Any current/future new fundraising through debt or equity?

There is no explicit mention of any new fundraising through debt or equity in the call transcript. The company has already utilized QIP funds totaling INR 50 crores: INR 23 crores for debt reduction, INR 19 crores for general corporate purposes, INR 18 crores for the pyrolysis and rCB project, and INR 9 crores for solar power expansion. Capex of approximately INR 100 crores is underway, with INR 56 crores already spent in H1 FY '26; further expenditures will be deployed on a need-driven basis. No announcements or plans were discussed regarding fresh debt or equity raises during this earnings c

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

Ongoing capex plan of approximately INR 100 crores to be completed by FY '27. H1 FY '26 capex spend of approximately INR 56 crores; remaining deployment need-driven. Around INR 18 crores utilized from QIP funds for pyrolysis and recovered carbon black (rCB) project. INR 9 crores utilized for solar power expansion aiming to increase renewable energy capacity from 1.23 MW to 4.48 MW by end of Q3 FY '26. Investment of INR 50 crores planned for combined pyrolysis and rCB plant setup (100 TPD capacity). Target to scale renewable energy to meet 50% of total power consumption by FY '26 end, supportin

Future growth expectations in sales/revenue/volumes?

The company expects to close FY '26 with a 12% to 15% growth over the previous year, down from the earlier 20% target due to extended monsoon and strategic product focus. For FY '27, sales are projected between INR 725 crores to INR 750 crores. Vision 28 aims for a revenue CAGR of over 25%, targeting INR 1,000 crores by FY '28. Exports are a key growth driver, with a targeted 30% volume increase by Q4 FY '26. New initiatives like the recycled carbon black (rCB) plant are expected to contribute INR 100-125 crores to the top line in FY '27. Business expansion planned in Southern India, Northern

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

FY '26 growth is expected at 12% to 15% over previous year, down from earlier 20% guidance. (Page 6, 7, 14) EBITDA margins improved to 18.5% in Q2; full year expected to be around 17% to 18.5%. (Page 7, 12, 14) PAT conversion expected around 10% of top-line in FY '26. (Page 14) Expansion plans include new businesses: recovered carbon black (rCB) plant and PCMB business, contributing to growth and profitability. (Page 11, 12) Vision 28 aims for 25%+ CAGR revenue growth reaching INR 1,000 crore by FY '28 with EBITDA margins above 18% and ROCE of 30%. (Page 5) Investments like rCB and p

Current/ Expected Orderbook/ Pending Orders?

The company reports a strong order pipeline supporting confidence in growth. Despite a modest 3% dip in revenue in H1 FY26, the order book and forecasts for H2 indicate expected year-end growth of 10% to 15% over the previous year. Growth prospects are driven by product approvals and customer engagements, with new business lines contributing progressively. The company anticipates maintaining or improving margins, supported by diversification and a pan-India presence. The order book includes opportunities in multiple segments such as industrial, infrastructure (notably CRM business growth of 75

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Tinna Rubber & Infrastructure LtdQ3 FY25Industrial Products

Tinna Rubber & Infrastructure Ltd Q3 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 3

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→The company expects to close FY '26 with a 12% to 15% growth over the previous year, down from the earlier 20% target due to extended monsoon and strategic product focus.
→For FY '27, sales are projected between INR 725 crores to INR 750 crores.
→Vision 28 aims for a revenue CAGR of over 25%, targeting INR 1,000 crores by FY '28.
→Exports are a key growth driver, with a targeted 30% volume increase by Q4 FY '26.
→New initiatives like the recycled carbon black (rCB) plant are expected to contribute INR 100-125 crores to the top line in FY '27.
→Business expansion planned in Southern India, Northern India, GCC countries (Oman, Saudi Arabia), and South Africa.
→Infrastructure and industrial segments anticipate stronger contributions, supported by growing demand and new product approvals.

Margin guidance

Category 3

→FY '26 growth is expected at 12% to 15% over previous year, down from earlier 20% guidance. (Page 6, 7, 14)
→EBITDA margins improved to 18.5% in Q2; full year expected to be around 17% to 18.5%. (Page 7, 12, 14)
→PAT conversion expected around 10% of top-line in FY '26. (Page 14)
→Expansion plans include new businesses: recovered carbon black (rCB) plant and PCMB business, contributing to growth and profitability. (Page 11, 12)
→Vision 28 aims for 25%+ CAGR revenue growth reaching INR 1,000 crore by FY '28 with EBITDA margins above 18% and ROCE of 30%. (Page 5)
→Investments like rCB and pyrolysis plants with 4-5 year payback expected to be margin accretive and contribute INR 100-125 crore revenue by FY '27. (Page 10, 12)
→Export growth targeted at 30% volume increase by Q4 FY '26, supporting top-line growth. (Page 5, 13)

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Fundraise plans

Yes

→There is no explicit mention of any new fundraising through debt or equity in the call transcript.
→The company has already utilized QIP funds totaling INR 50 crores: INR 23 crores for debt reduction, INR 19 crores for general corporate purposes, INR 18 crores for the pyrolysis and rCB project, and INR 9 crores for solar power expansion.
→Capex of approximately INR 100 crores is underway, with INR 56 crores already spent in H1 FY '26; further expenditures will be deployed on a need-driven basis.
→No announcements or plans were discussed regarding fresh debt or equity raises during this earnings call.
→Management emphasized operational improvements and strategic initiatives funded from internal resources and prior capital raises.

Order book

Yes

→The company reports a strong order pipeline supporting confidence in growth.
→Despite a modest 3% dip in revenue in H1 FY26, the order book and forecasts for H2 indicate expected year-end growth of 10% to 15% over the previous year.
→Growth prospects are driven by product approvals and customer engagements, with new business lines contributing progressively.
→The company anticipates maintaining or improving margins, supported by diversification and a pan-India presence.
→The order book includes opportunities in multiple segments such as industrial, infrastructure (notably CRM business growth of 75% volume), and consumer segments.
→Export volumes are targeted to increase by 30% by Q4 FY26, indicating a robust backlog.
→New initiatives like PCMB, rCB business, and ventures in Saudi Arabia and South Africa contribute to the expected order inflow.

Capex plans

Yes

→Ongoing capex plan of approximately INR 100 crores to be completed by FY '27.
→H1 FY '26 capex spend of approximately INR 56 crores; remaining deployment need-driven.
→Around INR 18 crores utilized from QIP funds for pyrolysis and recovered carbon black (rCB) project.
→INR 9 crores utilized for solar power expansion aiming to increase renewable energy capacity from 1.23 MW to 4.48 MW by end of Q3 FY '26.
→Investment of INR 50 crores planned for combined pyrolysis and rCB plant setup (100 TPD capacity).
→Target to scale renewable energy to meet 50% of total power consumption by FY '26 end, supporting ESG commitments.
→The company is allocating up to 3% of PAT towards R&D for future readiness and innovation.
→New initiatives underway: PCMB business, rCB business, ventures in Saudi Arabia and South Africa for growth acceleration.

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