Tinna Rubber and Infrastructure Limited — Investor Meet, 24-07-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Tinna Rubber & Infrastructure Limited held an Investors and Earnings Concall to discuss Q1 FY27 results. The call focused on financial and operational performance, with management providing updates on strategic initiatives, business outlook, and answering analyst questions.

**Financial Performance:**

Tinna Rubber & Infrastructure Limited reported a record Q1 FY27 with EBITDA exceeding ₹50 Cr and PAT surpassing ₹20 Cr. Standalone revenue grew 18% YoY, with EBITDA and PAT margins expanding significantly. At the consolidated level, revenue increased 20% YoY, with substantial margin improvements in EBITDA and PAT. The company's PCMB division showed strong momentum, with revenue tripling YoY and contributing 8% to the top line. Global Recycle, Oman reported a PAT of ₹0.34 Cr, a 31% increase YoY.

**Management Commentary & Outlook:**

Management highlighted operational efficiencies, cost discipline, and increased share of value-added products as drivers for the record profitability. They are on track to increase tire crushing capacity by 27% by FY27. Capex of ₹27 Cr was executed in Q1 FY27 as part of a broader ₹100 Cr investment plan for FY27-28. Renewable energy now contributes 51% of total power production. The company is investing ₹5 Cr in R&D for new-generation recycled rubber materials and engineered plastics. The MRP capacity expansion is on schedule for Q3 FY27. Tyre pyrolysis oil and rCB production are slated to commence commercial sales in Q2 and Q4 FY27, respectively. The PP Build Tech business targets over 30% growth and ₹100 Cr revenue in FY27. International expansion continues with a subsidiary in Chile and progress in Oman, South Africa, and Saudi Arabia. The company aims for a presence across 10 locations and ₹1,000 Cr revenue by FY29, targeting over 25% revenue CAGR and EBITDA margins above 18%.

**Order Book & Operational Updates:**

Tinna Rubber & Infrastructure Limited secured a 15,000-ton order for rubberized bitumen execution in FY27. Tire recycling capacity utilization stands at 88% in India and 78% in Oman. India saw a 35% YoY growth in tire fishing volumes. Crumb rubber production is stable with an increased share in higher-value products. MRP and Reclaimed Rubber volumes grew 28% and 37% YoY, respectively. Exports showed a robust 46% YoY growth. The PCMB division's capacity has increased to 18,000 tons per annum, with enhanced manufacturing capabilities expected to contribute 10% of FY27 revenue. The company secured exclusive distributorship for Zibo TAA Metal Technology China's steel abrasives.

**Analyst Q&A Highlights:**

On margins, management indicated that current levels are not due to inventory gains but systemic changes like optimized raw material costs and a focus on value-added products. They expect sustainable margins between 18%-20%. Regarding EPR credits, monetization of ~1 lakh units for ₹25 Cr was completed and booked against unbilled revenue. The annual contribution of EPR to PBT is estimated at ₹25-30 Cr. Global expansion strategies, including Chile and South Africa, are to hedge business risks and diversify sourcing. Management reiterated the ₹100 Cr capex plan for FY27-28, with ₹60 Cr to be capitalized in FY27. Blended capacity utilization is projected at 75%-80%. The consumer segment, impacted by binder price hikes, is expected to recover as scenarios stabilize. Management is exploring capacity enhancements in India, including potential greenfield projects. The company anticipates revenue of ₹670-700 Cr and EBITDA margins of 18%-20% for FY27. Pyrolysis TPO & rCB businesses are expected to contribute 7-10% of FY27 revenue.

**Investor Angle:**

The company showcased strong Q1 performance with record profitability driven by operational efficiencies and strategic growth initiatives. Management expressed confidence in achieving long-term Vision 2029 objectives, supported by capacity expansions, product diversification, and global footprint growth. The diversified business segments provide robustness against cyclical and geopolitical challenges.