Tinna Rubber & Infrastructure Ltd

- Current planned CAPEX of Rs.30 crores for FY24 will be mostly funded through internal accruals. - There is consideration for taking some additional debt as the company is comfortable with its current debt profile. - Total debt currently about Rs.58 crores, with a cost of funds around 10% and a credit rating of BB, with an expected upgrade to BBB. - No explicit mention of upcoming equity fundraising in the provided conversation. - Management shows no hesitation for future CAPEX, but prioritizing and crystallizing opportunities before proceeding further with expansions. - They are open to raising debt given balance sheet capacity but taking a cautious and calculated approach.

- Company plans a CAPEX of Rs. 30 crores in the current financial year. - The CAPEX is primarily funded from internal accruals, with some possibility of additional debt. - The investment is aimed at setting up a new facility in India focused on tire recycling and downstream value-added products. - Oman facility setup required roughly $1 million; no further CAPEX anticipated there this financial year. - Expected revenue contribution from the Oman plant at full capacity is around Rs. 20 crores with about 10% EBITDA margin. - TP Buildtech, an associate company (50% owned), received Rs. 2 crores growth capital for aggressive expansion. - The company is cautious and selective about future investments, prioritizing leveraging competitive advantages and scaling existing operations.

- The company expects a revenue growth CAGR of approximately 20-25% over the next 3 to 5 years (Page 15, 14, 7). - First quarter of the current fiscal year is on track with a confidence of over 20% revenue growth for FY24 (Page 20, 11). - Confidence in margins improving northward of 15% alongside revenue growth (Page 20, 11, 7). - Exponential growth anticipated from new opportunities, including exports and infrastructure sectors (Page 14, 7, 6). - Export revenues have doubled from FY22 to FY23 with substantial growth expected, aided by breakthroughs with multinational tire companies (Page 6). - Infrastructure sector expected to contribute significantly to growth, already showing benefits in Q1 FY24 (Page 11). - The company is optimistic about scaling production and capturing new markets including Oman, Middle East, and possibly Africa (Pages 14, 7).

- The company expects a revenue growth of over 20% for FY24, with confidence in achieving this as Q1 progresses. - EBITDA margins are anticipated to improve, moving northward to 15%+ in the near term, recovering from recent pressure. - Over the next 3-5 years, management projects a CAGR of 20-25% in revenues, driven by sustainable growth opportunities and new market expansions like the Oman plant. - EPS growth aligns with revenue and margin targets, reflecting a consistent uptrend supported by operational efficiencies. - Export business is expected to grow exponentially, with recent breakthroughs in multinational contracts enhancing growth prospects. - Management is optimistic about consumer and infrastructure sector contributions increasing, helping sustain long-term profitability. - Dividend payout policy targets distributing 20-25% of profits to shareholders.

- The company has ongoing orders including a significant IOC order valued at approximately Rs.100 crores, to be executed over 2 years, categorized under the infrastructure segment. - There are multiple highway projects with top layer work underway at several NHAI sites; these projects have revenues that remain consistent but vary as new projects begin and others complete. - The crumb rubber modifier business supplies to IOC, contractors, and companies like HINCOL, representing rolling orders that continue to trickle in. - Overall, the infrastructure sector forms about 50% of revenue with continuous orders and engagements. - The company is optimistic about order inflows and growth from infrastructure projects with a strong market share of 65%-70% in the crumb rubber modified space. - No specific total value of the current order book disclosed, but the focus on repeat and sizable orders indicates a healthy pipeline.