Unlisted Shares
TRL Krosaki Essentials
ISIN
Face Value
Total Share
Total Income
Profit After Tax
EPS
P/E
P/B
Market Capitalisation
Enterprise Value
Book Value
Intrinsic Value
Dividend Yield
Earnings Yield
Sector
Sub-sector
Category
Cashflow - Operations
Cashflow - Financing
TRL Krosaki Growth
Compounded Sales Growth
1 Year
5 Year
9 Year
Compounded Profit Growth
1 Year
5 Year
9 Year
Return On Equity
2015
2019
2023
Highlights
- Revenue:
- 19% year-on-year growth.
- 5-year CAGR of 14% and 10-year CAGR of 9%.
- 87% from core product sales (dolomite refractories).
- 2% decrease in sales volume (305,549 MT), offset by:
- Increased repeat orders from long-standing customers (leading Indian steel giants).
- Focus on client solutions (e.g., CFD modeling for Tata Steel Kalinganagar, record performance in Torpedo Ladle car at SAIL - Rourkela).
- 3% increase in export revenue to ₹322 Cr (14% of total revenue).
- Profitability:
- 53% year-on-year growth in net profit (PAT).
- Increased profitability from new product lines and operational efficiency.
- Commendable growth despite macroeconomic challenges and rising raw material costs.
- Production:
- Gross production: 0.5% decrease to 239,126 MT.
- Maintained performance leadership in steel melting shops.
- Achieved record results in stainless steel with dolomite refractories.
- Successfully stabilized Alumina Graphite refractory production at the Belpahar plant.
- Assets:
- 7% year-on-year growth.
- Non-current assets (40% of total):
- Primarily comprised of PPE and CWIP.
Return Ratios:
- Gross Profit:
- 21% year-on-year growth despite geopolitical tensions, fuel crises, and forex issues.
- Gross margins maintained at 34% (below FY17 peak of 41%).
- 10-year CAGR of 10%, indicating consistent profitability.
- Operating Expenses:
- 115% year-on-year increase.
- 10-year CAGR of 8%.
- Net Profit Margin (NPM):
- Impacted by 44% year-on-year rise in finance costs due to increasing interest rates.
- Still achieved a 53% growth in net profit and a 150 basis point increase in bottom-line margin to 7%.
- Return Ratios:
- ROA (Return on Assets) reached 10-year highs due to rising profitability.
- ROE (Return on Equity) impacted by finance costs, but still positive.
- ROCE (Return on Capital Employed) higher than ROE due to finance costs.
- Both ROA and ROCE performed well.
- Dupont Analysis:
- Profitability growth driven by rising bottom-line margins and asset turns.
Investment Thesis:
- Clientele:
- Boasts prestigious clients including TATA Steel plants and JSW Steel.
- Financial Projections (FY24):
- Impressive Q3 net sales of ₹7,403 Cr.
- Projected year-end net sales of ₹9,725 Cr.
- Estimated EPS of ₹86 based on a 7% profit margin and 40% contribution to consolidated net sales.
- Estimated ROE of 41%.
- Valuation:
- The estimated forward P/E ratio of 15 suggests potential undervaluation compared to prospects.
Business Rating
Managment
Accounting Practice
Profatibility
Solvency
Growth
Valuation
Overall Ratings
Recommendation
Our Team
Mr. H. M. Nerurkar
( Chairman )
Mr. Hemant M. Nerurkar chairman at TRL KROSAKI Refractories Limited (formerly TATA Refractories Limited). He was Executive Director of India and South-East Asia of Tata Steel Limited since April 9, 2009 and was appointed as Managing Director of Tata Steel Limited from October 1, 2009. A B.Tech in metallurgical engineering from the College of Engineering, Pune University, Mr. Nerurkar has attended several management courses in India and overseas, including CEDEP in France. He is associated with several professional organisations, such as Indian Institute of Metals, INSDAG and AIMA, amongst others. Mr. Nerurkar joined Tata Steel on February 1, 1982 and has held various positions including Chief Metallurgist, Senior Divisional Manager (LD-I), Deputy General Manager (Steel e Primary Mills), General Manager (Marketing), Senior General Manager (Supply Chain) and Chief Operating Officer. He has over 35 years of experience in steel industry in various functions. Mr. Nerurkar is an executive with multifaceted experience ranging from Project Execution, Manufacturing, Quality Control, Supply Chain and Marketing. He became the Vice President (Flat Products) in November 2002 and in September 2007 was appointed Chief Operating Officer. During his illustrious career, Mr. Nerurkar has been conferred with several prestigious awards such as the 'Tata Gold Medal 2004', 'SMS Demag Excellence Award 2002', 'Steel 80's Award - 1990', 'SAIL Gold Medal - 1989', 'Visveswaraya Award - 1988' and 'NMD Award 1987'.
Mr. Hemant M. Nerurkar chairman at TRL KROSAKI Refractories Limited (formerly TATA Refractories Limited). He was Executive Director of India and South-East Asia of Tata Steel Limited since April 9, 2009 and was appointed as Managing Director of Tata Steel Limited from October 1, 2009. A B.Tech in metallurgical engineering from the College of Engineering, Pune University, Mr. Nerurkar has attended several management courses in India and overseas, including CEDEP in France. He is associated with several professional organisations, such as Indian Institute of Metals, INSDAG and AIMA, amongst others. Mr. Nerurkar joined Tata Steel on February 1, 1982 and has held various positions including Chief Metallurgist, Senior Divisional Manager (LD-I), Deputy General Manager (Steel e Primary Mills), General Manager (Marketing), Senior General Manager (Supply Chain) and Chief Operating Officer. He has over 35 years of experience in steel industry in various functions. Mr. Nerurkar is an executive with multifaceted experience ranging from Project Execution, Manufacturing, Quality Control, Supply Chain and Marketing. He became the Vice President (Flat Products) in November 2002 and in September 2007 was appointed Chief Operating Officer. During his illustrious career, Mr. Nerurkar has been conferred with several prestigious awards such as the 'Tata Gold Medal 2004', 'SMS Demag Excellence Award 2002', 'Steel 80's Award - 1990', 'SAIL Gold Medal - 1989', 'Visveswaraya Award - 1988' and 'NMD Award 1987'.
Quantity
Invest
, Min. Investment: ₹