MarketFriction

TRF Ltd

NSE TRF · BSE 505854 · Industrial Products
₹192.33 -2.78%
NSE close2026-10-01
52 week range196.55 - 404.90
Market cap₹224 Cr.
P/E42.7
Price band 20% Delivery 64.9%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales39.2728.7738.0037.6232.7023.3127.1123.4222.3419.8919.3926.03
Expenses30.6217.0632.6932.4725.9411.8020.8820.2217.2713.1925.6424.70
Operating Profit8.6511.715.315.156.7611.516.233.205.076.70-6.251.33
OPM %22.03%40.70%13.97%13.69%20.67%49.38%22.98%13.66%22.69%33.69%-32.23%5.11%
Other Income13.23-4.766.113.873.644.016.533.78-6.963.654.065.89
Interest2.973.104.503.473.753.603.232.814.163.834.014.55
Depreciation0.570.550.620.570.630.650.870.660.710.780.770.80
Profit before tax18.343.306.304.986.0211.278.663.51-6.765.74-6.971.87
Tax %0.00%63.03%0.00%0.00%0.00%0.00%59.35%0.00%0.74%0.00%-0.86%0.00%
Net Profit18.331.216.304.996.0211.273.523.51-6.815.74-6.911.88
EPS in Rs16.661.105.724.535.4710.243.203.19-6.195.22-6.281.71
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales961.92550.26431.96223.09185.45113.95127.14177.10139.96120.7385.0387.65
Expenses946.16584.87575.02314.15339.47151.40131.01118.62104.2991.2776.3080.80
Operating Profit15.76-34.61-143.06-91.06-154.02-37.45-3.8758.4835.6729.468.736.85
OPM %1.64%-6.29%-33.12%-40.82%-83.05%-32.87%-3.04%33.02%25.49%24.40%10.27%7.82%
Other Income11.5242.6844.86120.489.75-14.8913.8550.1817.1118.054.536.64
Interest56.5147.7648.9560.8837.4338.0030.6224.7513.8614.0614.8216.55
Depreciation9.655.534.993.393.302.742.422.012.242.522.913.06
Profit before tax-38.88-45.22-152.14-34.85-185.00-93.08-23.0681.9036.6830.93-4.47-6.12
Tax %5.32%-46.70%-11.84%0.03%0.02%0.03%-0.04%-8.16%5.67%16.62%0.00%
Net Profit-40.95-24.10-134.11-34.86-185.03-93.11-23.0488.5834.6025.79-4.47-6.10
EPS in Rs-37.15-21.90-121.87-31.41-168.14-84.61-20.9480.5031.4423.44-4.06-5.54
Dividend Payout %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth-22%-6%-22%-18%
Compounded Profit Growth8%15%-62%-78%
Stock Price CAGR-3%9%-5%-41%
Return on Equity%%%%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital11.0011.0011.0011.0011.0011.0011.0011.0011.0011.0011.0011.00
Reserves-27.20-59.73-92.38-211.83-237.89-416.63-508.18-531.21-411.63-394.55-366.54-349.24
Borrowings601.80620.55561.05398.52457.20530.68494.46522.79507.42542.01554.22552.26
Other Liabilities782.03730.48717.91893.01450.16445.16427.21365.21207.14151.05140.64134.76
Total Liabilities1,367.631,302.301,197.581,090.70680.47570.21424.49367.79313.93309.51339.32348.78
Fixed Assets244.96226.26209.06193.67112.5322.5519.9518.1117.1719.4420.6125.68
CWIP0.030.150.750.781.480.000.000.000.000.000.942.30
Investments0.2318.0117.7218.9027.950.430.750.7461.6965.5619.86226.12
Other Assets1,122.411,057.88970.05877.35538.51547.23403.79348.94235.07224.51297.9194.68
Total Assets1,367.631,302.301,197.581,090.70680.47570.21424.49367.79313.93309.51339.32348.78
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity57.611.83110.5155.22-106.99-55.7520.96-37.6883.1033.9093.56-0.07
Cash from Investing Activity46.963.892.0625.19134.121.4760.516.33-50.1214.80-110.85-41.34
Cash from Financing Activity-87.69-33.54-109.49-70.01-10.9163.92-79.138.93-30.310.49-0.62-0.61
Net Cash Flow16.88-27.823.0710.4016.219.652.35-22.422.6649.20-17.91-42.03
Free Cash Flow104.41-7.34112.8552.02-109.64-56.5120.55-37.2681.8128.9889.76-8.47
CFO/OP-60%5%-336%-46%118%33%-53%883%122%112%327%11%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days208.72242.12365.87321.27489.64433.12615.90400.20129.80258.3493.12107.44
Inventory Days143.34147.51243.40130.41354.96434.34553.66245.46228.81129.50657.82
Days Payable220.40243.33459.32401.361,051.211,568.552,396.251,473.331,378.161,050.071,972.88
Cash Conversion Cycle131.65146.29149.9550.32-206.61-701.09-1,226.69-827.68-1,019.54-662.2393.12-1,207.61
Working Capital Days-21.57-50.66-146.95-104.69-363.82-534.28-950.57-826.92-88.44-61.57-190.16-241.20
ROCE %-6.35%3.12%-0.37%-30.34%-5.21%-83.07%-58.48%188.39%37.59%21.81%9.42%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters34.12%34.12%34.12%34.12%34.12%34.12%34.12%34.12%34.12%34.12%34.12%34.12%
FIIs0.00%0.00%0.78%0.72%0.41%0.46%0.47%0.67%0.50%0.49%0.49%0.30%
DIIs0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.03%0.02%0.02%
Government0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%
Public65.85%65.85%65.07%65.13%65.44%65.38%65.38%65.17%65.36%65.35%65.36%65.53%
No. of Shareholders27,47628,26028,11125,41325,75126,40926,54426,39926,63026,39825,76525,509

Fundamentals

Market Cap₹ 224 Cr.
Current Price₹ 203
Stock P/E42.7
Book Value₹ -307
ROCE9.42 %
ROE%
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-18%
Compounded Profit Growth (TTM)-78%
Consolidated figures.
Valuation
Market capRs 212 Cr
Enterprise valueRs 752 Cr
Price to book-0.63x
Price to sales2.41x
EV / EBITDA55.71x
EV / EBIT72.06x
EV / sales8.57x
Earnings yield-2.88%
P/E, 3-year average13.92x
P/B, 3-year average-0.98x
P/E, 5-year average9.94x
P/B, 5-year average-0.74x
Profitability
Operating margin (excl. other income)10.27%
Operating margin (incl. other income)15.59%
EBITDA margin15.39%
Pre-tax margin-6.98%
Net profit margin-6.96%
Net margin, latest quarter7.22%
ROE1.29%
ROCE5.02%
ROA-1.30%
ROE, 3-year average-4.84%
ROCE, 3-year average22.77%
ROA, 3-year average5.92%
ROE, 5-year average-5.84%
ROCE, 5-year average65.84%
ROA, 5-year average7.58%
ROIC (approx.)5.17%
Other income / net worth-1.34%
Growth
Sales growth (latest year)-29.57%
Profit growth (latest year)-117.33%
Sales CAGR, 3 years-21.70%
Sales CAGR, 5 years-5.69%
Sales growth QoQ34.24%
Sales growth YoY (latest quarter)11.14%
Profit growth YoY (latest quarter)-46.44%
Per share
EPS (TTM)Rs -5.54
EPS (latest year)Rs -4.06
EPS (latest quarter)Rs 1.71
EPS, 3-year averageRs 16.94
EPS, 5-year averageRs 22.07
Book value per shareRs -307.37
Sales per shareRs 79.65
Cash flow per shareRs -0.06
Free cash flow per shareRs -7.70
Efficiency
Asset turnover0.24x
Fixed asset turnover3.31x
Inventory turnover1.57x
Inventory days232 days
Debtor days107 days
Debtors turnover3.40x
Creditor days1973 days
Cash conversion cycle-1208 days
Working capital days-241 days
Leverage
Total debtRs 552 Cr
Cash and bankRs 12 Cr
Net debtRs 540 Cr
Debt to equity-1.63x
Net debt / EBITDA40.02x
Interest coverage0.63x
Owners' fund to total sources-96.98%
Debt to assets158.34%
Cash flow
Cash from Operating Activity (latest year)Rs -0 Cr
Cash from Investing Activity (latest year)Rs -41 Cr
Cash from Financing Activity (latest year)Rs -1 Cr
Net Cash Flow (latest year)Rs -42 Cr
Free cash flow (latest year)Rs -8 Cr
FCFE (approx.: FCF + change in debt)Rs -10 Cr
Cash from ops / profit, 5 years1.42x
Statement figures
Net sales (TTM)Rs 88 Cr
Net sales (latest year)Rs 85 Cr
Sales (latest quarter)Rs 26 Cr
Operating profit excl. other income (latest year)Rs 9 Cr
Operating profit (latest quarter)Rs 1 Cr
Other income (TTM)Rs 7 Cr
EBITDA (TTM)Rs 13 Cr
PBDT (TTM)Rs -3 Cr
Profit before tax (TTM)Rs -6 Cr
Net profit (TTM)Rs -6 Cr
Net profit (latest year)Rs -4 Cr
Net profit (latest quarter)Rs 2 Cr
Depreciation (TTM)Rs 3 Cr
Depreciation (latest quarter)Rs 1 Cr
Interest (TTM)Rs 17 Cr
Cost of goods sold (latest year)Rs 18 Cr
Total expenditure (latest year)Rs 76 Cr
Total income (latest year)Rs 90 Cr
Share capitalRs 11 Cr
ReservesRs -349 Cr
Shareholders' fundsRs -338 Cr
Total assetsRs 349 Cr
Net blockRs 26 Cr
Capital work in progressRs 2 Cr
InvestmentsRs 226 Cr
ReceivablesRs 25 Cr
InventoryRs 11 Cr
Other liabilitiesRs 135 Cr
Shares outstanding (crore)1.10
Ownership
Promoter holding34.12% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
Not enough history to build valuation bands (needs two years of profits and prices).
PeriodTRFNifty 50Difference
1 week-10.6%-2.8% -7.8 pts
1 month-14.2%-6.8% -7.4 pts
3 months-19.2%-7.6% -11.6 pts
6 months-11.4%+0.4% -11.8 pts
1 year-47.4%-9.9% -37.5 pts
2 years-61.8%-13.6% -48.2 pts
3 years-19.2%+14.2% -33.3 pts
5 years+42.2%+27.9% +14.3 pts

Red flags

F-score 3 of 8
seriousNegative equity Shareholders' equity is negative
lookInventory outrunning sales Inventory grew 150% vs sales -30% in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹26 Cr +11.1% vs Jun 2025. Net profit ₹2 Cr -46.4%.
Against our estimate for Jun 2026: sales +41.7%, profit +232.1% in line. Our estimate for Sep 2026: sales Rs 20 Cr, profit Rs -2 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2020-08-13 Annual General Meeting
2019-06-28 Annual General Meeting
2018-07-13 Annual General Meeting
2017-07-14 Annual General Meeting
2016-07-15 Annual General Meeting
2015-09-11 Annual General Meeting
2014-07-15Annual General Meeting
2013-07-15Annual General Meeting
2012-07-10Annual General Meeting/Dividend Rs 4 Per Share
2011-07-05Annual General Meeting/Dividend Rs 2 Per Share
2010-07-05Dividend-Rs.7.50 Per Share
DateTypeWhat it says
2026-09-14Change in ManagementChange in Management
2026-08-06Shareholder meetingProceedings of Annual General Meeting held on August 06, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with...
2026-08-06Investor PresentationInvestor Presentation
2026-07-16Board meeting outcomeTRF Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-15General UpdatesPhysical letters to shareholders.
2026-07-15Shareholder meetingNotice of Annual General Meeting to be held on August 06, 2026
2026-07-03UpdatesIntimation of date of 63rd Annual General Meeting of TRF Limited.
2026-06-19UpdatesDisclosure under Regulation 30 of SEBI(LODR) Regulation, 2015.
2026-06-15Shareholder meetingProceedings of Postal Ballot. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.
2026-06-03Disclosure under SEBI TakeovTata Steel Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantia...
2026-05-29Disclosure under SEBI TakeovTata Steel Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantia...
2026-05-14Shareholder meetingNotice of Postal Ballot
2026-05-12Board meeting outcomeTRF Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-08UpdatesIntimation to the holders of physical shares to furnish KYC details.
2026-04-14Change in ManagementChange in Management
2026-03-30Change in Company Secretary/Change in Company Secretary/Compliance Officer
2026-03-30AppointmentAppointment of Mr Avishek Ghosh as Company Secretary & Compliance Officer of the company w.e.f. April 15, 2026.
2026-03-01ResignationResignation of Mr Prasun Banerjee as Company Secretary & Compliance Officer of the company w.e.f. March 01, 2026.
2026-03-01Change in Company Secretary/Change in Company Secretary/Compliance Officer
2026-01-29Board meeting outcomeTRF Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
2025-12-31LitigationPendency of Litigation(s)/dispute(s) or the outcome impacting the Company
2025-12-11AppointmentAppointment of Mr Animesh Upadhyay as Chief Financial Officer of the company w.e.f. December 12, 2025.
2025-12-11ResignationResignation of Mr Anand Chand as Chief Financial Officer of the company w.e.f. December 11, 2025.
2025-12-01Shareholder meetingProceedings of Postal Ballot. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.
2025-10-31Shareholder meetingNotice of Postal Ballot
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
EPS in the scrip is zero (4 trailing quarters)

Quick answers

What is the market cap of TRF Ltd?

TRF Ltd (TRF) has a market capitalisation of Rs 224 Cr. at the 2026-10-01 close.

What is the P/E ratio of TRF Ltd?

TRF Ltd trades at a P/E of 42.7 on trailing twelve-month profit, at the 2026-10-01 close.

What were TRF Ltd's latest quarterly results?

In the Jun 2026 quarter, TRF Ltd sales was Rs 26 Cr (+11.1% vs Jun 2025) and net profit was Rs 2 Cr.

What is the 52-week high and low of TRF Ltd?

The 52-week high is Rs 404.90 and the 52-week low is Rs 196.55.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03