26-Oct-2026 20:02:13
TINNA RUBBER Q2 CONCALL : MAINTAINS ₹700 CR FY27 REVENUE GUIDANCE, TARGETS ₹1,000 CR BY FY29 & PLANS ₹250 CR ANDHRA PRADESH EXPANSION
• MANAGEMENT MAINTAINS FY27 REVENUE GUIDANCE OF ₹700 CR, EBITDA TARGET OF ₹126 CR & NET PROFIT TARGET OF ₹70 CR • MANAGEMENT TARGETS ₹1,000 CR REVENUE BY FY29, WITH REVENUE CAGR ABOVE 25% & PROFITABILITY CAGR ABOVE 33% • MANAGEMENT EXPECTS EBITDA MARGINS ABOVE 18%, PAT MARGINS OF AT LEAST 10% & LONG-TERM RETURN ON CAPITAL ABOVE 30% • Q2 REVENUE UP 31% YOY TO ₹157 CR, EBITDA UP 37% TO ₹29 CR & NET PROFIT UP 45% TO ₹17 CR • H1 FY27 REVENUE UP 25% YOY TO ₹313 CR, EBITDA UP 50% TO ₹63 CR & NET PROFIT UP 60% TO ₹38 CR • H1 TYRE-CRUSHING VOLUMES UP 30% YOY TO 86,000 TONNES, WHILE MRP & RECLAIMED RUBBER PRODUCTION INCREASED 19% • MANAGEMENT TARGETS MICRONIZED RUBBER POWDER (MRP) CAPACITY OF 20,000 TPA, WITH AN ADDITIONAL 3,500 TPA EXPECTED TO COMMISSION IN Q3 FY27 • POLYMER COMPOSITES & MASTERBATCH (PCMB) REVENUE TARGETED AT ₹70 CR IN FY27 & AT LEAST ₹125 CR IN FY28, SUPPORTED BY 18,000 TPA CAPACITY • PYROLYSIS OIL COMMERCIAL SALES COMMENCED IN Q2 FY27, WITH OPERATIONS EXPECTED TO STABILIZE DURING Q3 FY27 • RECOVERED CARBON BLACK PRODUCTION TARGETED FOR Q3 FY27, WITH COMMERCIAL SALES EXPECTED FROM Q4 FY27 • MANAGEMENT EXPECTS APPROXIMATELY 18% EBITDA MARGINS FROM THE PYROLYSIS & RECOVERED CARBON BLACK BUSINESS AS OPERATIONS SCALE • COMPANY PLANS ₹250 CR INVESTMENT OVER THREE YEARS IN AN INTEGRATED RECYCLING COMPLEX IN ANDHRA PRADESH, WITH CONSTRUCTION TARGETED TO BEGIN IN NOVEMBER 2026 • ANDHRA PRADESH FACILITY WILL INCLUDE TYRE RECYCLING, PLASTICS RECYCLING, PYROLYSIS & RECOVERED CARBON BLACK, SUPPORTING LONG-TERM CAPACITY EXPANSION • OMAN PLANT OPERATING AT APPROXIMATELY 90% UTILIZATION, WHILE SOUTH AFRICA'S 9,000 TPA EXPANSION IS UNDER COMMISSIONING & SAUDI ARABIA'S 24,000 TPA PROJECT FACES GEOPOLITICAL DELAYS • TOTAL DEBT DECLINED TO ₹111 CR FROM ₹121 CR AT FY26-END; INTERNATIONAL PROJECT DELAYS, LOWER PCMB MARGINS, HIGHER FREIGHT COSTS & ANDHRA CAPEX FUNDING REMAIN KEY RISKS
TINNA RUBBER AND INFR LTD