TRL Krosaki Essentials



Face Value


Total Share


Total Income

₹1,923.97 Cr

Profit After Tax

₹102.52 Cr







Market Capitalisation

₹2,988.70 Cr

Enterprise Value

₹3,313.18 Cr

Book Value


Intrinsic Value


Dividend Yield

1.05 %

Earnings Yield

3.47 %




Iron & Steel


Small Cap

Cashflow - Operations

₹26.38 Cr

Cashflow - Financing

₹70.61 Cr

TRL Krosaki Growth

Compounded Sales Growth

  • 35.09%

    1 Year

  • 9.17%

    5 Year

  • 7.77%

    9 Year

Pro Only

Compounded Profit Growth

  • 187.07%

    1 Year

  • 17.86%

    5 Year

  • 75.00%

    9 Year

Pro Only

Return On Equity

  • 18.32%


  • 15.70%


  • 1.93%


Pro Only

About TRL Krosaki

  • TRL Krosaki Refractories Limited (TRLKRL) was formerly known as Tata Refractories Limited. The company is in the business of making refractory goods, according to its annual reports.
  • Its product line comprises tap hole clay, basic, dolomite, alumina, monolithic, silica, and refractories. The refractory goods made by TRLKRL are beneficial for nonferrous companies such as those that produce steel, copper, cement, aluminum, glass, and petrochemicals. Additionally, the business offers management and engineering services for refractories. The company also provides project management, and refractories engineering and management services. It serves iron and steel, lime, aluminum, power, copper, cement, and other industries. 
  • It has three production facilities in Jamshedpur, Salem, and Belpahar, all in Tamil Nadu (Jharkhand). For the glass and coke oven industries all around the world, TRLKRL provides silica refractories. The business was founded in 1958, and Orissa is where its registered office is.
  • Company incorporated in the year 1958 under the name of 'Belpahar Refractories Limited', which had set up its plant at Belpahar, Jharsuguda in 1959 to meet the refractories requirement of steel, aluminum and copper industries of the country. It was subsequently renamed Tata Refractories Limited (TRL) in the year 1986.

  • TRL Krosaki IPO Details

The company has no plan to go public as of now.

  • TRL Krosaki Merger & Acquisition


  • On 31 March 2019, Krosaki Harima Corporation agreed to acquire an additional 26.62% stake in TRL Krosaki Refractories Limited from Tata Steel Limited. Krosaki Harima Corporation signed a contract with Tata Steel Limited on December 27, 2018. Post-acquisition, Krosaki Harima will increase the shareholding from 51% to 77.62% in TRL Krosaki Refractories.
  • On 31 May 2011, Krosaki Harima Corp. signed a definitive agreement to acquire a 51% stake in Tata Refractories Ltd. from Tata Steel Limited (TSL) for INR 5.8 Bn. TSL will continue to hold a 26.46% equity stake post transaction. Krosaki Harima will acquire 10.7Mn. shares of Tata Refractories. 
  • TRL Krosaki Subsidiaries

Associate Companies:
  • TRL Krosaki Asia Pte. Ltd. Singapore
  • TRL Krosaki Almora Magnesite Limited

TRL Krosaki Business Model

  • TRL Krosaki Asia Pte. Ltd. Singapore:TRL Krosaki Refractories Limited and Magus (Hong Kong) Limited established "TRL Asia Private Limited" as a Special Purpose Vehicle in Singapore. TRL China Limited is a wholly foreign-owned enterprise (WFOE) that TRL Asia Private Limited, a subsidiary of TRL Krosaki, has established in China.
  • TRL Krosaki Almora Magnesite Limited: It was incorporated as a joint sector enterprise for the mining and processing of Magnesite promoted by U.P. State Industrial Development Corporation (51%) and Belpahar Refractories Ltd. now (TRL Krosaki Refractories Ltd.)  (49%).
    • TRL Krosaki Revenue Segmentation

    • Other Income
    • Revenue generated from services provided by the company
    • Other Operating revenue
    • Revenue generated from sale of refractory goods
    • TRL Krosaki Product & Services


    • Manufacturing Facilities
    • Mines
    • Technology
    • Delivery Mechanism

    • TRL Krosaki Assets

    Assets as on 31 March 2022:

    AssetsAmount in Cr.
    Buildings Rs.97
    Machinery Rs.185
    Railway SidingRs.0.47


    • TRL Krosaki Industry Overview

    Industry Statistics

    • Refractories are inorganic, nonmetallic, porous, and heterogeneous materials composed of thermally stable mineral aggregates, a binder phase, and additives. The principal raw materials used in the production of refractories are normally the oxides of silicon, aluminum, and magnesium. It is used as a primary material for internal linings in large industrial equipment for their safe, low maintenance, and cost-effective operations.
    • Production of refractories in monetary terms in India was $2,602.6 Mn, in FY20 which increased to $2,810.1 Mn. in FY21, registering a growth of 8% year-on-year (y-o-y).
    • The refractory market in India is dominated by 6-7 big players with IFGL Refractories holding the maximum market share of 43.9%.
    • The market share in the refractory sector as on 31st March, 2021 in India is given below:

    Key Trend:

    • Freight Charges: Given several factors including disruption created by the pandemic, container availability for shipping purposes has become a severe problem and has led to exponential surge in sea freight rates for the RM sourced from China. This has affected all the refractory players increasing their freight cost, for both inwards and outward freight. It is expected that this issue to continue for at least one more quarter, which will suppress the margins of refractory players. As and when the refractory customers allow a pass on of the high RM cost, margin pressure is expected to ease again. 
    • Localization: The Indian refractory industry is maximizing localization of products which was imported previously from either China or EU/USA. Products like Magnesia bricks, lances are now being manufactured in India through the technical expertise of MNC parent thereby reducing dependency on imports and also reducing cost. Import substitution strategy: Magnesia bricks are highly import dependent product mainly from China. In FY20, out of the total domestic demand of 300k tonnes, 75% of the bricks were imported by China (refer exhibit below). Therefore, there is a huge demand for locally manufactured magnesia bricks which are cheaper than imports from China, and hence, RHIM and Dalmia are expected to increase its capacity. Dalmia OCL Refractories, that is also setting up India’s largest Magnesia bricks plant with a capacity of 108k tonnes in 3 phases.

    End user Industry Analysis:

    • Refractories makes the material highly suitable for internal lining applications in the steel which accounts for about 75% of the end user market. Along with that, it is used majorly in manufacturing of cement and is suitable for internal lining applications in the aluminum, zinc, copper and in the manufacturing of glass. Hence it becomes imperative to discuss the current scenario of both the industries. 
    • Steel Production: The production of steel in FY22 was 120 Mn. tonnes. As per National Steel Policy FY17, the government of India has set a target to ramp up steel production output in the country to 300 Mn. tonnes by FY30, with an expected CAGR of 12.14%.
    • Steel Consumption: The consumption of steel in India between April 2021 and February 2022 stood at 86.3 Mn. tonnes. It is expected to increase to 230Mn. tonnes by FY31, with an expected CAGR of 11.51%
    • Some of the main drivers of steel demand include :- 1) the National Infrastructure Pipeline with spending of Rs. 102 Tn in sectors like energy, urban and rural infrastructure, irrigation, railways, roads, etc.; 2) Jal Jeevan Mission - Rural and Urban which is expected to spend Rs. 6.5 Tn over the next 5 years; 3) PLI Schemes - It has an allocation of Rs. 1.97 Tn across 13 key sectors; 4) Vehicle Scrappage Policy; and 5) PMAY - Urban and Rural.
    • As per Monarch Networth Capital, average expected revenue growth for refractory players to be at least 1.5 times growth in steel production. Therefore, revenue of refractory players is expected to grow by at least 21%, 12% and 9% for the next three years based on the steel production estimates.
    • Cement Manufacturing: The cement industry in India is expected to grow by 12% in FY22 as against CAGR of 6% historical.
    • Other factors, including the growing demand for non-ferrous metals, along with increasing utilization of aerospace, automotive, medical, electrical and construction castings, are projected to drive the refractories market in the future.


    • Some of the key players in the market include IFGL Refractories, Vesuvius India, RHI Magnesita India, Tata Krosaki Refractories, Calderys India, Saint-Gobain, RHI Magnesita, Corning Incorporated, Morgan Advanced Materials and Shinagawa Refractories.

    Future Prospects


    • Refractories output in India is expected to reach $3,764.1 Mn by FY26 from $2,810.1Mn in FY22, registering a CAGR of 6.02%.
    • Major factors expected to drive the refractories market in India are strong growth in iron and steel production and increase in the production of non-ferrous metals.
    • On the negative side, due to increasing environmental awareness, government agencies and environmental agencies are laying down guidelines regarding usage and disposal of refractories. This is likely to hinder the market growth of refractories.

    Government Initiatives

    Government Regulator:

    • Indian Refractory Manufacturer’s Association, (IRMA) - Designing, engineering, installing, and maintaining refractories for cost-effective and value-added operations in the manufacture of steel, non-ferrous metals, cement, glass, ceramic products, calcination of lime, and other non-metallic minerals, chemicals and fertilizers, boilers and incinerators, and a host of other high-temperature applications are all done by Indian companies under the auspices of IRMA. 
    • Government's initiatives of Atmanirbhar Bharat and a better understanding of the criticality of refractories to the manufacturing of steel and cement have led to change in the mindset of consumer industries. There is a higher demand for products to be made in India.
    • Active local investments, 100% FDI, National Steel Policy, and other government initiatives are expected to support the steel industry. The steel industry accounts for approximately 70% of the refractory's market share.

    TRL Krosaki Awards & Achievements

    Awards and Accolades:

    2021ICC Social Impact Award
    Sarvashreshtha Suraksha Puraskar Award
    2020CII ESH Award
    2020Tata Innovista Most partner Innovative Partner Award
    2019Stater Export Award

    TRL Krosaki Strengths

    • The company has been assigned an AA rating by ICRA for fund-based working capital and an A1+ rating for Non-Fund based working capital limit and short-term fund-based working capital limit of the company.
    • The MIRA's rating agency has assigned an A+ rating and stated that business dealings are permissible with a low risk of default.
    • The company is expanding its global reach and generated 30% of its annual revenue from International Business.

    TRL Krosaki Shortcomings

    • The corporation's debt, which is worth Rs.231 Cr., is a major issue. Even if the firm has received favorability ratings from ICRA for how it manages its funds, management should consider paying down its debt in the coming future.

    TRL Krosaki Opportunities

    • Government push towards Atmanirbhar Bharat has opened up new opportunities for Indian manufacturers. The company like many other large manufacturers in India has announced its intent to procure from local manufacturers which have opened the opportunity for Refractories.

    TRL Krosaki Threats

    • The price of coal is rising as well, directly affecting input costs as the price of crude oil and other petroleum products rises which is a major threat for the company.
    TRL Krosaki Rating



    • TRL Krosaki Detail Info

    Industry Statistics


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    Reg Office: Belpahar Jharsuguda ORISSA, 768218

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