TINNARUBR - Tinna Rubber
📢 Recent Corporate Announcements
Tinna Rubber and Infrastructure Limited has announced a two-day engagement with institutional investors and analysts scheduled for March 17 and 18, 2026. The first day will involve one-on-one and group meetings in Mumbai, followed by a site visit to the company's Wada plant in Maharashtra on the second day. These interactions are designed to discuss the company's operational and financial performance based on existing public disclosures. Such events are standard practices to enhance transparency and provide analysts with a direct view of manufacturing capabilities.
- Investor and analyst meetings scheduled for March 17, 2026, in Mumbai.
- Site visit to the Wada manufacturing facility in Maharashtra organized for March 18, 2026.
- Discussions will be strictly based on publicly available financial and operational information.
- The interaction includes both one-on-one and group meeting formats to engage with the investment community.
Tinna Rubber and Infrastructure Limited has announced a virtual one-on-one meeting with Phillip Capital (India) Private Limited-PCG scheduled for March 12, 2026. This interaction is part of the company's ongoing investor relations efforts to discuss its financial and operational performance. The company has clarified that only publicly available information will be discussed, ensuring no disclosure of unpublished price-sensitive information. Such meetings often indicate growing institutional interest in the company's business model.
- One-on-one virtual meeting scheduled with Phillip Capital (India) Private Limited-PCG
- Interaction date confirmed for Thursday, March 12, 2026
- Disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015
- Discussions to be limited to publicly available financial and operational data
Tinna Rubber reported a robust Q3 FY26 with consolidated PAT and EBITDA growing 57% and 53% YoY respectively, maintaining margins above 16%. The company secured a significant two-year work order from Indian Oil Corporation worth INR 76 crores, providing strong visibility for the infrastructure segment. Management reiterated its Vision 2028 target of INR 1,000 crores in revenue with 18%+ EBITDA margins. While international expansion in South Africa is currently loss-making, it is expected to break even by Q2 FY27.
- Consolidated Q3 PAT grew 57% YoY to a 9.2% margin; EBITDA grew 53% YoY to 16.3% margin.
- Secured a new two-year work order from Indian Oil Corporation (IOCL) valued at approximately INR 76 crores.
- Completed INR 79 crores capex in 9M FY26, with an additional INR 50 crores planned through FY27.
- Renewable energy capacity scaling from 1.23 MW to 4.48 MW, targeting 50% power share by FY27.
- Oman operations achieved INR 25 crores revenue in 9M FY26 with 80% capacity utilization.
Tinna Rubber and Infrastructure Limited has released the audio recording of its earnings conference call held on February 09, 2026. The call focused on the company's financial and operational performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure is a standard regulatory requirement under SEBI LODR Regulations to ensure transparency for all shareholders. Investors can access the recording via the company's website to understand management's perspective on recent growth and future outlook.
- Earnings call conducted on February 09, 2026, at 3:00 PM IST.
- Covers financial performance for the quarter and nine-month period ended December 31, 2025.
- Audio recording link made available on the company's official website for public access.
- Complies with Regulation 30 and Schedule III of SEBI (LODR) Regulations, 2015.
Tinna Rubber reported a consolidated revenue of ₹389 crore for 9MFY26, with EBITDA margins expanding by 110 bps to 16.7%. Standalone PAT for the nine-month period reached ₹36 crore, reflecting a 12.5% growth compared to the previous year. The company secured a major ₹75.79 crore order from IOCL and is aggressively expanding its international footprint in Oman, Saudi Arabia, and South Africa. Management's focus on high-margin value-added products and renewable energy (targeting 50% share by FY27) positions the company for sustainable growth.
- Consolidated revenue for 9MFY26 stood at ₹389 crore, with EBITDA margins improving to 16.7% from 15.6% YoY.
- Secured a significant two-year work order from IOCL valued at ₹75.79 crore for Crumb Rubber Modifier supply.
- Completed ₹79 crore in Capex during 9MFY26, with an additional ₹50 crore planned for the remainder of FY26 and FY27.
- International operations in Oman achieved 93% capacity utilization in Q3FY26, contributing ₹25 crore to 9MFY26 revenue.
- Renewable energy usage reached 24% of total power consumption, targeting over 50% by FY27 to drive cost savings.
Tinna Rubber and Infrastructure reported a strong Q3 FY26 performance with consolidated net profit rising 57% year-on-year to ₹12.81 crore. Revenue from operations grew by 13.3% to ₹139.06 crore, which includes ₹4.30 crore from Extended Producer Responsibility (EPR) credits. Profitability margins improved significantly as Profit Before Tax (PBT) surged 77% YoY to ₹17.45 crore. Additionally, the company has nearly completed the utilization of ₹78.70 crore raised via QIP for expansion and debt repayment.
- Consolidated Net Profit increased 57% YoY to ₹12.81 crore from ₹8.16 crore.
- Revenue from operations grew 13.3% YoY to ₹139.06 crore compared to ₹122.67 crore.
- Profit Before Tax (PBT) jumped 77% YoY to ₹17.45 crore, reflecting strong operational leverage.
- Earnings Per Share (EPS) rose to ₹7.22 from ₹4.76 in the corresponding quarter last year.
- Utilized ₹78.27 crore of the ₹78.70 crore QIP proceeds for Capex at Wada and Gummidipoondi facilities and debt repayment.
Tinna Rubber and Infrastructure Limited reported a strong performance for Q3 FY26, with consolidated revenue growing 23.4% YoY to ₹139.06 crore. Net profit saw a significant jump of 57% YoY, reaching ₹12.81 crore, driven by operational efficiencies and higher volumes. The company has successfully utilized nearly all of its ₹78.7 crore QIP proceeds for manufacturing expansion at Wada and Gummidipoondi and debt repayment. Revenue also included ₹4.3 crore from Extended Producer Responsibility (EPR) credits during the quarter.
- Consolidated Revenue from Operations grew 23.4% YoY to ₹139.06 crore from ₹112.67 crore.
- Net Profit increased by 57% YoY to ₹12.81 crore compared to ₹8.16 crore in the same quarter last year.
- Earnings Per Share (EPS) improved significantly to ₹7.22 from ₹4.76 YoY.
- Utilized ₹78.27 crore out of ₹78.70 crore raised via QIP for expansion and debt reduction.
- EPR credit sales contributed ₹4.30 crore to the quarterly revenue and ₹23.89 crore for the nine-month period.
Tinna Rubber and Infrastructure Limited has responded to a clarification sought by the National Stock Exchange (NSE) regarding its financial results for the quarter ended September 30, 2025. The discrepancy involved the Standalone Earnings Per Share (EPS) in the XBRL filing not matching the PDF version submitted on November 14, 2025. The company explained that this was an inadvertent clerical error where EPS from continuing operations was mistakenly reported under discontinued operations. A revised XBRL filing has been submitted to rectify the error, and the company has assured future diligence in compliance.
- NSE sought clarification on January 13, 2026, regarding EPS discrepancies in the Q2 FY26 results.
- Standalone EPS in XBRL filing did not match the PDF version submitted on November 14, 2025.
- Company attributed the mismatch to an inadvertent clerical error in tagging continuing vs. discontinued operations.
- Revised Standalone XBRL results have been filed with the exchange on January 13, 2026 to correct the data.
Tinna Rubber and Infrastructure Limited has scheduled its earnings conference call for Monday, February 09, 2026, at 3:00 PM IST. The management, including the Joint Managing Director and CFO, will discuss the financial and operational performance for the third quarter and nine-month period ending December 31, 2025. This session is a key opportunity for investors to understand the company's growth trajectory in the rubber recycling industry. The call is hosted by Go India Advisors and will include a Q&A session with the leadership team.
- Earnings call scheduled for February 09, 2026, at 15:00 IST to discuss Q3 and 9MFY26 results
- Key participants include Joint MD Gaurav Sekhri, COO Subodh Kumar Sharma, and CFO Ravindra Chabbra
- Universal dial-in numbers provided are +91 22 6280 1557 and +91 22 7115 8383
- The call will focus on operational performance and financial metrics for the period ended December 31, 2025
Tinna Rubber and Infrastructure Limited has secured a significant work order from Indian Oil Corporation Limited (IOCL) valued at approximately ₹75.79 crores. The contract spans a period of two years and involves the supply of Crumb Rubber Modifier (CRM) to IOCL's plants at Haldia and Mathura. This order provides strong revenue visibility for the company over the next 24 months and reinforces its standing as a key supplier to major public sector undertakings. The total value includes 18% GST, representing a substantial addition to the company's current order book.
- Total contract value of ₹75.79 crores including 18% GST.
- Execution period of two years, providing medium-term revenue visibility.
- Supply of Crumb Rubber Modifier (CRM) to IOCL's Haldia and Mathura CRMB plants.
- Order received from a major domestic PSU, Indian Oil Corporation Limited.
Tinna Rubber and Infrastructure Limited has submitted its mandatory compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended December 31, 2025. The certificate, issued by Alankit Assignments Limited, confirms that physical share certificates received for dematerialization were processed and cancelled. This filing ensures that the company's records with the depositories are updated and compliant with regulatory standards. This is a standard procedural announcement with no impact on business operations or financial health.
- Compliance certificate submitted for the third quarter ended December 31, 2025.
- Issued by Registrar and Transfer Agent (RTA) Alankit Assignments Limited on January 06, 2026.
- Confirms that physical share certificates were mutilated, cancelled, and replaced by the depository's name in records.
- Ensures adherence to SEBI (Depositories and Participants) Regulations, 2018.
Tinna Rubber and Infrastructure Limited has announced the closure of its trading window for designated persons starting January 1, 2026. This routine regulatory measure is in compliance with SEBI Insider Trading regulations ahead of the declaration of financial results for the quarter and nine months ending December 31, 2025. The window will remain closed until 48 hours after the results are officially disclosed to the public. The specific date for the board meeting to approve these results will be communicated separately.
- Trading window closure effective from Thursday, January 01, 2026.
- Closure relates to the review of un-audited financial results for the period ending December 31, 2025.
- Restriction applies to Directors, Promoters, Key Managerial Personnel, and their immediate relatives.
- Trading window will reopen 48 hours after the financial results are made public.
Tinna Rubber and Infrastructure Limited has scheduled a one-on-one virtual meeting with Bellwether Capital on December 30, 2025. This interaction is part of the company's ongoing investor relations program to discuss financial and operational performance. The company has clarified that the discussions will be based strictly on publicly available information. No unpublished price-sensitive information (UPSI) is intended to be shared during this session.
- One-on-one virtual meeting scheduled with Bellwether Capital for December 30, 2025
- Compliance filing under Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015
- Discussions to focus on historical financial and operational performance already in the public domain
- Meeting schedule is subject to change based on exigencies from either party
Tinna Rubber and Infrastructure Limited is holding an investor and analyst meeting with ICICI Prudential Mutual Fund on December 22, 2025. The meeting will be a virtual one-on-one interaction. Discussions will be based on publicly available information, including financial and operational performance data already published by the company. No unpublished price-sensitive information (UPSI) will be disclosed during the meeting.
- Investor meet on December 22, 2025
- Meeting with ICICI Prudential Mutual Fund
- Virtual one on one meeting
Financial Performance
Revenue Growth by Segment
The company reported a 3-year revenue CAGR of 30% between FY22-FY25. In H1 FY26, the Industrial segment grew 19% YoY to INR 62 Cr, while the Infrastructure segment saw a 23% dip to INR 81 Cr due to a strategic shift away from low-margin commoditized products. The Steel segment contributes 20% and the Consumer segment 6% of total revenue.
Geographic Revenue Split
India remains the primary market, but global operations are expanding. Oman (Global Recycle LLC) contributed INR 19 lakh to PBT in H1 FY26. New expansions are underway in South Africa (Mbodla Investments) and Saudi Arabia (Tinna Rubber Arabia) to de-risk the business model and diversify sourcing.
Profitability Margins
FY25 PAT margin stood at 9.57%. In Q2 FY26, standalone PAT margin improved to 10.6% (INR 12 Cr) from 9.0% in Q2 FY25. The company targets a Vision 2028 PAT margin improvement driven by higher-value product conversions and global scale.
EBITDA Margin
Consolidated EBITDA margin was 15.07% in FY25. Q2 FY26 standalone EBITDA margin strengthened to 18.5% (up from 15.7% YoY) due to selective reduction in low-margin sales and techno-commercial upselling to higher-value products.
Capital Expenditure
Tinna is investing INR 50 Cr in the rCB (Recovered Carbon Black) Pyro business, which is expected to generate INR 100-125 Cr in revenue by FY27. Total tyre crushing capacity is expanding from 185,000 MT in FY25 to an estimated 235,000 MT in FY26.
Credit Rating & Borrowing
The company holds a CARE BBB-; Stable rating (reaffirmed Oct 2025). Net Debt to Equity ratio was 0.73x in FY25. Improved credit profile allows for better access to capital for organic and inorganic growth opportunities.
Operational Drivers
Raw Materials
The primary raw material is End-of-Life Tyres (ELT), processed into Crumb Rubber and other derivatives. Raw material costs are a significant factor, with the Oman unit experiencing a temporary INR 27 lakh loss in Q2 FY26 due to higher feedstock costs.
Import Sources
ELT is sourced globally from the USA, Chile, South Africa, Australia, Oman, Europe, and Middle Eastern countries to ensure a stable supply chain and optimize procurement costs.
Key Suppliers
Not disclosed in available documents; sourcing is described as diversified across multiple global regions to mitigate vendor dependency.
Capacity Expansion
Current tyre crushing capacity is 185,000 MT (FY25). Planned expansion aims for 235,000 MT by FY26 and 275,000 MT by FY27. The number of operational locations is targeted to increase from 6 in FY25 to 10 by 2028.
Raw Material Costs
Raw material costs are managed through global sourcing. Management is mitigating cost spikes (like the 2% volume dip in H1 FY26) by exploring alternative feedstock options and prioritizing high-margin product mix.
Manufacturing Efficiency
In Q2 FY26, capacity utilization was 74% in India and 78% in Oman. H1 FY26 utilization was 77% in India and 85% in Oman, reflecting high asset sweating.
Logistics & Distribution
Distribution is handled through a PAN-India manufacturing presence, which lowers transit costs to infrastructure projects and industrial clients.
Strategic Growth
Expected Growth Rate
25%+
Growth Strategy
Growth will be achieved through a 'Vision 2028' plan to reach INR 1,000 Cr revenue. Key pillars include expanding tyre crushing capacity to 275k MT, launching 3 new construction chemical product lines (grout repair, accelerators), and scaling the rCB Pyro business to contribute INR 100-125 Cr by FY27.
Products & Services
Crumb Rubber, Crumb Rubber Modified Bitumen (CRMB), Bitumen Emulsion, Hi-Tensile Rubber Compound, and Recovered Carbon Black (rCB).
Brand Portfolio
Tinna, TP Buildtech (Associate).
New Products/Services
New product lines in construction chemicals (grout repair, mould releasing agents) and rCB. The rCB business is expected to be margin-accretive, operating at ~20% margins.
Market Expansion
Expansion into Saudi Arabia (commissioning mid-FY27) and South Africa (breakeven expected by Q4 FY26). Domestic expansion includes a new unit in Kolkata to cater to the Eastern region.
Market Share & Ranking
Tinna is one of the largest manufacturers of crumb rubber powder in India with a PAN-India presence.
Strategic Alliances
Joint Venture: Mbodla Investments (Pty) Limited (South Africa). Associate: TP Buildtech Private Limited and Fratelli Vineyards Limited.
External Factors
Industry Trends
The global recycled rubber market is growing due to sustainability mandates and EPR regulations. Tinna is positioning itself as a circular economy leader by converting waste tyres into high-value industrial raw materials.
Competitive Landscape
Competitors include informal sector recyclers and smaller regional players. Tinna's advantage is its scale and compliance with formal EPR frameworks.
Competitive Moat
Moat is built on a 'de-risked' global sourcing network, proprietary R&D for high-tensile products, and a PAN-India manufacturing footprint that is difficult for smaller, informal recyclers to replicate.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending, particularly road and highway construction, which drives 46% of revenue.
Consumer Behavior
Increasing demand for sustainable and 'green' products in the industrial and tyre segments is driving manufacturers to adopt Tinna's recycled rubber.
Geopolitical Risks
Trade barriers or export/import restrictions on waste tyres could impact the supply chain. Global sourcing across 5+ regions is used as a hedge.
Regulatory & Governance
Industry Regulations
Operations are governed by pollution norms and waste management rules. Stricter enforcement of EPR is expected to bring more informal recyclers into the regulated framework, benefiting Tinna.
Environmental Compliance
EPR (Extended Producer Responsibility) regulations are a critical driver. Compliance costs are integrated into the business model, and EPR certificates are now a core part of revenue negotiations.
Taxation Policy Impact
Not specifically detailed, but financial statements are prepared under applicable Indian Accounting Standards.
Legal Contingencies
The company maintains an audit trail as per statutory requirements. No specific high-value pending court cases were detailed in the provided snippets.
Risk Analysis
Key Uncertainties
The primary uncertainty is the stabilization of new international units (South Africa/Saudi) and the impact of the extended monsoon on domestic infrastructure demand.
Geographic Concentration Risk
Revenue is currently concentrated in India, but the strategy is to increase exports to 30% and scale overseas manufacturing to reduce regional risk.
Third Party Dependencies
Dependency on global ELT suppliers is mitigated by sourcing from multiple continents (USA, Europe, Australia).
Technology Obsolescence Risk
Risk is low as the company is leading the shift to rCB and high-tensile recycling technologies, though it requires continuous R&D investment.
Credit & Counterparty Risk
Receivables quality is supported by associations with reputed and diversified customers in the steel and tyre industries.