TRF
TRF financials
- Market cap
- ₹241 Cr
- Sector
- Capital Goods
Quarterly results
Q1 FY27: revenue up 11.1%, net profit down 46.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 33 | 23 | 27 | 23 | 22 −32% | 20 −15% | 19 −28% | 26 +11% |
| EBITDA | 7 | 12 | 6 | 3 | 5 −25% | 7 −42% | -6 −200% | 1 −58% |
| Net profit | 6 | 11 | 4 | 4 | -7 −213% | 6 −49% | -7 −296% | 2 −46% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −30.1% 1Y
1Y: ₹317.65 on 10 Sept 2025 → ₹222.05. High ₹392.75 (17 Sept 2025), low ₹217.05 (30 Mar 2026).
Financials, as filed
Revenue fell 21.7% a year over 3 years, FY23 to FY26. Operating margin narrowed to 10.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹177 Cr | ₹140 Cr | ₹121 Cr | ₹85 Cr |
| Operating profit | ₹58 Cr | ₹36 Cr | ₹30 Cr | ₹9 Cr |
| Operating margin | 33.0% | 25.5% | 24.6% | 10.3% |
| Interest | ₹25 Cr | ₹14 Cr | ₹14 Cr | ₹15 Cr |
| Depreciation | ₹2 Cr | ₹2 Cr | ₹3 Cr | ₹3 Cr |
| Net profit | ₹89 Cr | ₹35 Cr | ₹26 Cr | ₹-4 Cr |
| Net margin | 50.0% | 24.7% | 21.4% | -5.3% |
| Cash from operations | ₹83 Cr | ₹34 Cr | ₹94 Cr | ₹-0 Cr |
| Free cash flow | ₹82 Cr | ₹29 Cr | ₹90 Cr | ₹-8 Cr |
| ROCE | 188.4% | 37.6% | 21.8% | 9.4% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹-508 Cr | ₹-531 Cr | ₹-412 Cr | ₹-395 Cr | ₹74 Cr | ₹-349 Cr |
| Borrowings | ₹494 Cr | ₹523 Cr | ₹507 Cr | ₹542 Cr | ₹122 Cr | ₹552 Cr |
| Other liabilities | ₹427 Cr | ₹365 Cr | ₹207 Cr | ₹151 Cr | ₹135 Cr | ₹135 Cr |
| Total liabilities | ₹424 Cr | ₹368 Cr | ₹314 Cr | ₹310 Cr | ₹343 Cr | ₹349 Cr |
| Fixed assets | ₹20 Cr | ₹18 Cr | ₹17 Cr | ₹19 Cr | ₹22 Cr | ₹26 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹3 Cr | ₹2 Cr |
| Investments | ₹1 Cr | ₹1 Cr | ₹62 Cr | ₹66 Cr | ₹20 Cr | ₹226 Cr |
| Other assets | ₹404 Cr | ₹349 Cr | ₹235 Cr | ₹225 Cr | ₹297 Cr | ₹95 Cr |
| Total assets | ₹424 Cr | ₹368 Cr | ₹314 Cr | ₹310 Cr | ₹343 Cr | ₹349 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −0.37 pp while the public added +0.36 pp. The shareholder count shrank 3% to 25,509.
- Promoters
- 34.1%
- FIIs
- 0.3%
- DIIs
- 0.0%
- Government
- 0.0%
- Public
- 65.5%
Since Jun 2025
- FIIs −0.37 pp
- Public +0.36 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 34.1%, DIIs 0.0%, Government 0.0%, Public 65.8%.Dec '23: Promoters 34.1%, DIIs 0.0%, Government 0.0%, Public 65.8%.Mar '24: Promoters 34.1%, FIIs 0.8%, DIIs 0.0%, Government 0.0%, Public 65.1%.Jun '24: Promoters 34.1%, FIIs 0.7%, DIIs 0.0%, Government 0.0%, Public 65.1%.Sep '24: Promoters 34.1%, FIIs 0.4%, DIIs 0.0%, Government 0.0%, Public 65.4%.Dec '24: Promoters 34.1%, FIIs 0.5%, DIIs 0.0%, Government 0.0%, Public 65.4%.Mar '25: Promoters 34.1%, FIIs 0.5%, DIIs 0.0%, Government 0.0%, Public 65.4%.Jun '25: Promoters 34.1%, FIIs 0.7%, DIIs 0.0%, Government 0.0%, Public 65.2%.Sep '25: Promoters 34.1%, FIIs 0.5%, DIIs 0.0%, Government 0.0%, Public 65.4%.Dec '25: Promoters 34.1%, FIIs 0.5%, DIIs 0.0%, Government 0.0%, Public 65.3%.Mar '26: Promoters 34.1%, FIIs 0.5%, DIIs 0.0%, Government 0.0%, Public 65.4%.Jun '26: Promoters 34.1%, FIIs 0.3%, DIIs 0.0%, Government 0.0%, Public 65.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- TP Adarsh Limited newly disclosed 0.00% held
- 00224239 Limited newly disclosed 0.00% held
- Tata Steel Global Capability Centre Limited (Formerly Tata Steel Business Delivery Centre Ltd newly disclosed 0.00% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of TRF Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Tata Steel Limited | 34.11% | unchanged |
| Roopa Corporate Services Pvt. Ltd. | 2.84% | unchanged |
| Guttikonda Vara Lakshmi | 2.12% | unchanged |
| Litton System Inc | 1.98% | unchanged |
| Chetan Gopaldas Cholera | 1.45% | unchanged |
| Ravi Shankaran | 1.19% | unchanged |
| Pragya Equities Pvt. Ltd. | 1.15% | unchanged |
| O.P.J Financial Services (P) Ltd. | 1.09% | unchanged |
| Investor Education and Protection Fund Authority | 1.08% | unchanged |
| Tata Industries Limited | 0.02% | unchanged |
| Tata Steel USA Inc. | 0.00% | unchanged |
| The Newport And South Wales Tube Company Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse TRF Limited
Guides on how to read this kind of business and the numbers that matter.