TINNARUBR Q3 FY26 earnings call.
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Revenue
₹139 Cr
verified against source
Revenue YoY
13%
reported change
EBITDA
Pending
latest reported figure
Source
screener in enriched
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Tinna Rubber delivered a strong Q3 FY26 with consolidated revenue up 13% YoY and 16% QoQ, driven by higher tire processing volumes. EBITDA surged 53% YoY to 16.3% margin while PAT jumped 57% YoY to 9.2% margin. The company secured a ₹76 crore 2-year work order from Indian Oil Corporation for infrastructure business. Capacity expansion is on track with pyrolysis plant trials expected by Q4 FY26 end and RCB plant by Q1 FY27. Oman operations are profitable and scaling with $25 crore revenue in 9M. South Africa and Saudi projects are in early stages, with Saudi 24,000-ton facility commencing mid-FY27. Management guided FY26 revenue of ₹530-540 crore (8-9% growth) and targets ₹700 crore in FY27 with 15-20% growth. Risks include South Africa losses continuing through Q1 FY27, margin pressure from product mix shifts, and EPR revenue timing volatility as demonstrated by Q2 margin inflation.
Colored figures show movement against the previous available record.
Guidance to track
- Management maintains revised guidance citing visibility from current order pipeline and Q4 seasonal strength despite 9M growth of only 3%. Pyrolysis/RCB plant commencement expected to drive acceleration.
- Expected to be driven by commencement of pyrolysis and RCB production, PCMBB scaling to 6,000 tons (₹50-60 crore), and improved Oman contribution.
- Strategic roadmap targets revenue of ₹1,000 crore by FY28 with EBITDA margin exceeding 18% and ROC exceeding 30%, supported by expansion to 10 locations and 250,000-ton tire recycling capacity.
- Trial runs for pyrolysis and RCB project expected to commence by end of Q4 FY26 with equipment upgrades and process enhancements completed for best-in-class RCB quality.
Risks flagged
- Phase 1 capex completed but South Africa venture is currently losing money. Management expects to break even from Q2 FY27, indicating continued earnings pressure from international operations for at least two more quarters.
- Q2 EBITDA margin of 18.5% was inflated because EPR credits were accounted for in one quarter due to government portal lag. Q3 normalized to 16.3%, making quarter-on-quarter margin comparison misleading without adjusting for this timing issue.
- Analyst raised concern about declining revenue per metric ton of tire crushed. Management attributed this to tire quality mix and revenue mix changes but did not provide specific data. This trend could pressure margins if lower-grade material mix persists.
- Individual investor questioned whether guidance has been consistent, noting FY26 guidance was initially 20%, then revised to 12-15%, now 8-9%. Management defended its guidance track record but the exchange reveals potential credibility sensitivity.
Key quotes
- We expect to finish this financial year FY26 between 530-540 crores which is in line with the revised guideline we were giving in Q2.
- We expect consistently around 15 to 18% maybe 20% growth year on year from here onwards.
- Our EBITDA margin at this point is lower than our overall EBITDA profile of the company. I think it's early days. I can only answer this question by saying one step at a time.
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