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TRF Ltd - Stock Valuation and Financial Performance

BSE: 505854 | NSE: TRF | Engineering - Industrial Equipments | Small Cap

TRF Share Price

392.75 11.15 2.92%
as on 16-Jul'25 16:59

TRF Ltd - Stock Valuation and Financial Performance

BSE: 505854 | NSE: TRF | Engineering - Industrial Equipments | Small Cap

DeciZen - make an informed investing decision on TRF

Overall Rating
M-Cap below 500cr. High Risk from low Liquidity Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Semi Strong

TRF stock performance -

mw4me loader
P/E Ratio (SA):
15.64
Market Cap:
432.2 Cr.
52-wk low:
287.8
52-wk high:
614

Is TRF Ltd an attractive stock to invest in?

1. Is TRF Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that TRF Ltd is a average quality company.

2. Is TRF Ltd undervalued or overvalued?

The key valuation ratios of TRF Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is TRF Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of TRF Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of TRF:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
TRF Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 8.9%-1%-45.8%-27.5%-77.2%-58.6%390.1%195.3%46.5%23.5%-
Value Creation
Index
NANANANANANANA13.02.30.7-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 540506352236186114127177140121121
Sales YoY Gr.--6.4%-30.5%-32.9%-21.3%-38.6%11.6%39.3%-21%-13.7%-
Adj EPS -7.2-22.3-149.3-113.5-119.6-61.8-15.379.742.425.125.1
YoY Gr.-NANANANANANANA-46.9%-40.7%-
BVPS (₹) -15.8-39.9-172.4-61-182.7-448.1-468.7-389.4-349.4-324.1-324.1
Adj Net
Profit
-7.9-24.6-164-125-132-68.1-16.887.746.627.628
Cash Flow from Ops. -23.564.322.6-123-58.929369.8894.7-
Debt/CF from Ops. -17.85.916.4-1.7-5.29.299.21.2151.2-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales -15.3%-8.2%-1.7%-13.7%
Adj EPS NANANA-40.7%
BVPSNANANANA
Share Price -1.6% 37% 44.8% -24.4%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
54.380.2140.697.298.229.16.1-64.9162.845.8-7.8
Op. Profit
Mgn %
1-1.2-41.5-32.3-53.2-28.7-2.3318.917.624.6
Net Profit
Mgn %
-1.5-4.9-46.7-52.9-70.9-59.7-13.249.533.322.922.9
Debt to
Equity
-24.1-8.7-2-3.2-1.5-1-14.43.11.41.4
Working Cap
Days
5375306397397931,098764373374389306
Cash Conv.
Cycle
209194241143173276-18-1053628130

Recent Performance Summary

Debt to equity has declined versus last 3 years average to 1.40

Return on Equity is Poor

Sales growth has been subdued in last 3 years -1.71%

Net Profit has been subdued in last 3 years 0.00%

Sales growth is not so good in last 4 quarters at -13.03%

Latest Financials - TRF Ltd.

Standalone Consolidated
TTM EPS (₹) 25.1 23.4
TTM Sales (₹ Cr.) 121 121
BVPS (₹.) -324.1 -323.1
Reserves (₹ Cr.) -368 -367
P/BV -1.21 -1.22
PE 15.64 16.76
From the Market
52 Week Low / High (₹) 287.75 / 614.00
All Time Low / High (₹) 7.65 / 1175.00
Market Cap (₹ Cr.) 432
Equity (₹ Cr.) 11
Face Value (₹) 10
Industry PE 57.5

Management X-Ray of TRF:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

No data found!

Key Ratios of TRF

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales540506352236186114127177140121
Operating Expenses 53851549932128614713012212899
Manufacturing Costs1261069967874330221914
Material Costs2942902309548343117164
Employee Cost 55485344525136616261
Other Costs 6271117115981833233020
Operating Profit 3-10-148-85-100-33-3551221
Operating Profit Margin (%) 0.5%-1.9%-42.0%-36.1%-54.0%-28.7%-2.4%31.0%8.9%17.6%
Other Income 3610678421534323
Interest 44464761373831251414
Depreciation 5443332223
Exceptional Items 00273601-5070
Profit Before Tax -10-49-166-106-133-68-20814728
Tax 0-22-200000-700
Profit After Tax -10-27-146-106-133-68-20884728
PAT Margin (%) -1.8%-5.3%-41.5%-44.8%-71.5%-59.6%-16.0%49.6%33.3%22.9%
Adjusted EPS (₹)-9.0-24.5-132.0-95.9-120.0-61.8-18.579.842.325.1
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund -17-44-190-67-201-267-290193882
Share Capital 1111111111237237459434450
Reserves -28-55-201-78-212-504-527-440-395-368
Minority Interest0000000000
Debt37432930317726624728484119115
Long Term Debt1156234243648808494115
Short Term Debt2602672691532301992040250
Trade Payables313311299246212177127634638
Others Liabilities 36333633921623823018310610396
Total Liabilities 1,033932752572515387305272306331

Fixed Assets

Gross Block39404041414240374041
Accumulated Depreciation591216192222202120
Net Fixed Assets34312825232018171921
CWIP 0000000001
Investments 1851851829292615611712882
Inventories13612884655941211064
Trade Receivables539448348279220192139639931
Cash Equivalents 1471225201426122
Others Assets12413399851027267624770
Total Assets 1,033932752572515387305272306331

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity -246423-123-5929370895
PBT -10-49-166-106-133-68-20814728
Adjustment 326088941163534-17-23-1
Changes in Working Capital -5256102-114-3959-8-9-1671
Tax Paid 6-2-22-33-3150-3
Cash Flow From Investing Activity 29630135034-3-57-3-94
Capex -10-10000-1-5-4
Net Investments 8031136033-3-551-90
Others 22600020001
Cash Flow From Financing Activity 1-78-53-464-82-1-12-1-1
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -26-42-11-6816-1320-5700
Interest Paid -40-42-44-61-37-38-25-14-1-1
Dividend Paid 0000000000
Others 676112585-3156000
Net Cash Flow 6-7095-18-1240
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)N/AN/AN/AN/AN/AN/AN/A000
ROCE (%)N/AN/AN/AN/AN/AN/AN/A195.2846.4523.5
Asset Turnover Ratio0.530.530.420.360.340.250.370.610.480.38
PAT to CFO Conversion(x)N/AN/AN/AN/AN/AN/AN/A0.80.173.39
Working Capital Days
Receivable Days347347411483489660476209211196
Inventory Days919310911412116089332115
Payable Days3823934841,0521,7302,0751,7632,0871,2473,772

TRF Ltd Stock News

TRF Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of TRF on 16-Jul-2025 16:59 is ₹392.8.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 16-Jul-2025 16:59 the market cap of TRF stood at ₹432.2.
The latest P/E ratio of TRF as of 16-Jul-2025 16:59 is 15.64.
The latest P/B ratio of TRF as of 16-Jul-2025 16:59 is -1.21.
The 52-week high of TRF is ₹614.0 and the 52-week low is ₹287.8.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of TRF is ₹120.7 ( Cr.) .

About TRF Ltd

TRF Limited was incorporated on November 20, 1962, as Tata Robins Fraser Ltd. It was promoted by Tata Steel and the Associated Cement Companies Ltd (ACC), in financial and technical collaboration with Hewitt-Robins Inc. (HR) of USA and the General Electric Company Ltd (GEC) – Fraser & Chalmers Division of UK.

TRF is part of the Tata Group of companies, comprising over 90 enterprises in seven business sectors having operations in 40 countries. Founded in the last quarter of the 19th century, at a time when India had just embarked on the road to independence, the Group's business opportunities are aligned with nation building. A pioneer in solutions for bulk material handling/processing systems and equipments, port and yard equipments, TRF undertakes turnkey projects for power and steel plants, ports, fertilisers and mining sectors. Over the last five decades, TRF's products and services have developed a market for themselves in the infrastructural sector in India and overseas. The company has several international collaborators and technology associates.

In 2012 TRF Acquired Balance Stake in York Transport Equipment(Asia), Singapore.

The company's operations are segregated into four divisions:

  • Bulk Material Handling Equipment Division specializes in the design and manufacture of a wide range of equipment, especially material handling, which is used in the infrastructure industries.
  • Bulk Material Handling Systems Division offers a complete package of material handling and allied systems and services on a turnkey basis, such as stamp-charging pushing systems for coke oven projects and coal dust injection systems for blast furnaces.
  • Port and Yard Equipment Division focuses on the design, supply, erection and the commissioning of bulk and unit material handling equipment for ports and stockyards including level luffing cranes, ship loaders and unloaders, container cranes, stacker-reclaimers and special purpose cranes for power and metallurgical plants. It also implements projects and provides engineering, procurement and construction management (EPC/M) services towards the setting up small and medium size plants, such as blast furnaces, sinter plants and coal washeries.
  • Design and Engineering- TRF with the help of application engineering, customises its products to specific application, ensuring customer satisfaction. Stressing on the constant need to improve performance and create a sense of reliability, TRF's specialists work towards integrating their expertise and tender specification with customer demand. Adding further value to the system, are regular feedback and suggestions from the company's overseas associates. Moreover, the extensive CAD networks, interfaced with business information systems, further facilitate the operation of key processes. The company also has an advanced design and analysis software, which ensure flexibility and speed in customising the designs of products and systems.

Product range of the company includes:

TRF Ltd products have established their own brand and a demand for themselves in the Indian infrastructure sector, such as power, steel, mining, cement and port, to mention a few.

Among its other activities are, implementation of projects on an EPC (engineering, procurement and construction) basis or providing EPCM (engineering, procurement, construction management) services towards the setting up of small and medium size plants, such as blast furnaces, sinter plants and coal washeries. 

  • Wagon Tippler & Side Arm Charger
  • Rotary Breakers
  • Ring Granulators
  • Imapctors, Jaw Crushers, Roll Crushers, Cone Crushers & Hammer Mills
  • Screens Vibro Pulse, Truflo Ultra Flo, Unbalanced Motor, Washery Screens
  • Rotary Plough Feeders, Belt Feeders
  • Vibrating Feeders
  • Shuttle Conveyor
  • Ship/ Barge Unloaders
  • Apron Feeders
  • Wagon Loaders
  • Travelling Tippers
  • Stacker & Barrel Reclaimers
  • Side Discharge Loaders
  • Load Haul Dumpers
  • Ladle Cranes
  • Level Luffling Cranes
  • Idlers & Pulley 
  • Ship Loaders

Subsidiary

TRF also owns a subsidiary, York TEA, Singapore, which produces and distributes trailer undergears, and has a market presence in 27 countries.

Achievements/ recognition

  • In 1976, The Government of India, Department of Science and Technology, recognized the Research and Development Department of TRF Ltd for a period of three years, valid till March 31, 1979.
  • 1987-88, The Company also introduced the ‘Stamp Charging Technology’, in association with SAARBERG Inter-plan, West Germany, for improving the quality of the coke oven batteries used in the steel plants.
  • In the years 1999 and 2000, the process of Tata Material Handling Systems Limited (TMHS) and Tata Technodyne Limited (TTDL) with TRF started2001-02: The JRD Tata Learning Centre was inaugurated on the TRF premises, thus addressing the long- standing need of an essential facility required for imparting knowledge to the TRF employees.
  • 2003-04: the Port & Yard Equipment Division- its Quality Management System was certified under ISO 9001:2000 standards.
  • TRF was awarded the SERIOUS ADOPTION OF TBEM AWARD 2005, based on their performance in the TBEM External Assessment in 2005
  • 2006-07: The Company secured a conveyor system and equipment for raw material handling system from Tata Steel.
  • The awards and recognitions at TRF Ltd are tuned towards encouraging the individual to attain higher flights of performance, which lead to the growth and prosperity the company as well. The Tata Business Excellence Model (TBEM) provides training to the officers to improve their professional skills and thus enhance their functioning and the company’s productivity.
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