Any current/future new fundraising through debt or equity?

Tinna Rubber is currently raising INR 150 crores primarily to fuel business growth. The fundraise is expected to be largely used for capital expenditure (capex) and acquisitions, not for working capital. The raised funds may potentially be deployed for organic growth or inorganic opportunities. If opportunities take time to fructify, the company may use the funds to reduce existing debt instead of keeping them idle. There is no specific mention of new debt fundraising; the fundraise appears to be equity-related. The company is open to deploying raised funds either for expansion or debt repayme

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

Fundraise of INR150 crores planned primarily for capex and acquisitions, not for working capital. Varle plant (30 acres) offers significant space for expansion; one more major tire recycling plant is considered in India. Doubling MRP capacity at Gummidipoondi to 10,000 tons per annum, making it likely the largest MRP producer worldwide (20,000 tons total). International expansion underway: - Oman facility operating at 85-90% capacity; plans to expand to include off-road tire processing. - Saudi Arabia: setting up a 20,000-25,000 tons per annum plant, with INR125 crore phased capex, expecte

Future growth expectations in sales/revenue/volumes?

Tinna Rubber aims for a revenue CAGR of over 25% as part of its Vision 2027. Capacity is being increased to over 250,000 MT of tire crushing by FY27, enabling higher sales volumes. The company expects to reach around INR600 crores revenue with current and ongoing capex. International expansions in Saudi Arabia and South Africa are expected to contribute to growth. H1 FY25 showed a 58% increase in revenue to INR254 crores; sales guidance of over INR500 crores for FY25 is reaffirmed. Volume growth in various segments is strong: infrastructure (52%), industrial (36%), exports (75%), and overall t

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

Tinna Rubber targets a revenue CAGR of over 25% through FY27, supported by capacity expansions and international projects. EBITDA margin guidance is around 18%, with expectations of sustaining or improving margins even without EPR credits in the next 1-2 quarters. Profitability growth is projected at approximately 33%. Return on Capital Employed (ROCE) is targeted at 30%. Capacity is expected to increase from current 150,000 tons to over 250,000 tons by FY27, boosting revenue potential to around INR600 crore with existing capacities. New plants planned in Saudi Arabia (20,000-25,000 tons capac

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Tinna Rubber & Infrastructure LtdQ3 FY24Industrial Products

Tinna Rubber & Infrastructure Ltd Q3 FY24 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

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Tinna Rubber aims for a revenue CAGR of over 25% as part of its Vision 2027.
→Capacity is being increased to over 250,000 MT of tire crushing by FY27, enabling higher sales volumes.
→The company expects to reach around INR600 crores revenue with current and ongoing capex.
→International expansions in Saudi Arabia and South Africa are expected to contribute to growth.
→H1 FY25 showed a 58% increase in revenue to INR254 crores; sales guidance of over INR500 crores for FY25 is reaffirmed.
→Volume growth in various segments is strong: infrastructure (52%), industrial (36%), exports (75%), and overall tire processed volume growth of 25% YoY in H1 FY25.
→New product capacity expansions (e.g., MRP doubled to 20,000 tons per annum) support growth.
→Sustainability trends and increased usage of recycled rubber by tire companies fuel demand growth.

Margin guidance

Category 3

→Tinna Rubber targets a revenue CAGR of over 25% through FY27, supported by capacity expansions and international projects.
→EBITDA margin guidance is around 18%, with expectations of sustaining or improving margins even without EPR credits in the next 1-2 quarters.
→Profitability growth is projected at approximately 33%.
→Return on Capital Employed (ROCE) is targeted at 30%.
→Capacity is expected to increase from current 150,000 tons to over 250,000 tons by FY27, boosting revenue potential to around INR600 crore with existing capacities.
→New plants planned in Saudi Arabia (20,000-25,000 tons capacity) and South Africa (semi-processing plant) to drive future growth starting FY26.
→Expansion of MRP capacity to 20,000 tons per annum (world’s largest) is expected to contribute significantly to earnings.
→Overall, the company is confident of achieving its Vision 2027 goals, with steady EPS and operating profit improvements aligned with capacity and market expansion.

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Fundraise plans

Yes

→Tinna Rubber is currently raising INR 150 crores primarily to fuel business growth.
→The fundraise is expected to be largely used for capital expenditure (capex) and acquisitions, not for working capital.
→The raised funds may potentially be deployed for organic growth or inorganic opportunities.
→If opportunities take time to fructify, the company may use the funds to reduce existing debt instead of keeping them idle.
→There is no specific mention of new debt fundraising; the fundraise appears to be equity-related.
→The company is open to deploying raised funds either for expansion or debt repayment depending on timing and opportunity availability.

Order book

The transcript does not explicitly mention current or expected order book or pending orders for Tinna Rubber & Infrastructure Limited. However, relevant insights include: - The company has strong operational and financial performance with growing revenues and capacity expansions. - The Varle plant is expected to contribute INR 75-100 crore in this financial year, indicating ongoing business momentum. - International projects in Oman, Saudi Arabia, and South Africa are under development or commencing operations, reflecting future order inflows. - The doubling of MRP capacity at Gummidipoondi and the upcoming Saudi Arabia plant (20,000-25,000 tons capacity) with INR 125 crores capex suggests a robust pipeline. - Fundraising of INR 150 crores aims at fueling growth via capex and acquisitions, indicating planned project orders. - The company is confident about achieving earnings guidance of over INR 500 crore sales in FY25, implying a healthy order pipeline. No specific order book or pending order values are disclosed.

Capex plans

Yes

→Fundraise of INR150 crores planned primarily for capex and acquisitions, not for working capital.
→Varle plant (30 acres) offers significant space for expansion; one more major tire recycling plant is considered in India.
→Doubling MRP capacity at Gummidipoondi to 10,000 tons per annum, making it likely the largest MRP producer worldwide (20,000 tons total).
→International expansion underway:
→ - Oman facility operating at 85-90% capacity; plans to expand to include off-road tire processing.
→ - Saudi Arabia: setting up a 20,000-25,000 tons per annum plant, with INR125 crore phased capex, expected operational by H1 FY26.
→ - South Africa: joint venture to start semi-processing plant, operations expected to begin Q1 FY26.
→Solar plants at Wada and Varle plants to reduce power costs starting Q3 FY25.
→Planned capex of INR48 crores for ongoing projects, with INR33 crores already spent.

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