TRF Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹216 Cr
- P/E
- 52.54
- PEG
- -0.84
- Price to sales
- 2.13
- Debt to equity
- 1.54
- 52W high / low
- ₹330 / ₹192
- Sales growth (5Y)
- -5.69%
- EBITDA margin
- 6.17%
- Net profit margin
- 5.43%
- Promoter holding
- 34.12%
- Sales (last year)
- ₹101 Cr
Incorporated in 1962, TRF Ltd undertakes turnkey projects of material handling for tinfrastructure sector and is engaged in production of such material handling equipments along with provding services relating to design and engineering, super vision, etc.[1]
Guidance scorecard · Q2 FY27 call
What TRF's management guided
and where it ranks in Industrial Manufacturing
RevenueQ4 FY21 call
0–10%- The company anticipates improving business environment following the upcycle in commodity businesses, with healthy inflow of enquiries and fresh orders.
- The challenge remains in how quickly the entire supply chain recovers to enable delivery.
- Expected turnover for the current year shows potential for ₹250-300 crore top line if improvements continue.
- Tata Steel-related business is expected around ₹400 crore in a normalized year.
- The company aims for generating incremental cash flows rather than focusing solely on volume growth.
2 more points from TRF's call on revenue
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MarginsQ4 FY21 call
Up 0–2%See what TRF said on margins — free account, 30 seconds.
CapexQ4 FY21 call
- The company is focusing on restructuring subsidiaries and exploring options for further restructuring.
- Capital investment or pumping in further capital depends largely on promoters' decisions; no firm commitment on rights issue or capital raising at this point.
- The promoters are keen to support the company but capital infusion plans are uncertain and under discussion.
- Discussions are ongoing on making the company more competitive and a turnaround, possibly involving capital infusion, but details remain unclear.
2 more points from TRF's call on capex
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FundraisingQ4 FY21 call
See what TRF said on fundraising — free account, 30 seconds.
Order bookQ4 FY21 call
- TRF Limited's current order book stands at over ₹200 crores.
- Approximately 60% of the order book consists of legacy orders, with the remaining being incremental/new orders.
- The company continues to receive healthy inflow of inquiries and fresh orders despite COVID-19 impacts.
- Supply chain disruptions, especially due to the second COVID wave, are a key challenge affecting order execution speed.
- The company is focused on securing orders with shorter turnaround times and manageable risk profiles to improve cash flows.
- There is ongoing participation in public sector orders like NTPC and Tata Steel.
2 more points from TRF's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Manufacturing
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Manufacturing companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 0–2% | ₹1,185 Cr | 109.0 | |
| 2 | 40%+ | Up 0–2% | ₹486 Cr | 29.9 | |
| 3 | 40%+ | Flat | ₹7,897 Cr | 92.3 | |
| 4 | 40%+ | Flat | ₹3,421 Cr | 74.4 | |
| 5 | 40%+ | Flat | ₹2,461 Cr | 58.4 | |
| 6 | 40%+ | Flat | ₹681 Cr | 40.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Manufacturing rankingFinancials of TRF
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of TRF
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 38.89 | 33.91 | 39.27 | 28.77 | 38.00 | 37.62 | 32.70 | 23.31 | 27.11 | 23.42 | 22.34 | 19.89 | 19.39 |
| Expenses + | 34.96 | 23.91 | 30.62 | 17.06 | 32.69 | 32.47 | 25.94 | 11.80 | 20.88 | 20.22 | 17.27 | 13.19 | 25.64 |
| Operating Profit | 3.93 | 10.00 | 8.65 | 11.71 | 5.31 | 5.15 | 6.76 | 11.51 | 6.23 | 3.20 | 5.07 | 6.70 | -6.25 |
| OPM % | 10.11% | 29.49% | 22.03% | 40.70% | 13.97% | 13.69% | 20.67% | 49.38% | 22.98% | 13.66% | 22.69% | 33.69% | -32.23% |
| Other Income + | 2.68 | 2.54 | 13.23 | -4.76 | 6.11 | 3.87 | 3.64 | 4.01 | 6.53 | 3.78 | -6.96 | 3.65 | 4.06 |
| Interest | 5.50 | 3.29 | 2.97 | 3.10 | 4.50 | 3.47 | 3.75 | 3.60 | 3.23 | 2.81 | 4.16 | 3.83 | 4.01 |
| Depreciation | 0.48 | 0.50 | 0.57 | 0.55 | 0.62 | 0.57 | 0.63 | 0.65 | 0.87 | 0.66 | 0.71 | 0.78 | 0.77 |
| Profit before tax | 0.63 | 8.75 | 18.34 | 3.30 | 6.30 | 4.98 | 6.02 | 11.27 | 8.66 | 3.51 | -6.76 | 5.74 | -6.97 |
| Tax % | -1,065.08% | 0.00% | 0.00% | 63.03% | 0.00% | 0.00% | 0.00% | 0.00% | 59.35% | 0.00% | 0.74% | 0.00% | -0.86% |
| Net Profit + | 7.34 | 8.76 | 18.33 | 1.21 | 6.30 | 4.99 | 6.02 | 11.27 | 3.52 | 3.51 | -6.81 | 5.74 | -6.91 |
| EPS in Rs | 6.67 | 7.96 | 16.66 | 1.10 | 5.72 | 4.53 | 5.47 | 10.24 | 3.20 | 3.19 | -6.19 | 5.22 | -6.28 |
Financials of TRF
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,113.30 | 961.92 | 550.26 | 431.96 | 223.09 | 185.45 | 113.95 | 127.14 | 177.10 | 139.96 | 120.73 | 85.03 |
| Expenses + | 1,197.13 | 946.16 | 584.87 | 575.02 | 314.15 | 339.47 | 151.40 | 131.01 | 118.62 | 104.29 | 91.27 | 76.30 |
| Operating Profit | -83.83 | 15.76 | -34.61 | -143.06 | -91.06 | -154.02 | -37.45 | -3.87 | 58.48 | 35.67 | 29.46 | 8.73 |
| OPM % | -7.53% | 1.64% | -6.29% | -33.12% | -40.82% | -83.05% | -32.87% | -3.04% | 33.02% | 25.49% | 24.40% | 10.27% |
| Other Income + | 101.16 | 11.52 | 42.68 | 44.86 | 120.48 | 9.75 | -14.89 | 13.85 | 50.18 | 17.11 | 18.05 | 4.53 |
| Interest | 58.04 | 56.51 | 47.76 | 48.95 | 60.88 | 37.43 | 38.00 | 30.62 | 24.75 | 13.86 | 14.06 | 14.82 |
| Depreciation | 13.75 | 9.65 | 5.53 | 4.99 | 3.39 | 3.30 | 2.74 | 2.42 | 2.01 | 2.24 | 2.52 | 2.91 |
| Profit before tax | -54.46 | -38.88 | -45.22 | -152.14 | -34.85 | -185.00 | -93.08 | -23.06 | 81.90 | 36.68 | 30.93 | -4.47 |
| Tax % | 15.77% | 5.32% | -46.70% | -11.84% | 0.03% | 0.02% | 0.03% | -0.04% | -8.16% | 5.67% | 16.62% | 0.00% |
| Net Profit + | -63.04 | -40.95 | -24.10 | -134.11 | -34.86 | -185.03 | -93.11 | -23.04 | 88.58 | 34.60 | 25.79 | -4.47 |
| EPS in Rs | -59.05 | -37.15 | -21.90 | -121.87 | -31.41 | -168.14 | -84.61 | -20.94 | 80.50 | 31.44 | 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% | 0.00% | 0.00% |
Financials of TRF
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 11.00 | 11.00 | 11.00 | 11.00 | 11.00 | 11.00 | 11.00 | 11.00 | 11.00 | 11.00 | 11.00 | 11.00 |
| Reserves | -27.20 | -59.73 | -92.38 | -211.83 | -237.89 | -416.63 | -508.18 | -531.21 | -411.63 | -394.55 | -366.54 | 73.37 |
| Borrowings + | 601.80 | 620.55 | 561.05 | 398.52 | 457.20 | 530.68 | 494.46 | 522.79 | 507.42 | 542.01 | 554.22 | 129.65 |
| Other Liabilities + | 782.03 | 730.48 | 717.91 | 893.01 | 450.16 | 445.16 | 427.21 | 365.21 | 207.14 | 151.05 | 140.64 | 134.76 |
| Total Liabilities | 1,367.63 | 1,302.30 | 1,197.58 | 1,090.70 | 680.47 | 570.21 | 424.49 | 367.79 | 313.93 | 309.51 | 339.32 | 348.78 |
| Fixed Assets + | 244.96 | 226.26 | 209.06 | 193.67 | 112.53 | 22.55 | 19.95 | 18.11 | 17.17 | 19.44 | 20.61 | 25.68 |
| CWIP | 0.03 | 0.15 | 0.75 | 0.78 | 1.48 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.94 | 2.30 |
| Investments | 0.23 | 18.01 | 17.72 | 18.90 | 27.95 | 0.43 | 0.75 | 0.74 | 61.69 | 65.56 | 19.86 | 226.12 |
| Other Assets + | 1,122.41 | 1,057.88 | 970.05 | 877.35 | 538.51 | 547.23 | 403.79 | 348.94 | 235.07 | 224.51 | 297.91 | 94.68 |
| Total Assets | 1,367.63 | 1,302.30 | 1,197.58 | 1,090.70 | 680.47 | 570.21 | 424.49 | 367.79 | 313.93 | 309.51 | 339.32 | 348.78 |
Financials of TRF
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 57.61 | 1.83 | 110.51 | 55.22 | -106.99 | -55.75 | 20.96 | -37.68 | 83.10 | 33.90 | 93.56 | -0.07 |
| Cash from Investing Activity + | 46.96 | 3.89 | 2.06 | 25.19 | 134.12 | 1.47 | 60.51 | 6.33 | -50.12 | 14.80 | -110.85 | -45.06 |
| Cash from Financing Activity + | -87.69 | -33.54 | -109.49 | -70.01 | -10.91 | 63.92 | -79.13 | 8.93 | -30.31 | 0.49 | -0.62 | -0.61 |
| Net Cash Flow | 16.88 | -27.82 | 3.07 | 10.40 | 16.21 | 9.65 | 2.35 | -22.42 | 2.66 | 49.20 | -17.91 | -45.74 |
| Free Cash Flow | 104.41 | -7.34 | 112.85 | 52.02 | -109.64 | -56.51 | 20.55 | -37.26 | 81.81 | 28.98 | 89.76 | -8.47 |
| CFO/OP | -60% | 5% | -336% | -46% | 118% | 33% | -53% | 883% | 122% | 112% | 327% | 11% |
Financials of TRF
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 208.72 | 242.12 | 365.87 | 321.27 | 489.64 | 433.12 | 615.90 | 400.20 | 129.80 | 258.34 | 93.12 | 107.44 |
| Inventory Days | 143.34 | 147.51 | 243.40 | 130.41 | 354.96 | 434.34 | 553.66 | 245.46 | 228.81 | 129.50 | 657.82 | |
| Days Payable | 220.40 | 243.33 | 459.32 | 401.36 | 1,051.21 | 1,568.55 | 2,396.25 | 1,473.33 | 1,378.16 | 1,050.07 | 1,972.88 | |
| Cash Conversion Cycle | 131.65 | 146.29 | 149.95 | 50.32 | -206.61 | -701.09 | -1,226.69 | -827.68 | -1,019.54 | -662.23 | 93.12 | -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 | 729.48 |
| ROCE % | -6.35% | 3.12% | -0.37% | -30.34% | -5.21% | -83.07% | -58.48% | 188.39% | 37.59% | 21.81% | 10.54% |
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