TINNA RUBBER AND INFR LTD

Processes end-of-life tyres into crumb rubber, rubberised bitumen, and bitumen emulsion, with new lines producing recovered Carbon Black (rCB) and TPO. Operates 185,000 TPA of India tire-crushing capacity (targeting 235,000 TPA by FY27), an MRP line scaling to 20,000 TPA by Q3 FY27, and a PCMB (Polymer Coated Modified Bitumen) division expanding from a 6,000 TPA pilot to 18,000 TPA in Haryana. The FY27 segment mix is Industrial ~35% (selling to tire manufacturers and industrial rubber goods makers), Infra ~30% (rubberised bitumen for road contractors), PCMB ~10%, Consumer ~10% (turf and consumer rubber products), with the balance from new rCB/TPO products. Has secured a 15,000 MT rubberised bitumen order for FY27. Earns stable EPR (Extended Producer Responsibility) credit income of about INR29 crore per year from tire recycling volumes. International footprint covers Oman (85% utilisation, INR30 crore revenue), a 24,000 TPA Saudi Arabia plant in build, South Africa (targeting breakeven in Q2 FY27), and a new Chile subsidiary for tyre, plastic and battery recycling. Materials are the largest cost at 41.1% of revenue, with capex at 20.1% of revenue funding the expansion.