TRF Limited

: TRF · Industrial Products

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Snapshot

Unlock TRF Limited's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

TRF Limited is a Tata Group company specialising in the design, engineering, and execution of turnkey material handling projects for the infrastructure sector. The company operates manufacturing and design facilities in Jamshedpur, focusing on electromechanical equipment, industrial fabrication, and life cycle services.

Business Model

The company generates revenue through the provision of end-to-end material handling solutions, including the manufacturing of equipment and the delivery of design, engineering, and supervision services. It leverages its association with the Tata Group to secure electromechanical contracts within the bulk material handling industry.

  • Tata Steel Stake:34.11%
  • Incorporation Year:1962

Growth Outlook

Growth is primarily driven by the demand for infrastructure development and the requirement for industrial material handling solutions in the domestic market. The company focuses on leveraging its established design and engineering capabilities to secure new electromechanical and fabrication projects.

Key Risks

  • Project Execution Risk. Delays in large-scale infrastructure projects can significantly impact the company's revenue recognition and working capital cycle.
  • Cyclicality of Infrastructure Sector. The company's performance is highly sensitive to the capital expenditure cycles and investment patterns within the Indian infrastructure and industrial sectors.
  • Raw Material Price Volatility. Fluctuations in the cost of steel and other industrial components can compress profit margins on fixed-price turnkey contracts.
  • Competitive Intensity. The material handling equipment market is highly competitive, potentially leading to pricing pressures and reduced contract profitability.

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Key Metrics

REVENUE

₹85 Cr

TTM · consolidated

-29.6%YoY

NET PROFIT

₹-4 Cr

TTM · consolidated

-117.3%YoY

EPS

₹-4.06

TTM · consolidated

-117.3%YoY

RETURN ON EQUITY

-5.3%

TTM · consolidated

-56.7 ppYoY

RETURN ON CAPITAL EMPLOYED

4.6%

TTM · consolidated

-21.7 ppYoY

P/E

-62.1x

Q4 FY26 · consolidated

-62.1 vs 8.0x5Y avg

EV/EBITDA

14.5x

Q4 FY26 · consolidated

14.5 vs 2.7x5Y avg

EBITDA MARGIN

29.0%

TTM · consolidated

-10.3 ppYoY

NET PROFIT MARGIN

-35.6%

Q4 FY26 · consolidated

-48.6 ppYoY

DEBT TO EQUITY

1.5x

Q4 FY26 · consolidated

+0.15xYoY

Peers · Industrial Products

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
TRF LimitedTRF
₹253 Cr-56.5215.00-29.6%29.0%-5.3%4.6%-26.4%
United Drilling Tools LimitedUNIDT
₹438 Cr21.3612.1726.4%19.7%7.5%11.3%+6.8%
BatliboiBATLIBOI
₹417 Cr24.3614.3229.5%7.5%6.6%7.7%-14.0%
True ColorsTRUECOLORS
₹374 Cr15.0%
FluidomatFLUIDOM
₹365 Cr17.3612.990.4%38.7%23.8%31.3%-22.1%
Cospower Engineering LimitedCOSPOWER
₹346 Cr12.6%+165.4%

As of Q4 FY26

Financials