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TRF - TRF

📊 NSE: TRF 🏢 Engineering 📅 Last Updated: 12/14/2025 14:32

📢 Recent Corporate Announcements

TRF Limited Company Secretary and KMP Prasun Banerjee Resigns Effective March 1, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 01 Mar 2026, 06:14 PM

TRF Limited has announced the resignation of Mr. Prasun Banerjee from the positions of Company Secretary, Compliance Officer, and Key Managerial Personnel. The resignation is effective from the close of business on March 1, 2026, and is cited as being for personal reasons. Mr. Banerjee had held these responsibilities since August 3, 2021, completing a tenure of approximately 4.5 years. The company will need to appoint a successor to manage its regulatory and secretarial compliance obligations.

Resignation of Mr. Prasun Banerjee as Company Secretary, Compliance Officer, and KMP.
The resignation is effective from the end of day on March 1, 2026.
The official reason provided for the departure is personal reasons.
Mr. Banerjee served in this capacity for over 4 years, having been appointed on August 3, 2021.

💡 This is a routine administrative change and does not impact the company's core operations or financial health. Investors should monitor for the appointment of a new Compliance Officer to ensure continued adherence to SEBI regulations.

TRF Limited Announces Resignation of Company Secretary Prasun Banerjee

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 01 Mar 2026, 06:12 PM

TRF Limited has informed the exchanges that Mr. Prasun Banerjee has resigned from his position as Company Secretary, Compliance Officer, and Key Managerial Personnel (KMP). The resignation is effective from the close of business on March 1, 2026, and is attributed to personal reasons. Mr. Banerjee had been serving in this capacity since August 3, 2021. The company will need to appoint a successor to ensure continued regulatory compliance and administrative oversight.

Mr. Prasun Banerjee resigned as Company Secretary and Compliance Officer effective March 1, 2026.
The resignation marks the end of a tenure that began on August 3, 2021.
The departure is categorized as a change in Key Managerial Personnel (KMP) under SEBI regulations.
The company cited personal reasons for the resignation with no other material concerns reported.

💡 This is a routine administrative change and should not impact the company's core operations. Investors should watch for the appointment of a new Compliance Officer to ensure smooth regulatory filings.

TRF Limited Reports Q3 FY26 Net Profit of ₹11.69 Crore, Boosted by Exceptional Gains

🔵 WATCH ⭐ 7/10

EARNINGS 📅 29 Jan 2026, 05:09 PM

TRF Limited reported a standalone net profit of ₹11.69 crore for the quarter ended December 31, 2025, a 12.3% increase compared to ₹10.41 crore in the same quarter last year. However, revenue from operations declined by 14.7% YoY to ₹19.89 crore. The quarterly profit was significantly aided by an exceptional gain of ₹5.75 crore arising from capital reduction and impairment reversal in its Singapore subsidiary. For the nine-month period (9M FY26), net profit stands at ₹8.41 crore, down from ₹20.74 crore in 9M FY25, largely due to a one-time employee separation cost of ₹11.31 crore incurred earlier in the year.

Net Profit for Q3 FY26 stood at ₹11.69 crore vs ₹10.41 crore YoY.
Revenue from operations decreased to ₹19.89 crore from ₹23.31 crore in the year-ago period.
Exceptional gain of ₹5.75 crore recorded in Q3 due to capital reduction in TRF Singapore Pte. Ltd.
9M FY26 revenue dropped significantly to ₹65.65 crore from ₹93.63 crore in 9M FY25.
Employee benefit expenses for 9M FY26 reduced to ₹42.73 crore from ₹47.05 crore following a voluntary separation scheme.

💡 Investors should note that the current quarter's profit growth is driven by non-recurring exceptional items rather than operational performance. The declining revenue trend across both projects and products segments warrants a cautious approach until core business growth stabilizes.

TRF Limited Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jan 2026, 10:56 AM

TRF Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that the company has processed and reported all security dematerialization requests for the quarter ended December 31, 2025. These details have been provided to the depositories and the stock exchanges within the specified timelines. This is a mandatory administrative requirement to maintain accurate and transparent shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025
Adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
Confirmation of timely reporting of dematerialized securities to BSE and NSE

💡 No action is required as this is a routine regulatory filing. Investors should focus on the company's upcoming quarterly financial results for a better assessment of business performance.

TRF Limited Receives Tax Demand Order of ₹283.35 Lakh from Odisha Tax Authorities

🔴 NEGATIVE ⭐ 4/10

LEGAL 📅 31 Dec 2025, 04:02 PM

TRF Limited has received a demand order from the State Tax Officer, Jajpur Circle, Odisha, totaling ₹283.35 lakh. The order, dated December 30, 2025, alleges suppression of taxable turnover for the financial year 2021-22, leading to a short payment of taxes. The demand includes the principal tax amount along with interest and penalties. The company has expressed its intention to file an appeal against this order before the appropriate authorities.

Total demand amount of ₹283.35 lakh includes tax, interest, and penalty.
Order issued by State Tax Officer, Jajpur Circle, Odisha for the period 2021-22.
Allegation involves suppression of taxable turnover resulting in short payment of taxes.
Company is initiating steps to appeal the order before the appropriate forum.

💡 Investors should monitor the outcome of the appeal as a final unfavorable ruling would impact the company's cash flows by ₹2.83 crore. This is a moderate legal development and does not currently affect core operations.

TRF Limited to Close Trading Window from Dec 25 for Q3 FY26 Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Dec 2025, 05:58 PM

TRF Limited has announced the closure of its trading window for all designated persons starting December 25, 2025. This action is taken in compliance with SEBI insider trading regulations ahead of the finalization of financial results for the quarter and nine months ending December 31, 2025. The trading window will remain closed until 48 hours after the financial results are officially declared to the stock exchanges. This is a standard regulatory procedure and does not indicate any fundamental change in the company's operations.

Trading window closure effective from Thursday, December 25, 2025.
Closure is related to the financial results for the period ending December 31, 2025.
Window to reopen 48 hours after the official announcement of financial results.
Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 No action is required as this is a routine regulatory filing. Investors should monitor for the upcoming board meeting date when the actual financial results will be discussed.

TRF Limited appoints Animesh Upadhyay as CFO effective Dec 12, 2025

🟡 NEUTRAL ⭐ 5/10

MANAGEMENT 📅 11 Dec 2025, 05:55 PM

TRF Limited has announced the appointment of Mr. Animesh Upadhyay as the Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) effective December 12, 2025. This follows the resignation of Mr. Anand Chand from the same position, effective December 11, 2025. Mr. Chand is stepping down to pursue other opportunities within the Tata Steel Group after serving as CFO and KMP since November 16, 2021. Mr. Upadhyay brings close to 21 years of experience in finance and accounts.

Animesh Upadhyay appointed as CFO & KMP effective December 12, 2025
Anand Chand resigned as CFO & KMP effective December 11, 2025
Anand Chand was appointed as CFO and KMP effective November 16, 2021
Animesh Upadhyay has close to 21 years of experience

💡 Investors should monitor the performance and strategic direction under the new CFO. No immediate action is required, but stay informed about future company updates.

TRF Limited: CFO Anand Chand Resigns, Animesh Upadhyay Appointed

🟡 NEUTRAL ⭐ 5/10

MANAGEMENT 📅 11 Dec 2025, 05:51 PM

TRF Limited announced the resignation of Mr. Anand Chand as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), effective December 11, 2025. Mr. Chand is leaving to pursue opportunities within the Tata Steel Group, after serving as CFO since November 16, 2021. The Board has appointed Mr. Animesh Upadhyay as the new CFO and KMP, effective December 12, 2025. Mr. Upadhyay brings 21 years of experience in finance and accounts.

Anand Chand resigned as CFO effective December 11, 2025.
Anand Chand was appointed as CFO on November 16, 2021.
Animesh Upadhyay appointed as CFO effective December 12, 2025.
Animesh Upadhyay has close to 21 years of experience.

💡 Investors should monitor the transition of leadership and any potential impact on the company's financial strategy. While this is a management change, observe if there are any shifts in company performance or guidance in the coming quarters.

View All TRF Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

In FY25, the Projects & Services segment revenue grew 61.8% to INR 15.65 Cr (from INR 9.67 Cr), while the Products & Services segment revenue declined 21.7% to INR 105.33 Cr (from INR 134.46 Cr). Overall operating income declined 20.5% YoY in FY24 to INR 140.69 Cr from INR 177.10 Cr in FY23.

Geographic Revenue Split

TRF Singapore Pte Limited reported a turnover of SGD 338.24k (approx. INR 2.15 Cr) for FY25, contributing roughly 1.7% to consolidated turnover. TRF Holdings Pte Limited reported zero turnover.

Profitability Margins

Net Profit Margin for FY25 was 22.88%, a decline from 28.08% in FY24. Operating Profit Margin for FY25 stood at 22.37%, down from 23.45% in FY24. Total comprehensive profit for FY25 was INR 28.01 Cr, a 33.4% decrease from INR 42.08 Cr in FY24.

EBITDA Margin

PBILDT margins were 29.78% in 9MFY24 and 33.02% in FY23. The high margins in FY23 were partially supported by a write-back of provisions amounting to INR 40 Cr from legacy projects.

Capital Expenditure

Not disclosed in available documents; however, the company repaid INR 57 Cr of long-term debt and INR 107 Cr of working capital borrowings in FY23 using proceeds from preference share issuances.

Credit Rating & Borrowing

Long-term bank facilities are rated CARE A-; Stable (reaffirmed Feb 2024). Borrowing costs are linked to preference shares: 12.17% for INR 239 Cr NCRPS and 12.5% for INR 250 Cr NCRPS issued to Tata Steel Limited.

⚙️ Operational Drivers

Raw Materials

Steel is the primary raw material used for manufacturing material handling equipment; specific percentage of total cost is not disclosed.

Import Sources

Sourced domestically within India, specifically from Jamshedpur due to proximity to the supplier.

Key Suppliers

Tata Steel Limited (TSL) is the primary supplier of raw materials (steel) and also provides shared resources for fixed overhead management.

Capacity Expansion

Current installed capacity is not specified in MT; however, the company operates a manufacturing facility at Jamshedpur for bulk material handling equipment.

Raw Material Costs

Raw material costs are exposed to fluctuations in steel commodity prices; procurement is strategically linked to Tata Steel Limited to maintain a competitive advantage.

Manufacturing Efficiency

Efficiency is driven by the proximity of the TRF plant to the TSL plant, reducing logistics costs and improving service levels for the primary customer.

📈 Strategic Growth

Growth Strategy

The company is shifting focus from external tender-driven EPC projects to providing dedicated services and products to Tata Steel Limited (TSL). Growth is contingent on TSL's planned capital expenditure, scaling up operations to meet TSL's internal requirements, and improving the execution of projects within estimated cost structures.

Products & Services

Crushers, screens, feeders, sectional and mine conveyors, vibrating screens, and EPC turnkey projects for bulk material handling systems.

Brand Portfolio

TRF, Tata-Robins-Fraser.

New Products/Services

Introduction of new variants in the material handling equipment portfolio; specific revenue contribution percentages for new variants are not disclosed.

Market Expansion

The company has historically expanded into international markets (Singapore), but current strategy forecasts providing services primarily to TSL in the coming years.

Strategic Alliances

Strong operational and financial linkages with Tata Steel Limited (34.12% stake); treasury departments of both companies are undergoing a merger to provide liquidity cushions.

🌍 External Factors

Industry Trends

The material handling industry is evolving with intense competition from domestic and international players. TRF is positioning itself as a captive-like provider for TSL to mitigate the risks of aggressive tender-based bidding.

Competitive Landscape

Key competitors include Elecon Engineering Co Ltd, L&T, and ThyssenKrupp.

Competitive Moat

Moat is based on the 60-year track record and deep integration with the Tata Group. Sustainability is high as long as TSL continues its capex, but the moat is narrow regarding external clients due to intense competition.

Macro Economic Sensitivity

Highly sensitive to infrastructure development cycles in the power, steel, cement, ports, and mining industries.

Consumer Behavior

Shift in industrial demand toward customized, high-efficiency material handling systems in the infrastructure sector.

Geopolitical Risks

Exposure to international market conditions through Singapore-based subsidiaries TRF Singapore Pte Ltd and TRF Holdings Pte Ltd.

⚖️ Regulatory & Governance

Industry Regulations

Operations must comply with the Companies Act 2013 and Rule 9 of the Companies Rules 2014 as per the Secretarial Audit Report.

Taxation Policy Impact

Provision for tax in FY25 for TRF Singapore Pte Ltd was SGD 513.95k.

Legal Contingencies

The company faces challenges in collecting old debtors due to underlying contractual issues, with INR 11.18 Cr still outstanding from legacy projects as of Sept 2024. Accumulated losses stood at INR 550 Cr as of FY24.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the potential weakening of linkages with Tata Steel Limited, which would significantly impact order inflows and financial support.