TINNARUBR Q4 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹157 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Tinna Rubber delivered a strong FY26 with standalone revenue of Rs 533 crore and EBITDA margin expansion of 286bps to 17.2%, while consolidated Q4 revenue grew 22% YoY to Rs 157 crore with EBITDA and PAT margins exceeding 18% and 10% respectively. The company achieved record tire processing volumes of 1.55 lakh tons (up 13%) and robust 30% volume growth in exports. Management targets 20-25% revenue growth in FY27, with capacity expansion to 235,000 tons and new pyrolysis/RCB plants contributing Rs 50-55 crore. Vision 2029 targets Rs 1,000 crore revenue at 18%+ EBITDA margins. Key risks include temporary infrastructure segment softness due to bitumen supply constraints, elevated raw material costs in Oman, and geopolitical delays in Saudi Arabia expansion. Working capital days increased to 55 days due to new PCMBB business credit terms.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects revenue growth of 20-25% in FY27 from previous year, supported by new Pyro/RCB plants contributing Rs 50-55 crore and PCMBB business reaching Rs 75 crore.
- Company reaffirms its long-term target of Rs 1,000 crore revenue while maintaining EBITDA margins above 18%, representing cumulative capex of Rs 200 crore over FY27-28.
- Polymer Compounding & Masterbatch (PCMBB) division expected to contribute 8-10% of total revenue in FY27, up from 4% currently, with capacity expanding from 6,000 to 18,000 tons.
- Pyrolysis plant production expected to stabilize by end of Q1 FY27 while RCB plant trial production begins Q2 FY27 with full operations by Q3 FY27.
Risks flagged
- Bitumen prices have nearly doubled due to Middle East crisis and reduced Iranian imports. Infrastructure revenue declined from Rs 222 crore to Rs 205 crore in FY26. Management expects Q1-Q2 softness before normalization as road construction activity resumes.
- Oman plant performance was impacted by higher raw material costs and geopolitical disruptions in GCC region. While the plant reached break-even on standalone basis, management expects normalization within Q1 FY27 after implementing corrective actions.
- Geopolitical tensions in Middle East led management to delay commencement of capital works for the 24,000 ton/year Saudi Arabia tire recycling facility. Expected to begin work possibly during end of Q2 or Q3, representing uncertainty in Vision 2029 timeline.
- Receivable days increased from 42 to 55 days due to new PCMBB business where industry practice involves higher credit periods. Management expects working capital to remain at current levels, potentially constraining cash flow as business scales.
Key quotes
- We achieved all-time high tire processing volume in FY26 with capacity utilization remaining strong at 90% for India operation and 85% for Oman.
- We expect the contribution from the PCMBB business to increase to 8 to 10% in FY27 supported by strong business momentum.
- We aim to achieve revenue of Rs 1,000 crores while maintaining EBITDA margins of over 18%.
Research modules