TRF Limited (TRF)
₹232.40 +5.43% last close, 16 Oct
Q2 FY27 results
TRF Limited reported Q2 FY27 results on 13 Oct 2026: revenue ₹36.0 Cr (+60.9% year on year, +38.1% on the previous quarter), and net profit ₹49.8 Cr (against a loss a year earlier); the operating margin was 12.4%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹36.0 | +60.9% | +38.1% |
| Operating profit | ₹4.5 | -11.8% | +235.4% |
| Net profit | ₹49.8 | from loss | — |
| EPS (₹) | 45.30 | from loss | — |
| Operating margin | 12.4% | — | — |
- Turnaround: profit against a loss a year ago
- Operating margin contracted 1027 bps YoY
- All of pre-tax profit came from other income or one-off items
- Exceptional items of ₹-46.5 Cr in the quarter
- H1 FY27 operating cash flow was negative despite a profit
Quality of profit: none of the pre-tax profit of ₹49.9 Cr came from the core business; all of it came from other income and one-off items.
Share price since the results: +8.2% (close before the filing to the latest close).
TRF delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 48.17% of the TRF shares traded on NSE were taken to delivery, against the stock's own 20-session average of 65.08%. The price rose 5.43% on unusually low delivery, so more of the move than usual was intraday trading. It traded 2.4 times its average daily volume.
Delivery in the last 5 sessions: 51.5% · 54.0% · 25.0% · 51.1% · 48.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
TRF reported standalone revenue from operations of ₹35.96 Cr (₹3,595.50 Lakhs) for Q2 ended September 30, 2026, marking a 60.9% increase compared to ₹22.34 Cr in Q2 FY26 (30.09.2025). Six-month revenue stood at ₹61.99 Cr, compared to ₹45.76 Cr in the prior-year period. In consolidated operations, the company derecognised overseas subsidiaries (TRF Singapore and TRF Holdings) under voluntary liquidation, leading to a non-cash reclassification of ₹48.74 Cr (₹4,873.87 Lakhs) foreign exchange translation reserve into profit or loss as an exceptional item.
- Standalone revenue from operations for Q2 reached ₹35.96 Cr vs ₹22.34 Cr in Q2 prior year
- Standalone total income for H1 ended Sep 30, 2026 stood at ₹72.07 Cr vs ₹52.33 Cr in H1 prior year
- Voluntary liquidation of Singapore subsidiaries triggered a non-cash exceptional reclassification of ₹4,873.87 Lakhs from foreign exchange translation reserve
- Cost of raw materials consumed rose to ₹10.43 Cr (₹1,043.19 Lakhs) for the quarter vs ₹1.15 Cr in the year-ago period
TRF Limited has announced a transition in its senior management personnel effective September 15, 2026. Mr. Abhijeet Singh has stepped down as Chief Human Resources Officer to take up another assignment within the Tata Steel Group. Ms. Shubhra Singh, who brings over 20 years of experience with Tata Steel Limited, has been appointed as the new CHRO. This transition reflects standard personnel movement within the broader Tata Group ecosystem.
- Cessation of Mr. Abhijeet Singh as Chief Human Resources Officer effective September 15, 2026
- Appointment of Ms. Shubhra Singh as Chief Human Resources Officer effective September 15, 2026
- Incoming CHRO Ms. Shubhra Singh holds over 20 years of experience at Tata Steel Limited
- Outgoing CHRO Mr. Abhijeet Singh is taking up an internal assignment within the Tata Steel Group
TRF Limited concluded its 63rd Annual General Meeting on August 6, 2026, with shareholders approving all six proposed resolutions. The most significant approval was for a material modification to a Related Party Transaction (RPT) with Tata Steel Utilities and Infrastructure Services Limited, valued at ₹30 crore. This transaction is highly material, representing approximately 35% of the company's TTM revenue of ₹85 crore. Other routine approvals included the adoption of FY26 financial statements and the re-appointment of Director Akshay Khullar.
- Shareholders approved a ₹30 crore Related Party Transaction with Tata Steel Utilities and Infrastructure Services Limited
- The ₹30 crore RPT represents approximately 35.3% of the company's TTM revenue of ₹85 crore
- All 6 resolutions, including the adoption of FY26 audited financial statements, were passed with requisite majority
- Public non-institutional shareholders voted 92.5% in favor of the material RPT modification
- The meeting was attended by 53 shareholders via video conferencing
TRF Limited's FY26 investor presentation highlights a continued revenue decline to ₹100 Cr, down from ₹160 Cr in FY24. The company is pivoting from external EPC projects to a dedicated OEM and service provider model for Tata Steel Limited (TSL) to reduce counterparty risk. Despite a reported PAT of ₹27 Cr in FY26, operating income plummeted to just ₹1 Cr, and negative retained earnings of ₹514 Cr continue to prevent dividend payments. The current order value stands at ₹32 Cr, which is approximately 38% of TTM revenue.
- Revenue declined by 37.5% over two years, falling from ₹160 Cr in FY24 to ₹100 Cr in FY26
- Operating income saw a sharp contraction to ₹1 Cr in FY26 from ₹30 Cr in FY24
- Negative retained earnings of ₹514 Cr remain a structural barrier to dividend declarations
- Modernization capex of ₹8 Cr was invested in new idler production machines and refurbishment
- Current order value is reported at ₹32 Cr, reflecting a smaller, more focused project pipeline
TRF Limited returned to profitability in Q1 FY27, posting a standalone net profit of ₹1.16 Cr compared to a significant loss of ₹6.30 Cr in the preceding quarter (Mar 2026). Revenue from operations grew 11.2% year-on-year to ₹26.03 Cr, primarily supported by the Products & Services segment. However, the company continues to grapple with high finance costs of ₹4.55 Cr, which consumed 17.5% of its quarterly revenue. Additionally, the company is streamlining international operations by initiating voluntary liquidation for its Singapore-based subsidiaries.
- Revenue from operations increased to ₹26.03 Cr from ₹23.42 Cr in the year-ago period.
- Turned profitable with a net profit of ₹1.16 Cr against a loss of ₹6.30 Cr in the previous quarter.
- Products & Services segment contributed ₹23.58 Cr to revenue, while Projects & Services remained loss-making at ₹(0.91) Cr.
- Finance costs rose to ₹4.55 Cr, up from ₹2.81 Cr in the same quarter last year.
- Recognized an exceptional impairment of ₹0.97 Cr related to its investment in a subsidiary.
TRF Limited has initiated the dispatch of physical letters to shareholders who have not registered their email addresses, providing them with the web-link to the 63rd Annual Report for FY 2025-26. The Annual General Meeting (AGM) is officially scheduled for Thursday, August 6, 2026. This filing is a procedural requirement under SEBI Regulation 36 to ensure all shareholders have access to the meeting notice and financial disclosures. Investors should note the company's TTM revenue stands at Rs 85 Cr with a net loss of Rs 4 Cr as they review the upcoming report.
- 63rd Annual General Meeting (AGM) scheduled for August 6, 2026
- Annual Report for FY 2025-26 being made available via physical letters to unregistered email holders
- Compliance filing under SEBI Regulation 36 and Regulation 30
- Company reported TTM revenue of Rs 85 Cr and a net loss of Rs 4 Cr
- Debt-to-Equity ratio remains high at 1.53 based on Rs 130 Cr debt
TRF Limited has scheduled its 63rd Annual General Meeting (AGM) for August 6, 2026. A key resolution involves increasing the Related Party Transaction (RPT) limit with Tata Steel Utilities and Infrastructure Services Limited from Rs 15.61 Cr to Rs 30 Cr for FY 2026-27. This Rs 30 Cr transaction is significant, representing approximately 35% of the company's TTM revenue of Rs 85 Cr. Additionally, the company is seeking approval for director commissions despite negative retained earnings, citing provisions for inadequate profits.
- 63rd AGM scheduled for August 6, 2026, to adopt FY26 financial statements.
- Proposed increase in RPT value with Tata Steel Utilities to Rs 30 Cr, up from the previously approved Rs 15.61 Cr.
- The modified RPT value of Rs 30 Cr represents ~35.3% of the company's TTM revenue of Rs 85 Cr.
- Proposed ratification of Cost Auditor remuneration at Rs 2 lakh for FY 2026-27.
- Seeking approval for Non-Executive Director commissions up to 1% of net profits for a 3-year period.
TRF Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. This document confirms that the company has processed and reported all share dematerialization requests for the quarter ended June 30, 2026, to the stock exchanges (BSE and NSE) and depositories (NSDL and CDSL). This is a standard procedural filing required for all listed entities to ensure shareholding records are accurately maintained. Financially, the company remains in a recovery phase with a TTM revenue of ₹85 Cr and a net loss of ₹4 Cr.
- Compliance certificate submitted for the quarter ended June 30, 2026
- Confirmation of adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Reporting completed for both NSDL and CDSL depositories within specified timelines
- Company maintains a TTM revenue base of ₹85 Cr as of the latest financial context
TRF Limited has announced that its 63rd Annual General Meeting (AGM) will be held on August 6, 2026, at 11:30 a.m. IST. The meeting will be conducted virtually via video conferencing. This is a routine administrative filing following a period where the company reported a TTM revenue of Rs 85 Cr and a net loss of Rs 4 Cr. Investors should focus on management commentary during the meeting regarding the company's high debt-to-equity ratio of 1.53.
- 63rd Annual General Meeting scheduled for August 6, 2026
- Meeting to be held via Video Conferencing starting at 11:30 a.m. IST
- Company reports a TTM revenue of Rs 85 Cr against a debt of Rs 130 Cr
- Debt-to-equity ratio stands at 1.53 as per latest financial context
TRF Limited has announced the closure of its trading window for all designated persons starting June 24, 2026. This action is taken in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the finalization of financial results for the quarter ending June 30, 2026. The trading window will remain closed until 48 hours after the financial results are declared to the stock exchanges. This is a standard regulatory procedure and does not impact the company's day-to-day operations.
- Trading window closure effective from Wednesday, June 24, 2026.
- Closure is related to the financial results for the quarter ending June 30, 2026.
- Trading window to reopen 48 hours after the official declaration of financial results.
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.
TRF Limited has successfully appealed a tax demand issued by the State Tax Officer, Jajpur Circle, Odisha, for the period FY 2021-22. The original demand of ₹283.35 lakh, which was based on alleged suppression of taxable turnover, has been significantly reduced to ₹22.30 lakh following the company's submissions to the Appellate authority. The company received the modified order on June 18, 2026, and intends to pursue further legal remedies against the remaining demand.
- Original tax demand of ₹283.35 lakh for FY 2021-22 was issued in December 2025.
- Appellate authority reduced the demand to ₹22.30 lakh, representing a reduction of approximately 92%.
- The dispute relates to alleged suppression of taxable turnover leading to short payment of taxes.
- Company is continuing legal proceedings to challenge the remaining liability of ₹22.30 lakh.
TRF Limited has received shareholder approval via postal ballot for material related party transactions (RPT) for FY 2026-27. The primary resolution involves transactions with its promoter, Tata Steel Limited, for an aggregate value of up to ₹314 crore for the purchase/sale of goods and services. A second resolution for transactions with Tata Steel Utilities and Infrastructure Services Limited was also approved. Both resolutions passed with a 99.02% majority of the votes cast by public shareholders, ensuring operational continuity within the Tata ecosystem.
- Shareholders approved material RPTs with Tata Steel Limited for an aggregate value up to ₹314 crore for FY 2026-27.
- Approved transactions with Tata Steel Utilities and Infrastructure Services Limited for operational requirements.
- Both ordinary resolutions were passed with a 99.02% majority of the votes polled.
- Promoter and Promoter Group (holding 37,55,235 shares) abstained from voting as they were interested parties.
- The voting process was conducted via remote e-voting from May 15, 2026, to June 13, 2026.
Tata Steel Limited, the promoter of TRF Limited, has issued a formal declaration under Regulation 31(4) of the SEBI (SAST) Regulations, 2011. The disclosure confirms that the promoter group, along with Persons Acting in Concert (PACs), did not create any direct or indirect encumbrances on their shareholding during the financial year 2025-26. This is a standard annual compliance filing required to maintain transparency regarding promoter share pledges. It indicates that the promoter's stake remains free of new liens or pledges beyond what was previously disclosed.
- Tata Steel Limited filed the annual disclosure under Regulation 31(4) of SEBI (SAST) Regulations, 2011.
- The declaration confirms zero new encumbrances were made on TRF Limited shares during the FY 2025-26 period.
- The filing covers the entire promoter group and all Persons Acting in Concert (PACs).
- This disclosure is a mandatory yearly transparency requirement for Indian listed entities.
Tata Steel Limited, the promoter of TRF Limited, has submitted its annual disclosure under Regulation 31(4) of the SEBI (SAST) Regulations, 2011. The company confirmed that it, along with Persons Acting in Concert (PACs), did not create any direct or indirect encumbrances on TRF Limited shares during the financial year 2025-26. This filing is a routine annual compliance requirement intended to provide transparency regarding promoter shareholding. It reassures investors that the promoter's stake has not been further pledged or encumbered during the period.
- Tata Steel Limited filed the annual disclosure under Regulation 31(4) of SEBI (SAST) Regulations, 2011.
- The declaration confirms no new encumbrances were made on TRF Limited shares during the FY 2025-26 period.
- The disclosure covers the promoter group and all Persons Acting in Concert (PACs).
- This is a standard regulatory filing ensuring transparency in promoter shareholding patterns.
TRF Limited has initiated a postal ballot to seek shareholder approval for material related party transactions (RPTs) scheduled for FY2026-27. The largest proposal involves operational transactions with its promoter, Tata Steel Limited, valued at up to ₹314 crore. A second proposal seeks approval for transactions worth ₹15.61 crore with Tata Steel Utilities and Infrastructure Services Limited. These transactions cover the purchase and sale of goods and services essential for the company's ongoing business operations.
- Proposed operational transactions with Tata Steel Limited capped at ₹314 crore for FY2026-27
- Proposed transactions with Tata Steel Utilities and Infrastructure Services Limited capped at ₹15.61 crore
- Transactions include purchase/sale of goods and rendering/receiving of services at arm's length
- Remote e-voting period is set from May 15, 2026, to June 13, 2026
- Approval is sought via Ordinary Resolutions as per SEBI Listing Regulations
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.
Geographic Concentration Risk
Heavy concentration in India, specifically Jamshedpur, with minor operations in Singapore.
Third Party Dependencies
Critical dependency on Tata Steel Limited for raw materials, funding (ICDs/Preference shares), and 100% of current order forecasts.
Technology Obsolescence Risk
Risk managed through the introduction of new variants in the material handling equipment portfolio over the last six decades.
Credit & Counterparty Risk
Credit risk is concentrated in old legacy project debtors (INR 11.18 Cr) and retention money released only after performance guarantee tests.
