TRF Ltd.
•Add ratio to table
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 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
| 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
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:
- 14%
- 3 Years:
- 0%
- 1 Year:
- -26%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -21.90 | -121.87 | -31.41 | -168.15 | -84.61 | -20.94 | 80.49 | 31.45 | 23.44 | -4.06 |
| Book Value (₹) | -73.94 | -182.49 | -0.53 | -162.97 | -451.80 | -472.73 | -386.78 | -348.54 | -323.08 | -322.26 |
| 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 (₹) | -14.13 | -124.09 | -28.60 | -165.14 | -57.05 | -12.43 | 81.37 | 38.00 | 25.73 | -1.42 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 1.68% | -11.67% | -19.27% | -47.95% | -28.99% | 13.32% | 60.76% | 8.76% | 17.55% | -3.75% |
| Net Margin % | -2.47% | -14.04% | -8.39% | -72.76% | -57.50% | -12.66% | 49.42% | 28.28% | 21.36% | -5.26% |
| ROE % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| ROCE % | 2.25% | -29.37% | 13.14% | -78.65% | -34.49% | 56.36% | 128.76% | 38.69% | 25.22% | 5.02% |
| -2.00% | -12.37% | -3.94% | -29.60% | -13.18% | -4.07% | 25.69% | 12.70% | 7.95% | -1.30% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 215 | 169 | 298 | 381 | 702 | 527 | 242 | 226 | 196 | 120 |
| Inventory Days | 84 | 59 | 82 | 116 | 214 | 165 | 85 | 42 | 15 | 34 |
| Payable Days | 240 | 479 | 1088 | 1789 | 2165 | 1963 | 2406 | 1307 | 3772 | 2089 |
| 58 | -252 | -708 | -1293 | -1248 | -1271 | -2079 | -1039 | -3560 | -1936 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | -6.89x | -1.98x | -392.30x | -1.80x | -1.06x | -1.12x | 4.86x | 3.05x | 1.38x | 1.53x |
| Interest Coverage (x) | 0.20x | -2.03x | 0.46x | -3.92x | -0.72x | 0.47x | 4.27x | 4.01x | 3.20x | 0.70x |
| 0.84x | 0.68x | 0.75x | 0.63x | 0.54x | 0.51x | 1.39x | 1.74x | 2.23x | 2.67x | |
| GROWTH | ||||||||||
| Revenue Growth % | -0.39% | 4.20% | -58.80% | -38.86% | -55.04% | 11.57% | 39.30% | -20.97% | -13.74% | -29.57% |
| Operating Profit Growth % | -26.41% | -791.13% | 31.95% | -52.22% | 72.91% | 151.25% | 535.62% | -46.32% | -17.75% | -48.14% |
| Net Profit Growth % | 45.09% | -467.55% | 75.37% | -430.74% | 64.59% | 75.43% | 643.82% | -54.77% | -34.84% | -117.33% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -60.93% | -25.47% | -117.33% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 12.83x | 15.01x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -1.16x | -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 | 15.82x | 15.77x | 32.27x |
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
Loading news…
AI Stock Analyst
TRF Ltd.
Sign in to Chat with AI
Log in with your 5nance account to ask institutional questions about performance, financials, and outlook.
✨ Sign In to ChatFree 5nance Account