-406.36	1723.44	383.99	8.37	3.27
11.	KRN	1579.75	106.67	10340.80	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	TRF	231.10	0.00	254.31	0.00	1.88	-46.49	26.03	11.15	5.02	5.12

Detailed Comparison with:

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

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

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

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 %

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%

-8

Interest

Depreciation

Profit before Tax

-7

-6

Tax %

0.00%

-0.00%

0.00%

-0.00%

0.00%

Net Profit

-7

-6

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

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

515

499

321

286

147

130

122

128

Operating Profit

-10

-148

-85

-100

-33

-3

-0

OPM %

-1.88%

-42.04%

-36.08%

-53.97%

-28.66%

-2.44%

30.99%

8.85%

17.62%

-0.36%

3.74%

Interest

Depreciation

Profit before Tax

-49

-166

-106

-133

-68

-20

-0

Tax %

45.45%

11.83%

-0.00%

-8.26%

0.00%

-0.00%

Net Profit

-27

-146

-106

-133

-68

-20

-0

EPS

0.00

-61.76

-18.49

70.48

42.34

25.11

1.92

—

Dividend Payout %

0.00%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-55

-201

-78

-212

-504

-527

-440

-395

-368

-365

330

304

212

308

267

296

119

115

130

Trade Payables

311

299

246

212

177

127

336

338

181

196

436

398

553

526

535

540

Total Liabilities

932

752

572

515

387

305

272

306

331

349

Capital Work in Progress

185

182

117

128

233

128

Cash & Bank

122

581

447

364

322

264

206

125

Total Assets

932

752

572

515

387

305

272

306

331

349

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-125

-56

Cash from Investing

135

-0

-3

-57

-3

-94

-10

Cash from Financing

-78

-53

-4

-82

-1

-12

-1

-7

-0

-18

-1

-2

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

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%

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

109

114

121

160

Payable Days

393

484

1052

1730

2075

1763

2087

1247

3772

2089

-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%

-46.90%

-40.71%

-92.36%

VALUATION

P/E (x)

0.00x

9.53x

14.02x

113.43x

P/B (x)

0.00x

-1.15x

-1.09x

-0.68x

Dividend Yield %

0.00%

0.00x

17.68x

18.54x

31.61x

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.

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Quarterly Results

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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