Tinna Rubber Q3-9MFY26: Transcript of Investor Call Released, Vision 2028 Progress Detailed
Tinna Rubber expects FY'26 revenue between INR 535-540 crores, targeting INR 700 crores in FY'27 and INR 1,000 crores by FY'28. The company secured a INR 76 crore work order from Indian Oil Corporation and plans INR 50 crore capex over FY'26-FY'27. Renewable energy capacity expansion is underway, targeting over 50% of power consumption by FY'27.
The announcement provides significant updates on strategic initiatives, financial performance, capex plans, and future revenue targets, which are material for investors and stakeholders.
The company has detailed progress on its Vision 2028 goals, secured new work orders, is investing in capex and renewable energy, and reported strong EBITDA margins and growth in Q3 FY'26. The outlook for various projects and international expansion is positive.
Tinna Rubber and Infrastructure Limited has released the transcript of its investor and earnings conference call held on February 09, 2026, discussing the financial and operational performance for the third quarter and nine-month period ended December 31, 2025 (Q3-9MFY26).
During the call, the company highlighted strong EBITDA margins of over 16% and reiterated its Vision 2028 target of achieving INR1,000 crores in revenue by FY'28, with a target EBITDA margin of over 18% and ROCE exceeding 30%.
Key strategic updates shared include a two-year work order from Indian Oil Corporation valued at approximately INR76 crores. The company has completed INR79 crores in capex during the nine-month period of FY'26 and plans an additional INR50 crores over the balance of FY'26 and FY'27. Renewable energy capacity is being scaled up more than threefold, targeting completion by end of Q4 FY'26, with a goal to reach over 50% of total power consumption by FY'27 end, contributing to expected savings of INR4 crores in FY'26.
Further developments include an INR5 crores allocation for R&D, a comprehensive life cycle assessment study for GHG emissions expected by year-end FY'26, and progress in various projects. The Varale plant is operating at 80% capacity. The PCMB business is targeting improved capacity utilization to 45% by FY'26 end and an 8-10% revenue contribution in the next financial year. Trial runs for the pyrolysis and RCB project are expected to commence by Q4 FY'26.
TP Buildtech is introducing three new product lines and expects its new Kolkata plant to stabilize over the next few quarters. Internationally, the Oman plant is operating at 80% capacity, targeting 70% of sales within the GCC region by Q1 FY'27. A 24,000 ton per annum tire recycling facility is planned in Saudi Arabia, with work commencing mid-FY'27. In South Africa, Phase 1 operations have begun, with full-scale recycling expected in Phase 2, targeting break-even by Q2 FY'27.
Operationally, tire crushing volumes grew 25% quarter-on-quarter and 7% year-on-year. The company is targeting a 30% volume increase in exports by Q4 FY'26. While the infrastructure segment saw moderation due to a shift to value-added products, crumb rubber modifier volumes increased by 80% YoY. Consolidated revenue increased by 13% YoY in Q3 FY'26, with EBITDA and PAT growing by 53% and 57% respectively.
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