Tinna Rubber & Infrastructure Ltd Q4 FY26 Earnings Analysis

- The company expects consistent revenue growth of around 15% to 18%, potentially reaching 20% year-on-year from FY '27 onwards. - FY '26 revenue guidance is around INR 535-540 crores, with confidence to meet INR 540 crores. - With new capex (RCB and pyrolysis plants, PCMB business, overseas expansions), revenue for FY '27 is expected to be around INR 700 crores or more. - Export volumes are targeted to grow robustly by 30% by end of Q4 FY '26. - TP Buildtech anticipates moderate growth in FY '26, aiming to finish at par or slightly higher than previous year (INR 56-61 crores). - PCMB business volume target is 1,000 MT in Q4 FY '26 and about 6,000 MT in FY '27. - Overall vision (Vision 2028) targets INR 1,000 crores revenue.

- The company expects revenue of around INR700 crores in FY '27, driven by new capacities like the pyrolysis and RCB plants. - For FY '26, revenue guidance is INR535-540 crores with 8%-9% growth over previous year, confidence in meeting this target. - Earnings growth prospects are supported by scaling up of plants, new product mix, and operational efficiencies. - EBITDA margin targeted around 16%-18%, with some variation across verticals but generally stable. - Vision 2028 aims for INR1,000 crores revenue, considered achievable based on current capex and expansions. - Capacity utilization for new plants expected to reach 35%-40% within 6 months, leading to improved profitability. - Oman operations expected to break even and contribute positively; South Africa operations expected to break even by Q1 FY '27. - EPR credits continue to contribute positively to margins and profitability. - Management maintains guidance updates quarterly, aiming for realistic targets within 5%-8% accuracy.

- Completed capex of approximately INR 79 crores during the nine-month period of FY '26. - Planned additional capex of around INR 50 crores over the balance of FY '26 and FY '27. - Capex includes setting up RCB and pyrolysis plants, strengthening PCMB business, and expanding overseas operations (Saudi Arabia, South Africa). - Expansion of tire recycling capacity from current 185,000 tons toward 235,000-250,000 tons in the near future. - Renewable energy capacity being scaled up from 1.23 MW to 4.48 MW, targeted for completion by end of Q4 FY '26. - New plant near Kolkata for concrete admixtures launched; new construction systems products being developed. - Pyrolysis plant trials expected to commence within Q4 FY '26; RCB plant by Q1 FY '27. - Saudi Arabia expansion expected to be operational by mid of next financial year.

- There is no explicit mention of any new fundraising through debt or equity in the transcript. - Current debt repayment plans involve repaying approximately INR 10 crores per year over the next two years. - The company is undertaking capital expenditure (capex) for capacity expansion (e.g., tire crushing capacity to 235,000 tons and new plants like RCB, pyrolysis). - The management indicates ongoing capex projects and expects new revenue streams from these expansions but has not indicated raising new funds via debt or equity at this time. - Cash balance is around INR 5 crores, with no mention of a need for fresh funding. - Overall, no guidance or indication is given for upcoming fundraising.

- The management did not provide explicit current or expected order book figures during the call. - For TP Buildtech, they expect moderate growth and have laid the foundation for growth over the next 2-3 years with new plants and products. - The order pipeline for Q4 FY'26 and FY'27 was asked but no specific numbers were shared; management expressed confidence in achieving revenue and growth targets. - Business segments like infrastructure and consumer are witnessing growth post-monsoon, indicating improving demand. - Overall, with capacity expansions, new plants (RCB and pyrolysis), and overseas operations (Saudi Arabia, South Africa), the company expects rising demand and steady order flows aligned with projected revenue growth of ~8-9% in FY'26 and 15-20% year-on-year growth thereafter.