SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

TRF Ltd (TRF)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 505854 NSE: TRF Engineering - Industrial Equipments | Small Cap | TRF Share Price

₹234.95 1.55 (0.66%)

As on 23-Jul'26 11:35

TRF Ltd (TRF)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 505854 NSE: TRF Engineering - Industrial Equipments | Small Cap | TRF Share Price

₹234.95 1.55 (0.66%)

As on 23-Jul'26 11:35

Key Metrics
Valuation Multiples
Market Cap
₹257 Cr.
Current Price
₹235
52-Week Low / High
₹212 / 410
TTM EPS
₹-0.1
TTM Sales
₹87.7 Cr.
Book Value per Share
₹-320.8
P/E Ratio
0.00
Lower than its 5-year historical median
Industry PE
54.4
Price to Book (P/B)
-0.73
Lower than its 3-year historical median
Price to Sales (P/S)
2.93
Higher than its 5-year historical median
EV/EBITDA
14.64
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
0.00%
Underperforms industry median
Return on Capital Employed (ROCE)
8.22%
Underperforms industry median
Return on Assets (ROA)
0.62%
Operating Profit Margin
-0.3%
Net Profit Margin
2.48%
Gross Profit Margin
12.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-29.57%
Operating Profit Growth (1 Year)
-
-101.41%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-92.36%
Asset Quality
Promoter Holding
34.12%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹-364 Cr.
Equity
₹11 Cr.
Face Value
₹10
All Time Low / High
₹7.65 / 1175.00

TRF stock performance

Key Ratios
mw4me loader

Check Before You Invest

Quality

Somewhat Good

Valuation

Overvalued

Price Trend

Semi Strong
Q.1 Is TRF Ltd a good quality company?
TRF Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does TRF Ltd performance compare with that of its Peers?
Q.1 Revenue growth of TRF Ltd vs industry peers?
TRF Ltd revenue CAGR is -8.24%, compared to the industry median CAGR of 3.04%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of TRF Ltd?
Promoters hold 34.12% of the TRF Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of TRF Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of -2.8% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
TRF Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % -1%-45.8%-27.5%-77.2%-58.6%390.1%195.3%46.5%23.5%8.2%-
Value Creation
Index
NANANANANANA13.02.30.7-0.4-

Growth Parameters

Sales 5063522361861141271771401218588
Sales YoY Gr.--30.5%-32.9%-21.3%-38.6%11.6%39.3%-21%-13.7%-29.6%-
Adj EPS -22.3-149.3-113.5-119.6-61.8-15.379.742.424.84.6-0.1
YoY Gr.-NANANANANANA-46.9%-41.5%-81.3%-
BVPS (₹) -39.9-172.4-61-182.7-448.1-468.7-389.4-349.4-324.1-321.8-320.8
Adj Net
Profit
-24.6-164-125-132-68.1-16.887.746.627.25.1-0
Cash Flow from Ops. 64.322.6-123-58.929369.8894.78.7-
Debt/CF from Ops. 5.916.4-1.7-5.29.299.21.2151.214.9-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales -18%-5.7%-21.7%-29.6%
Adj EPS NANA-61.3%-81.3%
BVPSNANANANA
Share Price -3.2% 13.8% 7.7% -38.1%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
80.2140.697.298.229.16.1-64.9162.845.26.10
Op. Profit
Mgn %
-1.2-41.5-32.3-53.2-28.7-2.3318.917.6-0.49.8
Net Profit
Mgn %
-4.9-46.7-52.9-70.9-59.7-13.249.533.322.66-0.1
Debt to
Equity
-8.7-2-3.2-1.5-1-14.43.11.41.5-
Working Cap
Days
5306397397931,098764373374389402523
Cash Conv.
Cycle
194241143173276-18-1053628-9293

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales50635223618611412717714012185
Operating Expenses + 5154993212861471301221289985
Manufacturing Costs106996787433022191411
Material Costs29023095483431171646
Employee Cost 48534452513661626157
Other Costs 7111711598183323302010
Operating Profit -10-148-85-100-33-3551221-0
Operating Profit Margin (%) -1.9%-42.0%-36.1%-54.0%-28.7%-2.4%31.0%8.9%17.6%-0.4%
Other Income + 1067842153432326
Exceptional Items 0273601-5070-6
Interest 46476137383125141415
Depreciation 4433322233
Profit Before Tax -49-166-106-133-68-208147282
Tax -22-200000-7000
Profit After Tax -27-146-106-133-68-208847282
PAT Margin (%) -5.3%-41.5%-44.8%-71.5%-59.6%-16.0%49.6%33.3%22.9%2.5%
Adjusted EPS (₹)-24.5-132.0-95.9-120.0-61.8-18.579.842.325.11.9
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Valuation of TRF - Standalone

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + -44-190-67-201-267-29019388285
Share Capital 11111111237237459434450450
Reserves -55-201-78-212-504-527-440-395-368-365
Debt +32930317726624728484119115129
Long Term Debt6234243648808494115129
Short Term Debt26726915323019920402500
Minority Interest0000000000
Trade Payables31129924621217712763463834
Others Liabilities 33633921623823018310610396101
Total Liabilities 932752572515387305272306331349

Fixed Assets

Net Fixed Assets +31282523201817192126
Gross Block40404141424037404149
Accumulated Depreciation9121619222220212023
CWIP 0000000012
Investments 1851829292615611712882233
Inventories1288465594121106411
Trade Receivables44834827922019213963993125
Cash Equivalents 712252014261225
Others Assets 1339985102726762477046
Total Assets 932752572515387305272306331349

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 6423-123-59293708959
PBT -49-166-106-133-68-208147282
Adjustment 6088941163534-17-23-1-14
Changes in Working Capital 56102-114-3959-8-9-167116
Tax Paid -2-22-33-3150-35
Cash Flow From Investing Activity + 630135-034-3-57-3-94-10
Capex -0-1-0-0-0-0-1-5-4-8
Net Investments 031136033-3-551-90-13
Others 60002000112
Cash Flow From Financing Activity + -78-53-464-82-1-12-1-1-1
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -42-11-6816-1320-57000
Interest Paid -42-44-61-37-38-25-14-1-1-1
Dividend Paid 0000000000
Others 6112585-31560-0-0-0
Net Cash Flow -7-095-18-1240-2

Financial Ratio

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)N/AN/AN/AN/AN/AN/A0000
ROCE (%)N/AN/AN/AN/AN/AN/A195.2846.4523.58.22
Asset Turnover Ratio0.530.420.360.340.250.370.610.480.380.25
PAT to CFO Conversion(x)N/AN/AN/AN/AN/AN/A0.80.173.394.5
Working Capital Days
Receivable Days346.60410.60483488.80660.40476.10208.60211.30196.30119.80
Inventory Days92.80109.40114.30120.90159.7089.1032.5020.9015.3033.70
Payable Days393.20484.201,0521,729.702,074.801,763.202,087.201,246.703,771.502,089.20

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

TRF Ltd FAQs

The current trading price of TRF on 23-Jul-2026 11:35 is ₹234.9.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 22-Jul-2026 the market cap of TRF stood at ₹256.8 Cr

The latest P/E ratio of TRF as of 22-Jul-2026 is 0.00.

The latest P/B ratio of TRF as of 22-Jul-2026 is -0.73.

The 52-week high of TRF is ₹409.9 and the 52-week low is ₹212.2.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of TRF is ₹87.65 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that TRF Ltd is a average quality company.

The key valuation ratios of TRF Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of TRF Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About TRF Ltd

TRF Limited was incorporated on November 20, 1962, as Tata Robins Fraser Ltd. It was promoted by Tata Steel and the Associated Cement Companies Ltd (ACC), in financial and technical collaboration with Hewitt-Robins Inc. (HR) of USA and the General Electric Company Ltd (GEC) – Fraser & Chalmers Division of UK.

TRF is part of the Tata Group of companies, comprising over 90 enterprises in seven business sectors having operations in 40 countries. Founded in the last quarter of the 19th century, at a time when India had just embarked on the road to independence, the Group's business opportunities are aligned with nation building. A pioneer in solutions for bulk material handling/processing systems and equipments, port and yard equipments, TRF undertakes turnkey projects for power and steel plants, ports, fertilisers and mining sectors. Over the last five decades, TRF's products and services have developed a market for themselves in the infrastructural sector in India and overseas. The company has several international collaborators and technology associates.

In 2012 TRF Acquired Balance Stake in York Transport Equipment(Asia), Singapore.

The company's operations are segregated into four divisions:

  • Bulk Material Handling Equipment Division specializes in the design and manufacture of a wide range of equipment, especially material handling, which is used in the infrastructure industries.
  • Bulk Material Handling Systems Division offers a complete package of material handling and allied systems and services on a turnkey basis, such as stamp-charging pushing systems for coke oven projects and coal dust injection systems for blast furnaces.
  • Port and Yard Equipment Division focuses on the design, supply, erection and the commissioning of bulk and unit material handling equipment for ports and stockyards including level luffing cranes, ship loaders and unloaders, container cranes, stacker-reclaimers and special purpose cranes for power and metallurgical plants. It also implements projects and provides engineering, procurement and construction management (EPC/M) services towards the setting up small and medium size plants, such as blast furnaces, sinter plants and coal washeries.
  • Design and Engineering- TRF with the help of application engineering, customises its products to specific application, ensuring customer satisfaction. Stressing on the constant need to improve performance and create a sense of reliability, TRF's specialists work towards integrating their expertise and tender specification with customer demand. Adding further value to the system, are regular feedback and suggestions from the company's overseas associates. Moreover, the extensive CAD networks, interfaced with business information systems, further facilitate the operation of key processes. The company also has an advanced design and analysis software, which ensure flexibility and speed in customising the designs of products and systems.

Product range of the company includes:

TRF Ltd products have established their own brand and a demand for themselves in the Indian infrastructure sector, such as power, steel, mining, cement and port, to mention a few.

Among its other activities are, implementation of projects on an EPC (engineering, procurement and construction) basis or providing EPCM (engineering, procurement, construction management) services towards the setting up of small and medium size plants, such as blast furnaces, sinter plants and coal washeries. 

  • Wagon Tippler & Side Arm Charger
  • Rotary Breakers
  • Ring Granulators
  • Imapctors, Jaw Crushers, Roll Crushers, Cone Crushers & Hammer Mills
  • Screens Vibro Pulse, Truflo Ultra Flo, Unbalanced Motor, Washery Screens
  • Rotary Plough Feeders, Belt Feeders
  • Vibrating Feeders
  • Shuttle Conveyor
  • Ship/ Barge Unloaders
  • Apron Feeders
  • Wagon Loaders
  • Travelling Tippers
  • Stacker & Barrel Reclaimers
  • Side Discharge Loaders
  • Load Haul Dumpers
  • Ladle Cranes
  • Level Luffling Cranes
  • Idlers & Pulley 
  • Ship Loaders

Subsidiary

TRF also owns a subsidiary, York TEA, Singapore, which produces and distributes trailer undergears, and has a market presence in 27 countries.

Achievements/ recognition

  • In 1976, The Government of India, Department of Science and Technology, recognized the Research and Development Department of TRF Ltd for a period of three years, valid till March 31, 1979.
  • 1987-88, The Company also introduced the ‘Stamp Charging Technology’, in association with SAARBERG Inter-plan, West Germany, for improving the quality of the coke oven batteries used in the steel plants.
  • In the years 1999 and 2000, the process of Tata Material Handling Systems Limited (TMHS) and Tata Technodyne Limited (TTDL) with TRF started2001-02: The JRD Tata Learning Centre was inaugurated on the TRF premises, thus addressing the long- standing need of an essential facility required for imparting knowledge to the TRF employees.
  • 2003-04: the Port & Yard Equipment Division- its Quality Management System was certified under ISO 9001:2000 standards.
  • TRF was awarded the SERIOUS ADOPTION OF TBEM AWARD 2005, based on their performance in the TBEM External Assessment in 2005
  • 2006-07: The Company secured a conveyor system and equipment for raw material handling system from Tata Steel.
  • The awards and recognitions at TRF Ltd are tuned towards encouraging the individual to attain higher flights of performance, which lead to the growth and prosperity the company as well. The Tata Business Excellence Model (TBEM) provides training to the officers to improve their professional skills and thus enhance their functioning and the company’s productivity.
You have 4 views remaining as a Guest User. To get DeciZen Rating of 3,500+ Stocks based on their Quality, Valuation and Price Trend Login Now

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through: