Tinna Rubber & Infrastructure Ltd

- 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.

- 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.

- 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.

- 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%.

- 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.