Company Valuation: TRF Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 934.8 1,494 1,764 4,439 3,872 2,394
Change - 59.86% 18.04% 151.65% -12.77% -38.18%
Enterprise Value (EV) 1 3,353 4,265 1,778 4,259 4,286 1,310
Change - 27.2% -58.3% 139.52% 0.65% -69.44%
P/E -1x -6.48x 2.25x 12.8x 15x -53.6x
PBR -0.19x -0.29x -0.41x -1.16x -1.09x -0.68x
PEG - 0.1x -0x -0.2x -0.6x 0x
Capitalization / Revenue 0.82x 1.18x 1x 3.17x 3.21x 2.82x
EV / Revenue 2.94x 3.35x 1x 3.04x 3.55x 1.54x
EV / EBITDA -9.87x -121x 3.04x 12.3x 14.3x 11.2x
EV / EBIT -9.19x -74.3x 3.13x 13x 15.6x 14.7x
EV / FCF 5.17x -15.6x -3.84x 61.1x -6.48x 1.08x
FCF Yield 19.3% -6.4% -26.1% 1.64% -15.4% 92.8%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -84.62 -20.94 71.14 31.45 23.44 -4.062
Distribution rate - - - - - -
Net sales 1 1,139 1,271 1,771 1,400 1,207 850.3
EBITDA 1 -339.6 -35.11 585.9 347.5 299.3 116.8
EBIT 1 -364.7 -57.39 567.8 327 275.2 89.16
Net income 1 -931.1 -230.4 885.8 346 257.9 -44.7
Net Debt 1 2,418 2,770 14.13 -180.2 414 -1,084
Reference price 2 84.95 135.80 160.30 403.40 351.90 217.55
Nbr of stocks (in thousands) 11,004 11,004 11,004 11,004 11,004 11,004
Announcement Date 8/28/21 8/5/22 7/25/23 7/11/24 6/17/25 7/15/26
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.3x2.1x17.26x2.44% 70.06B
13.98x1.15x11.71x4.12% 41.02B
17.04x1.69x9.64x2.66% 41.54B
30.76x4.48x17.9x1.62% 30.52B
23.04x2.14x11.61x2.08% 18.99B
12.61x1.53x10.05x1.92% 19.71B
13.7x - - 0.71% 16.5B
23.75x2.64x14.23x2.53% 16.05B
25.5x0.85x14.65x1.55% 13.5B
Average 20.30x 2.07x 13.38x 2.18% 29.77B
Weighted average by Cap. 20.23x 2.09x 13.85x 2.43%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA