TRF

TRF Limited

Bulk-material handling plants, cranes and industrial products for steel, power and mining customers

Industrials›Capital Goods›Industrial Manufacturing›Industrial Products

trf.co.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹232.40
Market cap
256 Cr
Stock P/E
5.0
P/B
2.86
ROE (FY26)
-5.3%
ROCE (FY26)
4.8%
Operating margin (FY26)
6.8%
Debt / equity (FY26)
1.53
OCF / EBITDA (FY26)
-0.9%
OCF / EBITDA (3Y)
172.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

TRF is a Tata enterprise based in Jamshedpur that makes bulk material handling equipment and spares, with Tata Steel and other Tata group companies as its anchor customers, and also runs material handling projects.

Company snapshot

61stBy market cap

Ranked among 69 companies in Industrial Products.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 110.5% of revenue

SegmentRevenue shareRevenuePBTAssets
Products & Services
110.5%
26 Cr9 Cr47 Cr
Projects & Services—-2 Cr2 Cr40 Cr

Shares add up to 111% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓173% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
  • ✗Net margin is negative — the company is spending more than it earns right now.
2 more signals from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricDec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026Sept 2026
Sales29 Cr38 Cr38 Cr33 Cr23 Cr27 Cr23 Cr22 Cr20 Cr19 Cr26 Cr36 Cr
Operating expenses (approx.)17 Cr33 Cr32 Cr26 Cr12 Cr21 Cr20 Cr17 Cr13 Cr26 Cr25 Cr31 Cr
EBITDA12 Cr5 Cr5 Cr7 Cr12 Cr6 Cr3 Cr5 Cr7 Cr-6 Cr1 Cr4 Cr
OPM %40.7%14.0%13.7%20.7%49.4%22.3%13.7%22.7%33.7%-32.2%5.1%12.4%
Other income3 Cr6 Cr4 Cr4 Cr4 Cr7 Cr4 Cr4 Cr4 Cr4 Cr6 Cr4 Cr
Interest3 Cr4 Cr3 Cr4 Cr4 Cr3 Cr3 Cr4 Cr4 Cr4 Cr5 Cr5 Cr
Depreciation0.55 Cr0.62 Cr0.57 Cr0.63 Cr0.65 Cr0.67 Cr0.66 Cr0.71 Cr0.78 Cr0.77 Cr0.80 Cr0.81 Cr
Profit before tax5 Cr6 Cr5 Cr6 Cr11 Cr9 Cr4 Cr-7 Cr6 Cr-7 Cr2 Cr50 Cr
Tax %74.9%0.0%0.0%0.0%0.0%59.4%0.0%-0.8%0.0%0.8%0.0%0.1%
Net profit1 Cr6 Cr5 Cr6 Cr11 Cr4 Cr4 Cr-7 Cr6 Cr-7 Cr2 Cr50 Cr
EPS (₹)₹1.10₹5.73₹4.53₹5.47₹10.24₹3.20₹3.19₹-6.19₹5.22₹-6.28₹1.71₹45.30

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales603 Cr442 Cr349 Cr186 Cr114 Cr127 Cr177 Cr140 Cr121 Cr85 CrSign in free for the trailing twelve months
Operating expenses (approx.)637 Cr585 Cr424 Cr288 Cr151 Cr131 Cr119 Cr104 Cr91 Cr76 CrSign in free for the trailing twelve months
EBITDA-35 Cr-143 Cr-75 Cr-101 Cr-37 Cr-4 Cr58 Cr36 Cr29 Cr9 CrSign in free for the trailing twelve months
OPM %-5.7%-32.5%-21.4%-54.4%-32.9%-3.0%33.0%25.5%24.4%10.3%Sign in free for the trailing twelve months
Other income7 Cr5 Cr12 Cr10 Cr4 Cr21 Cr49 Cr22 Cr18 Cr16 CrSign in free for the trailing twelve months
Interest48 Cr49 Cr63 Cr37 Cr38 Cr31 Cr25 Cr14 Cr14 Cr15 CrSign in free for the trailing twelve months
Depreciation6 Cr5 Cr5 Cr3 Cr3 Cr2 Cr2 Cr2 Cr3 Cr3 CrSign in free for the trailing twelve months
Profit before tax-76 Cr-185 Cr-103 Cr-184 Cr-91 Cr-23 Cr85 Cr40 Cr31 Cr-4 CrSign in free for the trailing twelve months
Tax %27.9%9.7%-1.3%-0.4%-2.4%-0.9%-4.3%13.8%16.6%0.1%Sign in free for the trailing twelve months
Net profit-24 Cr-134 Cr-35 Cr-185 Cr-93 Cr-23 Cr89 Cr35 Cr26 Cr-4 CrSign in free for the trailing twelve months
EPS (₹)₹-21.90₹-121.87₹-31.68₹-168.15₹-84.62₹-20.94₹80.49₹31.45₹23.44₹-4.06Sign in free for the trailing twelve months
Dividend payout %——————0.0%0.0%0.0%—Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital11 Cr11 Cr11 Cr11 Cr11 Cr11 Cr11 Cr11 Cr11 Cr11 Cr
Reserves-92 Cr-212 Cr-12 Cr-190 Cr-282 Cr-305 Cr11 Cr28 Cr72 Cr73 Cr
Borrowings479 Cr330 Cr196 Cr266 Cr241 Cr296 Cr84 Cr119 Cr115 Cr129 Cr
Other liabilities802 Cr961 Cr485 Cr483 Cr455 Cr366 Cr221 Cr151 Cr141 Cr135 Cr
Total liabilities1,200 Cr1,091 Cr681 Cr570 Cr424 Cr368 Cr327 Cr310 Cr339 Cr349 Cr
Fixed assets (net)61 Cr39 Cr37 Cr22 Cr19 Cr18 Cr17 Cr19 Cr20 Cr25 Cr
CWIP0.75 Cr0.78 Cr1 Cr0 Cr——0 Cr—0.94 Cr2 Cr
Investments18 Cr19 Cr28 Cr0.43 Cr0.89 Cr0.73 Cr62 Cr66 Cr20 Cr226 Cr
Inventories223 Cr100 Cr86 Cr59 Cr41 Cr21 Cr10 Cr6 Cr4 Cr11 Cr
Trade receivables552 Cr380 Cr299 Cr220 Cr182 Cr139 Cr102 Cr99 Cr31 Cr25 Cr
Cash & bank46 Cr14 Cr30 Cr40 Cr19 Cr19 Cr23 Cr72 Cr54 Cr12 Cr
Other assets300 Cr538 Cr199 Cr229 Cr162 Cr169 Cr113 Cr48 Cr209 Cr47 Cr
Total assets1,200 Cr1,091 Cr681 Cr570 Cr424 Cr368 Cr327 Cr310 Cr339 Cr349 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity111 Cr55 Cr-107 Cr-56 Cr38 Cr-38 Cr83 Cr34 Cr94 Cr-0.07 Cr
Cash from investing3 Cr23 Cr134 Cr20 Cr60 Cr6 Cr-52 Cr16 Cr-113 Cr-45 Cr
Cash from financing-109 Cr-70 Cr-11 Cr64 Cr-79 Cr9 Cr-30 Cr0.49 Cr-0.62 Cr-0.61 Cr
Net cash flow4 Cr8 Cr16 Cr28 Cr19 Cr-22 Cr3 Cr49 Cr-20 Cr-42 Cr
Free cash flow (OCF − Capex)105 Cr51 Cr-110 Cr-57 Cr38 Cr-38 Cr82 Cr29 Cr90 Cr-8 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %———-120.6%—-335.4%103.6%34.1%22.7%4.8%
ROE %——————402.9%88.6%30.9%-5.3%
Debtor days33331331243158039921025893107
Inventory days252145225500721550356128429437
Days payable4754476651805354133392145118436011310
Cash conversion cycle11012-129-874-2239-2389-1578-797-3078-766
OCF / EBITDA %——————142.1%95.1%317.6%-0.9%
OCF / EBITDA % (3 years)——————487.0%87.9%170.4%172.5%
Debt / equity——————3.813.051.381.53
Current ratio0.840.680.750.710.460.391.251.742.232.67
Net debt / EBITDA——————1.051.332.0713.45