TRF Limited (TRF.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-35.7%

₹128.04

vs ₹199.00 price

Levered DCF

₹120.26

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.54

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-53.46×	15.22×	13.14×	1.99×	-6.42×	-1.05×	-0.31×	-3.88×
P/B	2.83×	4.7×	11.64×	8.02×	-0.5×	-0.35×	-0.31×	-227.62×
P/S	2.81×	3.25×	3.25×	0.99×	1.16×	0.82×	0.3×	0.39×
EV / EBITDA	569.15×	12.6×	8.69×	1.63×	17.74×	-6.06×	-3.5×	-6.97×
Gross margin	18.3%	86.4%	37.0%	81.1%	62.4%	-15.7%	32.1%	37.7%
Operating margin	-2.7%	35.9%	23.9%	32.0%	2.6%	-29.0%	-56.2%	-26.2%
Net margin	-5.3%	21.4%	24.7%	49.9%	-18.1%	-81.7%	-99.3%	-10.1%
Current ratio	2.67×	2.23×	1.74×	1.44×	0.53×	0.56×	0.71×	0.75×
Debt / equity	1.54×	0.48×	3.06×	0.84×	-1.01×	-0.99×	-1.7×	-352.02×
Interest coverage	-0.15×	3.08×	2.54×	2.29×	0.11×	-0.87×	-2.8×	-1.47×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-5.3%	30.9%	88.6%	402.9%	7.8%	34.4%	103.2%	5873.0%
Return on invested capital	-1.0%	16.5%	17.6%	44.4%	14.7%	-234.3%	-71.9%	-36.4%
Return on assets	-1.3%	7.6%	11.2%	28.2%	-6.3%	-21.9%	-32.5%	-5.1%
Free cash flow yield	1.9%	22.9%	5.9%	46.4%	-25.6%	22.0%	-100.1%	-81.8%
Earnings yield	-1.9%	6.6%	7.6%	50.3%	-15.6%	-99.5%	-327.8%	-25.8%
Enterprise value	₹3.6B	₹3.8B	₹5B	₹1.7B	₹4.2B	₹3.4B	₹3.2B	₹3.1B
Net debt / EBITDA	187.41×	-0.46×	0.82×	-0.04×	11.57×	-4.4×	-2.88×	-3.96×
Cash conversion cycle (days)	-10	-588	67	-383	-408	239	46	31