TRF Limited announced its Q3 FY26 quarterly results for the period ended December 31, 2025, demonstrating strong financial performance across key metrics. The Board of Directors approved the unaudited standalone and consolidated financial results at their meeting held on January 29, 2026.

Financial Performance Overview

The company delivered impressive results for Q3 FY26, with standalone net profit reaching ₹1,169.20 lakhs compared to ₹1,040.97 lakhs in the corresponding quarter of the previous year. Revenue from operations for the quarter stood at ₹1,988.89 lakhs, while total income including other income reached ₹2,358.27 lakhs.

Nine Months Performance

For the nine months ended December 31, 2025, TRF Limited reported a net profit of ₹841.29 lakhs on revenue from operations of ₹6,564.66 lakhs. This compares to a net profit of ₹2,074.15 lakhs on revenue of ₹9,362.50 lakhs for the corresponding period in the previous year.

Exceptional Items Impact

The quarterly results were significantly influenced by exceptional items totaling ₹575.47 lakhs (gain). This included adjustments related to capital reduction of ₹575.47 lakhs, primarily arising from TRF Singapore Pte. Ltd.'s scheme of reduction of share capital and repatriation of proceeds to the company.

For the nine months period, total exceptional items amounted to ₹555.48 lakhs, which included:

• Employee separation compensation: ₹1,130.95 lakhs
• Adjustments related to capital reduction: ₹575.47 lakhs (gain)

Segment Performance

TRF Limited operates through two main business segments: Projects & Services and Products & Services. The segment-wise performance for Q3 FY26 showed:

Consolidated Results

On a consolidated basis, TRF Limited reported a net profit of ₹574.03 lakhs for Q3 FY26 compared to ₹1,126.56 lakhs in Q3 FY25. Consolidated revenue from operations stood at ₹1,988.89 lakhs for the quarter. The consolidated results include the performance of subsidiaries TRF Singapore Pte Ltd and TRF Holdings Pte Ltd, both 100% owned and incorporated in Singapore.

Key Financial Highlights

The company maintained a stable capital structure with paid-up equity share capital of ₹1,100.44 lakhs (face value ₹10 per share). Total expenses for Q3 FY26 were ₹1,764.54 lakhs compared to ₹1,607.52 lakhs in the corresponding quarter of the previous year. Employee benefits expense constituted the largest component at ₹1,474.86 lakhs, while finance costs stood at ₹381.93 lakhs for the quarter.

TRF Limited has disclosed receiving a demand order from tax authorities in Odisha, imposing financial penalties totaling ₹283.35 lakh for alleged tax violations during the 2021-22 period. The company made this disclosure under regulatory requirements on December 31, 2025.

Tax Demand Details

The State Tax Officer, Jajpur Circle, Jajpur Odisha issued the demand order dated December 30, 2025, which TRF Limited received on the same day. The order imposes tax, interest and penalty on the company for alleged suppression of taxable turnover leading to short payment of taxes for the period 2021-22.

Alleged Violations and Financial Impact

The demand order specifically addresses alleged suppression of taxable turnover that resulted in short payment of taxes during the financial period 2021-22. The total financial impact quantified in the order amounts to ₹283.35 lakh, which includes tax, interest and penalty components.

Company's Response and Next Steps

TRF Limited has indicated that it is taking necessary steps to appeal against the demand order before the appropriate authority. The company disclosed this information in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Regulatory Compliance

The disclosure was made through official communication to both BSE Limited and National Stock Exchange of India Limited on December 31, 2025. The company provided detailed information as required under Schedule III of the SEBI Listing Regulations, ensuring transparency regarding the regulatory action and its potential financial implications.