TRF Ltd
Capital Goods-Non Electrical Equipment | Small Cap
TRF Ltd, operating in the General Industrials (Capital Goods) sector, demonstrates a mixed financial performance. The company shows strengths in profitability, driven by robust gross profit margins and return on capital employed. Its financial health is also supported by positive adjusted and cash earnings per share, along with well-managed capital expenditures. However, the company faces challenges in solvency, indicated by a high debt ratio, while growth metrics, including revenue and operating profit, reflect declines. Efficiency ratios are also a concern, particularly regarding inventory and receivables management. Despite these weaknesses, TRF Ltd's ability to generate positive earnings and maintain healthy capital expenditures provides a foundation for potential future improvements.
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- Valuation MetricsNeutral
- Market Metrics
- Stock Reports
- Stock News
- Growth Ratio2.80
- Financial Ratio7.60
- Profitability Ratio7.30
- Efficiency Ratio2.00
- Coverage Ratio6.00
- Solvency Ratio6.36
- Liquidity Ratio0.00
- Peer Assessment
- Management AssessmentBalanced
- Risk AssessmentBalanced
- 1 HourBullish
- 2 HoursBullish
- 4 HoursBullish
- 1 DayNeutral
- 1 WeekBearish
- 1 MonthNeutral
TRF Ltd, operating in the General Industrials (Capital Goods) sector, demonstrates a mixed financial performance. The company shows strengths in profitability, driven by robust gross profit margins and return on capital employed. Its financial health is also supported by positive adjusted and cash earnings per share, along with well-managed capital expenditures. However, the company faces challenges in solvency, indicated by a high debt ratio, while growth metrics, including revenue and operating profit, reflect declines. Efficiency ratios are also a concern, particularly regarding inventory and receivables management. Despite these weaknesses, TRF Ltd's ability to generate positive earnings and maintain healthy capital expenditures provides a foundation for potential future improvements.
Overall Valuation Score
P/E RATIO (TTM)
26.05
Industry Median
29.81
Small Cap Median
28.73
P/E RATIO
11.60
P/B RATIO
3.52
Industry Median
4.45
Small Cap Median
4.37
P/S RATIO
2.47
Industry Median
2.73
Small Cap Median
2.61
Others
PEG RATIO
0.72
EV/EBITDA RATIO
4.71
The Calculations Shown Above Are Based on the Last Traded Price (LTP) of ₹272 as on Feb 20, 2026.
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The growth ratios present a mixed view. While asset growth shows a positive trend, revenue, operating profit, EPS, and net income growth rates are declining. This suggests the company is expanding its asset base but struggling to generate corresponding growth in revenue and profits. The decline in profitability metrics could be a concern for investors.
| Growth Ratios | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue Growth Rate | 11.58 | 39.3 | -20.97 | -13.74 | -29.57 |
| Operating Profit Growth Rate | -89.67 | -1611.11 | -39 | -17.41 | -70.37 |
| Earnings Per Share (EPS) Growth | -75.25 | -484.43 | -60.94 | -25.45 | -117.32 |
| Asset Growth Rate | -13.36 | -14.64 | -1.41 | 9.63 | 2.79 |
| Net Income Growth Rate | -75.26 | -484.46 | -60.94 | -25.46 | -117.33 |
Revenue Growth Rate
Operating Profit Growth Rate
Earnings Per Share (EPS) Growth
Asset Growth Rate
Net Income Growth Rate
The financial ratios reveal positive and negative aspects. Adjusted and cash earnings per share are strong, indicating profitability. However, the book value per share is negative, which is a concern. The company's capital expenditures are well-managed.
| Financial Ratios | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Adjusted Earnings Per Share (Adjusted EPS) | -20.95 | 77.8 | 26.91 | 17.99 | 5.94 |
| Cash Earnings Per Share (Cash EPS) | -18.75 | 82.35 | 33.49 | 25.74 | -1.42 |
| Book Value Per Share | -472.92 | -364.21 | -348.68 | -323.22 | 76.7 |
| Dividend Per Share (DPS) | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures (CapEx) | 1 | 1 | 5 | 4 | 8 |
Adjusted Earnings Per Share (Adjusted EPS)
Cash Earnings Per Share (Cash EPS)
Book Value Per Share
Dividend Per Share (DPS)
Capital Expenditures (CapEx)
The profitability ratios paint a generally positive picture. The gross profit margin and return on capital employed (ROCE) are strong, indicating efficient operations and effective use of capital. Return on assets (ROA) and net margin are also positive. Return on equity (ROE) is negative, which is a concern. The company is generating profits from its core operations.
| Profitability Ratios | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Gross Profit Margin | -4.95 | 31.89 | 23.89 | 22.31 | 6.84 |
| Return on Capital Employed (ROCE) | -1.63 | 188.39 | 37.59 | 21.81 | 10.54 |
| Return on Equity (ROE) | -5.3 | ||||
| Return on Assets (ROA) | -1.05 | 18.63 | 11.52 | 8.68 | 2.5 |
| Operating Margin | -3.04 | 33.02 | 25.49 | 24.4 | 10.27 |
| Net Margin | -18.12 | 50.02 | 24.72 | 21.36 | -5.26 |
Gross Profit Margin
Return on Capital Employed (ROCE)
Return on Equity (ROE)
Return on Assets (ROA)
Operating Margin
Net Margin
The efficiency ratios suggest areas of concern. The inventory turnover and receivables turnover are low, indicating slow-moving inventory and delayed payments from customers. The days sales in inventory and receivable days are high, reflecting inefficiencies in managing inventory and collecting receivables. This could tie up capital and increase the risk of losses.
| Efficiency Ratios | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Fixed Asset Turnover Ratio | 7.02 | 10.31 | 7.2 | 5.86 | 3.31 |
| Inventory Turnover Ratio | 4.3 | 7.64 | 13.3 | 18.55 | 10.09 |
| Receivables Turnover Ratio | 0.77 | 1.75 | 1.73 | 1.86 | 3.05 |
| Days Sales in Inventory Ratio | 84.88 | 47.77 | 27.44 | 19.68 | 36.17 |
| Receivable Days | 474.03 | 208.57 | 210.98 | 196.24 | 119.67 |
| Capital Turnover Ratio | -0.27 | -0.46 | -0.39 | -0.38 | 0.4 |
Inventory Turnover Ratio
Receivables Turnover Ratio
Days Sales in Inventory Ratio
Receivable Days
The coverage ratio suggests the company is able to meet the interest obligations. It indicates the company's ability to cover its interest expenses with its earnings. The company can comfortably handle its debt obligations.
| Coverage Ratios | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Interest Coverage Ratio | 0.25 | 4.31 | 3.65 | 3.2 | 0.7 |
| Equity Dividend Coverage Ratio |
Interest Coverage Ratio
Equity Dividend Coverage Ratio
The company's solvency presents a mixed picture. The high debt ratio suggests a reliance on borrowing, which could increase financial risk. However, the Debt to Equity Ratio does not have a score, indicating that the company's liabilities are completely offset by negative equity. The interest coverage ratio is average, showing the company's capacity to meet its interest obligations from its earnings.
| Solvency Ratios | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Debt Ratio | -1.44 | 4.73 | 3.87 | 2.79 | 0.6 |
| Debt to Equity Ratio | -0.59 | -1.27 | -1.35 | -1.56 | 1.5 |
| Equity Ratio | 2.44 | -3.73 | -2.87 | -1.79 | 0.4 |
| Debt To Asset Ratio | 0.83 | 1.62 | 1.67 | 1.63 | 0.37 |
Debt Ratio
Debt to Equity Ratio
Interest Coverage Ratio
The liquidity position of the company cannot be determined due to lack of information.
| Liquidity Ratios | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Current Ratio | 0.6 | 1.13 | 1.28 | 2.12 | 0.7 |
| Quick Ratio | 0.56 | 1.08 | 1.24 | 2.09 | 0.62 |
| Cash Ratio | 0.04 | 0.11 | 0.41 | 1.37 | 0.09 |
| Operating Cash Flow Ratio | -0.06 | 0.4 | 0.19 | 0.67 | 0 |
Current Ratio
Quick Ratio
Cash Ratio
Peer Comparison empowers investors to evaluate a company against its industry peers using key financial metrics like P/E ratio, EPS, and profit margins. It helps identify whether a company is overvalued, undervalued, or performing in line with competitors. Investors can use this data to spot opportunities, assess risks, and make informed decisions. This contextual view adds depth beyond standalone company analysis.
| NO | Company Name | Health Score | P/E Ratio | Valuation | OPM | EPS | Latest Profit & Loss |
|---|---|---|---|---|---|---|---|
| 1 | TRF Ltd | 5.15 | 11.60 | Neutral | 8.73 | 1.92 | -4.47 |
TRF Ltd's management effectiveness is a mix of strengths and weaknesses. The company benefits from a strong ROCE and improved OPM, indicating efficient capital use and operational performance. However, sales and profit growth inconsistencies raise concerns. High debt levels and fluctuating financial figures suggest potential challenges in financial management. The stable promoter holding shows consistent confidence. Sustaining the recent improvements in operating profit margin and return on capital employed is crucial for a more stable performance trend.
| Category | Metric | Value | Assessment |
|---|---|---|---|
| PROS | ROCE | 46.45 | Capital being used productively |
| OPM | 20.67% | Improving operational efficiency | |
| CONS | Sales Growth | -16.73% | Inconsistent revenue expansion |
| Profit Growth | -64% | Weak profit growth |
Financial Performance & Growth
TRF Ltd's financial performance and growth show a mixed scenario. Sales growth has been inconsistent, with a negative TTM growth of -12%. While there was a 3-year compounded sales growth of 7%, the 10-year and 5-year figures are -19% and -9% respectively, indicating long-term challenges in revenue expansion. Profit growth, although showing a 3-year compounded growth of 32%, suffers from a negative TTM of -43%. The operating profit margin (OPM) shows recent improvement, with the latest quarterly OPM at 20.67%. However, historical profitability has been volatile, impacting overall financial stability.
| Metric | 2014–2016 | 2017–2019 | 2020–2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Sales Growth (%) | -4.0% | -30.9% | 1.3% | 39.3% | -20.97% |
| Profit Growth (%) | -53.8% | 10.2% | -100% | 222% | -61% |
Capital Efficiency & Returns
TRF Ltd demonstrates strong capital efficiency with a current ROCE of 46.45%. There is no data available to analyse the historical ROCE trends over 10Y, 5Y, 3Y and LY. The company's ROE is 0. The asset turnover ratio cannot be computed due to lack of total asset and sales data. The cash conversion cycle has been consistently negative, indicating efficient working capital management.
| Metric | 2013-2015 | 2016-2018 | 2019-2021 | 2022 | 2023 | 2024 | | - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - | | Cash Conversion Cycle | 132 | 67 | -858 | -828 | -1020 | -806 |
Financial Health & Prudence
TRF Ltd's financial health shows some areas of concern. The company has significant borrowings, with debt impacting its enterprise value. Although the interest coverage ratio cannot be accurately assessed due to fluctuating operating profits, the company's ability to comfortably cover its interest obligations may be at risk. Dividend payout is 0.00%. The debt-to-equity ratio cannot be determined without equity data.
| Metric | 2013-2015 | 2016-2018 | 2019-2021 | 2022 | 2023 | 2024 | | - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - | | Borrowings | 602 | 507 | 516 | 523 | 507 | 542 | | Interest | 57 | 51 | 36 | 31 | 25 | 14 |
Shareholding & Ownership Structure
TRF Ltd has a stable promoter holding at 34.12%. Institutional holding shows FII at 0.41% and DII at 0.02%. The number of shareholders has seen fluctuations, but remains relatively stable.
| Shareholder Type | 2017-2019 | 2020-2022 | 2023 | 2024 | | - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - | | Promoters | 34.12 | 34.12 | 34.12 | 34.12 | | FIIs | 0.00 | 0.00 | 2.04 | 0.78 | | DIIs | 1.69 | 0.78 | 0.02 | 0.02 |
The overall risk assessment for TRF Ltd is orange, indicating moderate risk. The company faces fluctuating sales and profit growth, high debt levels, and inconsistent cash flows, which pose significant challenges. On the other hand, the company's high ROCE and improving OPM provide some stability.
Off-balance sheet exposure quantification
Based on the provided data, there is no specific information available to quantify off-balance sheet exposures for TRF Ltd.
Contingent liability evaluation
Based on the provided data, there is no specific information available to evaluate contingent liabilities for TRF Ltd.
Segment performance volatility
Based on the provided data, there is no specific data available on Segment performance volatility for TRF Ltd.
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Overall Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Bullish
Market Sentiment
Analysis Driven By 26 Technical Indicators From The 1 Hour Timeframe
Trend Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Strong Bullish
Momentum Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Neutral
Volatility Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Bearish
Volume Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Neutral
- IndicatorValueSignal
- SMA 10234.99Bullish
- SMA 20234.53Bullish
- SMA 50231.20Bullish
- EMA 10234.74Bullish
- EMA 20234.32Bullish
- EMA 50232.50Bullish
- DEMA 10234.94Bullish
- DEMA 20235.51Bullish
- DEMA 50234.28Bullish
- TEMA 10234.86Bullish
- TEMA 20234.99Bullish
- TEMA 50236.69Bullish
- MACD0.79Bearish
- ADX30.57Strong Trend
- IndicatorValueSignal
- RSI61.53Neutral
- CCI47.48Neutral
- ROC 9-0.01Bearish
- ROC 141.41Bullish
- ROC 251.18Bullish
- Stoch K42.55Neutral
- Stoch D34.43Neutral
- IndicatorValueSignal
- BB Upper237.73Neutral
- BB Middle234.53Neutral
- BB Lower231.33Neutral
- ATR2.98High Volatility
- IndicatorValueSignal
- MFI67.34Neutral
Overall Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Bullish
Market Sentiment
Analysis Driven By 26 Technical Indicators From The 2 Hours Timeframe
Trend Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Strong Bullish
Momentum Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Bullish
Volatility Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Bearish
Volume Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Neutral
- IndicatorValueSignal
- SMA 10234.89Bullish
- SMA 20234.43Bullish
- SMA 50229.74Bullish
- EMA 10234.68Bullish
- EMA 20233.40Bullish
- EMA 50232.36Bullish
- DEMA 10235.68Bullish
- DEMA 20235.67Bullish
- DEMA 50230.70Bullish
- TEMA 10235.32Bullish
- TEMA 20236.60Bullish
- TEMA 50234.34Bullish
- MACD1.66Bearish
- ADX19.50Weak Trend
- IndicatorValueSignal
- RSI59.89Neutral
- CCI70.05Neutral
- ROC 91.76Bullish
- ROC 141.50Bullish
- ROC 257.66Bullish
- Stoch K57.01Neutral
- Stoch D54.04Neutral
- IndicatorValueSignal
- BB Upper237.52Neutral
- BB Middle234.43Neutral
- BB Lower231.34Neutral
- ATR4.14High Volatility
- IndicatorValueSignal
- MFI35.25Neutral
Overall Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Bullish
Market Sentiment
Analysis Driven By 26 Technical Indicators From The 4 Hours Timeframe
Trend Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Strong Bullish
Momentum Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Bullish
Volatility Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Bullish
Volume Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Neutral
- IndicatorValueSignal
- SMA 10234.68Bullish
- SMA 20229.61Bullish
- SMA 50232.77Bullish
- EMA 10233.78Bullish
- EMA 20232.49Bullish
- EMA 50235.53Bullish
- DEMA 10236.05Bullish
- DEMA 20232.80Bullish
- DEMA 50228.72Bullish
- TEMA 10236.95Bearish
- TEMA 20236.17Bullish
- TEMA 50N/AN/A
- MACD0.64Bullish
- ADX15.78Weak Trend
- IndicatorValueSignal
- RSI55.61Neutral
- CCI80.50Neutral
- ROC 90.77Bullish
- ROC 145.78Bullish
- ROC 252.58Bullish
- Stoch K74.86Neutral
- Stoch D78.49Neutral
- IndicatorValueSignal
- BB Upper240.83Neutral
- BB Middle229.61Neutral
- BB Lower218.39Neutral
- ATR6.58Low Volatility
- IndicatorValueSignal
- MFI56.83Neutral
Overall Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Neutral
Market Sentiment
Analysis Driven By 33 Technical Indicators From The 1 Day Timeframe
Trend Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Neutral
Momentum Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Neutral
Volatility Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Bearish
Volume Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Neutral
- IndicatorValueSignal
- SMA 10229.02Bullish
- SMA 20231.83Bullish
- SMA 50248.34Bearish
- SMA 100251.12Bearish
- SMA 200285.32Bearish
- EMA 10232.02Bullish
- EMA 20233.88Bearish
- EMA 50242.08Bearish
- EMA 100255.06Bearish
- EMA 200281.72Bearish
- DEMA 10232.42Bullish
- DEMA 20228.20Bullish
- DEMA 50229.98Bullish
- DEMA 100228.10Bullish
- DEMA 200232.97Bullish
- TEMA 10235.43Bearish
- TEMA 20229.33Bullish
- TEMA 50229.83Bullish
- TEMA 100229.45Bullish
- TEMA 200219.16Bullish
- MACD-3.63Bullish
- ADX16.09Weak Trend
- IndicatorValueSignal
- RSI48.03Neutral
- CCI44.99Neutral
- ROC 143.48Bullish
- ROC 25-2.66Bearish
- Stoch K66.24Neutral
- Stoch D63.65Neutral
- IndicatorValueSignal
- BB Upper244.22Neutral
- BB Middle231.83Neutral
- BB Lower219.44Neutral
- ATR10.27High Volatility
- IndicatorValueSignal
- MFI53.57Neutral
Overall Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Bearish
Market Sentiment
Analysis Driven By 21 Technical Indicators From The 1 Week Timeframe
Trend Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Strong Bearish
Momentum Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Neutral
Volatility Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Bullish
Volume Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Neutral
- IndicatorValueSignal
- SMA 20250.64Bearish
- SMA 50296.15Bearish
- EMA 20254.58Bearish
- EMA 50290.87Bearish
- DEMA 20230.66Bearish
- DEMA 50241.06Bearish
- TEMA 20232.44Bearish
- TEMA 50217.76Bullish
- MACD-17.29Bullish
- ADX13.07Weak Trend
- IndicatorValueSignal
- RSI37.50Neutral
- CCI-122.81Oversold
- ROC 14-3.93Bearish
- ROC 25-25.36Bearish
- Stoch K23.89Neutral
- Stoch D27.12Neutral
- IndicatorValueSignal
- BB Upper286.66Neutral
- BB Middle250.64Neutral
- BB Lower214.63Neutral
- ATR24.02Low Volatility
- IndicatorValueSignal
- MFI27.93Neutral
Overall Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Neutral
Market Sentiment
Analysis Driven By 25 Technical Indicators From The 1 Month Timeframe
Trend Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Bearish
Momentum Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Neutral
Volatility Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Bullish
Volume Score
Strong Bearish
Bearish
Neutral
Bullish
Strong Bullish
Neutral
- IndicatorValueSignal
- SMA 6262.39Bearish
- SMA 12299.51Bearish
- SMA 24369.24Bearish
- EMA 6263.28Bearish
- EMA 12293.33Bearish
- EMA 24317.64Bearish
- DEMA 6235.87Bullish
- DEMA 12247.82Bearish
- DEMA 24309.67Bearish
- TEMA 6236.13Bullish
- TEMA 12225.10Bullish
- TEMA 24257.89Bearish
- MACD17.65Bearish
- ADX26.68Strong Trend
- IndicatorValueSignal
- RSI46.88Neutral
- CCI-33.04Neutral
- ROC 25-60.23Bearish
- ROC 5077.60Bullish
- Stoch K17.44Oversold
- Stoch D37.83Neutral
- IndicatorValueSignal
- BB Upper462.08Neutral
- BB Middle336.50Neutral
- BB Lower210.92Neutral
- ATR70.70Low Volatility
- IndicatorValueSignal
- MFI70.40Neutral