TRF Ltd

₹ 399 1.45%

22 Nov - close price

About

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]

Key Points

Business Overview:^[1]^[2]
TRFL is promoted by TATA group, with TATA Steel Limited holding 34.11% stake. It has executed various electromechanical jobs for bulk material handling equipment. Company has manufacturing facility along with design and engineering team in Jamshedpur to work in areas of:
a) Electromechanical jobs
b) Industrial structure and fabrication
c) Life Cycle Services and allied services

Website BSE NSE

Market Cap ₹ 439 Cr.
Current Price ₹ 399
High / Low ₹ 670 / 237
Stock P/E 16.9
Book Value ₹ 58.8
Dividend Yield 0.00 %
ROCE 36.3 %
ROE %
Face Value ₹ 10.0

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Pros

Company has reduced debt.

Cons

Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor sales growth of -8.90% over past five years.
Promoter holding is low: 34.1%
Tax rate seems low
Earnings include an other income of Rs.21.3 Cr.
Company has high debtors of 258 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Capital Goods-Non Electrical Equipment Industry: Engineering

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	20.02	42.12	49.48	41.39	53.60	43.21	38.89	33.91	39.27	28.77	38.00	37.62	32.70
	24.52	48.52	34.31	26.81	25.04	31.26	34.71	24.19	30.16	16.66	33.88	32.54	24.82
Operating Profit	-4.50	-6.40	15.17	14.58	28.56	11.95	4.18	9.72	9.11	12.11	4.12	5.08	7.88
OPM %	-22.48%	-15.19%	30.66%	35.23%	53.28%	27.66%	10.75%	28.66%	23.20%	42.09%	10.84%	13.50%	24.10%
	-2.53	-0.96	20.39	12.08	25.07	2.97	8.43	1.20	10.91	10.39	5.12	2.95	2.84
Interest	8.01	8.32	6.20	8.01	5.90	5.34	5.50	3.29	2.97	3.09	4.50	3.47	3.75
Depreciation	0.62	0.60	0.54	0.52	0.53	0.48	0.48	0.50	0.57	0.55	0.62	0.57	0.63
Profit before tax	-15.66	-16.28	28.82	18.13	47.20	9.10	6.63	7.13	16.48	18.86	4.12	3.99	6.34
Tax %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-101.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	-15.67	-16.28	28.82	18.13	47.21	9.10	13.33	7.13	16.48	18.86	4.12	3.99	6.34
EPS in Rs	-14.24	-14.79	26.19	16.48	42.90	8.27	12.11	6.48	14.98	17.14	3.74	3.63	5.76
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	632	684	535	533	500	345	223	185	114	127	177	140	137
	674	701	588	521	509	492	308	285	147	130	118	105	108
Operating Profit	-43	-17	-53	12	-10	-148	-85	-100	-33	-3	59	35	29
OPM %	-7%	-2%	-10%	2%	-2%	-43%	-38%	-54%	-29%	-2%	33%	25%	21%
	9	41	14	27	10	32	44	8	5	16	49	28	21
Interest	39	44	43	44	46	47	61	37	38	31	25	14	15
Depreciation	5	5	6	5	4	4	3	3	3	2	2	2	2
Profit before tax	-78	-24	-87	-10	-49	-166	-106	-133	-68	-20	81	47	33
Tax %	2%	3%	0%	0%	-45%	-12%	0%	0%	0%	0%	-8%	0%
	-80	-25	-87	-10	-27	-146	-106	-133	-68	-20	88	47	33
EPS in Rs	-72.25	-22.93	-79.38	-9.03	-24.45	-132.66	-95.93	-120.53	-61.76	-18.49	79.75	42.35	30.27
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-15%
5 Years:	-9%
3 Years:	7%
TTM:	-12%

Compounded Profit Growth
10 Years:	10%
5 Years:	17%
3 Years:	35%
TTM:	-44%

Stock Price CAGR
10 Years:	0%
5 Years:	31%
3 Years:	47%
1 Year:	55%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	%
Last Year:	%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	11	11	11	11	11	11	11	11	11	11	11	11	11
Reserves	89	62	-23	-28	-55	-201	-304	-438	-504	-527	-415	-395	54
	390	369	373	417	381	371	437	531	494	523	507	542	109
	573	517	642	633	595	570	428	412	386	298	168	148	133
Total Liabilities	1,063	959	1,003	1,033	932	752	572	515	387	305	272	306	307
	43	43	38	34	31	28	25	23	20	18	17	19	20
CWIP	2	0	0	0	0	0	0	0	0	0	0	0	0
Investments	109	185	185	185	185	182	92	92	61	56	117	128	198
	909	731	780	813	716	542	454	401	306	231	137	158	89
Total Assets	1,063	959	1,003	1,033	932	752	572	515	387	305	272	306	307

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	3	16	15	-24	64	23	-123	-59	29	3	70	8
	-14	37	18	29	6	30	135	-0	34	-3	-57	-3
	6	-74	-39	1	-78	-53	-4	64	-82	-1	-12	-1
Net Cash Flow	-4	-22	-6	6	-7	-0	9	5	-18	-1	2	4

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	303	260	349	369	327	369	457	433	616	400	130	258
Inventory Days	169	88	183	171	163	131	266	434	554	245	229	130
Days Payable	277	234	397	393	395	470	1,012	1,569	2,396	1,473	1,378	1,193
Cash Conversion Cycle	195	114	135	147	96	31	-289	-701	-1,227	-828	-1,020	-806
Working Capital Days	103	99	84	105	29	-132	-119	-205	-377	-306	-85	4
ROCE %	-8%	-2%	-12%	9%	-1%	-56%	-50%	-77%	-60%	362%	186%	36%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%
	0.00%	0.00%	0.00%	0.00%	0.22%	2.04%	3.27%	0.00%	0.00%	0.78%	0.72%	0.41%
	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	65.85%	65.85%	65.85%	65.86%	65.64%	63.80%	62.57%	65.85%	65.85%	65.07%	65.13%	65.44%
No. of Shareholders	20,331	20,190	20,076	23,662	23,726	22,452	22,297	27,476	28,260	28,111	25,413	25,751

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.04%	0.78%	0.41%
	2.38%	0.37%	2.32%	2.37%	2.00%	0.02%	0.02%	0.02%	0.02%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%
	63.49%	65.50%	63.55%	63.50%	63.88%	65.85%	63.80%	65.07%	65.44%
No. of Shareholders	21,506	20,853	20,973	21,182	21,055	20,190	22,452	28,111	25,751

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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TRF Ltd

TRF Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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