TRF Limited
NSE: TRF · Industrial Products · sector
₹207.16NSE close 2026-10-26
Key numbers
Market cap₹228 cr
Price₹207.16
52w high / low₹350 / ₹190
P/E4.5xSector median 24.2x
P/B2.5xSector median 2.8x
Book value₹81.2
Dividend yield–Sector median 0.50%
ROE58.4%Sector median 11.5%
ROCE29.8%Sector median 13.4%
OPM52.1%Sector median 10.3%
Debt / equity1.53xSector median 0.17x
EV/EBITDA2.8xSector median 16.7x
Interest cover4.0x
Current ratio2.98x
Sales growth 3y-21.7%Sector median +10.2%
Profit growth 3y–Sector median +12.8%
PEG0.02x
Last 12 months to Sep 2026, Consolidated. "Sector median" = middle value of 152 companies in Industrial Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹238 cr vs borrowings ₹129 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 4.0x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 3 of the last 5 years (FY24, FY23, FY22).
- Net loss in 2 of the last 8 quarters.
- Revenue was higher than a year earlier in 2 of the last 4 quarters.
- Other income was 35% of net profit in the last 12 months.
- Debtor days went from 258 (FY24) to 107 (FY26).
- No dividend in the last 5 financial years.
- Price ₹207.16 on 2026-10-26: -40.8% from the 52-week high, +9.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹503.40 · low ₹192.33
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 23 | 27 | 23 | 22 | 20 | 19 | 26 | 36 |
| EBITDA | 12 | 6 | 3 | -6 | 7 | -6 | 1 | 51 |
| OPM % | 49.4% | 22.2% | 13.7% | -27.9% | 33.3% | -32.2% | 5.1% | 141.9% |
| Other income | 4 | 7 | 4 | 4 | 4 | 4 | 6 | 4 |
| Net profit | 11 | 5 | 4 | -7 | 6 | -7 | 2 | 50 |
| EPS (₹) | 10.24 | 3.20 | 3.19 | -6.19 | 5.22 | -6.28 | 1.71 | 45.30 |
| Revenue YoY | -14.7% | -28.5% | +11.1% | +60.9% | ||||
| Profit YoY | -49.1% | -240.2% | -46.4% | – |
Consolidated figures where filed. Latest quarter Sep 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 127 | 177 | 140 | 121 | 85 | 101 |
| EBITDA | -4 | 58 | 36 | 29 | -3 | 53 |
| Net profit | -23 | 89 | 42 | 28 | -4 | 51 |
| EPS (₹) | -20.94 | 80.49 | 31.45 | 23.44 | -4.06 | 45.95 |
| Revenue growth | +39.3% | -21.0% | -13.7% | -29.6% | +5.3% | |
| Profit growth | – | -52.5% | -33.4% | -116.0% | +295.4% | |
| Dividend / share (₹) | – | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | -21.7% | -5.7% | +5.3% |
| Net profit | – | – | +295.4% |
| EPS | – | – | – |
| Share price | – | -32.7% (2y) | -38.8% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 22 | 39 | 83 | 84 |
| Borrowings | – | 84 | 119 | 115 | 129 |
| Cash & equivalents | – | 83 | 138 | 212 | 238 |
| Total assets | – | 327 | 310 | 339 | 349 |
| Fixed assets | – | 17 | 19 | 20 | 25 |
| Capital work in progress | – | – | – | 1 | 2 |
| Investments | – | 1 | 0 | 0 | 0 |
| Receivables | – | 102 | 99 | 31 | 25 |
| Inventory | – | 10 | 6 | 4 | 11 |
| Payables | – | 63 | 52 | 38 | 34 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -38 | 83 | 34 | 94 | -0 |
| Cash from investing | 6 | -52 | 16 | -113 | -45 |
| Cash from financing | 9 | -30 | 0 | -1 | -1 |
| Capex | 0 | 1 | 5 | 4 | 8 |
| Free cash flow | -38 | 82 | 29 | 90 | -8 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 402.9% | 107.7% | 33.6% | -5.3% |
| ROCE % | – | 99.8% | 35.1% | 22.7% | 4.8% |
| Debtor days | – | 211 | 258 | 93 | 107 |
| Inventory days | – | 229 | 129 | 407 | 657 |
| Payable days | – | 1,378 | 1,193 | 3,412 | 1,972 |
| Cash conversion cycle (days) | – | -938 | -806 | -2,912 | -1,208 |
| Working capital days | – | 83 | 298 | 451 | 782 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 34.12% |
| FIIs | 0.26% |
| DIIs | 0.02% |
| of which Mutual funds | 0.00% |
| of which Insurance | 0.00% |
| Government | 0.01% |
| Public (non-institutions) | 65.59% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 34.12% | 34.12% | 34.12% | 34.12% | 34.12% | 34.12% | 34.12% | 34.12% |
| Promoter group | % |
|---|---|
| Tata Steel Limited | 34.11% |
| Tata Industries Limited | 0.02% |
| ABJA Investment Co. Pte. Ltd. | 0.00% |
| Tata Steel Utilities and Infrastructure Services Limited | 0.00% |
| Haldia Water Management Limited | 0.00% |
| Tata Steel Global Capability Centre Limited (Formerly Tata Steel Business Delivery Centre Ltd | 0.00% |
| Tata Steel Special Economic Zone Limited | 0.00% |
| The Tata Pigments Limited | 0.00% |
| Adityapur Toll Bridge Company Limited | 0.00% |
| Mohar Export Services Pvt. Ltd | 0.00% |
| Rujuvalika Investments Limited | 0.00% |
| Tata Korf Engineering Services Ltd | 0.00% |
| Neelachal Ispat Nigam Limited | 0.00% |
| T Steel Holdings Pte. Ltd. | 0.00% |
| T S Global Holdings Pte Ltd. | 0.00% |
| Public holders above 1% | % |
|---|---|
| Roopa Corporate Services Pvt Ltd | 2.84% |
| Guttikonda Vara Lakshmi | 2.12% |
| Litton System Inc | 1.98% |
| Chetan Gopaldas Cholera | 1.45% |
| Pragya Equities Pvt Ltd | 1.15% |
| O.P.J Financial Services (P) Ltd | 1.09% |
| Investor Education and Protection Fund Authority | 1.08% |
25,111 shareholders. Pledged: 0.00% of promoter shares.
Peers in Industrial Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| INDOMIM | ₹52,085 cr | – | – | – | – | – | – | – |
| CPPLUS | ₹45,577 cr | 94.7x | 24.3x | 25.5% | 33.3% | 14.5% | – | 0.04% |
| SYRMA | ₹28,803 cr | 77.7x | 10.1x | 17.4% | 17.6% | 11.1% | +33.0% | 0.10% |
| HONAUT | ₹27,500 cr | 50.1x | 6.2x | 13.0% | 16.9% | 13.3% | +10.7% | 0.34% |
| KAYNES | ₹22,167 cr | 64.0x | 4.7x | 9.1% | 11.1% | 15.5% | +47.7% | – |
| JYOTICNC | ₹20,523 cr | 63.8x | 10.3x | 17.4% | 18.5% | 24.4% | – | – |
| LMW | ₹17,267 cr | 84.2x | 5.7x | 7.0% | 9.3% | 7.1% | -12.1% | 0.19% |
| TEGA | ₹12,752 cr | 447.9x | 3.7x | 0.9% | 4.5% | 7.5% | +11.7% | 0.11% |
| LLOYDSENGG | ₹12,248 cr | 48.1x | 7.3x | 14.1% | 15.1% | 14.2% | +60.9% | 0.27% |
| TRF | ₹228 cr | 4.5x | 2.5x | 58.4% | 29.8% | 52.1% | -21.7% | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Products and Services | ₹80 cr | 93.8% | ₹10 cr | 12.6% |
| Projects and Services | ₹5 cr | 6.2% | ₹1 cr | 16.8% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2020-08-13 | Other | Annual General Meeting |
| 2019-06-28 | Other | Annual General Meeting |
| 2018-07-13 | Other | Annual General Meeting |
| 2017-07-14 | Other | Annual General Meeting |
| 2016-07-15 | Other | Annual General Meeting |
| 2015-09-11 | Other | Annual General Meeting |
| 2014-07-15 | Other | Annual General Meeting |
| 2013-07-15 | Other | Annual General Meeting |
| 2012-07-10 | Dividend | Annual General Meeting/Dividend Rs 4 Per Share |
| 2011-07-05 | Dividend | Annual General Meeting/Dividend Rs 2 Per Share |
| 2010-07-05 | Dividend | Dividend-Rs.7.50 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Industrials |
| Industry | Industrial Products |
| Sub-industry | Industrial Products |
| Symbol | TRF |
| BSE code | 505854 |
| ISIN | INE391D01019 |
| Face value | ₹10.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.