TRF Limited. (TRF) AI Stock Analysis

• Market Cap: ₹2.53B
• Dividend Yield: N/A
• Average Volume (3M): 6.74K
• Price to Earnings (P/E): 14.3
• Beta (1Y): 1.62
• Revenue Growth: -29.77%
• EPS Growth: -60.54%
• Country: IN
• Employees: 464
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Industrial - Machinery
• EPS (TTM): 5.22
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: ₹232.00 ▼(-23.08% Downside)
• Action: Reiterated Date: 11/08/25
• Date: Action: Reiterated 11/08/25

TRF Limited's overall stock score reflects a mixed outlook. The company's financial performance is on a positive trajectory with improving profitability and cash flow, but technical analysis indicates bearish momentum. The valuation suggests the stock is relatively expensive, and the absence of a dividend yield further limits its appeal. Continued focus on revenue growth and balance sheet strengthening will be crucial for sustaining recovery.

Positive Factors

Free cash flow generation

Consistent improvement in operating cash flow and significant free cash flow generation provide durable self-funding for working capital and capex. This reduces dependence on external financing, supports deleveraging, and enables strategic reinvestment over coming quarters.

Improving margins and profitability

Marked improvement in gross, EBIT and EBITDA margins and a return to net profitability indicate sustained cost controls and better project execution. Stronger margins increase resilience to revenue swings and help convert contract wins into repeatable medium-term earnings.

Lower leverage versus prior years

Debt reduction since 2020 has lowered financial leverage and interest burden, improving solvency. Structural deleveraging enhances bidding flexibility on large EPC contracts and reduces default risk, supporting steadier operations and financing options.

Negative Factors

Revenue decline and volatility

A nearly 30% decline in reported revenue and multi-year fluctuations signal fragile top-line momentum. Reduced scale impairs fixed-cost absorption, heightens unit cost pressure, and makes recovery dependent on a timely rebound in order intake from cyclical end markets.

Low equity base

A persistently low equity base limits the company's loss-absorbing capacity and raises leverage ratios. This constrains the ability to fund large project working capital internally and increases the likelihood of dilutive equity raises or costlier external financing if execution weakens.

Cyclical end-market exposure

Concentration in capital-intensive, cyclical sectors makes order books and revenues highly sensitive to commodity cycles and capex swings. This structural exposure produces lumpy cash flows, extends recovery timelines, and raises execution risk during industry downturns.

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 primarily makes money by (1) delivering engineering, procurement and construction/commissioning-style contracts for bulk material handling projects, where revenue is earned from project milestones/progress billing and final delivery/acceptance; and (2) selling equipment and systems (e.g., conveyors and material handling components) either as part of larger turnkey projects or as standalone supply contracts. Where the company provides aftermarket support, it may also earn revenue from (3) spares, maintenance, repairs, refurbishment, and service contracts tied to its installed base. Significant earnings drivers typically include order intake (new contracts), execution pace of the order book, pricing and input-cost management, and customer industry capex cycles. Specific details on current segment-wise revenue mix, major customer concentration, or named partnerships beyond publicly known group associations are null.

TRF Limited. Financial Statement Overview

Summary

TRF Limited is showing signs of recovery with improved profitability and cash flow metrics. The income statement reflects enhanced cost efficiency and operational gains, although revenue fluctuations and a low equity base remain concerns. The balance sheet shows reduced debt but still indicates a high reliance on liabilities. Cash flow performance is strong, with significant free cash flow generation.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	959.24M	1.21B	1.40B	1.77B	1.27B	1.14B
Gross Profit	765.43M	1.04B	517.27M	1.44B	703.32M	406.13M
EBITDA	264.80M	300.43M	577.60M	1.08B	169.29M	-247.47M
Net Income	114.80M	257.92M	346.04M	885.79M	-230.42M	-931.13M
Balance Sheet
Total Assets	3.43B	3.39B	3.10B	3.27B	3.68B	4.24B
Cash, Cash Equivalents and Short-Term Investments	2.15B	2.12B	1.37B	834.68M	194.82M	191.67M
Total Debt	1.22B	1.15B	1.19B	848.14M	2.96B	2.68B
Total Liabilities	2.57B	2.56B	2.70B	3.05B	6.62B	6.95B
Stockholders Equity	850.89M	834.68M	390.64M	219.84M	-2.94B	-2.71B
Cash Flow
Free Cash Flow	-50.95M	897.68M	289.87M	817.65M	-378.65M	205.57M
Operating Cash Flow	-9.32M	935.64M	339.03M	830.98M	-376.83M	209.63M
Investing Cash Flow	-2.67M	-1.13B	156.32M	-521.72M	58.31M	601.45M
Financing Cash Flow	-1.51M	-6.20M	4.94M	-303.08M	89.33M	-791.30M

TRF Limited. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 301.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 301.6 is above the 20-day moving average (MA) of 244.36, above the 50-day MA of 263.42, and below the 200-day MA of 320.76, indicating a bearish trend. The MACD of -11.34 indicates Positive momentum. The RSI at 37.24 is Neutral, neither overbought nor oversold. The STOCH value of 57.78 is Neutral, 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	78 Outperform	₹3.22B	22.43	―	4.69%	6.31%	161.73%
PONNIERODE	68 Neutral	₹2.34B	5.98	―	1.13%	―	―
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
KANPRPLA	62 Neutral	₹4.31B	9.74	―	0.52%	23.02%	―
ORIENTBELL	55 Neutral	₹4.12B	34.39	―	0.19%	-1.45%	849.26%
TRF	52 Neutral	₹2.53B	14.28	―	―	-29.77%	-60.54%
KCPSUGIND	52 Neutral	₹2.70B	10.94	―	0.38%	-13.84%	-149.34%

TRF Limited. Corporate Events

TRF Limited Announces Resignation of Company Secretary and Compliance Officer

TRF Limited has announced the resignation of its Company Secretary, Compliance Officer and Key Managerial Personnel, Prasun Banerjee, effective at the end of March 1, 2026, citing personal reasons. The move triggers a key governance change for the listed entity, requiring the board to identify a successor to ensure continuity in regulatory compliance, corporate secretarial functions and investor-related disclosures under Indian securities regulations.

TRF Limited’s Company Secretary and Compliance Officer Resigns Effective March 1, 2026

TRF Limited has announced that its Company Secretary, Compliance Officer and Key Managerial Personnel, Prasun Banerjee, has resigned from all these roles effective at the end of day on March 1, 2026, citing personal reasons. The disclosure, made in line with Securities and Exchange Board of India listing requirements, signals an upcoming transition in the company’s governance and compliance leadership, with stakeholders likely to watch for the appointment of a successor to ensure continuity in regulatory oversight.

The company has notified both BSE and NSE of the change and made the announcement available on its website, underscoring its adherence to mandated transparency norms for listed entities. While no replacement has been named in the disclosure, the departure of a key governance officer may temporarily increase focus on how TRF manages its compliance framework and maintains smooth coordination with regulators and exchanges.