TRL Krosaki Refractories Ltd
India's largest refractory maker, majority-owned by Nippon Steel's Krosaki Harima with Tata Steel as co-shareholder; ₹2,500 Cr revenue and steady dividends.
Market cap
₹3,658 Cr
2.09 Cr shares
P/E ratio
26.12
Sector average 30
Book value
₹478.47
P/B 3.66
1-year return
+8.46%
52w ₹1,400 – ₹2,188
Currently 44% of the way through its 52-week range.
Indicative price history
1Y change
+9.18% ₹1,603 → ₹1,750
52-week band in this window: ₹1,597.84 – ₹1,916.13. Weekly indicative marks, not exchange-traded prices.
Key highlights
- India's largest refractory producer with revenue of about ₹2,500 Cr.
- 51% owned by Krosaki Harima (Nippon Steel group) and 26.62% by Tata Steel.
- Consistent profits and dividends; roughly 2.09 Cr shares in issue.
About TRL Krosaki
TRL Krosaki Refractories Limited, formerly Tata Refractories, was set up by Tata Steel in 1958 at Belpahar in western Odisha and is India's largest producer of refractories — the heat-resistant bricks, monolithics, flow-control and precast shapes that line steel furnaces, cement kilns, glass tanks and non-ferrous smelters. In 2011 Krosaki Harima Corporation, the refractory arm of Nippon Steel, bought 51% from Tata Steel; Tata Steel retained 26.62% and the company was renamed.
The Belpahar complex is complemented by plants at Salem and Jamshedpur, dolomite and magnesite mining interests, a Chinese manufacturing subsidiary and an Asia-Pacific trading arm. Tata Steel and other primary steel producers are the anchor customers, with total refractory management contracts providing recurring revenue.
Revenue has been in the ₹2,300–2,600 Cr range over the last three years with profit after tax of roughly ₹85–155 Cr, no meaningful net debt and regular dividends of ₹10–15 per share. With about 2.09 Cr shares outstanding, the ₹1,750 unlisted quote values the company at around ₹3,650 Cr, or roughly 25x earnings.
Audited statements could not be retrieved for this profile; revenue, profit and balance-sheet line items are reconstructed around previously reported totals and should be treated as approximate.
Where the revenue comes from
- Shaped refractories (bricks)45%
Basic, alumina and silica bricks for steel, cement and glass
- Monolithics & precast30%
Castables, gunning and ramming masses
- Flow-control & specialty products15%
Slide-gate plates, nozzles, shrouds and isostatic products
- Refractory management & services10%
Total refractory management contracts at customer sites
Products & services
Basic & high-alumina bricks
Magnesia-carbon, mag-chrome and alumina bricks for steel ladles, converters and cement kilns.
Monolithics
Castables, gunning mixes and ramming masses for furnace linings and repairs.
Flow-control products
Slide-gate plates, nozzles, shrouds and stoppers for continuous casting.
Refractory management services
On-site total refractory management at customer steel plants.
What works
- • Market leadership in Indian refractories with technology and product support from Nippon Steel group's Krosaki Harima.
- • Long-term supply and refractory-management contracts with Tata Steel and other integrated steel producers give visibility.
- • Conservative balance sheet, consistent profitability and a track record of dividends.
What to watch
- • Demand is tied to steel and cement capacity utilisation; downturns compress volumes and pricing.
- • Imported raw materials (magnesia, alumina, graphite) and energy expose margins to commodity and currency swings.
- • Two shareholders control about 78% of the equity; free float is small and any Krosaki buyout of minorities would set the exit price.