TRF Limited. (TRF) AI Stock Analysis

TRF Limited.

(NSE:TRF)

Select Model

Rating:43Neutral

Price Target:INR 189.00▼(-4.73% Downside)

Action:upgraded

Date:10/15/26

The overall score is heavily pressured by a dramatic collapse in financial performance, marked by a swing to net losses and severe margin compression. While the balance sheet has shown some improvement, weak cash generation and a negative P/E ratio underscore the company's challenging phase. Technicals offer a mixed picture with short-term strength but a bearish longer-term trend, providing only a slight offset to the fundamental risks.

Positive Factors

DeleveragingDebt-to-equity has fallen from very high FY2023–FY2024 levels to about 1.5x in FY2026 as equity rebuilt. That deleveraging improves financial resilience and can reduce balance-sheet pressure, although remaining debt still leaves results sensitive to profitability.

Negative Factors

FY2026 Earnings DownturnFY2026 brought negative operating profit, a net loss and an approximately 11% revenue decline after stronger FY2023–FY2025 profitability. This sharp reversal weakens confidence in earnings durability and limits internally generated resources for projects, investment and debt reduction.

TRF Limited. (TRF) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 2.22B
Dividend Yield: ―
Average Volume (3M): 3,700
Price to Earnings (P/E): 4.3
Beta (1Y): 1.90
Revenue Growth: 5.17%
EPS Growth: 340.38%
Country: India
Employees: 422
Sector: General
Sector Strength: 55
Industry: Industrial - Machinery

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 ship u...

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, procurem...

TRF Limited. Financial Statement Overview

Summary

Severe financial deterioration with an 11.4% revenue decline, gross margin collapse to 18.3%, and a net loss. Positive operating cash flow provides minimal cushion given the sharp drop from the prior year and low debt coverage.

Income Statement

20Very Negative

Balance Sheet

45Neutral

Cash Flow

35Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	850.32M	850.32M	1.21B	1.40B	1.77B	1.27B
Gross Profit	155.75M	155.75M	1.04B	517.27M	1.44B	793.32M
EBITDA	44.61M	6.26M	300.43M	577.60M	1.06B	239.51M
Net Income	-44.70M	-44.70M	257.92M	346.04M	885.79M	-230.42M
Balance Sheet
Total Assets	3.49B	3.49B	3.39B	3.10B	3.14B	3.68B
Cash, Cash Equivalents and Short-Term Investments	2.38B	2.38B	2.12B	1.37B	834.68M	194.82M
Total Debt	1.30B	1.30B	402.23M	1.19B	184.24M	2.96B
Total Liabilities	2.64B	2.64B	2.56B	2.70B	2.92B	6.62B
Stockholders Equity	843.70M	843.70M	834.68M	390.64M	219.84M	-2.94B
Cash Flow
Free Cash Flow	-50.95M	45.55M	897.68M	270.34M	817.65M	-378.65M
Operating Cash Flow	-9.32M	129.53M	935.64M	319.50M	830.98M	-376.83M
Investing Cash Flow	-2.67M	-586.34M	-1.13B	132.86M	-521.72M	58.31M
Financing Cash Flow	-1.51M	-607.00K	-6.20M	47.93M	-303.08M	89.33M

TRF Limited. Technical Analysis

Technical Analysis SentimentNegative

Last Price198.38

Price Trends

50DMA216.82Negative

100DMA225.91Negative

200DMA240.95Negative

Market Momentum

MACD-4.12Positive

RSI41.25Neutral

STOCH11.85Positive

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 198.38 is below the 20-day moving average (MA) of 207.93, below the 50-day MA of 216.82, and below the 200-day MA of 240.95, indicating a bearish trend. The MACD of -4.12 indicates Positive momentum. The RSI at 41.25 is Neutral, neither overbought nor oversold. The STOCH value of 11.85 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

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:TRF against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:PIXTRANS	75Outperform	INR 22.20B	16.96	―	0.55%	4.81%	16.32%
IN:ELECON	71Outperform	INR 94.20B	38.47	―	0.48%	4.79%	-52.69%
IN:GALAPREC	63Neutral	INR 13.18B	35.65	―	―	31.83%	41.03%
IN:PENIND	62Neutral	INR 20.94B	14.63	―	―	9.17%	14.00%
IN:SHANTIGEAR	57Neutral	INR 35.88B	62.05	―	0.85%	-14.22%	-37.57%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:TRF	43Neutral	INR 2.16B	4.25	―	―	5.17%	340.38%

* General Sector Average

Performance Comparison

IN:TRF and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:TRF	TRF Limited.	195.95	-134.10	-40.63%
IN:ELECON	Elecon Engineering Co. Ltd.	419.80	-142.78	-25.38%
IN:GALAPREC	Gala Precision Engineering Limited	1028.00	267.75	35.22%
IN:PENIND	Pennar Industries Limited	154.55	-120.05	-43.72%
IN:PIXTRANS	PIX Transmissions Ltd	1629.10	181.22	12.52%
IN:SHANTIGEAR	Shanthi Gears Limited	467.70	1.29	0.28%

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.

Date of analysis: Oct 15, 2026

TRF Limited. AI Stock Analysis