Tinna Rubber & Infrastructure Ltd

- 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.

- 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).

- 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.

- 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.

- 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.