TRF quarterly results and financials

TRF (TRF)₹202.65+0.49%(9 Nov 2026 close)Industrial Products

Key facts

In the Sep 2026 quarter (consolidated), TRF reported sales of ₹35.89 Cr, up 63.7% from Sep 2025, and net profit of ₹49.86 Cr. For the year to Mar 2026, sales were ₹84.79 Cr and net profit −₹3.99 Cr.

Sales (Sep 2026): ₹35.89 Cr
Net profit (Sep 2026): ₹49.86 Cr
Sales (FY Mar 2026): ₹84.79 Cr
Net profit (FY Mar 2026): −₹3.99 Cr
EPS (Sep 2026): ₹45.21
Borrowings (Mar 2026): ₹552 Cr

Company filings, consolidated accounts; latest reported quarter Sep 2026

TRF quarterly results

₹ crore unless stated; each column is a quarter.

TRF Quarterly results
	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales	28.90	37.91	37.91	32.90	22.92	26.94	22.93	21.93	19.93	18.95	25.91	35.89
Expenses	16.99	33.03	32.01	26.03	12.01	21.02	20.01	17.02	13.01	25.99	25.03	31.02
Operating Profit	12.03	5.01	5.02	7.02	12.05	6.02	3.01	5.02	7.03	−6.02	1.01	4.01
OPM %	40.9%	13.9%	13.9%	21.0%	48.9%	22.9%	13.9%	22.9%	33.9%	−32.1%	5.0%	11.9%
Other Income	−5.01	6.02	4.01	4.01	4.01	7.02	4.01	−7.02	4.01	4.01	6.02	51.08
Interest	2.99	3.99	2.99	3.99	3.99	2.99	2.99	3.99	3.99	3.99	4.99	4.99
Depreciation	0.99	0.99	0.99	0.99	0.99	0.99	0.99	0.99	0.99	0.99	0.99	0.99
Profit before tax	3.01	6.01	5.01	6.01	11.02	9.02	4.01	−7.01	6.01	−7.02	2.01	50.09
Tax %	62.9%	0.0%	0.0%	0.0%	0.0%	59.0%	0.0%	1.0%	0.0%	−1.0%	0.0%	0.0%
Exceptional items	−7.61	0.00	0.00	0.00	0.00	0.00	0.00	−10.03	−0.09	0.00	0.00	46.64
Net Profit	0.99	5.98	4.99	5.99	10.96	3.99	3.99	−6.98	5.98	−6.97	1.99	49.86
EPS (Rs)	1.09	5.71	4.52	5.46	10.22	3.19	3.18	−6.18	5.21	−6.27	1.70	45.21

TRF profit and loss

₹ crore unless stated; years end in March. TTM is the last four quarters.

TRF Profit and loss
	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	959	548	431	222	184	114	127	176	140	121	84.79	101
Expenses	946	585	575	314	339	151	131	119	104	91.09	75.99	95.05
Operating Profit	16.07	−35.10	−143	−91.30	−155	−37.15	−4.01	58.19	36.11	29.12	9.03	6.03
OPM %	1.6%	−6.0%	−33.1%	−41.1%	−83.1%	−33.1%	−3.0%	32.9%	24.9%	23.9%	9.9%	6.0%
Other Income	12.03	43.12	45.08	120	10.02	−15.02	14.04	50.14	17.05	18.04	5.01	65.12
Interest	56.88	47.91	48.88	60.81	36.92	37.92	30.91	24.93	13.97	13.97	14.96	17.96
Depreciation	9.97	5.98	4.99	2.99	2.99	2.99	1.99	1.99	1.99	2.99	2.99	3.96
Profit before tax	−39.10	−45.10	−152	−35.10	−186	−93.16	−23.06	82.15	37.09	31.07	−4.01	51.09
Tax %	5.0%	−47.1%	−12.1%	0.0%	0.0%	0.0%	0.0%	−8.1%	6.0%	17.0%	0.0%	—
Exceptional items	−1.01	4.01	0.00	37.12	0.00	8.03	0.00	3.01	5.02	6.02	−9.03	46.55
Net Profit	−40.87	−23.93	−134	−34.91	−185	−92.77	−22.92	88.70	34.87	25.91	−3.99	50.86
EPS (Rs)	−37.11	−21.86	−121.65	−31.35	−167.79	−84.51	−20.91	80.44	31.42	23.42	−4.05	45.85
Dividend payout %	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—

TRF balance sheet

₹ crore, at each year end.

TRF Balance sheet
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	11.03	11.04	11.03	11.04	11.03	11.03	11.04	11.02	11.01	11.01	11.01	11.02
Reserves	−27.00	−59.95	−91.99	−212	−238	−417	−508	−531	−412	−395	−367	−349
Borrowings	603	622	562	400	458	532	495	524	508	542	554	552
Other Liabilities	778	727	715	890	448	443	425	363	206	150	140	134
Total Liabilities	1,365	1,300	1,195	1,089	679	569	423	367	313	309	338	348
Fixed Assets	245	226	209	194	113	23.02	20.03	18.03	17.01	19.03	21.01	26.02
CWIP	0.00	0.00	0.99	0.99	0.99	0.00	0.00	0.00	0.00	0.00	0.99	1.99
Investments	0.00	17.94	17.94	18.95	27.94	0.00	0.99	0.99	61.86	65.80	19.96	225
Other Assets	1,119	1,056	967	875	538	546	403	348	234	225	297	94.82
Inventories	265	241	223	100	85.96	58.64	40.76	21.09	10.36	5.61	4.47	11.18
Trade receivables	636	637	550	379	299	220	192	139	62.90	98.97	30.74	24.99
Cash & equivalents	71.73	42.87	48.18	21.84	60.69	72.22	19.15	22.40	22.45	72.02	192	12.30
Total Assets	1,365	1,300	1,195	1,089	679	569	423	367	313	309	338	348

TRF cash flow

₹ crore, for each year.

TRF Cash flow
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	58.11	2.01	111	55.12	−107	−56.17	21.05	−38.07	83.23	34.06	94.21	0.00
Cash from investing activity	47.04	4.01	2.01	25.02	134	1.01	61.05	6.01	−50.07	15.02	−111	−41.04
Cash from financing activity	−87.98	−33.99	−109	−69.90	−10.98	63.90	−78.97	8.99	−29.97	0.00	−0.99	−0.99
Net cash flow	17.01	−28.01	3.01	10.01	16.01	10.01	2.01	−22.03	3.01	49.02	−18.01	−42.03
Capex	6.01	9.02	5.01	4.01	3.01	1.01	0.00	0.00	1.01	5.01	4.01	8.01
Free cash flow	104	−7.01	113	52.17	−110	−57.14	21.07	−37.08	82.24	29.07	90.18	−8.03
CFO / OP %	−60.1%	5.0%	−336.1%	−46.1%	117.9%	32.9%	−53.0%	883.0%	121.9%	112.0%	327.0%	11.0%

TRF ratios

Working-capital days and returns, by year.

TRF Ratios
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor days	209	242	366	321	490	433	616	400	130	258	93	107
Inventory days	143	148	243	130	355	434	554	245	229	130	—	658
Days payable	220	243	459	401	1,051	1,569	2,396	1,473	1,378	1,050	—	1,973
Cash conversion cycle	131	145	149	49	−208	−702	−1,228	−829	−1,021	−663	92	−1,209
Working capital days	−22	−51	−147	−105	−364	−534	−951	−827	−88	−62	−190	−241
ROCE %	−6.0%	3.0%	0.0%	−30.0%	−5.0%	−83.0%	−58.0%	—	188.1%	38.0%	22.0%	9.0%

TRF: frequently asked questions

What are the latest quarterly results of TRF?

For the Sep 2026 quarter, TRF reported sales of ₹35.89 Cr, up 63.7% year on year and net profit of ₹49.86 Cr. The operating margin was 11.9%.

What is the annual revenue of TRF?

TRF's sales for the year to Mar 2026 were ₹84.79 Cr; over the last twelve months they were ₹101 Cr.

What is the net profit of TRF?

Net profit for the year to Mar 2026 was −₹3.99 Cr, and ₹50.86 Cr over the last twelve months. Earnings per share over the same trailing period were ₹45.85.

How much debt does TRF have?

TRF reported borrowings of ₹552 Cr at Mar 2026, against cash and equivalents of ₹12.30 Cr.

What is the free cash flow of TRF?

Cash from operations was ₹0 Cr in the year to Mar 2026; after capital spending, free cash flow was −₹8.03 Cr.

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