Tinna Rubber and Infrastructure Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Tinna Rubber and Infrastructure Ltd filed with BSE on 24 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Tinna Rubber reported record quarterly profitability in Q1 FY27 with EBITDA above Rs 30 crore and PAT above Rs 20 crore, alongside EBITDA margins above 21% and PAT margins above 13% on both standalone and consolidated basis. Management attributed the improvement to raw material cost optimization, higher value-added product mix, and operational efficiencies across its tire recycling, MRP, PCMB and infrastructure segments. The company also discussed ongoing capacity expansions in India and international projects in Oman, South Africa, Saudi Arabia and Chile, along with monetization of previously accrued EPR credits during the quarter.
Numbers mentioned
EBITDA: over INR30 crores (Q1 FY27)
p. 3
“we achieved record financial performance with EBITDA exceeding INR30 crores, PAT surpassing INR20 crores, EBITDA margins of over 21% and PAT margins of more than 13% on both stand-alone and consolidated basis.”
Gaurav Sekhri, page 3 of the filed PDF · View the filing
PAT: surpassing INR20 crores (Q1 FY27)
p. 3
“we achieved record financial performance with EBITDA exceeding INR30 crores, PAT surpassing INR20 crores, EBITDA margins of over 21% and PAT margins of more than 13% on both stand-alone and consolidated basis.”
Gaurav Sekhri, page 3 of the filed PDF · View the filing
Standalone revenue growth: 18% (Q1 FY27 Y-o-Y)
p. 7
“On a stand-alone basis, quarter revenue increased by 18% and EBITDA and PAT margin expanded by 638 bps and 471 bps on Y-o-Y basis, which is a further validation of our robust performance.”
Subodh Sharma, page 7 of the filed PDF · View the filing
Consolidated revenue growth: 20% (Q1 FY27 Y-o-Y)
p. 7
“At the consol level, revenue increased by 20% and EBITDA PAT margin improved significantly by 575 bps and 416 bps on Y-o-Y basis.”
Subodh Sharma, page 7 of the filed PDF · View the filing
PCMB division revenue: INR12 crores (Q1 FY27)
p. 4
“Our PCMB division continued to witness strong momentum in Q1 of FY '27 with revenue increasing threefold to INR12 crores compared to only INR4 crores in Q1 of previous year.”
Gaurav Sekhri, page 4 of the filed PDF · View the filing
Tire crushing capacity utilization India: 88% (Q1 FY27)
p. 6
“Tire fishing operations remained resilient in Q1 FY27 with capacity utilization at a healthy 88% in India and 78% in Oman.”
Subodh Sharma, page 6 of the filed PDF · View the filing
India tire fishing volume growth: 35% (Q1 FY27 Y-o-Y)
p. 6
“India recorded a strong 35% Y-o-Y growth in tire fishing volumes, while operations in Oman were temporarily impacted by the West Asia conflict, resulting in relatively subdued volumes.”
Subodh Sharma, page 6 of the filed PDF · View the filing
Global Recycle Oman revenue: approximately INR9 crores (Q1 FY27)
p. 5
“Global Recycle LLC Oman has delivered a good improvement in Q1 FY '27, generating revenue of approximately INR9 crores and achieving EBITDA margin of 8.53%.”
Gaurav Sekhri, page 5 of the filed PDF · View the filing
TP Buildtech revenue: INR19 crores (Q1 FY27)
p. 7
“TP Buildtech delivered revenue of INR19 crores and EBITDA of INR3 crores in Q1, while continue to scale its construction chemical business through capacity expansion, execution of key projects and improved plant utilization.”
Subodh Sharma, page 7 of the filed PDF · View the filing
Q1 FY27 capex executed: INR27 crores (Q1 FY27)
p. 4
“During Q1 of FY27, we have executed INR27 crores of capex as part of our broader investment plan of around INR100 crores across FY27 and '28, strengthening our growth and operational capabilities.”
Gaurav Sekhri, page 4 of the filed PDF · View the filing
EPR credits monetized: around 100,000 units at INR2,500 per unit (Q1 FY27)
p. 8
“We have monetized around 100,000 units and converted into cash in this quarter.”
Gaurav Sekhri, page 8 of the filed PDF · View the filing
Blended working capital days: 50 days
p. 8
“We have -- our blended working capital days is 50, and that is fairly consistent actually for our business over the last 2 to 3 years.”
Gaurav Sekhri, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Tire crushing capacity — 235,000 tons per annum · FY27
stated firmly by Gaurav Sekhri
p. 3
“we are on track to increase this capacity by 27% to 235,000 tons per annum by FY27, further enhancing our operational capabilities and supporting our long-term growth strategy.”
Gaurav Sekhri, page 3 of the filed PDF · View the filing
Total capex — around INR100 crores · FY27 and FY28
stated firmly by Gaurav Sekhri
p. 10
“Our capex target, we have mentioned earlier as well, we are looking to spend around INR100 crores in FY27 and 2028 together.”
Gaurav Sekhri, page 10 of the filed PDF · View the filing
Capex capitalized in FY27 — around INR60 crores · FY27
stated firmly by Abhay Kumar
p. 12
“Out of INR100 crores, we would be capitalizing around INR60 crores during FY27.”
Abhay Kumar, page 12 of the filed PDF · View the filing
MRP capacity — 20,000 tons per annum · Q3 FY27
stated firmly by Gaurav Sekhri
p. 4
“The ongoing 3,500 metric ton per annum MRP capacity expansion is progressing as planned and remains on track for commissioning by Q3 of FY '27, increasing the company's total MRP capacity to 20,000 tons per annum”
Gaurav Sekhri, page 4 of the filed PDF · View the filing
TPO commercial sales — Q2 FY27
stated firmly by Gaurav Sekhri
p. 4
“The tyre pyrolysis oil facility at Varle commenced trial in Q1 of FY '27, and it is expected to commence commercial sales in Q2 of FY '27 with operations stabilizing by Q3 of FY '27.”
Gaurav Sekhri, page 4 of the filed PDF · View the filing
rCB production start — Q3 FY27
stated firmly by Gaurav Sekhri
p. 4
“The rCB production is scheduled to commence in Q3 of FY '27, followed by operational stabilization and commercial sales by Q4 of FY '27.”
Gaurav Sekhri, page 4 of the filed PDF · View the filing
PCMB contribution to revenue — 10% of FY27 revenue · FY27
stated firmly by Gaurav Sekhri
p. 4
“With enhanced manufacturing capabilities and strong business momentum, this division is expected to contribute 10% of FY '27 revenue.”
Gaurav Sekhri, page 4 of the filed PDF · View the filing
PP Build Tech / construction chemicals business growth — over 30% growth and cross INR100 crores in revenue · FY27
stated as an aspiration by Gaurav Sekhri
p. 5
“We are targeting growth of over 30% in this business and cross the milestone of INR100 crores in revenue in FY '27.”
Gaurav Sekhri, page 5 of the filed PDF · View the filing
Mbodla South Africa breakeven — Q2 FY27
stated firmly by Gaurav Sekhri
p. 5
“We expect to breakeven by Q2 of FY27.”
Gaurav Sekhri, page 5 of the filed PDF · View the filing
South Africa Phase 2 production start — Q2 or Q3 FY27
stated firmly by Gaurav Sekhri
p. 5
“equipment to manufacture and process 9,000 tons of tires to produce crumb rubber is on the way to South Africa, and we expect to start production in Q2 or Q3 of the current financial year.”
Gaurav Sekhri, page 5 of the filed PDF · View the filing
Saudi Arabia facility construction start — 24,000 tons per annum facility · towards end of calendar year
stated conditionally by Gaurav Sekhri
p. 5
“We hope that we will commence the construction of this facility towards the end of this calendar year. Of course, this is subject to normalization of the geopolitical situation in the Middle East.”
Gaurav Sekhri, page 5 of the filed PDF · View the filing
Revenue target — INR1,000 crores, presence across 10 locations · FY29
stated as an aspiration by Gaurav Sekhri
p. 5
“we are targeting presence across 10 locations and revenue of INR1,000 crores by FY29, while maintaining 25% plus revenue CAGR, 33% plus profitability CAGR and EBITDA margins over 18% and ROCE exceeding 30%.”
Gaurav Sekhri, page 5 of the filed PDF · View the filing
Steel Abrasive business volume growth — approximately 50% · FY27
stated conditionally by Subodh Sharma
p. 7
“With customer transition underway from Q4 FY27, we remain confident of achieving approximately 50% volume growth in our Steel Abrasive business during FY27.”
Subodh Sharma, page 7 of the filed PDF · View the filing
EBITDA margin — 18% to 20% · FY27
stated firmly by Gaurav Sekhri
p. 18
“We can -- we are standing by our guidance that we are on target to revenues of between INR675 crores to INR700 crores. We are standing at 22% EBITDA margins. But our guidance for the year as given previous year remains to be 18% plus.”
Gaurav Sekhri, page 18 of the filed PDF · View the filing
Revenue — INR670 crores to INR700-odd crores · FY27
stated firmly by Subodh Sharma
p. 16
“I think we have reiterated the guidelines for this current financial year is somewhere around INR670 crores to INR700-odd crores on the top line side, though we wish to maintain the kind of margin profile, what we have achieved in the Q1, but to stabilize somewhere 18 plus to 20 in between as we feel is achievable.”
Subodh Sharma, page 16 of the filed PDF · View the filing
RCB and TPO contribution to revenue — 7% to 10% of total revenue · FY27
stated conditionally by Gaurav Sekhri
p. 18
“Approximately about 7% to 10% of total revenue will come from the pyrolysis TPO RCB business.”
Gaurav Sekhri, page 18 of the filed PDF · View the filing
Blended capacity utilization across geographies — 75% to 80% · end of FY27
stated as an aspiration by Subodh Sharma
p. 12
“So combining everything together, we feel we should be somewhere around 75% to 80% capacity utilization.”
Subodh Sharma, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the contribution from inventory gains was very marginal and not meaningful.
Answered by Gaurav Sekhri
Asked by Dheeraj Ram: How much did inventory gains contribute to EBITDA margin expansion this quarter?
p. 7
“Very marginal. Nothing meaningful to report back to you.”
Gaurav Sekhri, page 7 of the filed PDF · View the filing
Management said margins of 18% to 20% are believed achievable and reflect structural changes, not one-off items.
Answered by Gaurav Sekhri
Asked by Dheeraj Ram: Will EBITDA margin normalize toward the 18% target in coming quarters?
p. 8
“So when you blend that with the efficiencies, overall margins of 18% to 20% is what we believe can be delivered in a business like ours, and that is what has played out well in Q1.”
Gaurav Sekhri, page 8 of the filed PDF · View the filing
Management said around 100,000 units were monetized at approximately Rs 2,500 per unit, totaling around Rs 25 crore, though this was an accrual from prior years rather than current-quarter P&L impact.
Answered by Gaurav Sekhri
Asked by Deepak Poddar: What was the quantum and price of EPR credits monetized this quarter?
p. 8
“We are -- it is all trading at the floor price, which is around INR2,500 a unit.”
Gaurav Sekhri, page 8 of the filed PDF · View the filing
Management said South Africa and Chile secure end-of-life tire supply and hedge the business, while India remains the core investment focus.
Answered by Gaurav Sekhri
Asked by Mihir: Why is Tinna entering Chile rather than expanding existing South Africa and Saudi operations further?
p. 10
“South Africa and Chile are both very interesting geographies from securing end-of-life tire supply and making our sourcing more robust and protecting our business from any incidences or global events and things like that.”
Gaurav Sekhri, page 10 of the filed PDF · View the filing
Management said they are exploring de-bottlenecking and possibly a new greenfield plant to meet robust demand.
Answered by Gaurav Sekhri
Asked by Nikunj Bhanushali: With India capacity already near 80-85% utilized, how will the company add capacity?
p. 15
“We are looking how to first de-bottleneck and increase capacity, but also exploring options of possibly a new greenfield plant and other ways of enhancing capacity.”
Gaurav Sekhri, page 15 of the filed PDF · View the filing
Management confirmed the analyst's numbers were correct but argued EPR income is an integral, recurring part of the recycling business rather than a one-off to be excluded.
Answered by Gaurav Sekhri
Asked by Ajit Sethi: Does EPR credit accounting affect PBT and EBITDA, and did underlying profitability actually grow this quarter?
p. 17
“Your numbers are correct, sir. But EPR earnings and income is now an integral part of our business.”
Gaurav Sekhri, page 17 of the filed PDF · View the filing
Management declined to confirm either outcome, saying the guidance remains cautious due to front-ended costs from expansion.
Answered by Gaurav Sekhri
Asked by Hemant Soni: Given the 22% EBITDA margin delivered this quarter versus 18-20% guidance, should investors expect margins to fall?
p. 18
“I will neither confirm that we will achieve 18% nor will I confirm we will achieve 22%.”
Gaurav Sekhri, page 18 of the filed PDF · View the filing
Risks flagged
West Asia conflict disrupting bitumen supply and raw material costs
p. 6
“The West Asia conflict led to temporary bitumen supply shortages and elevated prices, creating a stronger demand for our bitumen as a cost-effective alternative for road infrastructure projects.”
Subodh Sharma, page 6 of the filed PDF · View the filing
Consumer segment impacted by sharp rise in raw material prices and import/export disruptions
p. 6
“The Consumer segment was impacted in quarter 1 due to a sharp increase in raw material prices following the West Asia conflict, along with import/export disruption affecting the availability of key imported raw material to the turfing industry.”
Subodh Sharma, page 6 of the filed PDF · View the filing
Rise in binder and synthetic grass prices delaying project execution
p. 6
“The significant rise in binder and synthetic grass prices nearly threefold in some of the cases led to delay in track and turfing project execution.”
Subodh Sharma, page 6 of the filed PDF · View the filing
Saudi Arabia facility construction contingent on Middle East geopolitical normalization
p. 5
“Of course, this is subject to normalization of the geopolitical situation in the Middle East.”
Gaurav Sekhri, page 5 of the filed PDF · View the filing
Global shipping and power disruptions from worsening geopolitical situation could impact operations
p. 13
“If things become so bad globally that shipping stops and power outages happen and other kind of things happen then certainly, what you say is right, everyone will be impacted, including us.”
Gaurav Sekhri, page 13 of the filed PDF · View the filing
Bitumen Emulsion business impacted by supply constraints and subdued demand
p. 6
“While our Bitumen Emulsion business was impacted by supply constraints and subdued market demand, the long-term outlook for rubberized bitumen remains robust, supported by government continued focus on reducing import dependence.”
Subodh Sharma, page 6 of the filed PDF · View the filing
Oman operations impacted by West Asia conflict causing subdued volumes
p. 6
“operations in Oman were temporarily impacted by the West Asia conflict, resulting in relatively subdued volumes.”
Subodh Sharma, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.