Tinna Rubber & Infrastructure Ltd Q1 FY27 Earnings Analysis

- The company expects about 20% to 25% growth in revenue in FY27 compared to FY26. - PCMB business revenue is projected at approximately INR75 crores in FY27, contributing about 10% of total revenue. - Infrastructure segment may see a temporary reduction in Q1 and Q2 of FY27 due to bitumen availability issues but is expected to normalize later. - Strong growth is anticipated in the Industrial segment with ongoing capacity expansion. - Recycled rubber materials and exports have shown 20% to 30% growth and are expected to continue growing. - Revenue from new plants (RCB and pyro) is projected around INR50-55 crores for FY27. - Tire processing capacity is increasing from 185,000 to 235,000 metric tons, supporting volume growth. - By Vision 2029, the company aims to expand capacity to 2.5 lakh tons per annum.

- Company targets sustained EBITDA margin of around 18%, as achieved in Q4 FY26, expected to be maintained through FY27 and FY28. - Revenue growth forecasted at 20-25% for FY27 over FY26. - Industrial segment expected to see strong growth, likely the largest contributor to revenue expansion. - PCMB (Passenger Car Modified Bitumen) business expected to increase contribution to about 10% of total revenue. - Infra segment may see a temporary slowdown in Q1-Q2 FY27 due to bitumen availability but expected to normalize later in the year. - Capex of approx. INR100 crores planned over next 2 years, largely funded from internal accruals with minimal debt (up to INR20 crores). - New product lines like recovered Carbon Black (rCB) and Pyrolysis expected to contribute around INR50-55 crores revenue in FY27. - EPR credits expected to remain stable, contributing around INR29 crores annually. - Vision 2029 aims for INR1,000 crores revenue via organic growth.

- **INR100 crores capex planned over FY27 and FY28** for capacity expansion and new product lines. - Around **INR40 crores capex for pyrolysis (pyro) and recovered Carbon Black (rCB)** segments, largely completed. - Increasing tire processing capacity from **185,000 to 235,000 metric tons** by next year as part of expansion. - Expanding **Polymer Compounding and Master Batch (PCMB) capacity** from 6,000 to 18,000 metric tons by end of Q1 FY27. - Saudi subsidiary capex estimated at **INR20-25 crores**. - Financing mainly through **internal accruals** with potential debt up to INR20 crores. - Investments aligned with Vision 2029 targeting INR1,000 crores revenue and 18% EBITDA margin. - Renewable energy expansion: solar capacity increased from 1.23 MW to **4.48 MW**, meeting ~50% power needs from FY27 onwards.

- The company plans a capex of approximately INR 100 crores over the next 2 years. - Most of this capex is expected to be financed through internal accruals, supported by INR 92 crores EBITDA generated in the current financial year and projected to cross INR 100 crores in FY27. - If there is any funding gap, the company is comfortable taking up to about INR 20 crores of debt but does not expect it to be more than that. - No mention of any planned equity fundraising was made during the call. - The company maintains a comfortable debt-equity ratio and prefers to finance growth largely through internal resources with minimal incremental debt.

The transcript does not explicitly mention the current or expected order book or pending orders for Tinna Rubber & Infrastructure Limited. However, some relevant insights include: - The company has a healthy project pipeline as indicated in the Q4 & FY26 earnings call. - They anticipate normalization in demand for their modifier products in the infrastructure segment post Q1 and Q2 of FY27, suggesting upcoming orders aligned with the Indian government's aggressive road construction program. - Expansion plans including capacity increases in PCMB (Polymer Compounding and Master Batch) and other product lines indicate expected order inflows to support growth. - International market presence and diversified customer base imply ongoing and future orders across geographies. For precise order book details, please contact the company's Investor Relations team.