TRF Limited. (TRF) AI Stock Analysis

• Market Cap: ₹3.63B
• Dividend Yield: N/A
• Average Volume (3M): 6.74K
• Price to Earnings (P/E): 31.6
• Beta (1Y): 1.42
• Revenue Growth: -29.77%
• EPS Growth: -60.54%
• Country: IN
• Employees: 464
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Industrial - Machinery
• EPS (TTM): -6.19
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: ₹317.00 ▲(1.62% Upside)

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

Improved Profitability

Enhanced profitability reflects operational gains and cost efficiency, which can support sustainable growth and competitive positioning.

Strong Cash Flow

Strong cash generation enhances financial stability, enabling reinvestment in growth initiatives and reducing reliance on external financing.

Reduced Debt Levels

Lower debt levels improve financial flexibility and reduce risk, allowing TRF to better navigate market fluctuations and invest in strategic opportunities.

Negative Factors

Revenue Decline

Declining revenue can hinder growth prospects and indicate challenges in market demand or competitive pressures, impacting long-term sustainability.

High Reliance on Liabilities

A high reliance on liabilities can limit financial flexibility and increase risk, especially in volatile market conditions, affecting long-term stability.

Low Equity Base

A low equity base can constrain growth and investment capacity, making it challenging to capitalize on new opportunities or withstand economic downturns.

TRF Limited. Business Overview & Revenue Model

Company Description

TRF Limited (TRF) is a leading company in the manufacturing and supply of material handling equipment, providing innovative solutions primarily to industries such as mining, steel, and bulk material handling. With a focus on engineering excellence and customer satisfaction, TRF designs and produces a wide range of products including conveyors, crushers, and other specialized equipment that cater to the needs of its clients in various sectors.

How the Company Makes Money

TRF generates revenue through the sale of its core products, including custom-engineered material handling systems and components. The company's revenue model is primarily based on direct sales to large industrial clients, as well as long-term contracts for maintenance and support services. Key revenue streams include product sales, service contracts, and after-market services that ensure continued support and upgrades for existing systems. Additionally, TRF may form strategic partnerships with other firms in related sectors to enhance its product offerings, expand its market reach, and drive sales growth.

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	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	2.96B	2.68B
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: 311.95
• 50DMA: Negative
• 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 311.95 is below the 20-day moving average (MA) of 316.31, below the 50-day MA of 336.69, and below the 200-day MA of 353.14, indicating a bearish trend. The MACD of -6.54 indicates Positive momentum. The RSI at 41.47 is Neutral, neither overbought nor oversold. The STOCH value of 19.42 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	₹3.40B	3.39	―	4.80%	6.31%	161.73%
KANPRPLA	63 Neutral	₹4.82B	24.78	―	0.44%	23.02%	―
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
ORIENTBELL	55 Neutral	₹4.31B	99.52	―	0.17%	-1.45%	849.26%
TRF	52 Neutral	₹3.63B	31.64	―	―	-29.77%	-60.54%
KCPSUGIND	52 Neutral	₹3.48B	-16.89	―	0.37%	-13.84%	-149.34%

TRF Limited. Corporate Events

TRF Limited Publishes Postal Ballot Notice Advertisement

TRF Limited, a company listed on the BSE and NSE, has announced the publication of a newspaper advertisement regarding its Postal Ballot Notice. This notice has been published in both the Financial Express and Dainik Bhaskar newspapers. The announcement is intended for the information and records of the stakeholders.