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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Industrial (35%), Infrastructure (30%), PCMB (10%), Consumer (10%), New products (TPO/rCB), EPR credits. Asset-heavy rubber recycling and value-added materials company with capacity-led growth
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 237 | 295 | 363 | 505 | 546 |
| EBITDA (ex other income) | 37 | 37 | 65 | 75 | 94 |
| margin % | 15.6 | 12.6 | 17.8 | 14.8 | 17.1 |
| Owners' profit | 17 | 0 | 40 | 48 | 53 |
| EPS, as reported (₹) | 19.73 | 25.45 | 23.52 | 28.23 | 29.68 |
| ROE % · ROCE % | 21.8 · 27.5 | 22.7 · 28.5 | 31.5 · 32.8 | 27.1 · 27.4 | 17.6 · 23.1 |
| Debt / equity (x) | 0.89 | 0.61 | 0.66 | 0.75 | 0.40 |
| Cash from operations | 19 | 32 | 59 | 36 | 57 |
| Capex | (10) | (7) | (73) | (69) | (109) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 118 | 123 | 129 | 130 | 120 | 139 | 157 | 156 |
| Profit before tax | 14 | 10 | 14 | 15 | 16 | 17 | 23 | 27 |
| Net profit | 12 | 8 | 12 | 12 | 12 | 13 | 17 | 21 |
| EPS (₹) | 7.08 | 4.76 | 6.82 | 6.84 | 6.87 | 7.22 | 9.28 | 11.42 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APCOTEX INDUSTRIES LIMITE | 3,130 | 19.4 | 5.04 | — | 16.3 | 19.6 | — | 22.8 |
| PIX TRANSMISSIONS LIMITED | 2,347 | 17.8 | 3.37 | 13.3 | 15.3 | 19.2 | 7.8 | 49.0 |
| TINNA RUBBER AND INFR LTD ◆ | 1,867 | 29.8 | 6.21 | 20.8 | 17.6 | 20.1 | 33.2 | 22.1 |
| GRP LIMITED | 1,021 | 180.2 | 5.73 | 29.6 | 1.8 | 2.9 | 13.9 | 11.1 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Investor/Analyst meet scheduled for September 16, 2026 | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Corrigendum to FY26 Annual Report; No Impact on Financials | results | low | — | — |
| 2 Sept 2026 · Tinna Rubber invests further in Saudi Arabia wholly owned subsidiary | strategic transactions | low | — | — |
| 31 Aug 2026 · Additional investment in Saudi Arabia subsidiary | capex operations | low | — | — |
| 26 Aug 2026 · Tinna Rubber issues corrigendum to BRSR for FY26 | compliance | low | — | — |
| 25 Aug 2026 · Tinna Rubber confirms dispatch of 39th AGM notice to shareholders | compliance | minimal | — | — |
| 25 Aug 2026 · Tinna Rubber sets Sep 8 record date for Rs 3.25 final dividend | corporate actions | high | — | — |
| 24 Aug 2026 · Notice to shareholders for accessing FY26 annual report online | compliance | minimal | — | — |
| 24 Aug 2026 · Tinna Rubber fixes Sep 8, 2026 as record date for FY26 final dividend | corporate actions | medium | — | — |
| 24 Aug 2026 · Tinna Rubber 39th AGM Sep 15, 2026; Rs 3.25 dividend, director re-appointments | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| RUBFILA INTERNATIONAL LTD | 374 | 14.2 | 1.21 | 7.5 | 8.6 | 10.9 | 13.3 | 8.1 |
| HARRISON MALAYALAM LTD | 342 | 12.6 | 1.91 | 9.2 | 16.3 | 10.1 | 3.6 | 7.1 |
| ELGI RUBBER CO. LTD | 290 | — | 3.84 | — | (317.4) | (143.8) | 1.3 | 79.5 |
| AMEENJI RUBBER LIMITED | 248 | 31.3 | — | — | — | 11.2 | — | — |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.8 | 17.6 | 8 of 10 | 22% |
| P/B | 6.2 | 3.0 | 10 of 10 | 0% |
| ROCE | 20.1 | 10.9 | 1 of 11 | 100% |
| ROE | 17.6 | 15.1 | 1 of 10 | 100% |
| Debt / Equity | 0.4 | 0.4 | 6 of 10 | 44% |
| EBITDA margin | 22.1 | 16.9 | 5 of 10 | 56% |
| Revenue growth | 19.9 | 22.8 | 6 of 9 | 38% |
| Profit growth | 75.2 | 75.2 | 5 of 9 | 50% |
| Market cap | 1867 | 342 | 3 of 11 | 80% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
