Tinna Rubber & Infrastructure Ltd Q3 FY25 Earnings Analysis

Published 28 May 2026 | Market Cap: ₹2.0K Cr

Price

₹1,090

Market Cap

₹2.0K Cr

P/E Ratio

32.9

Earnings Summary

Tinna Rubber aims to achieve a revenue CAGR of over 25%, targeting INR900 crores by FY '28, up from INR500 crores in FY '25. Tinna Rubber targets an EBITDA margin increase from the current ~15.5% to about 18% by FY '27 as part of its Vision 2027.

📊 Revenue & Sales Performance

→Tinna Rubber aims to achieve a revenue CAGR of over 25%, targeting INR900 crores by FY '28, up from INR500 crores in FY '25.
→Expected revenue for FY '26 is projected to be north of INR600 crores, indicating an addition of INR100-150 crores from the current level.
→The company anticipates volume growth, with tire processing volumes increasing by 42% YoY in 9 months of FY '25 and 20% QoQ.
→Exports have grown by approximately 50% in volume in 9 months FY '25, with expectations to maintain robust export growth.
→Infrastructure segment volumes grew 30%, supported by over 50% growth in CRMB processing and 80% growth in bitumen emulsions.
→New growth engines include the upcoming Saudi Arabian plant, South Africa operations, and scaling up of the PC/MB business, expected to strongly contribute in FY '27.
→Price increase discussions with customers may positively impact margins and revenue starting Q4 FY '25.

📈 Profitability & Margins

→Tinna Rubber targets an EBITDA margin increase from the current ~15.5% to about 18% by FY '27 as part of its Vision 2027.
→Revenue is projected to grow robustly, aiming over INR 900 crores by FY '28 with a CAGR above 25%.
→FY '26 top-line expected to exceed INR 600 crores, up from INR 370 crores in the first 9 months of FY '25.
→Earnings growth supported by capacity expansions: Saudi plant operational end of FY '25 (full impact FY '27), South Africa project, and scale-up in PC/MB business.
→Price increase discussions with customers initiated; impact visible from Q4 FY '25 onwards, expected to aid margin expansion.
→EPR credit sales and operational efficiencies (e.g., solar power savings) contribute positively to profitability.
→Export growth strong with ~50% volume increase and higher margins versus domestic sales.
→Investment in talent and new businesses (PC/MB) expected to drive future profit growth.

🏗️ Capital Expenditure Plans

→INR 48 crores capex planned for current financial year; INR 38.6 crores already spent, progressing as planned.
→Additional INR 15 crores planned for scaling up PC/MB (polymer coated/modified bitumen) business in coming financial year.
→Focus on expansion in Saudi Arabia and South Africa markets with new plants expected to be operational by end of FY '25 and into FY '27.
→Exploring new technologies like environmentally friendly pyrolysis for tire processing oil (TPO) and recycled carbon black (rCB).
→Capital raise of INR 150 crores planned, intended to fund Saudi Arabia and South Africa expansion and existing facility enhancements, especially in PC/MB business.
→Capex to sales ratio expected to be between 2x to 3x for new plants, similar to existing operations.
→Business growth expected with new verticals, with no additional equity funding required, mainly internal accruals and debt-driven expansion.

💰 Fundraising & Capital Structure

→The company plans to raise INR150 crores, primarily for expansion in Saudi Arabia, South Africa, and scaling up the PC/MB business.
→This fundraise is intended to be deployed mainly via internal accruals and some debt; no further equity from Tinna Rubber is expected.
→There is no explicit mention of new equity fundraising beyond this.
→The recent credit rating upgrade to BBB-minus has enabled better interest rates on cash credit (CC) limits, indicating ongoing access to debt at favorable terms.
→Capex-to-sales ratio guidance suggests efficient asset utilization with expected revenue generation from new plants.
→Overall, the focus is on debt and internal accruals for funding growth rather than issuing new equity.

📋 Order Book & Pipeline

The transcript does not explicitly mention the current or expected order book or pending orders for Tinna Rubber & Infrastructure Limited. However, key insights related to business growth and future plans include: - The company is on track to exceed INR 500 crores sales for FY '25 with a growing revenue base. - Volume growth in key segments such as Infrastructure (30%), Industrial (18%), Consumer (70%), and Steel (111%) indicates strong demand. - Export volumes have grown 51% in 9 months FY '25, signaling expanding market opportunities. - New plant expansions in Saudi Arabia and South Africa are expected to become operational in FY '26-27, supporting increased order intake. - The PC/MB business is scaling up, expected to contribute INR 45-50 crores revenue in the coming year. - Management expects growth momentum to continue with new capacity and product diversification. For detailed order book figures, contacting the Investor Relations team as suggested in the call may provide specific data.

Key Metrics

Frequently Asked Questions

What were Tinna Rubber & Infrastructure Ltd Q3 FY25 results?

What is Tinna Rubber & Infrastructure Ltd share price analysis?

Tinna Rubber & Infrastructure Ltd currently shows a neutral. The stock trades at a P/E of 32.9 with a market cap of ₹2,032 Cr. Investors should review the full earnings analysis for detailed insights.

Is Tinna Rubber & Infrastructure Ltd planning capital expenditure?

INR 48 crores capex planned for current financial year; INR 38.6 crores already spent, progressing as planned.

This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.