investor and earnings presentation on the financial and operational performance of the Company for the fourth quarter and financial year ended on March 31, 2026
TINNARUBR · price
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Tinna Rubber posted strong FY26 results with consolidated revenue of INR 546 Cr (up 8% YoY) and EBITDA of INR 94 Cr (margin 17.1%, up ~206 bps YoY). PAT grew 9% to INR 53 Cr. The company achieved 23% 3-year revenue CAGR and improved its balance sheet — debt fell 10% to INR 121 Cr, with net debt-to-equity improving to 0.39x from 0.73x. Tyre crushing volumes rose 13% to 155,000 TPA, driven by 90% capacity utilization in India. The PCMB segment contributed 4% of revenue and is targeted at 8–10% in FY27. A INR 75.79 Cr contract from Indian Oil for crumb rubber modifier was secured. Capex of INR 107 Cr was completed in FY26, with ~INR 100 Cr planned for FY27–28. International operations in Oman are running at 85% capacity but face raw material cost pressure. Saudi Arabia expansion timelines have been pushed to mid-FY27 due to geopolitical conditions.
Strong all-round execution with margin expansion and deleveraging signals operational efficiency. The company is well-positioned with multi-year targets of INR 1,000 Cr revenue and 18%+ EBITDA margins by FY29, though geopolitical risks on overseas expansion and raw material cost pressure in Oman bear watching.