Key Financial Figures (Standalone - Quarter ended September 30, 2026)

  • Revenue from operations: ₹3,595.50 lakhs (₹35.96 crore)
  • Other income: ₹418.96 lakhs
  • Total Income: ₹4,014.48 lakhs
  • Total Expenses: ₹3,843.28 lakhs
  • Profit before exceptional items and tax: ₹371.18 lakhs
  • Exceptional items: ₹23.32 lakhs (Impairment in value of investment in subsidiary)
  • Profit before tax: ₹347.86 lakhs
  • Tax expense: ₹0.00 lakhs
  • Net Profit for the period: ₹347.86 lakhs (₹3.48 crore)
  • Other comprehensive income (net of tax): ₹31.31 lakhs
  • Total comprehensive income: ₹379.17 lakhs
  • Paid-up equity share capital: ₹1,100.44 lakhs (Face value ₹10 per share)
  • Basic EPS: ₹3.16 (not annualized)
  • Diluted EPS: ₹3.16 (not annualized)

Key Financial Figures (Standalone - Half-year ended September 30, 2026)

  • Revenue from operations: ₹6,198.70 lakhs
  • Other income: ₹1,008.46 lakhs
  • Total Income: ₹7,207.15 lakhs
  • Total Expenses: ₹6,622.60 lakhs
  • Profit before exceptional items and tax: ₹584.55 lakhs
  • Exceptional items: ₹120.72 lakhs (Impairment charge on subsidiary investment)
  • Profit before tax: ₹463.83 lakhs
  • Tax expense: ₹0.00 lakhs
  • Net Profit for the period: ₹463.83 lakhs
  • Other comprehensive income (net of tax): ₹(9.07) lakhs
  • Total comprehensive income: ₹454.76 lakhs
  • Basic EPS: ₹4.21 (not annualized)
  • Diluted EPS: ₹4.21 (not annualized)

Segment-wise Revenue (Standalone - Quarter ended September 30, 2026)

  • Projects & Services: ₹7.77 lakhs
  • Products & Services: ₹71.95 lakhs

Statement of Assets and Liabilities (Standalone - As at September 30, 2026)

  • Total Assets: ₹34,894.18 lakhs
  • Non-current assets: ₹5,836.68 lakhs (including Property, plant and equipment: ₹2,543.18 lakhs)
  • Current assets: ₹29,057.50 lakhs (including Inventories: ₹1,480.13 lakhs, Trade receivables: ₹4,146.36 lakhs, Cash and cash equivalents: ₹332.43 lakhs)
  • Total Equity and Liabilities: ₹34,894.18 lakhs
  • Equity: ₹8,939.81 lakhs (Equity share capital: ₹1,100.44 lakhs, Other equity: ₹7,839.37 lakhs)
  • Non-current liabilities: ₹16,212.57 lakhs (Borrowings: ₹13,707.63 lakhs)
  • Current liabilities: ₹9,741.80 lakhs

Statement of Cash Flows (Standalone - Half-year ended September 30, 2026)

  • Net cash used in operating activities: ₹(2,842.95) lakhs
  • Net cash generated from investing activities: ₹2,504.10 lakhs
  • Net cash used in financing activities: ₹(29.58) lakhs
  • Net decrease in cash and cash equivalents: ₹(168.43) lakhs
  • Cash and cash equivalents at beginning of period (April 1, 2026): ₹500.86 lakhs
  • Cash and cash equivalents at end of period (September 30, 2026): ₹332.43 lakhs

Exceptional Items Details

  • Employee Separation Scheme (ESS): A one-time cost of ₹1,130.95 lakhs was taken during the year ended March 31, 2026, for 52 employees who separated effective September 1, 2025.
  • Capital Reduction in Subsidiary: During FY2026, TRF Singapore Pte. Ltd. reduced its share capital, resulting in a net impact of ₹(575.47) lakhs (impairment reversal of ₹583.14 lakhs less net loss of ₹7.67 lakhs).
  • Impairment in Subsidiary Investment: The company recognised an impairment charge of ₹97.40 lakhs in Q1 FY2026 and ₹23.32 lakhs in Q2 FY2026 on its investment in TRF Singapore Pte Ltd.

Subsidiary Update

The Board of Directors of TRF Singapore Pte. Limited and TRF Holdings Pte. Limited approved a proposal for voluntary liquidation on May 12, 2026, which was subsequently approved by shareholders on July 31, 2026. A liquidator was appointed on July 31, 2026. Consequently, the company concluded it lost control over these subsidiaries. The investments have been reclassified as measured at fair value through profit or loss (FVTPL).

Tax Regime

The company has opted for the new reduced tax regime under Section 115BAA of the Income Tax Act, 1961. Accordingly, provisions of section 115JB (MAT) are not applicable. Deferred tax assets are recognised only to the extent of deferred tax liabilities.

Audit Details

The audit was conducted by Price Waterhouse & Co Chartered Accountants LLP (Firm Registration Number: 304026E/E-300009). Partner Sonika Burman (Membership Number: 504839) signed the audit report with an unmodified opinion, stating the results give a true and fair view and are prepared in accordance with Ind AS and SEBI LODR Regulations.

Consolidated Results Summary (Unaudited)

  • Revenue from operations (Q2 FY2026): ₹3,696.49 lakhs
  • Net Profit for the period (Q2 FY2026): ₹4,984.76 lakhs (includes a significant exceptional profit of ₹4,664.86 lakhs on loss of control of subsidiaries)
  • Total comprehensive income (Q2 FY2026): ₹5,026.12 lakhs

Board Meeting Details

The Board meeting commenced at 2:30 p.m. (IST) and concluded at 3:48 p.m. (IST) on October 13, 2026.