Tinna RubberQ1 FY27
Tinna Rubber Q1 FY27 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹1,022P/E: 30.2Market Cap: ₹1.9K CrSector: Industrial Products
Management growth scorecard
Revenue
Category 2
Margin
Category 3
Fundraise
N/A
Order
N/A
Capex
Yes
1 of 3 growth signals are positive — mixed outlook.
Full analysisRevenue guidance
Category 2- →Company targets revenues of INR 670-700 crores for FY 2027, with aspirations to reach INR 1,000 crores by FY 2029.
- →Expansion plans include debottlenecking existing capacity and exploring new greenfield plants to meet strong market demand.
- →Capacity utilization expected around 80%-85% at peak post expansions.
- →Steel Abrasive business aims approximately 50% volume growth in FY 2027 following exclusive distributorship deal.
- →Infrastructure segment expected to sustain demand due to government initiatives and bitumen shortages benefiting rubberized bitumen use.
- →Industrial segment shows robust growth with 58% Y-o-Y revenue increase, supported by exports growing 46% Y-o-Y.
- →New facilities (TPO and rCB plants) will contribute revenues starting Q2 FY 2027, aiding overall growth.
- →Consumer segment expected to recover once raw material supply stabilizes; currently 8-10% of total business.
Margin guidance
Category 3- →Revenue guidance for FY'27 is INR 670-700 crores, aiming for steady growth towards INR 1,000 crores by FY'29.
- →EBITDA margins are expected to stabilize between 18-20%, despite Q1's strong 22% margin, reflecting cautious optimism due to business expansion costs.
- →EPR (Extended Producer Responsibility) credit contributes around INR 25-30 crores annually at PBT level, integrated into the core business earnings.
- →Capacity expansion plans including de-bottlenecking existing plants and new greenfield facilities domestically and internationally (Chile, South Africa, Saudi Arabia) will support long-term growth.
- →Profitability improvements seen in global subsidiaries like Oman, with South Africa operations expected to breakeven by Q2 FY'27.
- →Focus on product diversification, value-added products, and sustainability initiatives to sustain 25%+ revenue CAGR and 33%+ profitability CAGR through FY'29.
- →The company expects ROCE exceeding 30% as it scales operations.
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Fundraise plans
- →The company has planned a capex of around INR 100 crores over FY27 and FY28.
- →There is no specific mention of new fundraising through debt or equity in the provided transcript.
- →The INR 100 crores capex appears to be internally planned for capacity expansions and new projects.
- →The focus remains on expanding capacities in India and other geographies like Saudi Arabia, South Africa, and Chile.
- →Management highlighted a cautious approach to costs, including front-ended expenses due to expansion.
- →No direct reference to raising fresh capital through debt or equity was discussed in the call.
Order book
The transcript provided does not explicitly mention the current or expected order book or pending orders of Tinna Rubber & Infrastructure Limited as of July 2026. However, relevant insights include:
- The company secured a 15,000 tons rubberized bitumen processing order for execution in FY27.
- Exports volume showed robust 46% YoY growth supported by a healthy order pipeline, indicating strong demand.
- TP Buildtech continues to scale its construction chemical business through capacity expansion and execution of key projects.
- The company has a robust project pipeline supporting future growth, as stated by the management.
No specific figures or detailed order book value are disclosed in the transcript.
Capex plans
Yes- →The company plans a capex of around INR 100 crores over FY27 and FY28.
- →Approximately INR 60 crores of this capex is expected to be capitalized during FY27.
- →Ongoing investments include:
- → - Expansion of the plastics recycling business with new government portal registration from April 1, 2026.
- → - Acquisition of land in Western Maharashtra for a new construction chemicals manufacturing facility.
- → - International projects:
- → - Phase 1 capex completed and Phase 2 underway in South Africa for full-scale tire recycling.
- → - Establishment of a subsidiary in Chile to enhance global sourcing.
- → - Land allocated in Saudi Arabia for a 24,000 tons per annum recycling plant; construction to possibly start by end of calendar year, subject to geopolitical conditions.
- →Capex supports Vision 2029 targets: 10 locations, INR 1,000 crores revenue by FY29, with 25%+ revenue CAGR and EBITDA margins over 18%.
How does Tinna Rubber rank vs peers in Industrial Products?
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