TRF Limited

TRF.NS

Industrial - Machinery · Industrials

Exchange

National Stock Exchange of India

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Winston Score History

The full picture

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.

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

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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

80.0%

Premium pricing power — 80.0% gross margin

Profit after running costs

Operating Margin

1.8%

Thin — 1.8% operating margin

Return on the money invested

ROCE

-3.0%

Weak — -3.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+4.4%

Slow sales growth (+4.4% YoY)

Profit growth

EPS YoY

-125.1%

Earnings shrinking (-125.1% YoY)

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

How steady the profit is

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

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

What it owes vs what it owns

Debt / Equity

1.53

Elevated debt (1.53)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

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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