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Company Overview
TRL Krosaki Refractories Limited (formerly Tata Refractories Limited) is India’s leading refractories manufacturing company with a legacy dating back to 1958. Established originally as Belpahar Refractories Limited, the company set up its first plant in Belpahar, Jharsuguda, in 1959 to cater to the refractories requirements of the steel, aluminium, and copper industries in India. In 1986, it was renamed Tata Refractories Limited (TRL), and today it operates under the brand TRL Krosaki following strategic partnership with Krosaki Harima Corporation (KHC), Japan.
With Integrated Management Systems (IMS) certification, TRL Krosaki holds the No. 1 position in India’s refractories industry and ranks among the top global players. The company manufactures a comprehensive range of products, including:
Basic, Dolomite, High Alumina, and Silica Refractories
Monolithics and Taphole Clay
RH Snorkel Refractories
It also provides specialized technical services, such as Refractories Management Services, Refractories Engineering, and Technical Support, ensuring complete lifecycle solutions for its clients.
Global Partnership & Shareholding
Krosaki Harima Corporation (KHC), a world leader in refractories and an associate of Nippon Steel & Sumitomo Metal Corporation, holds a 77.62% stake in TRL Krosaki. Founded in 1919, KHC brings over 96 years of technological expertise, enabling TRL Krosaki to access advanced manufacturing processes and diversified product portfolios.
This partnership has positioned KHC and TRL Krosaki as the 4th largest refractories manufacturer globally, with a strong presence in both domestic and international markets.
Group Companies & Subsidiaries
TRL Krosaki Asia Pte Limited – Singapore
Almora Magnesite Limited – Uttarakhand, India
TRL China Limited – People’s Republic of China (Wholly owned subsidiary of TRL Asia Pte Ltd)
These entities strengthen TRL Krosaki’s global reach and manufacturing capabilities, enabling the company to cater to clients across continents.
Strategic Highlights & FY2020 Business Performance
Growth Outlook – With India’s steel demand projected to grow steadily in the medium term, TRL Krosaki has invested in capacity expansion and new product lines to capture increasing market opportunities.
Alumina Graphite (AG) Facility – A high-end, precision refractories manufacturing line, developed with KHC technology, scheduled for commissioning in 2021.
Market Leadership – Maintained a 70% share in India’s Dolomite refractories market and expanded its footprint internationally.
Service Excellence – Revenue from Trough Management Services increased by 57%, positioning TRL Krosaki as a leading service provider.
Product Growth –
Tap Hole Clay: Revenue up by 16%
High Alumina Spinel (SLM) Bricks: Revenue up by 49%
Direct Bonded Magnesite Chrome (DBMC): Revenue up by 5%
Export Expansion – Continued focus on South America’s copper industry and strong repeat orders for silica bricks from global customers.
Manufacturing Facilities
India
Belpahar (Odisha) – 2,25,210 MTPA capacity; produces Basic, Dolomite, High Alumina, Silica, Monolithics, Flow Control Products, and Tap Hole Clay.
Salem (Tamil Nadu) – 14,400 MTPA; manufactures Basic Ramming Mass and Tundish Spray Mass.
Jamshedpur (Jharkhand) – 30,000 MTPA; produces Silica Ramming Mass and Precast Prefired Shapes.
Madhya Pradesh Unit – 18,000 MTPA; produces Alumina Bricks and Castables.
Gujarat Unit – 66,000 MTPA; produces Alumina Bricks and Castables.
Overseas
TRL China – 90,000 MTPA; manufactures Mag-C Bricks and AMC Bricks.
Industries Served
TRL Krosaki serves a wide range of industries, including:
Iron & Steel – Supplying silica and fireclay refractories for Coke Oven Batteries in India and abroad.
Lime – Over 66 lime kilns supplied and 43 kiln projects completed globally.
Aluminium, Copper & Cement – Providing specialized refractories for high-temperature industrial applications.
Power – Custom solutions for power plant refractory needs.
Fundamentals
| Parameter | Details | Parameter | Details |
|---|---|---|---|
| Share Price | Contact us to know share price | Lot Size | 25 Shares |
| 52 Week High | ₹1,875 | 52 Week Low | ₹1,325 |
| Depository | NSDL | PAN Number | AAACT6494Q |
| ISIN Number | INE012L01014 | CIN | U26921OR1958PLC000349 |
| RTA | Universal Capital Securities | Market Cap | ₹3,710 Cr |
| P/E Ratio | 15.27 | P/B Ratio | 3.98 |
| Debt-to-Equity | 0.17 | ROE (%) | 26.33 |
| Book Value | ₹446.36 | Face Value | ₹10 |
| Total Shares | 2,09,00,000 | Status | Unlisted |
Promoters & Managements
| Name | Designation |
|---|---|
| Hemant M. Nerurkar | Chairman |
| Priyabrata Panda | MD & CEO |
P&L Statement (₹ in Cr)
| Particulars | 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 | 9.50 | 11.53 | 12.70 |
| Other Income | 3.73 | 0.42 | 7.48 | 59 |
| Finance Cost | 12.41 | 15.92 | 22.74 | 21 |
| Depreciation & Amortization | 28.93 | 34.30 | 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 | 52.40 | 68 |
| PAT | 35.72 | 103.74 | 158.27 | 243 |
| NPM (%) | 2.51 | 5.39 | 6.90 | 9.71 |
| EPS (₹) | 17.09 | 49.64 | 75.73 | 116.27 |
Balance Sheet (₹ in Cr)
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 300.70 | 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 | 356.60 | 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 | 20.90 | 20.90 | 20.90 | 20.90 |
| 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 | 194.10 |
| Total Liabilities | 1125.85 | 1328.81 | 1427.73 | 1569 |
Cash Flow Statement (₹ in Cr)
| Particulars | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| PBT | 46.54 | 137.12 | 210.67 | 311 |
| OPBWC | 82.81 | 186.34 | 275.15 | 327 |
| Change in Inventories | -42.58 | -93.34 | -20.32 | 9 |
| Other Changes | 112.73 | -37.29 | -23.30 | -38 |
| Cash from Operations | 152.96 | 55.71 | 231.53 | 298 |
| Tax Paid | -3.83 | -29.33 | -48.64 | -62 |
| CFO | 149.13 | 26.38 | 182.89 | 236 |
| Purchase of PPE | -116.10 | -98.71 | -89.47 | -103 |
| Sale of PPE | 0.39 | 0.17 | 1.74 | 78 |
| CFI | -94.78 | -94.58 | -87.08 | -22 |
| Borrowings | -22.16 | 98.50 | -44.64 | -110 |
| Dividend | -30.30 | -13.37 | -31.35 | -47 |
| CFF | -53.81 | 70.62 | -99.19 | -180 |
| Net Cash Generated | 0.54 | 2.42 | -3.38 | 34 |
| Cash at Start | 0.77 | 1.31 | 3.73 | 0.34 |
| Cash at End | 1.31 | 3.73 | 0.35 | 34.34 |
Share Holding Pattern
| Category | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Foreign Holdings | 77.62 | 77.62 | 77.62 | 77.62 |
| Government Companies | 10.54 | 10.54 | 10.54 | 10.54 |
| FIs, Insurance & Banks | 4.61 | 4.61 | 4.61 | 4.61 |
| Other Corporate Bodies | 1.96 | 1.96 | 1.43 | 2.13 |
| Individuals & Others | 5.27 | 5.27 | 5.80 | 5.10 |
Frequently Asked Questions (FAQ)
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Methods:
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