TRF (TRF) is loss-making over the last 12 months, losing ₹4.47 Cr, so a P/E ratio does not apply. Its share price on 6 Nov 2026 was ₹200.79, 40% below its 52-week high. Sales fell 21% a year over 3 years. Its net worth is negative, as liabilities exceed assets, and borrowings are ₹130 Cr. It is a small-cap company with a market cap of ₹221 Cr, ranked 93rd of 138 Specialty Industrial Machinery companies by market cap; the shares fell 38% over the past year.
- ₹203.15
- ₹204.52
- ₹197.66
- ₹204.87
- 6.8K
Health check
- ReturnsBehind
−37.9% over a year, better than 0 of 7 peers.
- Price tagNegative equity
Book value is below zero, so P/E and P/B mislead here.
- GrowthShrinking
Sales −21.2% a year over 3 years.
- ProfitabilityDistorted
With negative net worth, return ratios are meaningless.
- Balance sheetStretched
Negative net worth: liabilities exceed assets.
- Red flags5 to check
Loss-making over the last twelve months.
Small cap
Defensive
Key metrics
- Market cap
- ₹221 Cr
- Small cap
- P/E
- 4.4
- Industry 33.8
- Price to book
- −0.62
- Peers 9.16
- Dividend yield
- 0.00%
- ROE
- −5.3%
- Peers 19.1%
- ROCE
- 4.3%
- Peers 24.8%
- Debt to equity
- 1.54
- Debt ₹130 Cr
- EPS (TTM)
- ₹45.94
- Face value ₹10
- OPM (TTM)
- 6.5%
- Net margin −5.3%
- Sales growth
- +60.9%
- Latest quarter vs a year ago
- Profit growth
- n/a
- Year-ago quarter not reported
- Price to sales
- 2.60
- EV/EBITDA 46.7
Strengths and risks
Strengths
- Quarterly sales up 60.9% on a year ago.
Risks to check
- Loss-making over the last twelve months.
- Negative net worth: liabilities exceed assets.
- Return on equity is low at −5.3%.
- Debt is 1.54× equity.
- 40% below its 52-week high.
About TRF
TRF Limited undertakes turnkey projects of material handling in India. It operates in Products & Services and Project & Services segments. The company offers hydraulic cone and double roll crushers, load haul dumpers, roller screens, grab type ship unloaders, stacker cum reclaimers, unabalance motor feeders and screens, rotary plough and apron feeders, travelling wagon and side discharge loaders, goose neck level luffing crane, ring granulators, rotary…
- Headquarters
- Jamshedpur
- Employees
- 354
- Sector
- Industrials
- ISIN
- INE391D01019
- Website
- trf.co.in
Price range
- Avg volume (3M)
- 21.7K
- 1-year return
- minus 37.9%
- From 52-week high
- minus 39.7%
Peers · Specialty Industrial Machinery
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHELBharat Heavy Electricals | 418.80 | plus 0.17% | 1,45,829 | 50.6 | 74.6 | 6.6% | 10.1% | 0.22 | 13.5% | plus 56.4% |
| ABBABB India | 6,774.00 | plus 2.20% | 1,43,547 | 92.3 | 68.2 | 28.5% | 13.8% | 0.02 | 15.4% | plus 26.4% |
| SIEMENSSiemens | 3,560.00 | plus 3.73% | 1,26,779 | 86.1 | 59.3 | 16.5% | 10.4% | 0.02 | 3.0% | plus 10.0% |
| CUMMINSINDCummins India | 4,048.80 | minus 0.25% | 1,12,233 | 49.8 | 41.7 | 35.0% | 19.1% | 0.00 | 16.1% | minus 6.0% |
| GVT&DGE Vernova T&D India | 4,018.00 | minus 3.06% | 1,02,879 | 71.3 | 56.6 | 58.5% | 26.5% | 0.01 | 31.1% | plus 31.7% |
| SUZLONSuzlon Energy | 38.80 | plus 0.54% | 53,337 | 23.7 | 17.3 | 24.8% | 16.7% | 0.07 | 41.4% | minus 35.7% |
| AIAENGAIA Engineering | 3,113.60 | minus 2.77% | 29,056 | 23.5 | 19.6 | 19.9% | 27.4% | 0.00 | −3.4% | minus 3.9% |
| TRFTRF | 200.79 | minus 1.99% | 221 | 4.4 | – | – | −34.9% | 1.54 | – | minus 37.9% |
| Median of 7 peers | – | 0.17% | 1,12,233 | 50.6 | 56.6 | 24.8% | 16.7% | 0.02 | 15.4% | 10.0% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 |
|---|---|---|---|---|---|---|
| – | 22.3 | 19.9 | 19.4 | 26 | 36 | |
| – | 17.2 | 13.1 | 25.4 | 24.8 | 31.4 | |
| 7 | 5.2 | 6.8 | −6 | 1.3 | 4.5 | |
| – | 23.2% | 34.0% | −30.9% | 4.9% | 12.6% | |
| 0 | – | 3.7 | 3.8 | 4.7 | 97.2 | |
| 2.8 | – | 3.8 | 4 | 4.6 | 4.5 | |
| 0.7 | – | 0.8 | 0.8 | 0.8 | 0.8 | |
| – | – | −0.1 | – | 1.3 | −46.5 | |
| 3.5 | – | 5.7 | −7 | 1.9 | 49.9 | |
| – | – | 0.0% | 0.8% | – | 0.1% | |
| 3.5 | – | 5.7 | −6.9 | 1.9 | 49.8 | |
| 3.19 | – | 5.22 | -6.28 | 1.71 | 45.30 |
Profit & loss
- Sales CAGR 3Y
- −21.2%
- ROE
- −5.3%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 174 | 139 | 120 | 85 | |
| – | minus 20.3% | minus 13.4% | minus 29.1% | |
| 115 | 104 | 89.9 | 73.2 | |
| 58.8 | 34.9 | 30 | 11.8 | |
| 33.8% | 25.2% | 25.1% | 13.9% | |
| 44.3 | 16.5 | 11 | 10.4 | |
| 22.8 | 13.2 | 13.7 | 14.7 | |
| 2 | 2.2 | 2.5 | 2.9 | |
| 2.6 | 5.7 | 6.1 | −9.1 | |
| 80.8 | 41.7 | 30.9 | −4.5 | |
| −8.3% | 5.0% | 16.6% | 0.1% | |
| 88.6 | 34.6 | 25.8 | −4.5 | |
| – | minus 60.9% | minus 25.5% | minus 117.3% | |
| 71.14 | 31.45 | 23.44 | -4.06 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 459 | 434 | 450 | 450 | |
| −884 | −817 | −806 | −805 | |
| 18.4 | 53 | 40.2 | 54.6 | |
| 721 | 640 | 655 | 649 | |
| 314 | 310 | 339 | 349 | |
| 17.2 | 19.4 | 21.3 | 27.8 | |
| – | – | 0.9 | 2.3 | |
| 0.8 | 0 | 27.2 | 12.9 | |
| 83.4 | 137 | 212 | 238 | |
| 213 | 153 | 78.3 | 67.7 | |
| 314 | 310 | 339 | 349 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 83.1 | 33.9 | 93.6 | −0.1 | |
| −52.2 | 15.6 | −113 | −45.1 | |
| −30.3 | 0.5 | −0.6 | −0.6 | |
| 0.6 | 50 | −20 | −45.7 | |
| −1.3 | −4.9 | −3.8 | −8.4 | |
| 81.8 | 29 | 89.8 | −8.5 |
Shareholding pattern
- Promoters34.12%
- Public65.88%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 34.12% | 65.88% | 0.00 | |
| 30 Jun 2026 | 34.12% | 65.88% | 0.00 | |
| 31 Mar 2026 | 34.12% | 65.88% | 0.00 | |
| 31 Dec 2025 | 34.12% | 65.88% | 0.00 | |
| 30 Sep 2025 | 34.12% | 65.88% | – |
Major shareholders
Filings & events
News
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