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TRL Krosaki Refractories ₹1,750 ▲ 0.0% 1M
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TRL Krosaki Refractories Unlisted Shares

Industrial Manufacturing Refractories

TRL Krosaki Refractories makes refractory products, the heat-resistant linings used in steel, cement and glass plants. It is a Krosaki Harima Corporation group company, run from Belpahar in Odisha, with a standalone turnover of ₹2,624.57 crore in FY25.

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Indicative price
As of 23 Oct 2026
₹1,750 ▲ 0.00% in 1 month
Dealer quotes: ₹1,750 – ₹1,800 across 2 dealers
Key facts

TRL Krosaki Refractories share details

Lot size
25 shares
Min. investment
₹43,750
Face value
₹10
Implied market cap
₹3,658 Cr
Shares outstanding
20,900,000
Founded
1958
Headquarters
Belpahar, Jharsuguda, Odisha
Website
trlkrosaki.com
ISIN
INE012L01014
CIN
U26921OR1958PLC000349
Lock-in after IPO
6 months
Price history

TRL Krosaki Refractories share price chart

1Y change
-16.67%
High
₹2,100
Low
₹1,750

Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.

About

About TRL Krosaki Refractories

TRL Krosaki Refractories Limited makes refractories. These are heat-resistant bricks, shapes and monolithic mixes that line furnaces, ladles and other equipment where metal or glass is melted at very high temperatures. Steel makers are its main customers. The annual report names Tata Steel, JSW Steel and SAIL among them. It also supplies cement, glass and petrochemical users and sends part of its output abroad. The company began in 1958 as Belpahar Refractories, a joint venture of Tata Steel and Germany's Didier Werke. It was later renamed Tata Refractories. Krosaki Harima Corporation of Japan bought a 51% stake in 2011 and the name changed to TRL Krosaki. The registered office and main works are at Belpahar in Jharsuguda district, Odisha. It has about 1553 employees. The FY25 annual report shows the scale. On a consolidated basis, revenue from operations was ₹260,005.38 lakh and profit for the year was ₹34,364.46 lakh. Profit includes an exceptional gain of ₹12,972.22 lakh from selling land at Salem. Exports fell from ₹321 crore to ₹297 crore in FY25. The company paid a dividend of ₹33 per share for the year, as proposed by the board. Krosaki Harima Corporation owned 77.62% of the equity shares at 31 March 2025, and Nippon Steel Corporation has significant influence over Krosaki Harima. Financials above are consolidated; the group includes equity-accounted investees. The company is a public limited company that is not listed on an exchange. The share capital is 20,900,000 equity shares of ₹10 each. The company has not yet announced an IPO date or price on our records. Unlisted shares of a company like this are dealt off-market between private buyers and sellers, and the prices we show are indicative only, not exchange prices. Our latest indicative price is ₹1,750 per share with a lot size of 25 shares.

Strengths

  • Standalone turnover reached ₹2,624.57 crore in FY25 against ₹2,515.89 crore a year earlier, the highest in the six-year table in the annual report.
  • Consolidated profit for the year rose to ₹34,364.46 lakh from ₹24,330.99 lakh, and EPS went from ₹116.42 to ₹164.42.
  • Borrowings fell to ₹108.84 crore at FY25 from ₹153.46 crore a year earlier, while shareholders' funds rose to ₹1,178.09 crore.
  • Cash from operating activities was ₹21,948.91 lakh in FY25, which funded capital spending on new plant and capacity.
  • Backed by Krosaki Harima Corporation of Japan, which holds 77.62%, and supplies steel majors such as Tata Steel, JSW Steel and SAIL.

Risks

  • Demand depends heavily on steel makers. A slowdown in steel output or a customer moving to another supplier would hit sales directly.
  • Exports fell from ₹321 crore to ₹297 crore in FY25, which the report ties to unrest in Bangladesh and weaker European steel output.
  • FY25 profit includes an exceptional land-sale gain of ₹12,972.22 lakh, so profit growth is flatter than it looks once that gain is removed.
  • Inventories rose to ₹54,027.50 lakh from ₹46,154.17 lakh and trade receivables stand at ₹35,185.99 lakh, so a lot of cash is tied up in working capital.
  • Trade receivables from related parties were ₹2,766.00 lakh, so the company depends on group companies for part of its business.
  • Capital work-in-progress rose to ₹7,880.94 lakh, and new capacity brings the risk of delays or under-use.
Financials

TRL Krosaki Refractories financial performance

Revenue, profit and balance-sheet figures by fiscal year.

Revenue & PAT (₹ Cr)
Revenue PAT
Metric FY25Latest FY24
Revenue (₹ Cr) 2,600 2,503
PAT (₹ Cr) 344 243
PAT Margin (%) 13.22 9.72
RoNW (%) 28.56 26.35
EPS (₹) 164.42 116.42
Total Assets (₹ Cr) 1,782 1,569
Net Worth (₹ Cr) 1,203 923

Swipe the table sideways for earlier years →

Leadership

Management team

Hemant Madhusudan Nerurkar
Chairman
Chairs the board of TRL Krosaki.
Prasanta Kumar Naik
Managing Director
Leads the company as Managing Director.
Sunanda Sengupta
Executive Director
Executive Director on the board.
Sitakanta Prusty
VP (Finance) & Chief Financial Officer
Heads finance as CFO.
Asim Kumar Meher
Company Secretary
Company Secretary of the company.
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TRL Krosaki Refractories unlisted shares: common questions

Important disclaimer

Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.

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