For
$(X,\,L)$
a polarized toric variety and
$G\subset \mathrm {Aut}(X,\,L)$
a torus, denote by
$Y$
the GIT quotient
$X/\!\!/G$
. We define a family of fully faithful functors from the category of torus equivariant reflexive sheaves on
$Y$
to the category of torus equivariant reflexive sheaves on
$X$
. We show, under a genericity assumption on
$G$
, that slope stability is preserved by these functors if and only if the pair
$((X,\,L),\,G)$
satisfies a combinatorial criterion. As an application, when
$(X,\,L)$
is a polarized toric orbifold of dimension
$n$
, we relate stable equivariant reflexive sheaves on certain
$(n-1)$
-dimensional weighted projective spaces to stable equivariant reflexive sheaves on
$(X,\,L)$
.