TRF's Rs 49.85 cr profit rests on other income
Operating profit was Rs 4.47 cr against Rs 4.52 cr of interest, while the 12.43% margin trailed the four-peer median of 14.87%.
Filed 13 Oct 2026, 18:06 IST · after market close · TRF Ltd (TRF)
Key takeaways
- TRF's consolidated Q2FY27 profit was dominated by Rs 50.74 cr of other income, which exceeded its Rs 49.88 cr profit before tax.
- Operating profit of Rs 4.47 cr was lower than interest expense of Rs 4.52 cr, leaving reported earnings dependent on non-operating income.
- At 12.43%, operating margin was 2.44 percentage points below the 14.87% median for four Industrials peers.
Price around the results
Other income drove the reported profit
Other income of Rs 50.74 cr exceeded profit before tax of Rs 49.88 cr, while operating profit was only Rs 4.47 cr. The Rs 0.04 cr tax charge and 0.07% tax rate also meant that nearly all of pre-tax profit flowed into net profit of Rs 49.85 cr.
TRF's operating margin lagged four Industrials peers
The 12.43% operating margin was 2.44 percentage points below the 14.87% median among four Industrials peers that had reported the quarter. TRF ranked second from the bottom on this measure, keeping the operating performance behind the sector comparison despite the reported profit.
The next update will test earnings quality
The consolidated results were filed after market close on 13 October 2026. The next quarterly release can be checked against the current Rs 4.47 cr operating profit, 12.43% margin and Rs 50.74 cr of other income to assess whether the same profit mix persists.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 |
|---|---|
| Revenue | ₹36 cr |
| Other income | ₹51 cr |
| Expenses | ₹31 cr |
| Operating profit | ₹4 cr |
| Operating margin (%) | 12.43% |
| Interest | ₹5 cr |
| Depreciation | ₹1 cr |
| Profit before tax | ₹50 cr |
| Tax | ₹0 cr |
| Net profit | ₹50 cr |
| EPS (₹) | ₹45.30 |
Operating margin of 12.43% compares with a Industrials sector median of 14.87% across 4 peers that have reported Q2FY27.
What to watch
- Whether operating margin moves above the current 12.43%.
- Whether interest remains above the current Rs 4.47 cr operating profit.
- Whether other income remains above the current Rs 49.88 cr profit before tax.