Any current/future new fundraising through debt or equity?

The Company is in the process of taking a new term loan of approximately Rs. 30 crores to support ongoing capital expenditures related to expansions. The remaining funding for CAPEX will come from internal accruals. The Oman facility investment of about Rs. 11 crores has been fully funded through internal accruals. The management aims to achieve a debt-free status by FY25, primarily through monetizing non-core land parcels and internal accruals. However, due to compelling growth opportunities, the Company is comfortable with the current debt levels and intends to continue funding growt

Any current/future capex/capital investment/strategic investment?

Ongoing CAPEX includes Rs. 38 to Rs. 40 crores for the Varle expansion (tyre crushing capacity increase by 60%). Rs. 3 crores allocated for Thermo Plastic Elastomer (TPE) project at Panipat plant, capacity 6,000 tons per annum. Additional Rs. 2 to 3 crores planned for plant setup in Oman, with Rs. 11 crores already invested internally. Total new term loan of approx. Rs. 30 crores being taken for funding these expansions; rest funded through internal accruals. New plant at Varle expected to add around 60,000 tons capacity. Expansion aims to diversify products (Passenger Car Radial tyres process

Future growth expectations in sales/revenue/volumes?

The company expects an approximate 20% year-on-year consolidated volume and revenue growth. There is a strong pipeline of business in the infrastructure sector for at least the next 3 years, driven by 25-30 new expressway projects in phased execution. Expansion plans include increasing tyre crushing capacity by 60% at the Varle plant, and adding Thermo Plastic Elastomer production to broaden the market. The newly commissioned Oman plant is expected to contribute Rs. 18 to 20 crores annually, scaling up progressively. The passenger car radial (PCR) processing plant at Varle is projected to gene

Future growth expectations in earnings/operating earnings/profits/EPS?

The company expects a topline growth of around 20% year-on-year. EBITDA margins are projected to improve to approximately 15%, up from 14.5% in Q1 FY24. Net profit after tax grew 16% YoY in Q1 FY24, indicating a positive earnings trend. Infrastructure and industrial sectors see strong growth potential with multiple expressways and government projects lined up. Expansion plans include increasing tyre crushing capacity by 60% at the new Varle plant and adding Thermo Plastic Elastomers (TPE) production, targeting new markets and applications. Oman facility ramp-up expected to improve margins and

Current/ Expected Orderbook/ Pending Orders?

The Company has a strong order pipeline, especially in the infrastructure sector, for at least the next 2 to 3 years based on already awarded projects. The order book includes contracts worth approximately Rs. 107 crores to be completed over the next 2 years, with around 80-90% expected to be consumed within the current financial year. Key projects include multiple expressways, including the Ganga Expressway, targeting completion around FY24 or extended by 6 months. The Company is confident about phased growth in infrastructure volumes, with a focused effort on expressway projects and ot

Tinna Rubber & Infrastructure LtdQ1 FY24Industrial Products

Tinna Rubber & Infrastructure Ltd Q1 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹939P/E: 28.6Market Cap: ₹1.8K CrSector: Industrial Products

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

The company expects an approximate 20% year-on-year consolidated volume and revenue growth.
There is a strong pipeline of business in the infrastructure sector for at least the next 3 years, driven by 25-30 new expressway projects in phased execution.
Expansion plans include increasing tyre crushing capacity by 60% at the Varle plant, and adding Thermo Plastic Elastomer production to broaden the market.
The newly commissioned Oman plant is expected to contribute Rs. 18 to 20 crores annually, scaling up progressively.
The passenger car radial (PCR) processing plant at Varle is projected to generate around Rs. 100 crores in annual sales.
Growth is expected across all sectors: infrastructure, industrial, steel, and consumer.
EBITDA margins are targeted to improve to around 15% with steady operation.
The company aims to maintain a 20-25% CAGR over the medium term, driven by diversified product offerings and infrastructure demand.

Margin guidance

Category 3

The company expects a topline growth of around 20% year-on-year.
EBITDA margins are projected to improve to approximately 15%, up from 14.5% in Q1 FY24.
Net profit after tax grew 16% YoY in Q1 FY24, indicating a positive earnings trend.
Infrastructure and industrial sectors see strong growth potential with multiple expressways and government projects lined up.
Expansion plans include increasing tyre crushing capacity by 60% at the new Varle plant and adding Thermo Plastic Elastomers (TPE) production, targeting new markets and applications.
Oman facility ramp-up expected to improve margins and contribute Rs. 18-20 crores annually to sales.
Overall, the company is targeting a consolidated volume growth of roughly 20% CAGR over the next 3 years.
Confident of recovery in Q3 and Q4 FY24 after early monsoon rains impact.
Focus remains on expanding core tyre recycling operations and stabilizing overseas ventures before exploring further international expansions after FY25.

See what Tinna Rubber & Infrastructure Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The Company is in the process of taking a new term loan of approximately Rs. 30 crores to support ongoing capital expenditures related to expansions.
The remaining funding for CAPEX will come from internal accruals.
The Oman facility investment of about Rs. 11 crores has been fully funded through internal accruals.
The management aims to achieve a debt-free status by FY25, primarily through monetizing non-core land parcels and internal accruals.
However, due to compelling growth opportunities, the Company is comfortable with the current debt levels and intends to continue funding growth through a mix of debt and internal accruals rather than equity.
No explicit mention of any equity fundraising is made in the call.

Order book

Yes

The Company has a strong order pipeline, especially in the infrastructure sector, for at least the next 2 to 3 years based on already awarded projects.
The order book includes contracts worth approximately Rs. 107 crores to be completed over the next 2 years, with around 80-90% expected to be consumed within the current financial year.
Key projects include multiple expressways, including the Ganga Expressway, targeting completion around FY24 or extended by 6 months.
The Company is confident about phased growth in infrastructure volumes, with a focused effort on expressway projects and other road construction activities.
There is no sector-wise EBITDA margin disclosure as it is considered sensitive information.
Continuous engagement with government and contractors ensures a healthy and growing order book for upcoming years.

See what Tinna Rubber & Infrastructure Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Ongoing CAPEX includes Rs. 38 to Rs. 40 crores for the Varle expansion (tyre crushing capacity increase by 60%).
Rs. 3 crores allocated for Thermo Plastic Elastomer (TPE) project at Panipat plant, capacity 6,000 tons per annum.
Additional Rs. 2 to 3 crores planned for plant setup in Oman, with Rs. 11 crores already invested internally.
Total new term loan of approx. Rs. 30 crores being taken for funding these expansions; rest funded through internal accruals.
New plant at Varle expected to add around 60,000 tons capacity.
Expansion aims to diversify products (Passenger Car Radial tyres processing, TPE products) and increase addressable market.
Oman facility and Varle project expected to contribute incremental sales (~Rs. 150 crores addition collectively).
Strategic focus remains on tyre recycling business, with no planned investments outside core rubber recycling operations.
Management plans to monetize non-core land and real estate investments to reduce debt and fund growth.

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