Tinna Rubber & Infrastructure Ltd

- There is no explicit mention of any current or planned new fundraising through debt or equity in the provided transcript. - The company has focused on reducing interest burden, with interest cost reduced from INR 5.71 crores to INR 5 crores despite sales growth, indicating controlled debt levels. - Most of the CapEx for the current financial year has already been completed (around INR 40-45 crores), with no immediate indication of new fundraising needs. - The company appears confident in funding its growth plans through internal accruals and operational efficiencies. - There is no stated plan or discussion regarding fresh equity issuance or debt raising during the call or in the related comments.

- Major CapEx in the current financial year (FY24) was around INR 40-45 crores, setting the stage for growth towards Vision 2027. - New plant at Varle is progressing well; trial production expected in Q4 FY24 with full operations from early April FY25. - Sales from the Varle plant anticipated to start around February, with major volume and sales contribution from next financial year. - Oman plant expansion initiatives underway; plant commissioned July 2023, moving towards 70-80% capacity utilization. - Company focused on research-led product development, including high-performance bitumen modifiers and Thermo Plastic Elastomers as forward integration. - Introduced ESOP plan for leadership; hired talent for new elastomers business. - Emphasis on premium/product mix to improve margins and support growth to INR 900 crore by FY27.

- The company targets a revenue growth of 25-30% year-on-year, aiming to reach around INR 500 crore in FY25. - Vision 2027 aims for INR 900 crore revenue with 25%+ CAGR from the current INR 350 crore. - Q3 FY24 sales were INR 93 crore, showing progressive quarter-on-quarter growth to support future targets. - New plants in Varle and Oman will contribute significantly starting FY25. - Expansion in higher-margin products like micronized rubber powder (MRP), reclaimed rubber, and thermo plastic elastomers will drive revenue growth. - Infrastructure sector sales grew 38% YoY; consumer sector sales doubled YoY, showing robust demand. - Increased approvals and partnerships with major tyre companies support market expansion. - Expected growth driven by product mix shift, operating efficiencies, and scaling pan-India and Oman operations.

- The company aims for a revenue CAGR of 25%+ to reach INR 900 crores by FY27, up from approx. INR 350 crores in FY24. - EBITDA margins are targeted to improve to 18%+ by FY27, from current levels around 16-16.7%. - Growth drivers include operating efficiency gains, premium value product focus, and product mix improvement. - New capacities: Thermo Plastic Elastomer plant (commissioned Q4 FY24, sales expected Q1 FY25) and Varle plant (production starts Feb FY25) will drive volume and margin expansion. - Oman plant is scaling up, operating at 70-80% capacity utilization, contributing positively to profits. - Working capital improvements and reduced interest burden are enhancing profitability. - EPR policy implementation and market development expected to create new revenue streams within 3-6 months. - Management expects to maintain or improve EBITDA margins despite inflationary and logistical challenges, with good visibility for growth in FY25 and beyond.

- The current order book is strong as demand comes directly from Indian Oil refineries, who process bitumen using crumb rubber modifier supplied by Tinna Rubber. - The road construction season is expected to start around mid-February when temperatures rise. - Management estimates a robust order book going forward, particularly in the infrastructure segment. - Ongoing engagement with government initiatives like the Indian Road Congress and Ministry of Surface Road Transport supports demand growth. - The focus on modified bitumen for national highways and expressways with axle load capacity of 50 MSA and above further strengthens the order pipeline. - Seasonal factors such as extended winter affect the timing but not the overall demand outlook.