Will TRF Ltd. Feel the Sting of U.S. Tariffs?

~Sumon Mukhopadhyay 

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Good news—TRF Ltd (Rs.311.60), the Tata Group’s rugged engineering gem, is dodging the U.S. tariff storm. With no public evidence linking its operations to U.S. import or export duties, TRF’s focus on domestic infrastructure projects—think power plants and steelworks—keeps it safely out of the tariff crosshairs. Photo: The Economic Times.

Q. What’s Brewing as Its Next Big Opportunity?

Ans. 

🔹A Comeback Story in the Making:

TRF Ltd has staged a gritty comeback since Tata Steel scrapped their merger in 2024. Bolstered by stronger order flow, capital infusion, and sharper working-capital management (debtor days down from 160 to 93.1), it’s carving a path to growth. Q1FY26 brought a tidy ₹3.51 crore profit, though revenue dipped 23.74% YoY to ₹33.64 crore—a reminder that the groove is real but still finding its rhythm.

🔹Gigantic Projects in the Pipeline

TRF’s engineering muscle shines in high-impact work, from crane fabrications to side-arm chargers and heavy-duty equipment. It’s powering projects like Tata Steel’s Kalinganagar Phase 2 and likely serving clients like Vizag Steel, NTPC, and BHEL, given its track record in steel, power, and mining sectors. More orders could cement its comeback.

🔹Tata Group’s Silent Booster

With Tata Steel’s operational and financial backing—think fresh orders and a 34.12% stake—TRF has the runway to scale and diversify while staying independent. This Tata tie-up is like rocket fuel for a small-cap star.

The Final Words:

TRF Ltd. may not be sipping American tariffs, but it’s brewing bold opportunities:

TRF is no tariff victim—it’s a comeback maestro. Backed by Tata Steel and armed with engineering grit, it’s powering ahead with cranes, chargers, and confidence.