Any current/future new fundraising through debt or equity?

Current planned CAPEX of Rs.30 crores for FY24 will be mostly funded through internal accruals. There is consideration for taking some additional debt as the company is comfortable with its current debt profile. Total debt currently about Rs.58 crores, with a cost of funds around 10% and a credit rating of BB, with an expected upgrade to BBB. No explicit mention of upcoming equity fundraising in the provided conversation. Management shows no hesitation for future CAPEX, but prioritizing and crystallizing opportunities before proceeding further with expansions. They are open to raising debt giv

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

Company plans a CAPEX of Rs. 30 crores in the current financial year. The CAPEX is primarily funded from internal accruals, with some possibility of additional debt. The investment is aimed at setting up a new facility in India focused on tire recycling and downstream value-added products. Oman facility setup required roughly $1 million; no further CAPEX anticipated there this financial year. Expected revenue contribution from the Oman plant at full capacity is around Rs. 20 crores with about 10% EBITDA margin. TP Buildtech, an associate company (50% owned), received Rs. 2 crores growth capita

Future growth expectations in sales/revenue/volumes?

The company expects a revenue growth CAGR of approximately 20-25% over the next 3 to 5 years (Page 15, 14, 7). First quarter of the current fiscal year is on track with a confidence of over 20% revenue growth for FY24 (Page 20, 11). Confidence in margins improving northward of 15% alongside revenue growth (Page 20, 11, 7). Exponential growth anticipated from new opportunities, including exports and infrastructure sectors (Page 14, 7, 6). Export revenues have doubled from FY22 to FY23 with substantial growth expected, aided by breakthroughs with multinational tire companies (Page 6). Infrastruc

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

The company expects a revenue growth of over 20% for FY24, with confidence in achieving this as Q1 progresses. EBITDA margins are anticipated to improve, moving northward to 15%+ in the near term, recovering from recent pressure. Over the next 3-5 years, management projects a CAGR of 20-25% in revenues, driven by sustainable growth opportunities and new market expansions like the Oman plant. EPS growth aligns with revenue and margin targets, reflecting a consistent uptrend supported by operational efficiencies. Export business is expected to grow exponentially, with recent breakthrough

Current/ Expected Orderbook/ Pending Orders?

The company has ongoing orders including a significant IOC order valued at approximately Rs.100 crores, to be executed over 2 years, categorized under the infrastructure segment. There are multiple highway projects with top layer work underway at several NHAI sites; these projects have revenues that remain consistent but vary as new projects begin and others complete. The crumb rubber modifier business supplies to IOC, contractors, and companies like HINCOL, representing rolling orders that continue to trickle in. Overall, the infrastructure sector forms about 50% of revenue with continuous or

Tinna Rubber & Infrastructure LtdQ4 FY23

Tinna Rubber & Infrastructure Ltd Q4 FY23 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹796.95P/E: 23.3Market Cap: ₹1.4K Cr

Management growth scorecard

Revenue

Category 2

Margin

Category 1

Fundraise

Yes

Order

N/A

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

The company expects a revenue growth CAGR of approximately 20-25% over the next 3 to 5 years (Page 15, 14, 7).
First quarter of the current fiscal year is on track with a confidence of over 20% revenue growth for FY24 (Page 20, 11).
Confidence in margins improving northward of 15% alongside revenue growth (Page 20, 11, 7).
Exponential growth anticipated from new opportunities, including exports and infrastructure sectors (Page 14, 7, 6).
Export revenues have doubled from FY22 to FY23 with substantial growth expected, aided by breakthroughs with multinational tire companies (Page 6).
Infrastructure sector expected to contribute significantly to growth, already showing benefits in Q1 FY24 (Page 11).
The company is optimistic about scaling production and capturing new markets including Oman, Middle East, and possibly Africa (Pages 14, 7).

Margin guidance

Category 1

The company expects a revenue growth of over 20% for FY24, with confidence in achieving this as Q1 progresses.
EBITDA margins are anticipated to improve, moving northward to 15%+ in the near term, recovering from recent pressure.
Over the next 3-5 years, management projects a CAGR of 20-25% in revenues, driven by sustainable growth opportunities and new market expansions like the Oman plant.
EPS growth aligns with revenue and margin targets, reflecting a consistent uptrend supported by operational efficiencies.
Export business is expected to grow exponentially, with recent breakthroughs in multinational contracts enhancing growth prospects.
Management is optimistic about consumer and infrastructure sector contributions increasing, helping sustain long-term profitability.
Dividend payout policy targets distributing 20-25% of profits to shareholders.

See what Tinna Rubber & Infrastructure Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Current planned CAPEX of Rs.30 crores for FY24 will be mostly funded through internal accruals.
There is consideration for taking some additional debt as the company is comfortable with its current debt profile.
Total debt currently about Rs.58 crores, with a cost of funds around 10% and a credit rating of BB, with an expected upgrade to BBB.
No explicit mention of upcoming equity fundraising in the provided conversation.
Management shows no hesitation for future CAPEX, but prioritizing and crystallizing opportunities before proceeding further with expansions.
They are open to raising debt given balance sheet capacity but taking a cautious and calculated approach.

Order book

The company has ongoing orders including a significant IOC order valued at approximately Rs.100 crores, to be executed over 2 years, categorized under the infrastructure segment.
There are multiple highway projects with top layer work underway at several NHAI sites; these projects have revenues that remain consistent but vary as new projects begin and others complete.
The crumb rubber modifier business supplies to IOC, contractors, and companies like HINCOL, representing rolling orders that continue to trickle in.
Overall, the infrastructure sector forms about 50% of revenue with continuous orders and engagements.
The company is optimistic about order inflows and growth from infrastructure projects with a strong market share of 65%-70% in the crumb rubber modified space.
No specific total value of the current order book disclosed, but the focus on repeat and sizable orders indicates a healthy pipeline.

See what Tinna Rubber & Infrastructure Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Company plans a CAPEX of Rs. 30 crores in the current financial year.
The CAPEX is primarily funded from internal accruals, with some possibility of additional debt.
The investment is aimed at setting up a new facility in India focused on tire recycling and downstream value-added products.
Oman facility setup required roughly $1 million; no further CAPEX anticipated there this financial year.
Expected revenue contribution from the Oman plant at full capacity is around Rs. 20 crores with about 10% EBITDA margin.
TP Buildtech, an associate company (50% owned), received Rs. 2 crores growth capital for aggressive expansion.
The company is cautious and selective about future investments, prioritizing leveraging competitive advantages and scaling existing operations.

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