Any current/future new fundraising through debt or equity?

The company is currently seeking a term loan of about ₹28 crore from banks for ongoing expansion, with the loan process expected to conclude within a month. This term loan is part of the approximately ₹50 crore CAPEX underway. For future expansions, especially related to growth from ₹500 crore to ₹900 crore revenues by FY27, the company anticipates additional CAPEX around ₹100 crore, likely starting in early FY26. There is no explicit mention of raising equity funds in the provided transcript. The company aims to improve credit ratings, indicating a preference for debt financing.

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

Current CAPEX underway is approximately ₹50 crore, covering: - Varle plant (Maharashtra) - Thermo Plastic Elastomers (TPE) line at Panipat - Oman plant expansion Term loan of about ₹28 crore being finalized for this CAPEX. Future CAPEX planned around ₹100 crore expected in early FY26 to support: - Incremental growth from ₹500 crore revenue (FY25) to ₹900 crore by FY27 - Addition of new locations beyond current plants Oman plant is a strategic overseas investment to leverage learnings from India and explore export opportunities. Focus on consolidating margins near 15% EBITDA and e

Future growth expectations in sales/revenue/volumes?

FY24 sales guidance: around ₹340 crores, on track to achieve. FY25 expected revenue: approximately ₹500 crores, driven by new capacity at Varle plant, TPE equipment at Panipat, and Oman plant. Base business projected to grow at 10-15% per annum. FY27 revenue target: ₹900 crores, with tyre crushing capacity north of 250,000 tonnes. Incremental growth from FY25 to FY27 expected to require additional CAPEX of about ₹100 crores (likely starting early FY26). Export market growth targeted at 10-12% year-on-year, with new customer acquisitions ongoing (two large multinationals already onboa

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

FY24 revenue guidance: ~₹340 crore, reflecting steady progress. FY25 revenue target: ~₹500 crore, factoring in new capacities (Varle plant and TPE line). FY27 revenue vision: ₹900 crore, expected through capacity expansions and new locations. EBITDA margin: Currently around 16%, expected to improve further. Oman plant: Achieved EBITDA positive within 3 months of operation, targeting similar returns as India. Expansion CAPEX: ₹50 crore underway (Varle and TPE), additional ₹100 crore planned FY26 for growth from ₹500 crore to ₹900 crore revenue. Profit growth: Net profit up 81% YoY i

Current/ Expected Orderbook/ Pending Orders?

The company has not explicitly disclosed the current or expected order book or pending orders in exact figures during the call. Around 15% to 20% of total sales come from long-term agreements, offering some visibility into future revenue. There is optimistic sales visibility for H2 FY24, especially in the infrastructure sector, supported by the government's push and ongoing projects where crumb rubber modified bitumen (CRMB) is specified. Export markets are expected to grow 10-12% year-on-year, with new large multinational customers onboarded and more in the pipeline. Capacity expansions (e.g.

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Tinna Rubber & Infrastructure LtdQ3 FY23Industrial Products

Tinna Rubber & Infrastructure Ltd Q3 FY23 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 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→FY24 sales guidance: around ₹340 crores, on track to achieve.
→FY25 expected revenue: approximately ₹500 crores, driven by new capacity at Varle plant, TPE equipment at Panipat, and Oman plant.
→Base business projected to grow at 10-15% per annum.
→FY27 revenue target: ₹900 crores, with tyre crushing capacity north of 250,000 tonnes.
→Incremental growth from FY25 to FY27 expected to require additional CAPEX of about ₹100 crores (likely starting early FY26).
→Export market growth targeted at 10-12% year-on-year, with new customer acquisitions ongoing (two large multinationals already onboard).
→Crushing volume expected to increase significantly (30,000 tonnes in FY24 to 250,000 tonnes capacity by FY27).
→Asset turnover ratio expected to stabilize around 3x.

Margin guidance

Category 3

→FY24 revenue guidance: ~₹340 crore, reflecting steady progress.
→FY25 revenue target: ~₹500 crore, factoring in new capacities (Varle plant and TPE line).
→FY27 revenue vision: ₹900 crore, expected through capacity expansions and new locations.
→EBITDA margin: Currently around 16%, expected to improve further.
→Oman plant: Achieved EBITDA positive within 3 months of operation, targeting similar returns as India.
→Expansion CAPEX: ₹50 crore underway (Varle and TPE), additional ₹100 crore planned FY26 for growth from ₹500 crore to ₹900 crore revenue.
→Profit growth: Net profit up 81% YoY in Q2 FY24; PAT margins approaching 10%.
→Improved operational efficiencies and better sales mix support margin expansion and profit growth.
→Exports expected to contribute significantly in future growth, with efforts underway to gain multinational clients.

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Fundraise plans

Yes

→The company is currently seeking a term loan of about ₹28 crore from banks for ongoing expansion, with the loan process expected to conclude within a month.
→This term loan is part of the approximately ₹50 crore CAPEX underway.
→For future expansions, especially related to growth from ₹500 crore to ₹900 crore revenues by FY27, the company anticipates additional CAPEX around ₹100 crore, likely starting in early FY26.
→There is no explicit mention of raising equity funds in the provided transcript.
→The company aims to improve credit ratings, indicating a preference for debt financing.

Order book

→The company has not explicitly disclosed the current or expected order book or pending orders in exact figures during the call.
→Around 15% to 20% of total sales come from long-term agreements, offering some visibility into future revenue.
→There is optimistic sales visibility for H2 FY24, especially in the infrastructure sector, supported by the government's push and ongoing projects where crumb rubber modified bitumen (CRMB) is specified.
→Export markets are expected to grow 10-12% year-on-year, with new large multinational customers onboarded and more in the pipeline.
→Capacity expansions (e.g., Varle plant, Oman plant, TPE lines) underway are expected to contribute significantly to meeting future demand.
→The management is confident about a promising sales pipeline through next year and beyond but did not quantify exact outstanding order values.

Capex plans

Yes

→Current CAPEX underway is approximately ₹50 crore, covering:
→ - Varle plant (Maharashtra)
→ - Thermo Plastic Elastomers (TPE) line at Panipat
→ - Oman plant expansion
→Term loan of about ₹28 crore being finalized for this CAPEX.
→Future CAPEX planned around ₹100 crore expected in early FY26 to support:
→ - Incremental growth from ₹500 crore revenue (FY25) to ₹900 crore by FY27
→ - Addition of new locations beyond current plants
→Oman plant is a strategic overseas investment to leverage learnings from India and explore export opportunities.
→Focus on consolidating margins near 15% EBITDA and expanding exports (currently ~7% of sales with 10-12% growth).

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