TRF Ltd(TRF)

NSE: TRFBSE: 505854

₹ 197.3-5.60%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 217 crWebsite: www.trf.co.inUpdated: 24 Oct 2026

About

TRF Ltd supplies bulk material handling equipment and spares, mainly to Tata Steel and Tata Group companies. It moved away from external turnkey EPC projects to this model. In FY26 it reported revenue of Rs 85.03 crore, and Products and Services made up 93.8% of segment revenue.^[1][2][3]

Business segments

Products and Services: Rs 80.14 cr revenue, 93.8% of segment revenue in FY26, with an EBIT margin of 12.6%.^[3]
Projects and Services: Rs 5.31 cr revenue, 6.2% of segment revenue in FY26, with an EBIT margin of 16.8%.^[3]

Products and business model

TRF supplies bulk material handling equipment and spares to Tata Steel and Tata Group companies, covering both capital-expansion work and maintenance spares (as of Q1 FY26).^[1]
In Q4 FY26 TRF restarted its OEM product and spares business, aiming its material handling solutions at 15 new industries.^[4]

Operations and output

FY25 output: 2,386 MT of works manufacturing, over 59,000 idlers and 997 MT of external project output.^[1]
Modernisation in FY26: about Rs 8 cr of capex, which installed 3 new idler production machines and refurbished 6 critical machines.^[4]

Customers

TRF depends on Tata Steel for orders and capital, and its FY26 annual report credits Tata Steel's orders and capital infusion for the improvement in its business.^[5]
Related-party services from TSUISL are set to rise to Rs 3,000 lakh in FY27, equal to 35.28% of the prior year's consolidated turnover.^[5]

Strategy

From FY27, growth is planned around the Tata Steel ecosystem, offering tailored solutions for Tata Steel's plant expansion and for other Tata group companies.^[4]
TRF also plans OEM-led growth, selling its own proprietary products to customers outside the Tata group.^[4]
Management is focusing on collecting dues from customers faster and on reducing costs and making better use of assets (FY26 annual report).^[5]

Recent developments

In FY25 TRF formally closed 4 legacy external projects: Vizag Steel Plant, NTPC Barh, and BHEL's Wanakbori and Bhadradri projects.^[1]
Legacy loss-making contracts were closed as part of a push for efficiency (Q4 FY26 call).^[4]

Market Cap

₹217 Cr

High / Low

₹350 / 181

Stock P/E

4.3

Price / Book

2.4

Book Value

₹77

EPS

₹-4.1

No. of Shares

1.1 Cr

ROCE

10.5%

ROE

-5.3%

OPM

21.5%

Debt / Equity

1.53

Sales

₹85 Cr

Net Profit

₹-4 Cr

Promoter holding

34.1%

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