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TRF Q2 FY27 results: net profit ₹49.85 crore vs ₹6.81 crore loss, revenue up 60.9%
TRF Limited reported consolidated revenue of ₹35.95 crore in Q2 FY27, up 60.9% from Q2 FY26. Net profit was ₹49.85 crore versus a net loss of ₹6.81 crore a year earlier, helped by a ₹46.55 crore exceptional gain; EBITDA was ₹4.47 crore, with a margin of 12.4%.
Key points
- Consolidated revenue rose 60.9% year on year to ₹35.95 crore and increased 38.1% from ₹26.03 crore in Q1 FY27.
- Q2 FY27 EBITDA was ₹4.47 crore, down 11.8% from ₹5.07 crore in Q2 FY26, while the margin declined 10.3 percentage points to 12.4%.
- The company reported a net profit of ₹49.85 crore against a net loss of ₹6.81 crore in Q2 FY26, aided by a ₹46.55 crore exceptional gain.
- Basic EPS was ₹45.3, compared with a loss of ₹6.19 per share in Q2 FY26 and ₹1.71 in Q1 FY27.
- H1 FY27 revenue was ₹61.99 crore, up 35.5%, while profit after tax was ₹51.72 crore against a net loss of ₹3.3 crore in H1 FY26.
How did TRF perform in Q2 FY27?
On a consolidated basis, TRF reported revenue of ₹35.95 crore in Q2 FY27, up 60.9% from ₹22.34 crore in Q2 FY26 and 38.1% from ₹26.03 crore in Q1 FY27. EBITDA was ₹4.47 crore, lower than ₹5.07 crore a year earlier but higher than ₹1.33 crore in the previous quarter. The EBITDA margin was 12.4%, compared with 22.7% in Q2 FY26 and 5.1% in Q1 FY27.
Profit before tax was ₹49.88 crore in Q2 FY27, against a loss of ₹6.76 crore in Q2 FY26 and profit of ₹1.88 crore in Q1 FY27. Net profit was ₹49.85 crore versus a net loss of ₹6.81 crore a year earlier and ₹1.88 crore in the previous quarter. Basic EPS was ₹45.3, compared with a loss of ₹6.19 and ₹1.71, respectively. On the standalone basis, revenue was ₹35.95 crore and profit after tax was ₹3.48 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 35.95 | 26.03 | 22.34 | +60.9% | +38.1% |
| Other income | 4.19 | 5.89 | 4.35 | −3.7% | −28.9% |
| Total expenses | 36.81 | 30.05 | 22.14 | +66.3% | +22.5% |
| EBITDA | 4.47 | 1.33 | 5.07 | −11.8% | +236.1% |
| EBITDA margin | 12.4% | 5.1% | 22.7% | −10.3 pp | +7.3 pp |
| Profit before tax | 49.88 | 1.88 | −6.76 | turned to profit | +2553.2% |
| Tax | 0.04 | 0 | 0.05 | −20.0% | |
| Net profit | 49.85 | 1.88 | −6.81 | turned to profit | +2551.6% |
| EPS (₹) | 45.30 | 1.71 | −6.19 | turned to profit | +2549.1% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in TRF's costs and profit?
Total expenses rose ₹14.67 crore, or 66.3%, to ₹36.81 crore from ₹22.14 crore in Q2 FY26. Cost of materials increased ₹9.28 crore to ₹10.43 crore, while other expenses rose ₹4.81 crore to ₹6.99 crore. Finance costs were ₹4.52 crore, up ₹0.36 crore, and depreciation was ₹0.81 crore, up ₹0.10 crore; employee cost declined ₹0.79 crore to ₹12.58 crore.
Other income was ₹4.19 crore in Q2 FY27, down ₹0.16 crore from ₹4.35 crore in Q2 FY26. The quarter included an exceptional gain of ₹46.55 crore, compared with an exceptional charge of ₹11.31 crore in the year-ago quarter. Tax was ₹0.04 crore, down ₹0.01 crore from ₹0.05 crore. The filing did not state a reason for the exceptional gain.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 10.43 | 1.15 | +9.28 | +807.0% |
| Employee cost | 12.58 | 13.37 | −0.79 | −5.9% |
| Finance costs | 4.52 | 4.16 | +0.36 | +8.7% |
| Depreciation | 0.81 | 0.71 | +0.10 | +14.1% |
| Other expenses | 6.99 | 2.18 | +4.81 | +220.6% |
| Total expenses | 36.81 | 22.14 | +14.67 | +66.3% |
| Other income | 4.19 | 4.35 | −0.16 | −3.7% |
| Tax | 0.04 | 0.05 | −0.01 | −20.0% |
| Exceptional items | +46.55 (gain) | −11.31 (charge) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹61.99 crore, up ₹16.23 crore or 35.5% from ₹45.76 crore in H1 FY26. Total income rose 33.8% to ₹72.08 crore from ₹53.89 crore. Profit before tax was ₹51.76 crore, compared with a loss of ₹3.25 crore in H1 FY26.
Profit after tax for H1 FY27 was ₹51.72 crore, against a net loss of ₹3.3 crore in H1 FY26. Basic EPS was ₹47.0, compared with a loss of ₹3.0 in the year-earlier period.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 61.99 | 45.76 | +35.5% |
| Profit before tax | 51.76 | −3.25 | turned to profit |
| Net profit | 51.72 | −3.30 | turned to profit |
| EPS (₹) | 47.00 | −3.00 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹348.94 crore, compared with ₹348.78 crore at 31 March 2026, while total equity rose to ₹89.4 crore from ₹84.37 crore. Borrowings increased to ₹137.08 crore from ₹129.15 crore, and cash declined to ₹3.32 crore from ₹11.93 crore. Inventories were ₹14.8 crore, trade receivables ₹41.46 crore and trade payables ₹34.35 crore.
H1 FY27 operating cash flow was negative ₹27.03 crore, compared with negative ₹0.93 crore in H1 FY26. Investing cash flow was positive ₹18.57 crore against negative ₹0.27 crore, while financing cash flow was negative ₹0.3 crore against negative ₹0.15 crore. Capital expenditure was ₹3.86 crore, compared with ₹4.16 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 348.94 | 348.78 |
| Total equity | 89.40 | 84.37 |
| Borrowings | 137.08 | 129.15 |
| Cash and equivalents | 3.32 | 11.93 |
| Inventories | 14.80 | 11.21 |
| Trade receivables | 41.46 | 25.03 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −27.03 | −0.93 |
| Cash from investing | 18.57 | −0.27 |
| Cash from financing | −0.30 | −0.15 |
| Capital expenditure | 3.86 | 4.16 |
Source: Company's results filing (XBRL).
How has TRF done over the last 8 quarters?
Revenue rose year on year in each of the last two quarters. Across the available quarterly series, revenue reached its highest level at ₹35.95 crore in Q2 FY27 and its lowest at ₹19.39 crore in Q4 FY26. Profit after tax was also highest in Q2 FY27 at ₹49.85 crore, while the lowest was a net loss of ₹6.91 crore in Q4 FY26.
The EBITDA margin bottomed at negative 32.2% in Q4 FY26 and peaked at 49.4% in Q3 FY25. It recovered to 5.1% in Q1 FY27 and rose further to 12.4% in Q2 FY27. The current direction was higher for revenue, profit after tax and EBITDA margin.
Which businesses drove the quarter?
Projects & Services reported revenue of ₹5.62 crore in Q2 FY27, up 186.7% from ₹1.96 crore in Q2 FY26. Segment EBIT was ₹4.35 crore, compared with a loss of ₹0.34 crore a year earlier, and the EBIT margin was 77.4%.
Products & Services generated revenue of ₹30.34 crore, up 48.2% from ₹20.47 crore in Q2 FY26. Segment EBIT fell to ₹0.37 crore from ₹6.77 crore, while the EBIT margin was 1.2%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Projects & Services | 5.62 | +186.7% | 4.35 | 77.4% |
| Products & Services | 30.34 | +48.2% | 0.37 | 1.2% |
Source: Company's results filing (XBRL segment data).
How did TRF shares react?
The filing was released after market hours. TRF was up 6.7% after five minutes, 5.9% after 15 minutes and 4.8% after 30 minutes. On the reaction day, the stock closed 7.3% above its pre-results close. By the next day's close, it was up 3.3% from the pre-results close, while the five-session move was negative 2.6%.
| After the filing | Stock | Industrial Products median |
|---|---|---|
| 5 minutes | +6.7% | |
| 15 minutes | +5.9% | |
| 30 minutes | +4.8% | |
| Reaction day | +7.3% | +0.1% |
| Next day | +3.3% | −1.1% |
| 5 days | −2.6% | −5.6% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 15 July 2026 | −1.4% |
| 12 May 2026 | −5.4% |
| 29 January 2026 | +7.8% |
| 28 October 2025 | −4.4% |
| 28 July 2025 | −2.4% |
| 2 May 2025 | −2.9% |
| 30 January 2025 | −6.7% |
| 23 October 2024 | −2.9% |
Source: MarketPing price-reaction measurement.
How did other Industrial Products companies do?
Thirty-eight other Industrial Products companies had filed results for the quarter as of 4 November 2026, with a median revenue growth of 31.6%. Of these, 26 companies grew more slowly than TRF and 12 grew faster. TRF's revenue growth was therefore above the peer median.
| TRF revenue growth (YoY) | +60.9% |
|---|---|
| Median of 38 other Industrial Products companies | +31.6% |
| Companies with slower revenue growth than TRF | 26 of 38 |
| Companies with faster revenue growth than TRF | 12 of 38 |
| Companies whose net profit rose | 23 of 32 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was TRF's revenue in Q2 FY27?
Revenue from operations was ₹35.95 crore, up 60.9% from ₹22.34 crore in Q2 FY26 (consolidated).
Did TRF make a profit in Q2 FY27?
Yes. Net profit was ₹49.85 crore, against a net loss of ₹6.81 crore in Q2 FY26.
What was TRF's EPS in Q2 FY27?
Basic earnings per share were ₹45.30, against a loss of ₹6.19 in Q2 FY26.
How did TRF shares react to the Q2 FY27 results?
On the reaction day the stock moved +7.3% from the previous close; the median Industrial Products stock moved +0.1%.
When did TRF announce its Q2 FY27 results?
On 13 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration Of Audited Standalone And Unaudited Consolidated Financial Results (BSE, 7 October 2026) · PDF
- Financial Results For Quarter And Half Year Ended September 30, 2026. (BSE, 13 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 13 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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