• The document contains the transcript of an earnings conference call held on Monday, October 26, 2026, to discuss the financial and operational performance for Q2 and H1 FY27 (ended September 30, 2026).
  • The event was an earnings conference call hosted by Go India Advisors, with management participation from Mr. Gaurav Sekhri (Joint Managing Director), Mr. Subodh Kumar Sharma (Whole Time Director and Chief Operating Officer), Mr. Abhay Kumar (Chief Financial Officer), and Mr. Rajarshi Datta (Business Development and Corporate Affairs).
  • The stated purpose was to discuss quarterly results and provide business updates, including strategic initiatives, capacity expansions, and financial performance.
  • The meeting was held after the earnings announcement, as it specifically discusses Q2 and H1 FY27 results that had already been filed.
  • The transcript was made available on the company's website at: https://tinna.in/wp-content/uploads/2026/10/Earning-Call-Transcript-Oct-2026.pdf
  • The call included forward-looking statements with appropriate risk disclosures, and management discussed both historical performance and future guidance.

Financial Highlights and Guidance References

  • Q2 FY27 Performance: Consolidated revenue grew 31% YoY to ₹157 crores (from ₹120 crores), EBITDA grew 37% to ₹29 crores, and PAT grew 45% to ₹17 crores. EBITDA margin stood at 18.8% vs 18.0% YoY, and PAT margin at 10.9% vs 9.8% YoY.
  • H1 FY27 Performance: Revenue grew 25% to ₹313 crores, EBITDA grew 50% to ₹63 crores, and PAT grew 60% to ₹38 crores. EBITDA margin was 20.4% and PAT margin was 12.2%.
  • FY27 Guidance: Targeting revenue of approximately ₹700 crores, EBITDA of ₹126 crores, and PAT of ₹70 crores.
  • Volume Growth: Tyre crushing volumes grew 30% YoY in H1 to 86,000 tonnes. MRP and reclaimed rubber production rose by 19%.
  • Segment Performance: Infrastructure revenue grew 38% to ₹112 crores; Industrial segment revenue grew 37% to ₹85 crores (exports contributed 6% of total revenue with 15% volume growth); Consumer segment revenue rose to ₹21 crores from ₹19 crores; Steel revenue increased to ₹57 crores from ₹53 crores.

Strategic and Operational Updates

  • Capacity Expansion: 3,500 TPA micronized rubber powder expansion on track for Q3 FY27 commissioning, taking total MRP capacity to 20,000 TPA (world's largest producer).
  • New Facilities: Acquired 40 acres in Andhra Pradesh for an integrated rubber and plastics recycling complex with planned investment of ₹250 crores over 3 years, including tyre recycling, plastics recycling, pyrolysis, and recovered carbon black plant.
  • Panipat Plant: Land may be acquired by Haryana government, but management clarified compensation would offset book value and operations could be relocated within 3-4 months with no material negative impact.
  • International Operations:
  • Oman plant ran at 90% utilization with EBITDA margins improving to 11.5% from 6.4% in FY26
  • South Africa Phase 1 complete with exports begun; Phase 2 (9,000 TPA crumb line) commissioning delayed by 3-4 months due to supply chain disruptions
  • Saudi Arabia plot allotted for 24,000 TPA tyre recycling plant; construction expected in H2 FY27 subject to geopolitical situation
  • Established Tinna Rubber Chile SpA in Santiago for end-of-life tyre sourcing
  • Polymer Composites & Masterbatch (PCMB): Business more than tripled revenue to ₹27 crores in H1 with 12,000 TPA capacity added at Gannaur. Total capacity now 18,000 TPA, expected to contribute 8-10% of FY27 revenue.
  • Pyrolysis Business: Tyre Pyrolysis Oil began commercial sales in Q2; recovered Carbon Black production starts in Q3 with commercial sales expected in Q4.
  • Renewable Energy: Met 40% of power needs in H1 with capacity increase from 1.23 MW to 4.48 MW, saving approximately ₹2.37 crores.
  • Balance Sheet: Debt reduced to ₹111 crores from ₹121 crores at FY26 end; interest coverage improved to 9.91 from 7.49; net debt to equity at 0.32%.
  • Subsidiaries:
  • Oman reported PAT of ₹1.3 crores in H1
  • South Africa and Saudi Arabia combined start-up loss of approximately ₹94 lakhs
  • TP Buildtech had revenue of ₹41 crores and EBITDA of ₹4.7 crores, contributing ₹1 crore at consolidated level
  • Credit Rating: CARE Ratings upgraded to CARE BBB (stable) for long-term facilities and CARE A3+ for short-term facilities.
  • Capex: Completed ₹45 crores of capex in H1 out of ₹100 crores planned across FY27 and FY28.
  • Vision 2029: Target revenue of ₹1,000 crores, revenue CAGR above 25%, profitability CAGR above 33%, EBITDA margins above 18%, ROCE above 30%, and expansion from 8 to 10 locations.

Additional Notes Section

  • The document is a regulatory filing containing the full transcript of the earnings conference call, including Q&A session with analysts.
  • The transcript includes detailed financial data, operational metrics, and forward-looking guidance as discussed during the call.
  • The filing was made pursuant to Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.