NSE: TINNARUBR · BSE: 530475
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. 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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APCOTEX INDUSTRIES LIMITE | 2,637 | 16.4 | 4.25 | — | 16.3 | 19.6 | — | 22.8 |
| PIX TRANSMISSIONS LIMITED | 2,273 | 17.3 | 3.26 | 12.9 | 15.3 | 19.2 | 7.8 | 49.0 |
| TINNA RUBBER AND INFR LTD ◆ | 1,463 | 23.3 | 4.87 | 16.6 | 17.6 | 20.1 | 33.2 | 22.1 |
| GRP LIMITED | 944 | 166.5 | 5.29 | 27.7 | 1.8 | 2.9 | 13.9 | 11.1 |
| HARRISON MALAYALAM LTD | 301 | 11.1 | 1.68 | 8.3 | 16.3 | 10.1 | 3.6 | 7.1 |
| RUBFILA INTERNATIONAL LTD | 295 | 11.2 | 0.95 | 5.9 | 8.6 | 10.9 | 13.3 | 8.1 |
| AMEENJI RUBBER LIMITED | 264 | 33.3 | — | — | — | 11.2 | — | — |
| ELGI RUBBER CO. LTD | 250 | — | 3.31 | — | (317.4) | (143.8) | 1.3 | 79.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 23.3 | 16.0 | 8 of 10 | 22% |
| P/B | 4.9 | 2.8 | 9 of 10 | 11% |
| 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 | 1463 | 295 | 3 of 11 | 80% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Q2 and H1 FY27 earnings call recording now available | investor communications | low | — | — |
| 25 Oct 2026 · Tinna H1 FY27 revenue up 25 percent, profit up 60 percent, Q2 margins dip | investor communications | medium | — | — |
| 25 Oct 2026 · Q2 FY27 profit up 45%; 2029 revenue target of INR 1,000 crore | investor communications | medium | — | — |
| 23 Oct 2026 · Tinna Rubber Q2 profit rises 30%, half-year profit rises 55% | compliance | minimal | — | — |
| 22 Oct 2026 · Tinna Rubber Q2 and H1 FY27: Record H1 Profitability, EBITDA Up 50% YoY | compliance | low | — | — |
| 22 Oct 2026 · Tinna Rubber Q2 PAT up 30% YoY at Rs 16 cr, revenue rises 28% | results | high | — | — |
| 22 Oct 2026 · Q2 FY27 results: Revenue up 28% YoY, standalone PAT jumps 30% | results | high | — | — |
| 19 Oct 2026 · Tinna Rubber schedules Q2 FY27 earnings call for Oct 26, 2026 | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Tinna Rubber completes 19 of 40 acre land registration in Andhra Pradesh | capex operations | medium | — | — |
| 12 Oct 2026 · Board meeting on Oct 22 to consider Q2 and H1 FY27 financial results | results | low | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
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.