1. Company Overview
TRL Krosaki Refractories Limited (TRL Krosaki) is one of India’s established refractory-material manufacturers, with a history dating back to 1958. The company was originally incorporated as Belpahar Refractories Limited, later became Tata Refractories, and was renamed TRL Krosaki after Krosaki Harima Corporation of Japan became its controlling shareholder. (Trlkrosaki)
The company manufactures refractory products that are used in high-temperature industrial processes, particularly in steel, iron, aluminium, copper, cement, glass, lime and power industries. Its registered office and main manufacturing facility are at Belpahar, Jharsuguda, Odisha. (Trlkrosaki)
Official Website: TRL Krosaki Refractories
Investor / Annual Reports: TRL Krosaki Annual Reports
CIN: U26921OR1958PLC000349
Status: Unlisted Public Company
ISIN: INE012L01014
Face Value: ₹10 per share
2. What Does TRL Krosaki Do?
Refractories are specialised materials designed to withstand extremely high temperatures, chemical reactions, abrasion and mechanical stress.
They are essential in industries such as steel because furnaces, converters, ladles and other equipment operate at very high temperatures.
TRL Krosaki manufactures a broad range of refractory products including:
- Basic refractories
- Dolomite
- High Alumina
- Fireclay
- Monolithics
- Silica
- Flow Control Products
- Tap Hole Clay
- RH Snorkel
- Alumina Graphite refractories
The company states that its consolidated production capacity is more than 4 lakh metric tonnes per annum. (Trlkrosaki)
3. Business Model
TRL Krosaki operates as a B2B industrial materials and solutions company.
Its customers use the company’s refractory products as part of their manufacturing processes rather than as finished consumer products.
Major End Markets
| Industry | Application |
|---|---|
| Steel | Furnaces, converters, ladles, tundish & flow control |
| Iron Making | Blast furnaces and hot-metal applications |
| Aluminium | Anode baking, melting & holding furnaces |
| Copper | Smelting and converting |
| Cement | Kilns |
| Lime | Lime kilns |
| Power | Boiler and high-temperature applications |
| Glass | Glass furnaces |
The company also provides engineering, installation, maintenance and technical support, which makes the business more than simply a refractory-product manufacturer. (Trlkrosaki)
4. Promoter & Ownership
The company’s largest shareholder is Krosaki Harima Corporation (KHC), Japan.
Krosaki Harima became the controlling shareholder in 2011, when it acquired a 51% stake from Tata Steel. Tata Steel subsequently sold its remaining 26.62% stake to Krosaki Harima in December 2018, taking KHC’s ownership to 77.62%. (ICRA)
Shareholding as of 31 March 2025
| Shareholder | Holding |
|---|---|
| Krosaki Harima Corporation | 77.62% |
| Steel Authority of India Ltd. | 10.54% |
| Life Insurance Corporation of India | 4.61% |
| Other shareholders | 7.23% |
| Total | 100% |
The FY25 annual report confirms Krosaki Harima’s 77.62% holding and SAIL’s 10.54% holding. (3A Deal)
5. Strategic Japanese Technology Partnership
One of TRL Krosaki’s important advantages is its association with Krosaki Harima Corporation of Japan, a global refractory technology company.
The partnership gives TRL Krosaki access to technology, product development expertise and technical know-how.
The company says that its Japanese technology association has supported the development of advanced products and improved manufacturing capabilities in India. (Trlkrosaki)
6. Manufacturing Capacity
TRL Krosaki has a large manufacturing footprint, with its main integrated plant at Belpahar, Odisha, and additional manufacturing operations across India.
The company states that its total consolidated production capacity is over 4,00,000 MT per annum. (Trlkrosaki)
Some individual capacities include:
| Product | Capacity |
|---|---|
| Total Refractories | 4,00,000+ MT/year |
| Dolomite | 82,400 MT/year |
| Monolithics — Belpahar | 90,000 MT/year |
| Flow Control Products | 5,650 MT/year |
| Fireclay & High Alumina | 24,000 MT/year |
| Basic Refractories | 28,200 MT/year |
| Alumina Graphite | 1,200 MT/year initially |
These figures relate to individual facilities/products and should not be added together as a single company-wide capacity because some facilities/products overlap within the overall manufacturing structure. (Trlkrosaki)
7. Strong Position in Dolomite Refractories
TRL Krosaki has a particularly strong position in dolomite refractories.
The company states that it meets approximately 75% of domestic dolomite refractory requirements, primarily supplying stainless-steel producers for AOD and ladle applications. It has a stated dolomite capacity of approximately 82,400 MT per annum. (Trlkrosaki)
The company also exports dolomite products to markets including Southeast Asia, Brazil, Spain, South Africa, USA, Italy, France, Finland and Japan. (Trlkrosaki)
8. Steel Industry Exposure
Steel is one of the most important end markets for TRL Krosaki.
The company provides refractory solutions for:
- Blast furnaces
- BOF/converters
- Electric Arc Furnaces
- Induction furnaces
- Steel ladles
- Tundishes
- RH degassers
- Continuous casting
TRL Krosaki states that it has around 40% market share in the Indian BOF/converter market and more than 30% share of business in the domestic steel-ladle market. These are company-stated market-share figures for specific applications, not the entire refractory market. (Trlkrosaki)
9. FY25 Financial Performance
Financial Highlights
₹ Crore
| Particular | FY24 | FY25 |
|---|---|---|
| Revenue | 2,515.89 | 2,624.50 |
| Revenue from Operations | 2,502.65 | 2,600.05 |
| EBITDA | 375.97 | 493.32 |
| Profit Before Tax | 310.91 | 433.31 |
| PAT | 243.31 | 343.64 |
| EPS | ₹116.42 | ₹164.42 |
| Net Worth | 923.21 | 1,203.04 |
| Operating Cash Flow | 235.70 | 219.49 |
FY25 revenue increased approximately 4.3%, while EBITDA increased approximately 31% and PAT increased approximately 41%. (Wealth Wisdom)
The company’s own website reports FY25 gross revenue of approximately ₹2,625 crore, PBT of approximately ₹432 crore, EBITDA margin of 13.83%, and PAT of approximately ₹342 crore. (Trlkrosaki)
10. Historical Financial Growth
TRL Krosaki has shown significant improvement in profitability over the last few years.
| ₹ Crore | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 1,427.7 | 1,924.0 | 2,299.2 | 2,515.9 | 2,624.5 |
| EBITDA | 87.9 | 186.7 | 268.8 | 376.0 | 493.3 |
| PAT | 35.7 | 103.1 | 154.9 | 243.3 | 343.6 |
This represents a substantial increase in profitability over the five-year period. (Wealth Wisdom)
11. Balance Sheet
As of FY25, the company had:
- Net worth: ~₹1,203 crore
- Total assets: ~₹1,782 crore
- Total liabilities: ~₹579 crore
- Operating cash flow: ~₹219 crore
- Finance cost: ~₹11.6 crore
ICRA’s June 2026 rating report also showed FY25 operating income of approximately ₹2,600 crore, PAT of ₹342 crore, OPBDIT margin of 13.1%, PAT margin of 13.2%, and total debt/OPBDIT of around 0.3x. (ICRA)
12. Expansion & New Manufacturing
TRL Krosaki has continued to invest in capacity and technology.
Recent developments include:
2022: Alumina Graphite plant commissioned at Belpahar.
2023: Phase 2 expansion of the modern precast plant.
2024: Capacity expansion of the Tap Hole Clay plant.
The company has also expanded its manufacturing footprint outside Odisha, including operations in Gujarat and other locations. (Trlkrosaki)
13. International Business
TRL Krosaki serves customers in India as well as international markets.
Its products and technical services have exposure to markets across Asia, Europe, Africa, the Middle East and the Americas.
The company’s manufacturing and service network is supported by sales/service locations in India and international-business operations in Kolkata, UK and UAE. (Trlkrosaki)
14. Key Growth Drivers
1. Indian Steel Capacity Expansion
India’s ongoing steel-capacity expansion can increase long-term demand for refractory products.
2. Infrastructure Growth
Steel, cement, aluminium and other industrial-capacity additions require refractory materials.
3. Premiumisation
Higher-performance refractory products can command better economics where customers value longer lining life, lower downtime and improved process efficiency.
4. Technical Services
The company provides engineering, installation, maintenance and refractory-management services in addition to products.
5. Krosaki Harima Technology
The Japanese parent relationship provides access to global technology and product development capabilities.
6. Export Growth
The company’s international customer base provides an additional growth opportunity beyond the Indian market.
15. Key Risks
Steel-Cycle Dependence
A significant portion of demand is linked to steel production and steel-capacity utilisation. A downturn in the steel cycle could affect demand.
Raw-Material Costs
Refractory manufacturing depends on materials such as magnesia, alumina, graphite, chrome and other minerals. Input-cost inflation can affect margins.
Commodity & Freight Volatility
The company’s chairman has highlighted volatility in raw-material and freight costs as an industry challenge. (Trlkrosaki)
Competition
Domestic and international refractory manufacturers compete for major industrial customers.
Customer Concentration
Large steel and industrial companies account for significant demand, meaning large customer relationships are important to the business.
Unlisted Liquidity
TRL Krosaki is not listed on NSE or BSE. Unlisted shares can therefore have lower liquidity and less transparent price discovery.
16. Unlisted Share Information
Company: TRL Krosaki Refractories Limited
Former Names: Belpahar Refractories Limited / Tata Refractories Limited
Founded: 1958
Industry: Refractories / Industrial Materials
Parent: Krosaki Harima Corporation, Japan
Promoter Holding: 77.62%
ISIN: INE012L01014
Face Value: ₹10
Total Shares: 2.09 crore
Status: Unlisted
As of 15 September 2026, one unlisted-market platform reported a price of approximately ₹1,720/share, with a reported 52-week range of ₹1,695–₹2,479. Another market-data source showed approximately ₹1,733/share. These are indicative private-market transaction/quote levels, not exchange prices. (Planify)
At ₹1,720 per share and 2.09 crore shares outstanding, the implied equity value is approximately ₹3,595 crore.
Using FY25 EPS of ₹164.42, ₹1,720 implies an indicative P/E of approximately 10.5×. This is a calculation based on the cited price and FY25 EPS, not an official company valuation. (Wealth Wisdom)
17. IPO / Listing Status
TRL Krosaki remains an unlisted company.
Current market data indicates no DRHP/IPO filing for the company. Moneycontrol’s current company page also shows “DRHP Status: No.” (Moneycontrol)
Therefore, investors should not assume that an IPO or listing is imminent unless the company or regulators make an official announcement.
18. Investment Snapshot
Company: TRL Krosaki Refractories Limited
Established: 1958
Headquarters: Belpahar, Odisha
Parent: Krosaki Harima Corporation, Japan
Promoter Holding: 77.62%
SAIL Holding: 10.54%
LIC Holding: 4.61%
FY25 Revenue: ~₹2,625 crore
FY25 EBITDA: ~₹493 crore
FY25 PAT: ~₹344 crore
FY25 EPS: ₹164.42
Net Worth: ~₹1,203 crore
Production Capacity: 4 lakh+ MT/year
ISIN: INE012L01014
Face Value: ₹10
Indicative Unlisted Price: ~₹1,720/share as of 15 Sep 2026
Status: Unlisted
IPO/DRHP: No current DRHP identified
19. UnlistedCart-Style Takeaway
TRL Krosaki Refractories is a 68-year-old Indian refractory manufacturer backed by Krosaki Harima Corporation of Japan.
The company has a strong position in specialised refractory products used by steel, aluminium, copper, cement, glass, lime and power industries, with more than 4 lakh MT of annual consolidated production capacity. (Trlkrosaki)
FY25 was a strong year financially, with revenue of approximately ₹2,625 crore, EBITDA of approximately ₹493 crore and PAT of approximately ₹344 crore. Profitability grew considerably faster than revenue during the year. (Wealth Wisdom)
The company also has specialised positions in products such as dolomite, flow-control products, monolithics and high-performance steel refractories, supported by Krosaki Harima’s Japanese technology.
For an unlisted investor, the key factors to monitor are steel-capacity growth, refractory demand, margins, raw-material costs, capacity expansion, export growth, dividend history, promoter ownership and the price at which the unlisted shares are acquired.
Official Website: TRL Krosaki
Annual Reports: TRL Krosaki Annual Reports
Corporate Profile: TRL Krosaki Corporate Profile
Manufacturing & Products: TRL Krosaki Products & Services
Disclaimer: This report is for informational and educational purposes only and should not be considered investment advice or a recommendation to buy or sell unlisted securities. Unlisted shares involve liquidity, valuation, price-discovery and disclosure risks. Indicative unlisted-market prices can vary significantly between buyers and sellers. Investors should independently verify the latest annual report, financial statements, shareholding, transaction price and company disclosures before making any investment decision.
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