TRF Limited, incorporated on 20th November 1962 at Jamshedpur, has established itself as one of India's leading material handling equipment manufacturers. The company is promoted by the TATA group, with TATA Steel Limited holding a significant 34.11% stake, positioning it as a key subsidiary within the prestigious Tata industrial ecosystem.
TRF Ltd boasts a proven record of 40 years in the field of material handling systems for core sectors including coal, cement, power, ports, mining, fertilizers, and steel. This extensive experience has established the company as a trusted partner for infrastructure development across multiple industries. The company operates through two main business segments: Projects & Services and Products & Services, offering comprehensive solutions that span from design and engineering to manufacturing and commissioning.
TRF Limited is primarily engaged in undertaking turnkey projects for material handling solutions in infrastructure sectors such as power and ports, and industrial sectors including steel plants, cement, fertilizers, and mining. The company's expertise extends across the entire value chain, from initial design concepts to final installation and commissioning of complex material handling systems.
The TRF Works at Jamshedpur is spread over nearly 22 acres, featuring six covered manufacturing bays covering approximately 21,250 square metres, providing the company with substantial manufacturing capacity. At this facility, TRF manufactures key material handling equipment like stackers, reclaimers, stacker-cum-reclaimers, ship loaders, unloaders, general conveyors, idler rollers, and various machinery for sorting, screening, and separating materials.
The company has strategically positioned itself to serve diverse industrial needs. The Bulk Material Handling Systems Division offers a complete package of material handling and allied systems and services on a turnkey basis to customers. Beyond traditional manufacturing, TRF provides services related to design and engineering, supervision, manpower deployment, leasing of facilities, spare parts, construction contracts and related services, life cycle services, operations and maintenance services, and undertakes refurbishment jobs of steel plant equipment.
TRF Limited operates in a specialized industrial segment where technical expertise and reliability are paramount. TRF's material handling products and systems are well-known in the market, both in India and overseas, for their reliability and productivity. The company has built its reputation through decades of consistent delivery and innovation in complex engineering projects.
Competitors like Sanghvi Movers and Tega Industries indicate that TRF operates within a competitive landscape of specialized industrial equipment manufacturers. However, TRF's long-standing relationships with major industrial clients and its association with the Tata Group provide it with significant competitive advantages, particularly in securing large-scale infrastructure projects.
Based on the latest available financial data, TRF Ltd has a market capitalization of ₹417.18 crores as of 19th June 2025, indicating relatively stable valuation levels.
Recent quarterly performance shows mixed results:
- Net Profit: Declined 44.13% to ₹3.52 crore in the quarter ended March 2025, compared to ₹6.30 crore in the previous quarter ended March 2024.
- Sales: Declined 28.96% to ₹26.91 crore in the quarter ended March 2025, compared to ₹37.88 crore in the previous quarter ended March 2024.
- December 2024 Quarter: Showed strong performance with net profit rising 831.40% to ₹11.27 crore, as against ₹1.21 crore in the previous quarter ended December 2023.
Annual financials indicate revenue of ₹121 crore and profit of ₹25.8 crore, though the company has delivered poor sales growth of -8.23% over the past five years, highlighting challenges in scaling operations amid competitive market conditions.
TRF Limited's shares are actively traded on both NSE and BSE exchanges under the symbol "TRF."
- 52-Week High: ₹620
- 52-Week Low: ₹285.05
This indicates significant volatility throughout the trading year.
Key valuation metrics provide insight into the stock's market positioning:
- P/E Ratio: 16.18
- P/B Ratio: 3.96
TRF Ltd belongs to the Industrials sector and the Industrial Machinery sub-sector, aligning with its core business focus on material handling equipment manufacturing.
TRF Limited maintains strong corporate governance standards, befitting its association with the Tata Group.
- Chairman: Samita Jigar Shah
- Company Secretary: Prasun Banerjee
- Auditor: Price Waterhouse & Co Chartered Accountants LLP, ensuring professional financial oversight and compliance.
The company's 62nd AGM, held on July 10th, approved FY2024-25 financials, director re-appointments, and auditor appointments, demonstrating regular corporate governance activities and shareholder engagement.
The company has been adapting to changing market dynamics through strategic initiatives. Recently, TRF has taken a major step towards enhancing its value proposition to customers through Life Cycle Services. This initiative aims to achieve a longer lifecycle for its products, based on comprehensive analysis of the entire resource bank of a particular product from inspection to redundancy.
By building and developing competence and expertise in these areas, TRF is poised to become a key and valuable contributor to the capacity enhancement plan of Tata Steel Kalinganagar (Phase 2) and other Tata Steel projects, as well as support services, in the near future. This indicates potential growth opportunities within the broader Tata ecosystem.
TRF Limited continues to leverage its decades of experience in material handling solutions while adapting to evolving industrial requirements. The company's strong technical capabilities, established client relationships, and strategic positioning within the Tata Group provide a solid foundation for navigating the competitive industrial equipment market, despite recent financial performance challenges.
