TRF Limited (TRF) Fair Value & Analysis

Industrials · IN · Market cap ₹2.7B

Below-average quality, and screening another 89% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (₹30.75). The favourable scenario is already priced in.
• Weak quality (26/100) and above fair value at the same time, the margin of safety is missing on both counts.
• A fairly wide model range (₹16.23 to ₹30.75) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹81.30 – ₹662.55 · fair‑value band ₹16.23 – ₹30.75 · the ₹230.57 price screens above the ₹24.60 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

TRF Limited (TRF) currently trades at ₹230.57, while our model-based Fair Value estimate is ₹24.60, implying the stock looks roughly 89.3% overvalued today. The Quality Score stands at 26/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, TRF Limited generated revenue of ₹850M at a net margin of -5.3%. Revenue declined 28.5% year over year. It earns a return on equity of -5.3%. Net debt stands at ₹1.2B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹16.23 (bear case) to ₹30.75 (bull case); at ₹230.57, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 43% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -67% fair-value upside, at -89%, TRF screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Asset-Based (₹51.37) versus Dividend Discount (₹0.2200). Highest evidence: Gordon GGM (70).

Key figures & financial health

Quality Score breakdown

About the company

TRF Limited undertakes turnkey projects of material handling in India. It operates in Products & Services and Project & Services segments.

Full 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 unloaders, stacker cum reclaimers, unabalance motor feeders and screens, rotary plough and apron feeders, travelling wagon and side discharge loaders, goose neck level luffing crane, ring granulators, rotary breakers, truflo screens, travelling trippers, ultraflo vibrating feeders and screens, pulleys, and wagon-tippler-with-side-arm-charger, as well as sectional and mine conveyors. It also provides services relating to design and engineering, supervision, manpower deployment, leasing of facilities, etc.; spare parts; and construction contracts and related services; life cycle services; operations and maintenance services; and undertakes refurbishment jobs of steel plant equipment, such as ladle and tundish repair, as well as electrical repair works. The company serves the infrastructure sector, including power and ports; and industrial sector, such as steel plants, cement, fertilizers, and mining. TRF Limited was incorporated in 1962 and is based in Jamshedpur, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

TRF Limited reported revenue of ₹850M in FY2026 versus ₹1.3B in FY2022, a compound −9.6%/yr. Reported net income was −₹44.7M in FY2026.

TRF screens 89% overvalued. Compare with GE Vernova Inc →

Peer Group

Specialty Industrial Machinery · 805 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.