The objective of the work reported in this article is to assess the maintenance strategy of a refractory industry and recommend superior strategy that can possibly enhance the efficiency. In the beginning, a qualitative approach is used to gather first-hand information through observation and discussion. Additionally, a quantitative approach is employed to collect information on machine breakdown frequency and downtime. Failure mode and effect analysis (FMEA) has been used to prioritize breakdown causes and plan interventions to minimize the likelihood of the breakdown and reduce their effect. An attempt has been made to highlight the importance of switching from corrective maintenance to preventive maintenance, The company can minimize the occurrence of machine breakdown, reduce the downtime, and enhance the overall equipment efficiency by treating the root causes and prioritizing routine inspection and preventative maintenance. The Pareto analysis shows that coolant failure is approximately 80% of the 80/20 rule, meaning that it is the most significant reason for the machine breakdown. A 53% original equipment effectiveness (OEE) shows that the machine is operating with low quality, availability, and performance. From the analyzed data it recommended that the company implement the preventive maintenance strategy so that it can optimize its maintenance procedures, reduce machine breakdown, and to ensure long term success in its operation.