Reported Earnings • Jul 19
Full year 2026 earnings released: ₹4.06 loss per share (vs ₹23.44 profit in FY 2025) Full year 2026 results: ₹4.06 loss per share (down from ₹23.44 profit in FY 2025). Revenue: ₹850.3m (down 30% from FY 2025). Net loss: ₹44.7m (down 117% from profit in FY 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Announcement • Jul 11
TRF Limited to Report Q1, 2027 Results on Jul 16, 2026 TRF Limited announced that they will report Q1, 2027 results on Jul 16, 2026 Announcement • Jul 03
TRF Limited, Annual General Meeting, Aug 06, 2026 TRF Limited, Annual General Meeting, Aug 06, 2026, at 11:30 Indian Standard Time. Reported Earnings • May 14
Full year 2026 earnings released: ₹4.06 loss per share (vs ₹23.44 profit in FY 2025) Full year 2026 results: ₹4.06 loss per share (down from ₹23.44 profit in FY 2025). Revenue: ₹1.01b (down 16% from FY 2025). Net loss: ₹44.7m (down 117% from profit in FY 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • May 13
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to ₹243. The fair value is estimated to be ₹318, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Earnings per share has declined by 65%. Announcement • May 07
TRF Limited to Report Q4, 2026 Results on May 12, 2026 TRF Limited announced that they will report Q4, 2026 results on May 12, 2026 Buy Or Sell Opportunity • Mar 02
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to ₹245. The fair value is estimated to be ₹324, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Earnings per share has declined by 65%. Reported Earnings • Jan 31
Third quarter 2026 earnings released: EPS: ₹5.22 (vs ₹10.24 in 3Q 2025) Third quarter 2026 results: EPS: ₹5.22 (down from ₹10.24 in 3Q 2025). Revenue: ₹236.2m (up 1.3% from 3Q 2025). Net income: ₹57.4m (down 49% from 3Q 2025). Profit margin: 24% (down from 48% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Announcement • Jan 21
TRF Limited to Report Q3, 2026 Results on Jan 29, 2026 TRF Limited announced that they will report Q3, 2026 results on Jan 29, 2026 Reported Earnings • Oct 30
Second quarter 2026 earnings released: ₹6.19 loss per share (vs ₹5.47 profit in 2Q 2025) Second quarter 2026 results: ₹6.19 loss per share (down from ₹5.47 profit in 2Q 2025). Revenue: ₹266.9m (down 18% from 2Q 2025). Net loss: ₹68.1m (down 213% from profit in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Announcement • Oct 21
TRF Limited to Report Q3, 2026 Results on Oct 28, 2025 TRF Limited announced that they will report Q3, 2026 results on Oct 28, 2025 New Risk • Sep 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 4.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (50% net debt to equity). Share price has been volatile over the past 3 months (4.0% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₹3.59b market cap, or US$40.9m). Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₹393, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 33x in the Machinery industry in India. Total returns to shareholders of 9.8% over the past three years. Reported Earnings • Jul 29
First quarter 2026 earnings released: EPS: ₹3.19 (vs ₹4.53 in 1Q 2025) First quarter 2026 results: EPS: ₹3.19 (down from ₹4.53 in 1Q 2025). Revenue: ₹272.0m (down 28% from 1Q 2025). Net income: ₹35.1m (down 30% from 1Q 2025). Profit margin: 13% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. Announcement • Jul 22
TRF Limited to Report Q1, 2026 Results on Jul 28, 2025 TRF Limited announced that they will report Q1, 2026 results on Jul 28, 2025 New Risk • Jun 19
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 49% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (49% net debt to equity). Large one-off items impacting financial results. Market cap is less than US$100m (₹4.18b market cap, or US$48.2m). Reported Earnings • Jun 19
Full year 2025 earnings released: EPS: ₹23.44 (vs ₹35.97 in FY 2024) Full year 2025 results: EPS: ₹23.44 (down from ₹35.97 in FY 2024). Revenue: ₹1.21b (down 14% from FY 2024). Net income: ₹257.9m (down 35% from FY 2024). Profit margin: 21% (down from 28% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. Announcement • Jun 17
TRF Limited, Annual General Meeting, Jul 10, 2025 TRF Limited, Annual General Meeting, Jul 10, 2025, at 11:30 Indian Standard Time. Reported Earnings • May 04
Full year 2025 earnings released: EPS: ₹23.44 (vs ₹35.97 in FY 2024) Full year 2025 results: EPS: ₹23.44 (down from ₹35.97 in FY 2024). Revenue: ₹1.39b (flat on FY 2024). Net income: ₹257.9m (down 35% from FY 2024). Profit margin: 19% (down from 28% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. Announcement • Apr 28
TRF Limited to Report Q4, 2025 Results on May 02, 2025 TRF Limited announced that they will report Q4, 2025 results on May 02, 2025 Buy Or Sell Opportunity • Apr 25
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.6% to ₹388. The fair value is estimated to be ₹495, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Mar 25
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to ₹369. The fair value is estimated to be ₹482, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹375, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 29x in the Machinery industry in India. Total returns to shareholders of 172% over the past three years. Announcement • Feb 05
TRF Limited Announces Appointment of Kumar Vivek as Head, Manufacturing TRF Limited announced the appointment of Mr. Kumar Vivek as Head, Manufacturing of the Company effective February 4, 2025. Mr. Kumar Vivek has over 17 years of experience in Tata Group, of which 8 years, is in the areas of Manufacturing Control and Equipment Manufacturing. Mr. Vivek is a B. Tech. in Mechanical from National Institute of Technology, Calicut and has completed PGDM in Business Management from XLRI, Jamshedpur. He is designated as Head Manufacturing in the Company effective February 4, 2025. New Risk • Feb 01
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 22% Last year net profit margin: 33% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (22% net profit margin). Market cap is less than US$100m (₹4.33b market cap, or US$50.0m). Reported Earnings • Jan 31
Third quarter 2025 earnings released: EPS: ₹10.24 (vs ₹6.86 in 3Q 2024) Third quarter 2025 results: EPS: ₹10.24 (up from ₹6.86 in 3Q 2024). Revenue: ₹273.2m (down 18% from 3Q 2024). Net income: ₹112.7m (up 49% from 3Q 2024). Profit margin: 41% (up from 23% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jan 31
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to ₹389. The fair value is estimated to be ₹523, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Jan 22
TRF Limited to Report Q3, 2025 Results on Jan 30, 2025 TRF Limited announced that they will report Q3, 2025 results on Jan 30, 2025 Announcement • Jan 02
TRF Limited Appoints Sandeep Bhattacharya as Non-Executive Director TRF Limited at its meeting approved appointment of Mr. Sandeep Bhattacharya as Non-Executive director. New Risk • Dec 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (19% net profit margin). Market cap is less than US$100m (₹5.20b market cap, or US$61.0m). Reported Earnings • Oct 27
Second quarter 2025 earnings released: EPS: ₹5.47 (vs ₹15.31 in 2Q 2024) Second quarter 2025 results: EPS: ₹5.47 (down from ₹15.31 in 2Q 2024). Revenue: ₹327.0m (down 17% from 2Q 2024). Net income: ₹60.2m (down 64% from 2Q 2024). Profit margin: 18% (down from 43% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 48% per year and the company’s share price has also increased by 48% per year. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₹415, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 37x in the Machinery industry in India. Total returns to shareholders of 226% over the past three years. Announcement • Oct 23
TRF Limited Appoints Sandeep Bhattacharya as Additional Director (Non-Executive, Non-Independent), Effective October 24, 2024 TRF Limited at the Board of Directors meeting held on October 23, 2024, based on the recommendation of the Nomination and Remuneration Committee, the Board, unanimously approved the appointment of Mr. Sandeep Bhattacharya as an Additional Director (Non-Executive, Non-Independent) of the Company effective October 24, 2024 to hold office of Director up to the date of approval by the Shareholders of the Company. Further, in terms of Regulation 17 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (`SEBI Listing Regulations'), the appointment shall be approved by the Shareholders at the next general meeting or within a period of three months from the date of appointment, whichever is earlier. Mr. Bhattacharya joined Tata Steel Limited (Tata Steel) in 2011 as Chief Finance & Accounts, Orissa Projects and has worked in different capacities within Tata Steel in Financial Operations, Business Finance & Corporate Reporting. In 2014, he was appointed as Chief-Financial Transaction & Control and later re-designated as Chief Financial Operations & Business Finance. Presently, Mr. Bhattacharya is the Vice President Financial Control & Business Analytics at Tata Steel. Before joining Tata Steel, he worked as Assistant Vice President (Business Finance) at Bharat Oman Refineries Ltd. During his long career, he has handled senior positions in finance and treasury functions at Essar Investments Ltd. and at Bharat Petroleum Corporation Limited for over 13 years. Mr. Bhattacharya has completed his PGDBM (Management) from IMT Ghaziabad and Cost Management Accounting from Institute of Cost and Works Accountants of India. Announcement • Oct 16
TRF Limited to Report Q2, 2025 Results on Oct 23, 2024 TRF Limited announced that they will report Q2, 2025 results on Oct 23, 2024 Buy Or Sell Opportunity • Aug 27
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 2.8% to ₹591. The fair value is estimated to be ₹486, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.1% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹531, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 39x in the Machinery industry in India. Total returns to shareholders of 393% over the past three years. Announcement • Aug 03
TRF Limited Appoints Pingali Venugopal as an Independent Director TRF Limited announced that at its AGM held on August 2, 2024 approved the appointment of Dr. Pingali Venugopal (DIN: 05166520) as an Independent Director. Announcement • Jul 17
TRF Limited to Report Q1, 2025 Results on Jul 24, 2024 TRF Limited announced that they will report Q1, 2025 results on Jul 24, 2024 Board Change • Jul 17
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Sougata Ray was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 16
Full year 2024 earnings released: EPS: ₹35.97 (vs ₹79.54 in FY 2023) Full year 2024 results: EPS: ₹35.97 (down from ₹79.54 in FY 2023). Revenue: ₹1.40b (down 21% from FY 2023). Net income: ₹395.8m (down 55% from FY 2023). Profit margin: 28% (down from 49% in FY 2023). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 59% per year, which means it is significantly lagging earnings growth. Announcement • Jul 04
TRF Limited, Annual General Meeting, Aug 02, 2024 TRF Limited, Annual General Meeting, Aug 02, 2024, at 11:30 Indian Standard Time. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹638, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 38x in the Machinery industry in India. Total returns to shareholders of 415% over the past three years. Announcement • May 16
TRF Limited Announces Executive Changes TRF Limited announced that its Board of Directors meeting held on May 15, 2024, approved the Mr. Avneesh Gupta (DIN: 07581149) has resigned as the Non-Executive, Non-Independent Director of the Company and consequently has ceased to be the Chairperson of the Board. The resignation is effective from the close of business hours of May 15, 2024. The Board has taken note of the resignation and placed on record its sincere appreciation for the leadership, guidance and contribution made by Mr. Gupta during his tenure as Member and Chairperson of the Board. The resignation is effective from the close of business hours of May 15, 2024. The Board has taken note of the resignation and placed on record its sincere appreciation for the leadership, guidance and contribution made by Mr. Gupta during his tenure as Member and Chairperson of the Board. Based on the recommendation of the Nomination and Remuneration Committee, the Board has unanimously approved the appointment of Ms. Samita Shah as an Additional Director (Non-Executive, Non-Independent) of the Company with effect from May 16, 2024 to hold office of Director up to the date of the ensuing Annual General Meeting (`AGM') of the Company. Based on the recommendation of the Nomination and Remuneration Committee, the Board has unanimously approved the appointment of Mr. Akshay Khullar as an Additional Director (Non-Executive, Non -Independent) of the Company with effect from May 16, 2024 to hold office of Director up to the date of ensuing AGM of the Company. to the date of ensuing AGM of the Company. The Board elected Ms. Samita Shah, Non-Executive, Non-Independent Director as the Chairperson of the Board, effective May 16, 2024 in place of Mr. Avneesh Gupta. Ms. Samita Shah is Vice President Corporate Finance, Treasury & Risk Management of Tata Steel Limited. She currently looks after the financing requirements of Tata Steel Group and manages the relationship with financial stakeholders including banks, rating agencies and investors. She is also the Chief Risk Officer for Tata Steel and has spearheaded the implementation of an enterprise-wise risk management process across the Tata Steel Group. She serves on the Boards of several subsidiaries of Tata Steel Limited, including Tata BlueScope Steel Private Limited, Tata Steel Minerals Canada Limited, T S Global Procurement Company Pte Limited, Abja Investment Co. Pte Limited and Tata Steel Foundation. Ms. Shah joined Tata Steel in 2012 after 20 years of experience in investment banking. She is BA (Economics), Mumbai University and MBA from Indian Institute of Ahmedabad. Mr. Akshay Khullar is Vice President Engineering & Projects of Tata Steel Limited. He has joined Tata Steel in 1992 as Graduate Trainee (Senior Officer) and started his career in Steel Making and Casting in Tata Steel, Jamshedpur. He was then promoted and transferred as Head Casting and later Head Operations in Steel Making at LD#1 (Long Products Steel Melt Shop). He was appointed as Chief Thin Slab Caster Rolling in the LD#3 in 2010 and was then appointed as Chief LD#2 and Slab Caster in 2014, which was the conventional slab casting shop than at Tata Steel Limited. In 2020, he was elevated to Chief of Manufacturing Long Products where he took care of all Jamshedpur Long Product Mills and LP Steel Making and upstream. Mr. Khullar is an Engineer (B. Tech) in Metallurgy from IT, Banaras Hindu University. New Risk • May 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (29% net profit margin). Market cap is less than US$100m (₹6.81b market cap, or US$81.5m). Announcement • May 11
TRF Limited to Report Q4, 2024 Results on May 15, 2024 TRF Limited announced that they will report Q4, 2024 results on May 15, 2024 Announcement • Mar 01
TRF Limited Appoints Ganesh Chandra Das as Head of Engineering & Technical Services, Effective March 1, 2024 TRF Limited announced appointment of Mr. Ganesh Chandra Das, Divisional Manager as head of Engineering & Technical Services of the Company. Mr. Ganesh Chandra Das, currently serving as Divisional Manager - Engineering & Technical Services, will be heading the Engineering & Technical Services department, in his own level, in addition to his current responsibilities effective March 1, 2024. He joined TRF in 2007 and has more than ten years of external experience in various Engineering projects. Mr. Das is a B.Tech in Mechanical Engineering. Announcement • Feb 08
Tata Steel Limited (BSE:500470) cancelled the acquisition of remaining 65.88% stake in TRF Limited (BSE:505854). Tata Steel Limited (BSE:500470) entered a scheme of amalgamation to acquire the remaining 65.88% stake in TRF Limited (BSE:505854) for INR 1.95 billion on September 22, 2022. Tata Steel Limited will issue 17 shares for every 10 shares of TRF Limited. Managing Director of TRF, Alok Krishna, will join Tata Steel in a similar position. The transaction is subject to regulatory approval of SEBI, BSE and NSEI. The transaction is subject to approval by majority shareholders of both Tata Steel and TRF Limited. The transaction has been approved by the board of both TRF and Tata Steel. The transaction is expected to be completed in fiscal year 2023-24. As of May 2, 2023, the transaction has been approved by the Securities and Exchange Board of India. Rashmi Shah along with Deloitte Touche Tohmatsu India, LLP acted as accountant to TRF Limited, RBSA Capital Advisors LLP acted as fairness opinion provider to TRF Limited. Chartered Accountant, Vikrant Jain acted as an accountant to Tata Steel, Ernst & Young Merchant Banking Services Private Limited acted as fairness opinion provider and financial advisor to Tata Steel. RBSA Advisory Pvt. Ltd. acted as financial advisor to TRF Limited. Tata Steel Limited (BSE:500470) cancelled the acquisition of remaining 65.88% stake in TRF Limited (BSE:505854) on February 6, 2024. New Risk • Feb 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 9.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (29% net profit margin). Market cap is less than US$100m (₹4.34b market cap, or US$52.3m). Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₹328, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 35x in the Machinery industry in India. Total returns to shareholders of 231% over the past three years. Announcement • Feb 06
TRF Limited to Report Q3, 2024 Results on Feb 12, 2024 TRF Limited announced that they will report Q3, 2024 results on Feb 12, 2024 Reported Earnings • Oct 29
Second quarter 2024 earnings released: EPS: ₹15.31 (vs ₹43.53 in 2Q 2023) Second quarter 2024 results: EPS: ₹15.31 (down from ₹43.53 in 2Q 2023). Revenue: ₹510.1m (down 4.8% from 2Q 2023). Net income: ₹168.5m (down 65% from 2Q 2023). Profit margin: 33% (down from 89% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Announcement • Oct 19
TRF Limited to Report Q2, 2024 Results on Oct 27, 2023 TRF Limited announced that they will report Q2, 2024 results on Oct 27, 2023 Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₹231, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 30x in the Machinery industry in India. Total returns to shareholders of 153% over the past three years. New Risk • Jul 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 151% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₹2.12b market cap, or US$25.8m). Announcement • Jul 24
TRF Limited, Annual General Meeting, Aug 17, 2023 TRF Limited, Annual General Meeting, Aug 17, 2023, at 11:00 Indian Standard Time. Reported Earnings • Jul 20
First quarter 2024 earnings released: EPS: ₹6.94 (vs ₹16.83 in 1Q 2023) First quarter 2024 results: EPS: ₹6.94 (down from ₹16.83 in 1Q 2023). Revenue: ₹353.3m (down 15% from 1Q 2023). Net income: ₹76.4m (down 59% from 1Q 2023). Profit margin: 22% (down from 45% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Announcement • Jul 12
TRF Limited to Report Q1, 2023 Results on Jul 19, 2023 TRF Limited announced that they will report Q1, 2023 results on Jul 19, 2023 Reported Earnings • May 09
Full year 2023 earnings released: EPS: ₹79.53 (vs ₹14.63 loss in FY 2022) Full year 2023 results: EPS: ₹79.53 (up from ₹14.63 loss in FY 2022). Revenue: ₹2.26b (up 78% from FY 2022). Net income: ₹875.2m (up ₹1.04b from FY 2022). Profit margin: 39% (up from net loss in FY 2022). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 10
Third quarter 2023 earnings released: EPS: ₹7.11 (vs ₹13.92 loss in 3Q 2022) Third quarter 2023 results: EPS: ₹7.11 (up from ₹13.92 loss in 3Q 2022). Revenue: ₹463.8m (up 10% from 3Q 2022). Net income: ₹78.2m (up ₹231.3m from 3Q 2022). Profit margin: 17% (up from net loss in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Jan 28
TRF Limited to Report Q3, 2023 Results on Feb 09, 2023 TRF Limited announced that they will report Q3, 2023 results on Feb 09, 2023 Board Change • Nov 16
High number of new directors Additional Director Umesh Singh was the last director to join the board, commencing their role in 2022. Reported Earnings • Nov 05
Second quarter 2023 earnings released: EPS: ₹43.53 (vs ₹11.70 loss in 2Q 2022) Second quarter 2023 results: EPS: ₹43.53 (up from ₹11.70 loss in 2Q 2022). Revenue: ₹783.7m (up 292% from 2Q 2022). Net income: ₹479.0m (up ₹607.7m from 2Q 2022). Profit margin: 61% (up from net loss in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment deteriorated over the past week After last week's 23% share price decline to ₹262, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 26x in the Machinery industry in India. Total returns to shareholders of 192% over the past three years. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 21% share price gain to ₹203, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 27x in the Machinery industry in India. Total returns to shareholders of 88% over the past three years. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improved over the past week After last week's 16% share price gain to ₹160, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 24x in the Machinery industry in India. Total returns to shareholders of 82% over the past three years. Reported Earnings • Aug 05
First quarter 2023 earnings released: EPS: ₹16.83 (vs ₹14.79 loss in 1Q 2022) First quarter 2023 results: EPS: ₹16.83 (up from ₹14.79 loss in 1Q 2022). Revenue: ₹539.4m (up 248% from 1Q 2022). Net income: ₹185.2m (up ₹348.0m from 1Q 2022). Profit margin: 34% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 28
Full year 2022 earnings released: ₹14.63 loss per share (vs ₹59.54 loss in FY 2021) Full year 2022 results: ₹14.63 loss per share (up from ₹59.54 loss in FY 2021). Revenue: ₹1.27b (up 12% from FY 2021). Net loss: ₹160.9m (loss narrowed 75% from FY 2021). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 1 experienced director. 1 highly experienced director. Independent Non-Executive Director Rana Sinha is the most experienced director on the board, commencing their role in 2004. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Feb 10
Third quarter 2022 earnings: EPS in line with expectations, revenues disappoint Third quarter 2022 results: ₹13.92 loss per share (down from ₹7.14 loss in 3Q 2021). Revenue: ₹423.3m (up 128% from 3Q 2021). Net loss: ₹153.2m (loss widened 95% from 3Q 2021). Revenue missed analyst estimates by 7.9%. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Executive Departure • Aug 05
Company Secretary, Chief Commercial & Compliance Officer Subhashish Datta has left the company On the 1st of August, Subhashish Datta's tenure as Company Secretary, Chief Commercial & Compliance Officer ended after 2.6 years in the role. We don't have any record of a personal shareholding under Subhashish's name. A total of 3 executives have left over the last 12 months. Reported Earnings • Aug 04
First quarter 2022 earnings released: ₹14.79 loss per share (vs ₹23.20 loss in 1Q 2021) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2022 results: Revenue: ₹155.8m (up 49% from 1Q 2021). Net loss: ₹162.8m (loss narrowed 36% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Executive Departure • Jun 25
Non-Executive & Non-Independent Director Rajesh Jha has left the company On the 18th of June, Rajesh Jha's tenure as Non-Executive & Non-Independent Director ended after 4.4 years in the role. We don't have any record of a personal shareholding under Rajesh's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 1.58 years, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • Jun 03
Full year 2021 earnings released: ₹59.53 loss per share (vs ₹120 loss in FY 2020) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2021 results: Revenue: ₹1.18b (down 37% from FY 2020). Net loss: ₹655.2m (loss narrowed 51% from FY 2020). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 15
Third quarter 2021 earnings released: ₹7.14 loss per share (vs ₹10.76 loss in 3Q 2020) The company reported a soft third quarter result with weaker revenues and control over costs, although losses reduced. Third quarter 2021 results: Revenue: ₹196.1m (down 55% from 3Q 2020). Net loss: ₹78.6m (loss narrowed 34% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 01
New 90-day high: ₹87.90 The company is up 4.0% from its price of ₹84.40 on 02 September 2020. The Indian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 12% over the same period. Is New 90 Day High Low • Oct 17
New 90-day low: ₹75.55 The company is down 7.0% from its price of ₹81.40 on 17 July 2020. The Indian market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 9.0% over the same period.