Any current/future new fundraising through debt or equity?

Tinna Rubber successfully completed its maiden Qualified Institutional Placement (QIP) in July 2025, raising approximately INR79 crores from marquee institutional investors. Deployment of QIP funds started from Q2 FY '26, allocated as: INR23 crores for debt reduction, INR12 crores for solar power expansion, INR22 crores for the recovered carbon black plant, and INR19 crores for general corporate purposes. Management stated they are currently comfortable with their debt profile and do not foresee an immediate need for additional debt. They have scope to take more debt if required but no immedia

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

The company is investing approximately INR100 crores of capex over 2 years. INR23 crores from the QIP has been allocated for setting up a 100 TPD capacity plant for Recovered Carbon Black (RCB) and pyrolysis, expected to start by mid to end of Q4 FY '26. The regenerated carbon black plant is being established at the existing Varale facility. Capital expenditure of around INR13 crores was incurred in Q1 FY '26. Expansion of renewable energy capacity from 1.26 MW to 4.52 MW, enabling 50% of power needs from renewable sources. Investment in international operations including a new facility in Sau

Future growth expectations in sales/revenue/volumes?

FY '26 revenue guidance is INR 600 crores plus, targeting 25% year-on-year growth. Expansion in capacity utilization at Varale plant expected to drive INR 80-90 crores top line in FY '26. Polymer composites business aims for steady volume growth, with current sales at 100 tons per month. Regenerated carbon black (RCB) and pyrolysis plant to start contributions by end of Q4 FY '26, expected top line around INR 70 crores at full capacity. PCMB (Polymer Composites Masterbatch) business expected to contribute INR 30-35 crores in FY '26. International expansion including Oman, Saudi Arabia, and Sou

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

Tinna Rubber targets a revenue of INR 600 crores+ for FY '26, signaling a 25% YoY growth trajectory. The company aims to maintain EBITDA margins above 15%, with a target of around 15.5% for FY '26. New initiatives like the recovered carbon black (RCB) and pyrolysis plants are expected to contribute positively, with RCB targeting INR 70 crores revenue at full capacity. The Polymer Composites and Masterbatch (PCMB) business is expected to increase utilization to ~60% by Q3 FY '26, adding INR 30-35 crores to top line. Operational efficiencies and cost reductions through diversified feedstock usag

Current/ Expected Orderbook/ Pending Orders?

The polymer composites business is largely order book driven, requiring product approvals from large OEMs and organized players. Once approvals are achieved, a high visibility of sales typically follows. Currently, much of the PCMB (polymer crumb rubber modifier) business caters to the resale/spontaneous market while awaiting OEM approvals. The PCMB business is expected to transition from spontaneous sales to more order book-driven sales as approvals progress. The infrastructure segment's business pipeline remains strong, with expectations of a rebound post-monsoon. For the regenerated carbon

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Tinna Rubber & Infrastructure LtdQ2 FY25Industrial Products

Tinna Rubber & Infrastructure Ltd Q2 FY25 Earnings Call Analysis

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

Price: ₹926P/E: 26.1Market Cap: ₹1.3K CrSector: Industrial Products

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Order

N/A

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

→FY '26 revenue guidance is INR 600 crores plus, targeting 25% year-on-year growth.
→Expansion in capacity utilization at Varale plant expected to drive INR 80-90 crores top line in FY '26.
→Polymer composites business aims for steady volume growth, with current sales at 100 tons per month.
→Regenerated carbon black (RCB) and pyrolysis plant to start contributions by end of Q4 FY '26, expected top line around INR 70 crores at full capacity.
→PCMB (Polymer Composites Masterbatch) business expected to contribute INR 30-35 crores in FY '26.
→International expansion including Oman, Saudi Arabia, and South Africa projects to support revenue growth.
→Long-term vision targets INR 1,000 crores revenue by FY '28 with 25% CAGR.
→Growth driven by strategic capacity expansion, capital investment, global sourcing, and business integration.

Margin guidance

Category 3

→Tinna Rubber targets a revenue of INR 600 crores+ for FY '26, signaling a 25% YoY growth trajectory.
→The company aims to maintain EBITDA margins above 15%, with a target of around 15.5% for FY '26.
→New initiatives like the recovered carbon black (RCB) and pyrolysis plants are expected to contribute positively, with RCB targeting INR 70 crores revenue at full capacity.
→The Polymer Composites and Masterbatch (PCMB) business is expected to increase utilization to ~60% by Q3 FY '26, adding INR 30-35 crores to top line.
→Operational efficiencies and cost reductions through diversified feedstock usage are expected to sustain margin improvements.
→The company is targeting an 18%+ EBITDA margin and over 30% ROCE by FY '28 as part of its Vision 2028.
→ROE is expected to remain healthy, close to the current ~32%.

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Fundraise plans

→Tinna Rubber successfully completed its maiden Qualified Institutional Placement (QIP) in July 2025, raising approximately INR79 crores from marquee institutional investors.
→Deployment of QIP funds started from Q2 FY '26, allocated as: INR23 crores for debt reduction, INR12 crores for solar power expansion, INR22 crores for the recovered carbon black plant, and INR19 crores for general corporate purposes.
→Management stated they are currently comfortable with their debt profile and do not foresee an immediate need for additional debt.
→They have scope to take more debt if required but no immediate plans for further borrowing.
→Capital expenditure of approximately INR100 crores is planned over two years, funded through raised equity and internal accruals.
→No specific mentions of future equity fundraises beyond the QIP in July 2025 were made.

Order book

→The polymer composites business is largely order book driven, requiring product approvals from large OEMs and organized players.
→Once approvals are achieved, a high visibility of sales typically follows.
→Currently, much of the PCMB (polymer crumb rubber modifier) business caters to the resale/spontaneous market while awaiting OEM approvals.
→The PCMB business is expected to transition from spontaneous sales to more order book-driven sales as approvals progress.
→The infrastructure segment's business pipeline remains strong, with expectations of a rebound post-monsoon.
→For the regenerated carbon black and pyrolysis plant, initial sales are expected by Q4 FY '26, but ramp-up and orders are still at early stages.
→No specific numerical order book or pending order value was provided, but visibility increases as OEM approvals and client onboarding progress.

Capex plans

Yes

→The company is investing approximately INR100 crores of capex over 2 years.
→INR23 crores from the QIP has been allocated for setting up a 100 TPD capacity plant for Recovered Carbon Black (RCB) and pyrolysis, expected to start by mid to end of Q4 FY '26.
→The regenerated carbon black plant is being established at the existing Varale facility.
→Capital expenditure of around INR13 crores was incurred in Q1 FY '26.
→Expansion of renewable energy capacity from 1.26 MW to 4.52 MW, enabling 50% of power needs from renewable sources.
→Investment in international operations including a new facility in Saudi Arabia, expected to commission from Q4 of 2026.
→Successful capital infusion into joint venture Mbodla Investments in South Africa, facilitating tire feedstock export.
→Focus on strategic capacity expansion, global sourcing, and business integration aligned with Vision 2028.

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