TRF Limited

TRF.NS

Industrial - Machinery · Industrials

Price

₹232.79

+0.38 (+0.16%)

Market Cap

₹2.56B

Exchange

National Stock Exchange of India

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

TRF Limited is an Indian industrial company that makes heavy equipment and systems used in mining, ports, and steel plants. Its core products include bulk material handling systems, wagon tipplers, stackers, reclaimers, and crushers. The company is a subsidiary of Tata Steel and primarily serves large industrial customers across India's mining and infrastructure sectors.

TRF earns revenue by designing, engineering, and supplying customized equipment and turnkey project solutions to industrial clients. It operates mainly in India, with some project exposure in neighboring markets. Being part of the Tata Group gives it access to large contracts and a degree of brand credibility, but the company has struggled with profitability — its operating margin is currently negative, reflecting cost overruns and project execution challenges. The key risk going forward is whether management can improve project delivery efficiency and return the business to consistent profitability, as continued losses could strain its financial position.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-28.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-296.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

43.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$0 cash & investments

Quarterly Free Cash Flow

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

TRF Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 11.0M (2022) → 11.0M (2026)

Score breakdown

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Quality

Gross Margin

80.0%

Premium pricing power — 80.0% gross margin

Operating Margin

1.8%

Thin — 1.8% operating margin

ROCE

0.2%

Weak — 0.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+4.4%

Slow sales growth (+4.4% YoY)

EPS YoY

-125.1%

Earnings shrinking (-125.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-5.8%

Burning cash (-5.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.53

Elevated debt (1.53)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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