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Swing Capital

TRF Ltd

NSE: TRF BSE: 505854

Incorporated in 1962, TRF Ltd undertakes turnkey projects of material handling for tinfrastructure sector and is engaged in production of such material handling equipments along with provding services relating to design and engineering, super vision, etc.[1]

₹230
52W: ₹212 — ₹418
PE 33 · Book ₹77.1 · +198% vs book
Market Cap₹253 Cr
Stock P/E33Price to Earnings
ROCE10.9%Return on Capital
ROE0%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Debtor days have improved from 153 to 107 days.

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has low interest coverage ratio.
  • −The company has delivered a poor sales growth of -5.69% over past five years.
  • −Promoter holding is low: 34.1%
  • −Tax rate seems low
  • −Earnings include an other income of Rs.8.93 Cr.
  • −Working capital days have increased from 165 days to 733 days

Shareholding Pattern

Promoters34.12%
FIIs0.49%
DIIs0.02%
Public65.36%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters34.12%34.12%34.12%34.12%34.12%34.12%34.12%34.12%
FIIs0.72%0.41%▼0.30.46%▲0.10.47%▲0.00.67%▲0.20.5%▼0.20.49%▼0.00.49%
DIIs0.02%0.02%0.02%0.02%0.02%0.02%0.03%▲0.00.02%▼0.0
Public65.13%65.44%▲0.365.38%▼0.165.38%65.17%▼0.265.36%▲0.265.35%▼0.065.36%▲0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales28.773837.6232.723.3127.1123.4222.3419.8919.39
Expenses16.6633.8832.5424.8211.8222.0319.5616.413.0525.13
Operating Profit12.114.125.087.8811.495.083.865.946.84-5.74
OPM %42.09%10.84%13.5%24.1%49.29%18.74%16.48%26.59%34.39%-29.6%
Net Profit18.864.123.996.3410.416.893.39-6.6711.69-6.3
EPS ₹17.143.743.635.769.466.263.08-6.0610.62-5.72

AI Insights

Revenue Trend

Mar 2026 revenue at ₹85.03Cr, down 29.6% YoY. OPM at 12.81%.

Debt Position

Borrowings at ₹129.65Cr. Debt-to-equity ratio: 1.76x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹2.3Cr (9% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.02% (+0.00pp change). FIIs: 0.49% (-2.78pp change). Promoters hold 34.12%.

Margin & Efficiency

ROCE improving from -11.8% (Mar 2015) to 10.9% (Mar 2026). Working capital days: 732.83.

Valuation

PE 33x with 10.9% ROCE. Price is 198% above book value of ₹77.1. Dividend yield: 0%.

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