TRF Limited. (IN:TRF)
:TRF
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TRF Limited.
(TRF)
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Rating:58Neutral
Price Target:
₹242.00
▼(-19.76% Downside)
Action:ReiteratedDate:03/26/26
The score is driven by improving financial performance—especially stronger cash generation and better margins—but is held back by balance-sheet weakness and declining revenue. Technical indicators are also a meaningful headwind, with the stock in a downtrend versus key moving averages and a negative MACD, while valuation appears reasonable on a mid-teens P/E.
Positive Factors
Margin improvement / Operational efficiency
TRF has materially improved gross, EBITDA and EBIT margins through 2025, reflecting better cost control and execution. Sustained margin expansion increases resilience to revenue swings, improves project-level profitability and supports durable operating cash generation over coming months.
Negative Factors
Declining revenue trend
A sharp revenue decline (-29.45%) from 2023–2025 undermines scale and utilization. Persistent top-line contraction limits the company’s ability to leverage fixed costs and may force reliance on fewer, larger contracts, increasing execution risk and testing durability of recent margin improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin improvement / Operational efficiency
TRF has materially improved gross, EBITDA and EBIT margins through 2025, reflecting better cost control and execution. Sustained margin expansion increases resilience to revenue swings, improves project-level profitability and supports durable operating cash generation over coming months.
Read all positive factors
TRF Limited. (TRF) vs. iShares MSCI India ETF (INDA)
Market Cap
₹2.79B
Dividend YieldN/A
Average Volume (3M)6.74K
Price to Earnings (P/E)14.3
Beta (1Y)1.61
Revenue Growth-29.77%
EPS Growth-60.54%
CountryIN
Employees464
SectorConsumer Defensive
Sector Strength42
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)5.22
Shares Outstanding11,005,039
10 Day Avg. Volume2,842
30 Day Avg. Volume6,743
Financial Highlights & Ratios
PEG Ratio-0.60
Price to Book (P/B)4.70
Price to Sales (P/S)3.25
P/FCF Ratio4.37
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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...
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...
TRF Limited. Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
50
Neutral
Cash Flow
70
Positive
| 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
Neutral
301.60
Price Trends
253.46
Positive
276.89
Negative
312.34
Negative
Market Momentum
-1.52
Negative
57.00
Neutral
90.93
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:TRF, the sentiment is Neutral. The current price of 301.6 is above the 20-day moving average (MA) of 233.24, above the 50-day MA of 253.46, and below the 200-day MA of 312.34, indicating a neutral trend. The MACD of -1.52 indicates Negative momentum. The RSI at 57.00 is Neutral, neither overbought nor oversold. The STOCH value of 90.93 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:TRF.
TRF Limited. Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ₹3.72B | 22.43 | ― | 4.69% | 6.31% | 161.73% | |
68 Neutral | ₹2.40B | 5.98 | ― | 1.13% | ― | ― | |
65 Neutral | ₹4.47B | 9.74 | ― | 0.52% | 23.02% | ― | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
58 Neutral | ₹2.79B | 14.28 | ― | ― | -29.77% | -60.54% | |
55 Neutral | ₹4.01B | 34.39 | ― | 0.19% | -1.45% | 849.26% | |
52 Neutral | ₹2.76B | 10.94 | ― | 0.38% | -13.84% | -149.34% |
* Consumer Defensive Sector Average
IN:TRF
TRF Limited.
253.70
-98.20
-27.91%
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TRF Limited. Corporate Events
TRF Limited Closes Trading Window Ahead of FY 2026 Results
Mar 25, 2026
TRF Limited has announced that its trading window for dealing in the company’s securities is closed from March 25, 2026, in line with SEBI’s Prohibition of Insider Trading Regulations and its own code of conduct. The blackout period wi...
TRF Limited Announces Resignation of Company Secretary and Compliance Officer
Mar 1, 2026
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...
TRF Limited’s Company Secretary and Compliance Officer Resigns Effective March 1, 2026
Mar 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 i...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.