Want to see IN:TRF full AI Analyst Report?
Top Page
TRF Limited.
(TRF)
Select Model
Select Model
Rating:43Neutral
Price Target:
₹186.00
▼(-20.14% Downside)
Action:Reiterated
Date:09/24/26
The score is weighed down primarily by the sharp FY2026 operational and profitability reversal and volatile cash generation, despite some balance-sheet improvement. Technicals also remain weak with the stock trading below key moving averages and negative MACD. Valuation is constrained by negative earnings (negative P/E) and no dividend yield data.
Positive Factors
Integrated material-handling business model
TRF participates across engineering, equipment supply, project execution, installation, commissioning, and services rather than relying on a single product sale. This integrated model can deepen customer relationships, support larger contract opportunities, and create repeat service, maintenance, refurbishment, and spares revenue.
Negative Factors
Sharp earnings and revenue reversal
The FY2026 reversal weakens confidence in the durability of TRF’s prior recovery. Lower revenue combined with negative operating profit and a net loss indicates reduced operating leverage and makes it harder to fund growth internally, while also increasing sensitivity to execution and demand conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated material-handling business model
TRF participates across engineering, equipment supply, project execution, installation, commissioning, and services rather than relying on a single product sale. This integrated model can deepen customer relationships, support larger contract opportunities, and create repeat service, maintenance, refurbishment, and spares revenue.
Read all positive factors
TRF Limited. (TRF) vs. iShares MSCI India ETF (INDA)
Market Cap
₹2.51B
Dividend Yield1.26%
Average Volume (3M)2.16K
Price to Earnings (P/E)―
Beta (1Y)1.93
Revenue Growth-17.81%
EPS Growth-125.09%
CountryIN
Employees422
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)-4.06
Shares Outstanding11,005,039
10 Day Avg. Volume2,053
30 Day Avg. Volume2,160
Financial Highlights & Ratios
PEG Ratio0.46
Price to Book (P/B)2.83
Price to Sales (P/S)2.81
P/FCF Ratio52.47
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. It operates in Products & Services and Project & Services segments. The company offers hydraulic cone and double roll crushers, load haul dumpers, roller screens, grab type shi...
How the Company Makes Money
TRF Limited makes money primarily by selling engineered equipment and delivering end-to-end projects for bulk material handling and related infrastructure. Key revenue streams typically include: (1) project/contract revenue from engineering, procu...
TRF Limited. Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
46
Neutral
Cash Flow
40
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 850.32M | 1.21B | 1.40B | 1.77B | 1.27B |
| Gross Profit | 155.75M | 1.04B | 517.27M | 1.44B | 793.32M |
| EBITDA | 6.26M | 300.43M | 577.60M | 1.06B | 239.51M |
| Net Income | -44.70M | 257.92M | 346.04M | 885.79M | -230.42M |
Balance Sheet | |||||
| Total Assets | 3.49B | 3.39B | 3.10B | 3.14B | 3.68B |
| Cash, Cash Equivalents and Short-Term Investments | 2.38B | 2.12B | 1.37B | 834.68M | 194.82M |
| Total Debt | 1.30B | 402.23M | 1.19B | 184.24M | 2.96B |
| Total Liabilities | 2.64B | 2.56B | 2.70B | 2.92B | 6.62B |
| Stockholders Equity | 843.70M | 834.68M | 390.64M | 219.84M | -2.94B |
Cash Flow | |||||
| Free Cash Flow | 45.55M | 897.68M | 270.34M | 817.65M | -378.65M |
| Operating Cash Flow | 129.53M | 935.64M | 319.50M | 830.98M | -376.83M |
| Investing Cash Flow | -586.34M | -1.13B | 132.86M | -521.72M | 58.31M |
| Financing Cash Flow | -607.00K | -6.20M | 47.93M | -303.08M | 89.33M |
TRF Limited. Technical Analysis
Positive
232.90
Price Trends
222.14
Positive
228.88
Negative
246.83
Negative
Market Momentum
-4.53
Negative
60.99
Neutral
62.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:TRF, the sentiment is Positive. The current price of 232.9 is above the 20-day moving average (MA) of 210.27, above the 50-day MA of 222.14, and below the 200-day MA of 246.83, indicating a neutral trend. The MACD of -4.53 indicates Negative momentum. The RSI at 60.99 is Neutral, neither overbought nor oversold. The STOCH value of 62.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:TRF.
TRF Limited. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹23.85B | 18.09 | ― | 0.51% | 4.81% | 16.32% | |
69 Neutral | ₹41.94B | 65.26 | ― | 0.73% | -16.88% | -34.25% | |
66 Neutral | ₹91.81B | 38.83 | ― | 0.49% | 3.08% | -54.36% | |
65 Neutral | ₹14.04B | 37.51 | ― | ― | 31.83% | 41.03% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹23.44B | 16.41 | ― | 4.02% | 9.17% | 14.00% | |
43 Neutral | ₹2.51B | -41.14 | ― | 1.26% | -17.81% | -125.09% |
* General Sector Average
IN:TRF
TRF Limited.
228.10
-105.15
-31.55%
IN:ELECON
Elecon Engineering Co. Ltd.
409.15
-120.25
-22.71%
IN:GALAPREC
Gala Precision Engineering Limited
1,095.35
334.65
43.99%
IN:PENIND
Pennar Industries Limited
173.00
-62.80
-26.63%
IN:PIXTRANS
PIX Transmissions Ltd
1,750.70
312.53
21.73%
IN:SHANTIGEAR
Shanthi Gears Limited
546.75
44.20
8.80%
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.