TRF Limited. (TRF) AI Stock Analysis

• Market Cap: ₹3.76B
• Dividend Yield: N/A
• Average Volume (3M): 6.74K
• Price to Earnings (P/E): 15.5
• Beta (1Y): 1.41
• Revenue Growth: -25.77%
• EPS Growth: -41.28%
• Country: IN
• Employees: 464
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Industrial - Machinery
• EPS (TTM): 3.19
• Shares Outstanding: 11,005,039
• 10 Day Avg. Volume: 2,842
• 30 Day Avg. Volume: 6,743
• PEG Ratio: -0.60
• Price to Book (P/B): 4.70
• Price to Sales (P/S): 3.25
• P/FCF Ratio: 4.37
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹385.00
• Price Target Upside: 12.67% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 67 Neutral
• Price Target: ₹385.00 ▲(12.67% Upside)

TRF Limited's overall score reflects its improving financial performance and reasonable valuation. The technical analysis supports a cautiously optimistic outlook, though revenue fluctuations and balance sheet weaknesses remain concerns. The absence of earnings call data and corporate events limits additional insights.

TRF Limited. Business Overview & Revenue Model

Company Description

TRF Limited undertakes turnkey projects of material handling in India and internationally. It operates in Products & Services and Project & Services segments. The company offers idler rollers, vibrating screens, and crushers, as well as components; sectional and mine conveyors; and miscellaneous products. It also provides design and engineering services for bulk material handling systems; erection and commissioning services for material handling systems; and life cycle services, including health assessment and technical services, operation and maintenance, and spares and solutions. In addition, TRF Limited offers design and engineering, supervision, and other services. The company serves infrastructure sectors, including power and ports; and industrial sector, such as steel plants, cement, fertilizers, and mining. TRF Limited was incorporated in 1962 and is based in Jamshedpur, India.

How the Company Makes Money

TRF Limited generates revenue through the sale and servicing of its capital equipment and systems tailored for material handling across various industries. The company earns money by fulfilling contracts for the design, manufacture, supply, and installation of these systems. Revenue streams include project execution, equipment sales, and after-sales services, such as maintenance and spare parts supply. Significant partnerships with key industrial players and a strong market presence contribute to its earnings.

TRF Limited. Financial Statement Overview

Summary

TRF Limited shows a positive trajectory with improving profitability and cash flow metrics. The income statement reflects enhanced cost efficiency and profitability, while the cash flow statement indicates strong cash generation capabilities. However, the balance sheet remains a concern due to low equity and high reliance on debt.

Income Statement

TRF Limited shows signs of recovery with improving metrics. The gross profit margin has improved significantly from 2020 to 2025, indicating enhanced cost efficiency. However, revenue has been fluctuating, with a notable decline from 2023 to 2025. The net profit margin is positive in recent years, reflecting profitability after a period of significant losses. EBIT and EBITDA margins have also improved, signaling operational efficiency gains.

Balance Sheet

The balance sheet shows mixed results. While the company has reduced its debt since 2020, leading to a more manageable debt-to-equity ratio, the equity base remains low due to past losses. The equity ratio suggests a relatively high reliance on liabilities. However, the return on equity has improved significantly in recent years, indicating a better return on shareholders' investments.

Cash Flow

TRF Limited has demonstrated strong cash flow performance recently. Operating cash flow has consistently improved, and the company has generated significant free cash flow in the latest period, suggesting strong cash generation capabilities. The free cash flow to net income ratio indicates effective conversion of profits into cash, although past fluctuations in free cash flow highlight potential volatility.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.06B	1.21B	1.40B	1.77B	1.27B	1.14B
Gross Profit	1.07B	1.04B	517.27M	1.44B	703.32M	406.13M
EBITDA	387.70M	300.43M	577.60M	1.08B	169.29M	-247.47M
Net Income	243.12M	257.92M	346.04M	885.79M	-230.42M	-931.13M
Balance Sheet
Total Assets	0.00	3.39B	3.10B	3.27B	3.68B	4.24B
Cash, Cash Equivalents and Short-Term Investments	738.19M	2.12B	1.37B	834.68M	194.82M	191.67M
Total Debt	0.00	1.15B	1.19B	848.14M	2.73B	2.37B
Total Liabilities	-834.68M	2.56B	2.70B	3.05B	6.62B	6.95B
Stockholders Equity	834.68M	834.68M	390.64M	219.84M	-2.94B	-2.71B
Cash Flow
Free Cash Flow	0.00	897.68M	289.87M	817.65M	-378.65M	205.57M
Operating Cash Flow	0.00	935.64M	339.03M	830.98M	-376.83M	209.63M
Investing Cash Flow	0.00	-1.13B	156.32M	-521.72M	58.31M	601.45M
Financing Cash Flow	0.00	-6.20M	4.94M	-303.08M	89.33M	-791.30M

TRF Limited. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 341.70
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:TRF, the sentiment is Negative. The current price of 341.7 is below the 20-day moving average (MA) of 352.76, above the 50-day MA of 336.34, and below the 200-day MA of 364.76, indicating a neutral trend. The MACD of -0.38 indicates Positive momentum. The RSI at 47.91 is Neutral, neither overbought nor oversold. The STOCH value of 14.77 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:TRF.

TRF Limited. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MAWANASUG	69 Neutral	₹3.37B	3.36	―	4.64%	3.16%	106.26%
TRF	67 Neutral	₹3.76B	15.47	―	―	-25.77%	-41.28%
KANPRPLA	63 Neutral	₹4.87B	25.08	―	0.43%	27.70%	―
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
ORIENTBELL	56 Neutral	₹4.24B	98.01	―	0.17%	-2.06%	958.57%
KCPSUGIND	52 Neutral	₹3.50B	25.06	―	0.32%	-16.94%	-122.97%