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TRL Krosaki Refractories Limited Unlisted Shares
DRHP Status : Not Filed
1890
Fundamentals About TRL Krosaki Refractories Limited
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Key Financials of TRL Krosaki Refractories Limited
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 1423.92 | 1923.55 | 2295.01 | 2503 |
| Cost of Material Consumed | 617.69 | 803.18 | 1002.25 | 1426 |
| Gross Margins | 56.62 | 58.24 | 56.33 | 43.03 |
| Change in Inventory | 12.98 | -22.66 | -23.78 | -13 |
| Employee Benefit Expenses | 130.62 | 141.23 | 161.83 | 183 |
| Other Expenses | 577.81 | 819.11 | 890.08 | 589 |
| EBITDA | 84.82 | 182.69 | 264.63 | 318 |
| OPM | 5.96 | 9.5 | 11.53 | 12.7 |
| Other Income | 3.73 | 0.42 | 7.48 | 59 |
| Finance Cost | 12.41 | 15.92 | 22.74 | 21 |
| D&A | 28.93 | 34.3 | 38.69 | 44 |
| EBIT | 55.89 | 148.39 | 225.94 | 274 |
| EBIT Margins | 3.93 | 7.71 | 9.84 | 10.95 |
| PBT | 46.54 | 137.12 | 210.67 | 311 |
| PBT Margins | 3.27 | 7.13 | 9.18 | 12.43 |
| Tax | 10.82 | 33.38 | 52.4 | 68 |
| PAT | 35.72 | 103.74 | 158.27 | 243 |
| NPM | 2.51 | 5.39 | 6.9 | 9.71 |
| EPS | 17.09 | 49.64 | 75.73 | 116.27 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 5.96 | 9.5 | 11.53 | 12.7 |
| Net Profit Margin | 2.51 | 5.39 | 6.9 | 9.71 |
| Earning Per Share (Diluted) | 17.09 | 49.64 | 75.73 | 116.27 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 300.7 | 392.65 | 457.23 | 531 |
| CWIP | 107.16 | 65.38 | 46.83 | 46 |
| Investments | 31.86 | 32.45 | 35.94 | 38 |
| Trade Receivables | 237.15 | 299.01 | 337.26 | 370 |
| Inventory | 356.6 | 449.94 | 470.26 | 461 |
| Other Assets | 92.38 | 89.38 | 80.21 | 123 |
| Total Assets | 1125.85 | 1328.81 | 1427.73 | 1569 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 20.9 | 20.9 | 20.9 | 20.9 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 494.15 | 583.43 | 708.34 | 902 |
| Borrowings | 175.43 | 307.52 | 263.09 | 153 |
| Trade Payables | 288.16 | 301.84 | 311.55 | 299 |
| Other Liabilities | 147.21 | 115.12 | 123.85 | 194.1 |
| Total Liabilities | 1125.85 | 1328.81 | 1427.73 | 1569 |
About Company
The following table shows a 10-point analysis of TRL Krosaki Refractories Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ~₹2,600–2,625 cr · PAT ₹342 cr · PAT margin ~13% | Leading refractories manufacturer in India (JV with Krosaki Harima, Japan); supplies high-performance refractories to steel, cement, glass, non-ferrous & other industries; pan-India manufacturing & services; record performance with strong volume growth & efficiency gains despite global challenges |
| Industry & Market Position | Top-tier domestic player · Strong steel sector exposure | Competitive advantage through Japanese technology, product innovation, and long-term relationships with major steel producers. Benefits from domestic steel capacity expansion and infrastructure push. Faces import competition (notably from China) and cyclical exposure to steel production and raw material prices. |
| Revenue Growth Trend | FY23–FY25 CAGR ~10–15% · FY25 ~4–5% YoY growth | Steady expansion supported by higher dispatch volumes and improved realizations. Record FY25 revenue despite pricing pressures. Growth aligned with Indian steel sector recovery and ongoing capacity additions. |
| Profitability & Margins | EBITDA ~₹363 cr (margin ~13.8%) · PAT margin ~13% · PAT +42% YoY | Significant margin improvement driven by cost efficiencies and operating leverage. Strong earnings growth in FY25 with high-quality profitability relative to peers in a cyclical industrial segment. |
| Cash Flow Quality | Strong OCF · Dividend ₹33/share | Healthy operating cash flows enable generous dividend payouts and reinvestment. Working capital well managed; cash generation supported by scale and efficiency. |
| Balance Sheet Strength | Strong net worth · Low/moderate debt | Conservative capital structure with comfortable gearing and liquidity buffers. JV backing enhances stability and technical strength. Limited leverage risk provides downside protection. |
| Valuation Comfort | Unlisted price ~₹1,730–1,968 (Feb 2026) · P/E ~15–20x · EPS ~₹100+ | Reasonable valuation for a high-margin refractories leader delivering record performance. Market cap ~₹2,000–2,500 cr range. Attractive relative to growth, dividend yield, and sector positioning. |
| Management & Governance | JV-managed (Krosaki Harima majority) · Professional oversight | Backed by global technical expertise and disciplined governance standards. Transparent disclosures and consistent operational execution; no major governance concerns noted. |
| Growth Triggers & Catalysts | Steel capex cycle · Volume expansion · Product innovation · No IPO plans | Organic growth linked to domestic steel demand and infrastructure investment. Additional upside from export expansion, cost optimization, and new high-value refractory solutions. |
| Liquidity & Exit Visibility | OTC liquidity only · No confirmed IPO | Moderate activity in unlisted market; liquidity lower compared to listed peers. Exit mainly via OTC transactions or strategic interest. Liquidity risk exists despite strong fundamentals. |
TRL Krosaki Refractories Limited (formerly Tata Refractories / TRL) is one of India’s leading refractory‑manufacturing companies, founded in 1958 with its main plant at Belpahar, Jharsuguda, Odisha. The following are the important points related to TRL Krosaki Refractories Limited:
- In 2011, Krosaki Harima Corporation (Japan) acquired a majority stake, giving TRL Krosaki access to advanced global refractory technologies.
- The company produces a full portfolio of refractory products: basic bricks, dolomite, high‑alumina, monolithic refractories, silica, flow‑control products, RH‑snorkel, taphole clay, alumina‑graphite, and more.
- Customers span across steel, cement, glass, copper, aluminium, and other high-temperature industries, both in India and abroad.
- TRL Krosaki also offers Refractories Engineering Services: design, installation, maintenance, turnkey refractory lining, and total refractory management.
Challenges in TRL Krosaki’s Business
- Raw material dependence & cost risk: Refractories rely heavily on raw materials like magnesia, alumina, and other minerals; any fluctuation in raw‑material cost or supply can affect margins.
- Capital‑intensive operations: Maintaining and upgrading refractory manufacturing facilities, plus supporting R&D, requires significant ongoing capital investment.
- Cyclic demand: Its key end-markets (steel, cement, aluminium) are cyclic in nature; downturns in these industries could lead to lower refractory demand.
- Competition & technological risk: Competing with global and domestic refractory players requires continuous R&D, and staying ahead technologically is critical.
- Service delivery risk: While engineering and maintenance services are a strength, managing large projects (installation, dry‑out, repair) can pose execution risk and requires skilled manpower.
Strengths / Strategic Advantages
- Technology Strength & Partnership: Its partnership with Krosaki Harima, a global refractory‑technology leader, gives it a strong technological edge.
- Integrated Product Portfolio: It offers one of the most comprehensive ranges of refractory products in India, which helps serve diverse industries.
- Strong Service Capability: Its refractory‑engineering division (project management + maintenance) strengthens customer stickiness.
- ESG & Certifications: Certified to multiple standards (IMS, ISO 9001, ISO 14001, ISO 45001, SA 8000), indicating strong quality, environment, and social governance systems.
- Raw Material Security: The company claims “long-term raw material security” through captive mines and strategic global alliances.
Quick Summary
TRL Krosaki is a pioneer in the Indian refractory industry, with deep legacy, strong global technology linkages, and a wide product + service portfolio. It is strategically positioned to serve core high-temperature industries like steel, cement, and aluminium. While its business is capital‑intensive and exposed to cyclic end‑markets, its strong technical capabilities, integrated offerings, and service strength make it a key player for long-term refractory demand in India and globally.
Shareholding Pattern of TRL Krosaki Refractories Limited
| Name | Holding |
|---|---|
| Foreign Holdings | 77.62% |
| Government Companies | 10.54% |
| FIs, Insurance Companies & Banks | 4.61% |
| Other Corporate Bodies | 2.13% |
| Individual And Others | 5.10% |
Promoters of TRL Krosaki Refractories Limited
- Krosaki Harima Corporation (Japan) is a key promoter/parent.
- P.K. Naik — Managing Director (as per corporate profile).
Click here to visit the official website of TRL Krosaki Refractories Limited.
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Frequently Asked Questions
TRL Krosaki Refractories Ltd unlisted shares represent equity in a leading Indian refractories manufacturing company. These shares are not listed on NSE or BSE and can be acquired through trusted private-market platforms like UnlistedKraft.
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Unlisted shares carry risks like limited liquidity and less public disclosure. TRL Krosaki is a technology-leading, renamed entity (formerly Tata Refractories), now backed by Krosaki Harima of Japan. Investing via UnlistedKraft ensures your transaction is secure, verified, and transparent.
Share prices depend on recent private trades, investor demand, company performance, and sector dynamics. UnlistedKraft keeps pricing updated to reflect current fair-value estimates.
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There is no mandatory lock-in unless the company conducts an IPO. Investors usually hold until a liquidity event, such as a listing or strategic sale, to realise gains.
Yes, resale is possible through UnlistedKraft’s resale network, depending on buyer availability and prevailing market demand.
Yes, SEBI regulations require a six-month lock-in period for pre-IPO shareholders once the company is listed on a public exchange.
If held for more than two years, gains qualify for long-term capital gains tax at 20% with indexation. If sold within two years, gains are treated as short-term and taxed as per your income tax slab.
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