TINNARUBR

Tinna Rubber and Infrastructure share price & financials

Recycles end-of-life tyres into rubber, bitumen and polymer products for infrastructure and industry.

Price: ₹879.95
Market cap: ₹2.0k Cr
Sector: Capital Goods
Calls analysed: 6

Latest concall · Q1 FY27 · call held 22 Jul 2026

Tinna Rubber and Infrastructure Limited Q1 FY27

Consolidated Revenue ₹156 cr +20%Consolidated EBITDA ₹50 cr Consolidated EBITDA Margin 21% Consolidated PAT ₹20 cr

What went well

Achieved best ever quarterly profitability with EBITDA exceeding INR50 crores and PAT surpassing INR20 crores.
EBITDA margins over 21% and PAT margins over 13% on both stand-alone and consolidated basis.
Consolidated revenue increased by 20% YoY, with EBITDA PAT margin improving significantly by 575 bps and 416 bps YoY.

What to watch

Mbodla Investment Pty Limited South Africa and Saudi Arabia reported a combined loss of INR53 lakhs due to initial start-up costs in Q1 FY27.
Consumer segment impacted by sharp increase in raw material prices and import/export disruption due to West Asia conflict.

Read the full call →

What Tinna Rubber and Infrastructure Limited does

Tinna Rubber and Infrastructure Limited recycles end-of-life tyres (ELT) and tyre-derived scrap steel into a diversified range of rubber, bitumen and polymer products, and is among the largest ELT recyclers globally. Its integrated operations run from collection of scrap tyres through processing into crumb rubber, reclaimed rubber, rubber-modified bitumen/CRMB and micronized rubber powder, which feed into infrastructure (road construction), industrial, consumer and steel end-markets. The company has added newer value-added recycling lines - tyre pyrolysis oil (TPO) and recovered carbon black (rCB) - and operates recycling facilities in India as well as Oman and South Africa. A construction-chemicals subsidiary (TP Buildtech) and a polymer composites/masterbatch (PCMB) business extend the group beyond core tyre recycling.

Segments

Infrastructure
Industrial
Consumer
Steel
PCMB (Polymer Composite & Masterbatch)

Tyre-crushing (ELT recycling) installed capacity: 2,00,000 MT per annum (India + Oman, end of FY26)
Recycling plants: 8 (FY26)
India plant/facility locations: Panipat, Mathura, Haldia, Mumbai, Gummidipoondi (Chennai), Varale (Maharashtra)
International manufacturing presence: Oman, South Africa
Total operational locations: 8 (FY26)
Cumulative tyres recycled back into circular economy: 10 million tyres (cumulative over last 12 years)

Founded 1987Headquarters Tinna House, No. 6 Sultanpur, Mandi Road, Mehrauli, New Delhi-110030, Delhi, India Company website

Guidance record · Q1 FY27

what the last two calls moved 27 tracked 3 delivered 2 missed 22 open

FY26 Revenue Growth delivered, diluted said Q4 FY25 Promised: around 25% growth in top line in the current financial year Q1 FY27: Concluded in FY26
PCMB Business Revenue Contribution missed said Q4 FY25 Promised: INR 30 crores to INR 40 crores (5% of top line) Q1 FY27: Concluded in FY26
Saudi Arabia Facility Commissioning delayed said Q4 FY25 Promised: second half of FY '26 Q1 FY27: Construction to commence end of calendar year 2026 (Q3/Q4 FY27)

All 27 tracked — every revision, and every one management stopped mentioning.

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Quarterly results

Q1 FY27: revenue up 20.0%, net profit up 75.0% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	118	123	129	130	120 +2%	139 +13%	157 +22%	156 +20%
Expenses	98	108	111	109	98	117	129	122
EBITDA	19	15	18	21	21 +11%	22 +47%	28 +56%	34 +62%
Margin	16%	12%	14%	16%	18%	16%	18%	22%
Other income	2	2	3	1	0	0	1	1
Interest	3	3	2	3	2	3	3	3
Depreciation	2	2	3	3	3	3	3	4
Profit before tax	16	11	15	16	16 +0%	17 +55%	23 +53%	28 +75%
Tax rate	22%	25%	23%	25%	28%	25%	28%	25%
Net profit	12	8	12	12	12 +0%	13 +63%	17 +42%	21 +75%
EPS	7.08	4.76	6.82	6.52	6.53	7.11	9.18	11.42

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +24.5% 1Y

1Y: ₹828.3 on 10 Sept 2025 → ₹1,031.4. High ₹1,185.9 (20 Jul 2026), low ₹533.55 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: −4.8%; 22 Jul
Q4 FY26: −1.0%; 28 May
Q3 FY26: +5.9%; 9 Feb
Q2 FY26: −4.0%; 17 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 22.8% a year over 3 years, FY23 to FY26. Operating margin widened to 16.8%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹295 Cr	₹363 Cr	₹506 Cr	₹546 Cr
Operating profit	₹35 Cr	₹63 Cr	₹77 Cr	₹92 Cr
Operating margin	11.9%	17.4%	15.2%	16.8%
Interest	₹8 Cr	₹8 Cr	₹10 Cr	₹11 Cr
Depreciation	₹6 Cr	₹7 Cr	₹9 Cr	₹12 Cr
Net profit	₹22 Cr	₹41 Cr	₹48 Cr	₹54 Cr
Net margin	7.5%	11.3%	9.5%	9.9%
Cash from operations	₹32 Cr	₹59 Cr	₹36 Cr	₹57 Cr
Free cash flow	₹24 Cr	₹-13 Cr	₹-31 Cr	₹-49 Cr
ROCE	24.0%	33.0%	28.0%	22.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹9 Cr	₹9 Cr	₹9 Cr	₹17 Cr	₹18 Cr	₹18 Cr
Reserves	₹58 Cr	₹69 Cr	₹87 Cr	₹111 Cr	₹254 Cr	₹282 Cr
Borrowings	₹66 Cr	₹71 Cr	₹60 Cr	₹86 Cr	₹104 Cr	₹129 Cr
Other liabilities	₹36 Cr	₹41 Cr	₹37 Cr	₹54 Cr	₹81 Cr	₹100 Cr
Total liabilities	₹169 Cr	₹189 Cr	₹193 Cr	₹268 Cr	₹457 Cr	₹529 Cr
Fixed assets	₹77 Cr	₹77 Cr	₹74 Cr	₹130 Cr	₹195 Cr	₹249 Cr
Capital work in progress	₹0 Cr	₹1 Cr	₹0 Cr	₹7 Cr	₹24 Cr	₹42 Cr
Investments	₹24 Cr	₹26 Cr	₹28 Cr	₹31 Cr	₹37 Cr	₹34 Cr
Other assets	₹69 Cr	₹85 Cr	₹90 Cr	₹100 Cr	₹201 Cr	₹204 Cr
Total assets	₹169 Cr	₹189 Cr	₹193 Cr	₹268 Cr	₹457 Cr	₹529 Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

What the price assumes

Attractive

To justify its price of ₹1031, this stock must grow earnings at 20% every year for 7 years. Our analysis caps realistic growth at ~38%. At that growth it is worth ₹2589 — upside of 151%.

Growth the price implies: 19.7% a year; for 7 years, fading to 4%
It has actually compounded at: 41.6% a year; net profit, FY23–FY26 · EPS 38.4%
The gap: -0.2 pp; 151% downside if it only repeats history

Price today ₹1,031.4 Value at the reference growth ₹2,589.26

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Tinna Rubber and Infrastructure Limited

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