TRF Limited. (TRF) AI Stock Analysis

• Market Cap: ₹3.48B
• Dividend Yield: N/A
• Average Volume (3M): 1.80K
• Price to Earnings (P/E): 14.3
• Beta (1Y): 1.41
• Revenue Growth: -25.77%
• EPS Growth: -41.28%
• Country: IN
• Employees: 464
• Sector: Consumer Defensive
• Sector Strength: 45
• Industry: Industrial - Machinery
• EPS (TTM): 3.19
• Shares Outstanding: 11,005,039
• 10 Day Avg. Volume: 1,031
• 30 Day Avg. Volume: 1,798
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• 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: ₹351.00
• Price Target Upside: 10.69% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 55 Neutral
• Price Target: ₹351.00 ▲(10.69% Upside)

The overall stock score reflects a company in recovery with improving financial performance, but facing technical challenges. The positive trajectory in profitability and cash flow is a strength, yet bearish technical indicators suggest caution. A fair valuation provides a balanced view for potential investors.

TRF Limited. Business Overview & Revenue Model

Company Description

TRF Limited, a part of the Tata Group, operates in the engineering sector specializing in the design, manufacturing, supply, installation, and commissioning of capital equipment and systems. The company primarily serves industries such as power, steel, ports, and mining with its material handling solutions.

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 signs of recovery with improving profitability and cash flow metrics. The gross profit margin has improved significantly, indicating enhanced cost efficiency. However, revenue fluctuations and a low equity base due to past losses present risks. Overall, the company has made substantial progress in operational efficiency and profitability.

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 2023	Dec 2022	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.20B	1.21B	1.40B	1.27B	1.77B	1.14B
Gross Profit	974.05M	1.04B	1.16B	703.32M	1.44B	406.13M
EBITDA	369.46M	300.43M	577.60M	169.29M	1.08B	-247.47M
Net Income	257.92M	257.92M	346.04M	-230.42M	885.79M	-931.13M
Balance Sheet
Total Assets	3.39B	3.39B	3.10B	3.68B	3.27B	4.24B
Cash, Cash Equivalents and Short-Term Investments	2.12B	2.12B	1.37B	194.82M	834.68M	191.67M
Total Debt	1.15B	1.15B	1.19B	2.73B	848.14M	2.37B
Total Liabilities	2.56B	2.56B	2.70B	6.62B	3.05B	6.95B
Stockholders Equity	834.68M	834.68M	390.64M	-2.94B	219.84M	-2.71B
Cash Flow
Free Cash Flow	0.00	897.68M	289.87M	-378.65M	817.65M	205.57M
Operating Cash Flow	0.00	935.64M	339.03M	-376.83M	830.98M	209.63M
Investing Cash Flow	0.00	-1.13B	156.32M	58.31M	-521.72M	601.45M
Financing Cash Flow	0.00	-6.20M	4.94M	89.33M	-303.08M	-791.30M

TRF Limited. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 317.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 317.1 is below the 20-day moving average (MA) of 323.95, below the 50-day MA of 354.54, and below the 200-day MA of 379.75, indicating a bearish trend. The MACD of -9.32 indicates Negative momentum. The RSI at 40.59 is Neutral, neither overbought nor oversold. The STOCH value of 40.76 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	72 Outperform	₹3.62B	3.61		4.29%	3.16%	106.26%
KANPRPLA	69 Neutral	₹5.06B	26.02		0.41%	27.70%	―
Sector *	63 Neutral	$20.50B	14.76	-2.72%	3.09%	1.90%	-4.74%
KCPSUGIND	60 Neutral	₹3.83B	25.06		0.58%	-16.94%	-122.97%
ORIENTBELL	56 Neutral	₹4.35B	100.70		0.17%	-2.06%	958.57%
TRF	55 Neutral	₹3.48B	14.33		―	-25.77%	-41.28%
PONNIERODE	―	₹2.59B	16.25		1.02%	―	―