TINNARUBRNSE19 April 2025

Tinna Rubber and Infrastructure Limited has informed the Exchange about Investor Presentation

Tinna Rubber and Infrastructure Limited

Date: April 19, 2025

To, Listing Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400001

To, Listing Department National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai-400051

To, Listing Department Calcutta Stock Exchange Limited 7, Lyons Range, Kolkata-700001

BSE Scrip Code: 530475 NSE Symbol: TINNARUBR

ISIN: INE015C01016

SUBJECT: Disclosure of material event / information under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“SEBI Listing Regulations”) - Corporate Presentation

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI Listing Regulations read with Part A of Schedule III to the SEBI Listing Regulations, please find enclosed the corporate presentation of Tinna Rubber And Infrastructure Limited (“the Company”).

The aforesaid presentation will also be uploaded on https://tinna.in/notices-announcements/

the website of

the Company at

This is for your kind information and records.

For TINNA RUBBER AND INFRASTRUCTURE LIMITED

Sanjay Kumar Rawat Company Secretary and Compliance Officer ICSI M. No: ACS23729

Enclosure: a/a

Tinna Rubber and Infrastructure Limited

Investor Presentation

April 2025

Disclaimer

This presentation has been prepared for general information purposes in respect of Tinna Rubber and Infrastructure Limited (the “Company”) together with its subsidiaries, joint venture, and associate, as applicable (together, with the Company, the “Group”) only, without regard to any specific objectives, suitability, financial situations and needs of any particular person and does not constitute any recommendation or form part of any offer or invitation, directly or indirectly, in any manner, or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company in any jurisdiction, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment therefor. This presentation does not solicit any action based on the material contained herein. Nothing in this presentation is intended by the Group to be construed as legal, accounting or tax advice.

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Table of contents

Company Overview

Key Investment Highlights

Financial Performance

Annexures

Company Overview

Tinna Rubber and Infrastructure | One of the largest recyclers of ELTs in India

Market Leadership

• One of the largest recyclers

of ELTs in India

Expanding tire crushing capacity, diverse ELT sourcing, & global operations…

USA

Europe

Middle Eastern countries

Oman

Tyre-crushing capacity of 1,00,000 MT at the end of FY24

Industry Experience

• Company has an experience of more than 35 years in rubber processing

Chile

South Africa

Australia

Plans to expand installed capacity going forward

Diverse Product Portfolio

• One of

the most diverse product portfolios globally, among companies using waste tyre as a feedstock

Integrated Operations

• Fully Integrated operations from ELT collection to recycled material production

Source of ELT tyres

Manufacturing presence

Planned expansion

…have helped Tinna achieve a strong financial performance*

Revenue from Operations (INR Lakhs)

26% CAGR

29,543.17

22,923.54

36,302.80

37,631.12

FY22

FY23

FY24

9MFY25

15.58% EBITDA Margin (%) 9MFY25

36.01% Return on Equity (%) FY24

0.66x Net Debt to Equity FY24

9.75% PAT Margin (%) 9MFY25

27.59% Return on Capital Employed(%) FY24

8.53x Interest Coverage FY24

*Figures & metrics as per Consolidated Financial statements; EBITDA : Earnings before interest, taxes, depreciation and amortization; PAT : Net Profit After Tax

Differentiated business model enables the transformation of ELT into a diverse range of products with applications across multiple end user industries

RUBBER

80, 120, 140 MESH (MRP)

Reclaim Rubber

30/40 MESH

End of Life Tyres (ELT)

CRUMB RUBBER MODIFIER (CRM) for road top layer application

CRMB CRM + Bitumen

STEEL

BEAD WIRES

Steel Abrasives

SCRAP

Automobile Rubber Parts

Conveyor Belts

Roads

Sports Turfs

Gym Tiles

Rubber Pipes

New Tyres

Tinna’s long-term vision is to become a global player in rubber recycling, powered by a strategy focused on building a sustainable competitive moat

Tinna’s long-term strategies to build a sustainable competitive moat

Geographical expansion

Product portfolio expansion

Customer addition

Investing in people & IP

Going global after establishing a strong domestic presence; gaining access to Europe and Africa through new facilities.

Planned expansions in South Africa and Saudi Arabia will enable Tinna to scale its operations globally.

Tinna has consistently expanded its product portfolio, driving growth and unlocking multiple avenues for future expansion.

By addressing the needs of customers across Industrial, Infrastructure, Consumer, and Steel sectors, Tinna is uniquely positioned to offer tailored solutions and unlock cross-selling synergies across its portfolio.

Driven by innovation and backed by a team of R&D experts, Tinna continuously upgrades its products— fostering sustainable growth

Tinna is steadily building a sustainable competitive moat as it transforms into a leading global player in recycling

Footnotes

Tinna Rubber and Infrastructure Limited | Strong focus on sustainability

1. Make

5. Reuse

Circular Economy

2. Use

4. Transform

3. Collect

TRIL recovers ~99% material from ELT, converting them into specialized and high quality recycles material

This recycled material is further supplied to various customers and help them to reduce consumption of virgin polymers

Recycling Plants

1,00,000

Tonnes of tyres – yearly recycling

1,50,000

Tonnes of CO2 emissions – yearly saving

6 million**

Tyres back in circular economy

2,25,000**

Tonnes recycled rubber products

75,000**

Tonnes of steel back in economy

** Cumulative Data for the last 10 years

Tinna Rubber & Infrastructure Limited | Our journey so far

1977

1980

1982

1987

1990

Group founded under the visionary leadership of Mr. Bhupinder Kumar Sekhri

Tie-up with Japan synthetic Rubber for footwear soling sheets

Introducing light weight rubber slippers under the brand name “Tinna”

TRIL was incorporated and commissioned leather footwear manufacturing unit

Commenced export of Thermo Plastic Rubber compounds to Russia and Europe

2013

2010

2001

1995

Set up waste Tyre recycling plant at Mumbai and Panipat

2014

Set up waste Tyre recycling plant at Gummidipoondi, Chennai

Entered Bitumen Emulsion Business

Set up CRMB plant at Panipat, Mathura & Haldia

TRIL was listed on Bombay Stock Exchange

2017

2023

2024

Commenced export of Recycled Rubber Materials

Completed acquisition of Global Recycle, Oman

Set up passenger car radial tyre recycling plant at Varle and Polymer Composites/ TPR/TPV plant at Panipat

With new facilities planned in South Africa and Saudi Arabia, Tinna is well-positioned to meet the growing global demand for recycled rubber.

Key Investment Highlights

Tinna Rubber & Infrastructure Limited - well positioned to capitalize on strong tailwinds

Play on a large market with a strong focus on circular economy

Diverse product portfolio across a breadth of industries

Global operational scale helps build a truly de-risked business model

Experienced board supported by a strong management team

Strong performance drives industry- leading financial and operational metrics

● Tinna is well-positioned to

● Tinna caters to diverse

capitalize on the large market opportunity for recycled rubber

● Rising natural rubber prices are driving manufacturers to adopt recycling, which is boosting the global recycled rubber market

sectors with a well-balanced portfolio: Infrastructure (52%), Industrial (25%), Consumer (10%), and Steel (13%) *

● Strong R&D focus has

enabled Tinna to diversify its product portfolio

● Tinna's growing tire crushing capacity positions it well in a growing market

● Future-ready manufacturing with expanding capacity, supported by overseas facilities and planned capex

● Expansion into Saudi Arabia and South Africa to help diversify sourcing and tire recycling globally while giving Tinna the ability to cater to a growing global and domestic market

● Tinna’s promoters bring decades of expertise in rubber recycling, positioning the company strongly in a growing domestic market. Their efforts are complemented by a professional management team that drives operational excellence and supports strategic execution

● Demonstrated strong

revenue growth CAGR of >25% between FY22-FY24

● Steady state EBITDA margins

>15%

● High return ratios and capital

efficiency ratios > 25%

* Revenue contributions are for 9MFY25

Tinna serves a diverse customer base across multiple end-user industries, enhancing stability and mitigating business risks

A significant gap between the demand and supply of aluminum is anticipated to emerge globally in the coming years…

Infrastructure Segment

Crumb Rubber, CRM, CRMB

Bitumen Emulsion

Industrial Segment

Steel segment

Consumer segment

Micronized Rubber Powder

Hi-Tensile Ultrafine Reclaim Rubber

Steel Abrasives

Carbon Cut Wire Shot

Infrastructure segment sales (INR Lakhs)*

14,460

18,780

16,000

9,840

FY22

FY23

FY24

9MFY25

Industrial segment sales (INR Lakhs)*

6,830

8,130

9,220

8,100

FY22

FY23

FY24

9MFY25

Steel segment sales (INR Lakhs)*

4,127

4,784

4,883

7,600

FY22

FY23

FY24

9MFY25

Consumer segment sales (INR Lakhs)*

2,166

2,145

3,670

2,550

*as per Consolidated Financials

Coated Rubber Crumb (CRC)

Crumb Rubber/ Tyre Crumb

FY22

FY23

FY24

9MFY25

Tinna is well-positioned to serve the infrastructure segment with products like CRM, CRMB, and bitumen emulsions…

Product Portfolio

Demand for Recycled rubber in Infrastructure segment is expected to grow

Key growth drivers for the infrastructure segment

Indian Market Breakup by End-User Industry (In Million metric tons)

0.23

GOI working towards mandatory Modified Bitumen Use: GOI is working towards making modified bitumen mandatory for wearing surfaces for national highways

Crumb Rubber Modifier

Bitumen Emulsion

A blend of waste tire rubber, & hydrocarbons, with bitumen forms stable, high-performance binders for durable, cost-effective road paving

0.08

0.04

0.12

0.06

0.03

Government Outlay: Large capital outlay for the Ministry of Road Transport and Highways

Road Construction and Infrastructure

Cement and Concrete

2019

2024

2030F

With the increasing focus on environmentally friendly road construction, CRMB adoption is expected to rise

…complemented by its presence in the industrial segment, offering products for a variety of applications

Product Portfolio

Indian Recycled Rubber products Market poised for growth by 2030

Key growth drivers for the industrial segment

Indian Recycled Rubber Product Manufacturing Market (In USD Million)

115

The demand for recycled rubber and other by-products from tyre recycling has increased significantly across multiple industries

Growing collaboration among tyre manufacturers, recyclers, and policymakers is facilitating the development of a more structured and efficient tyre recycling ecosystem in India

Conveyor Belt Automobile Rubber

Rubber Pipes

Parts

2019

2024

2030F

Natural rubber price: Rising natural rubber prices are driving manufacturers toward recycling, boosting the global recycled rubber market

Micronized Rubber Powder

Hi-Tensile Ultrafine Reclaim Rubber

100% strained, devulcanized rubber, free from impurities and has a superior finish, meeting REACH, PAH, and RoHS standards

Further diversifying its portfolio, the company serves the consumer segment as well

Product Portfolio

Indian Recycled Rubber products market poised for significant growth by 2030

Key growth drivers for the consumer segment

Indian Recycled Rubber Product Manufacturing Market (In USD Million)

The US Environmental Protection Agency has released its largest study which confirms ‘ Recycled Rubber is safe for athletes’*

Coated Rubber Crumb (CRC)

Ideal for low-tensile compounds, solid, and agricultural tires, offering excellent abrasion resistance

Crumb Rubber / Tyre Crumb (<80 mesh)

It is 100 % REACH, PAH & RoHS Compliant. As a high structure crumb, it retains excellent reinforcing properties in high-quality compound

The increasing adoption of recycled rubber in sports turfs is driven by its superior shock absorption, resilience, and sustainability,

Rubber Mats & Tiles

Sports Turfs

2019

2024

2030F

The Sports Ministry’s flagship program ‘ Khelo India’ has been allocated INR 1,000 crore, a significant increase from the previous year’s allocation of INR 800 crores

*Synthetic Turf Field Recycled Tire Crumb Rubber Characterization Research Final Report : Part 2 – Tire Crumb Rubber Exposure Characterization, April 2024

One of the largest recyclers of ELTs in India and has strategically located facilities in Middle East and Africa…

Oman Saham (Al Batnah)

USA

Europe

Middle Eastern countries

Oman

Chile

South Africa

Australia

Panipat (Haryana)

Mathura (Uttar Pradesh)

Varle | Wada (Maharashtra)

Haldia (West Bengal)

Gummidipoondi (Tamil Nadu)

Map of Oman not drawn to scale

Source of ELT tyres

Manufacturing presence

Map of India not drawn to scale

Global Certifications

Legend

All our products are REACH, PAH and RoHS compliant

Bitumen Emulsion Plant (1)

Reclaim Rubber Plant (2)

Modified Bitumen Plant (2)

Rubber Crumbing Plant (6)

Operation Mgmt CRMB (2)

Cut Wire Shots / Steel Shots (5)

Upcoming Facilities (2)

…with best-in-class R&D-focused operations and steady investments in fixed assets

Strong research led organization

State of the art manufacturing facilities

Tinna has been steadily increasing capacity over the past few years

Tinna is a research-driven organization with extensive R&D efforts in product development, particularly in its polymer composite business, which has started generating sales since Q2FY25

Green initiatives at facilities

Tinna has installed a 1.2 MW rooftop solar plant, generating 1.6 million units annually, reducing its carbon footprint, and advancing its clean energy goals.

Varle plant

Tyre Crushing Capacity (MT)

100,000

72,000

80,000

FY22

FY23

FY24

Polymer composite business

Plans to expand tyre crushing capacity going forward

Recycling machinery

The expenditure includes planned investments in Saudi Arabia, with an initial plan to establish a tire recycling facility with a capacity of 24,000 MT per annum

Tinna’s proposed entry into pyrolysis is a strategic move to expand its product portfolio

End of Life Tyres (ELT)

Pyrolysis

Pyrolysis is a chemical recycling process where shredded Tyres are heated in an oxygen-free environment to break them down into valuable by-products

Pyrolysis Oil

Carbon Black

Steel

Gas

Applications & Synergies for Tinna

Applications in infrastructure segment and industrial segment – giving Tinna ability to increase customer wallet share

Carbon black has widespread applications in production of masterbatches – a key focus area for Tinna going forward

Tinna has the ability to provide steel across a wide variety of end user industries

Gas derived from pyrolysis will be used for internal consumption to improve overall energy efficiency

Tinna plans to capitalize on overseas demand with projects planned globally as well as…

● Tinna has outlined plans to set up a tyre and recycling in accordingly company has been formed with the name Tinna Rubber Arabia Ltd

Saudi Arabia

plant

● Initial plan is to set up a capacity of 24,000

MT per annum of tyre recycling

● Tinna is in the process of locating land to start building and infrastructure work and plan to start production in H1 – FY26

● Tinna has signed a JV agreement with, a South in Mbodla for

investment

African JV partner Investment Pty Ltd.

● The JV has recieved permission to export 24,000

ELT from South Africa to India

● For first phase activity JV company has started

building the plant infrastructure

• Tinna is planning to expand its operations in Oman and has applied to the concerned Ministry of allocation of land

• Tinna is

in close coordination with the

concerned authorities for:

• Land allocation for expansion

• Regularizing the use of water type rubber

powder in roads

…domestically through planned expansion at its Varle plant

•

Tinna has made a capex of INR 44 crores to establish a state-of-the-art Tyre recycling plant in Varle, Maharashtra , having capacity to recycle 60,000 MT of car tyres

The plant commenced production in February 2024

Tina has further added capacity to recycle 10,000 MT of TBR at Varle

• Value of contribution to sales in 9M FY25 is INR

36 crores

Polymer Compounding Solutions - Progress and milestones

• During Q1 and Q2 of FY 25, Tinna has done

extensive R&D on product development and have started sales during Q2 of FY 25.

• During Q3FY25, Tinna started production under

following product categories & have sold approx. 250 tons of material to various Industries/applications like Recycled Engineered Plastics & Masterbatch

• The repeat sales from existing customers are a

validation on quality and other aspects.

•

These products serve diverse fields, including automotive components, general engineering solutions, consumer apparel, wires and cables, industrial packaging etc.

Through TP Buildtech, Tinna can capitalize on the growth in the construction chemicals industry

The positive outlook for the construction chemicals market presents growth opportunities for TP Buildtech

Domestic construction chemicals & services market (USD Bn)

Established in 2012, TP Buildtech specializes in concrete waterproofing admixture, cement Admixture, superplasticizer admixture, etc with Tinna owning 49.42% in the Company

Manufacturing units in Wada and Bawal, supported by exclusive R&D Centers in Navi Mumbai, New Delhi, and Kolkata

3.30

7.24% CAGR

5.02

s r e v i r D h t w o r G

TP Buildtech Revenue from Operations (INR Lakhs)

FY24

FY23

FY22

FY21

6,402

6,083

4,682

31.76% CAGR

2,799

Rapid Urbanization and Infrastructure Development India is experiencing rapid urbanization, leading to increased demand for housing and industrial infrastructure. This growth is supported by government initiatives such as the Smart Cities Mission and expansion of transportation networks, which require advanced construction materials

Government Initiatives and Policy Support Initiatives like the National Infrastructure Pipeline (NIP), Pradhan Mantri Awas Yojana (PMAY), and AMRUT are boosting the demand for high-quality construction chemicals. These programs focus on developing resilient structures and modernizing urban landscapes

FY24

FY30E

Operations led by an experienced board and management team

Mr. Bhupinder Kumar Sekhri Chairman & Managing Director

Mr. Gaurav Sekhri Joint Managing Director

Mr. Subodh Kumar Sharma Whole-time Director & COO

Mr. Ravindra Chhabra Chief Financial Officer

Mr. Sanjay Jain Independent Director

Mr. Vaibhav Dange Independent Director

Mr. Krishna Prapoorna Biligiri Independent Director

Mrs. Bharati Chaturvedi Independent Director

Sustainability and ethical growth have been at Tinna’s core long before ESG became a global focus

CSR Initiatives Regular organizing of medical checkup, blood donation, and health awareness camps. CSR Initiatives are mainly focused on health and environment.

Circular Economy Follows a circular economy model, recovering 99% of materials from end-of-life tires and converting them into high-quality recycled materials.

Employee well-being initiatives Established clear policies and principles that prioritize employee safety and wellness, promoting not only health for employees but also a sustainable environment.

Creating awareness Awareness is being created through programs on Discovery Channel, which aired a segment in its 'Build India' series showcasing how hazardous waste is being recycled to construct sustainable roads.

Renewable Energy initiatives Setting up a 1.2 MW rooftop solar plant to generate 1.6 million units annually, significantly reducing its carbon footprint and advancing towards a cleaner energy future.

Educational and vocational training Provide high quality education to ‘out of school’ children and facilitate their enrolment in government/private institutions. Also, supporting education for especially abled and provide skills for employment .

To summarize – Tinna’s strategies are in place to achieve growth going forward

tire

crushing

Expanding capacity enhances Tinna's revenue potential by meeting the rising demand for recycled rubber.

Tinna leverages its global operational scale to de-risk its business and enhance ELT sourcing. By diversifying ELT procurement across multiple regions, the company is focused on ensuring a stable supply chain while optimizing costs and margins

Tinna’s strategy focuses on achieving strong revenue growth while maintaining stable EBITDA margins and high return ratios. With its upgraded CARE BBB- credit rating, the company showcases an improved financial risk profile

Tinna aims to pursue organic and drive opportunities inorganic growth, leveraging its strong financial performance and improved credit rating to capitalize on strategic investments and expand its market presence

Financial summary

Strong financial performance in 9 month period driven by key factors

Strong topline growth…

Commentary for 9MFY25

22,924

29,543

36,303

37,631

FY22

FY23

FY24

9MFY25

…with high EBITDA & EBITDA margins…

16.10%

3,692

FY22

7.37%

1,690

FY22

12.44%

3,675

FY23

17.25%

6,262

FY24

…and high PAT & PAT margins

7.38%

2,180

FY23

11.10%

4,029

FY24

15.58%

5,864

9MFY25

9.75%

3,668

9MFY25

The operating margin has declined due to an increase in raw material costs. An approx.12% rise in ELT price on YOY basis

Exceptional one-time cost of INR 41 Lakhs has been spent on incorporation preliminary expenses and initial set up expenses on Tinna Rubber Arabia Ltd

Additional impact on cost include higher ocean freight, INR weakening by 7% against USD and the 5% drop in steel scrap prices on a YOY basis

Expenses rise by 1% (of Sales) due to building team / infrastructure / travel for strengthening PC/MB business

Interest cost up by 0.25 % (on Sales) on account of new term loans and increased utilization of banking limits

Consolidated key financial highlights Q3FY25 and 9MFY25

Revenue from operations (INR lakhs)

EBITDA (INR lakhs) & EBITDA margin (%)

PAT (INR lakhs) & PAT margin (%)

13,600.69

11,762.57

12,267.86

18.14%

2,467.72

EBITDA

EBITDA Margin

16.29%

12.06%

12.05%

1,916.54

1,479.98

1,639.25

PAT

PAT Margin (%)

10.31%

1,212.64

6.65%

815.77

Q1FY25

Q2FY25

Q3FY25

Q1FY25

Q2FY25

Q3FY25

Q1FY25

Q2FY25

Q3FY25

Revenue from operations (INR lakhs)

EBITDA (INR lakhs) & EBITDA margin (%)

PAT (INR lakhs) & PAT margin (%)

25,317.69

37,631.12

EBITDA

EBITDA Margin

PAT

PAT Margin (%)

15.89%

4,022.12

5,864.24

15.58%

9.73%

2,462.82

9.75%

3,667.66

9MFY24

9MFY25

9MFY24

9MFY25

9MFY24

9MFY25

Summary Financials

Revenue from operations (INR lakhs)

EBITDA (INR Lakhs) & EBITDA margin (%)

PAT (INR lakhs) & PAT margin (%)

EBITDA

EBITDA Margin

PAT

PAT Margin (%)

36,303

37,631

29,543

22,924

16.10%

12.44%

3,692.03

3,675.28

17.25%

15.58%

6,261.65

5,864.24

18.00%

16.00%

14.00%

12.00%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%

9,000.00

8,000.00

7,000.00

6,000.00

5,000.00

4,000.00

3,000.00

2,000.00

1,000.00

0.00

FY22

FY23

FY24

9MFY25

FY22

FY23

FY24

9MFY25

ROE (%) & ROCE (%)

Working capital days (in days)

7.37%

7.38%

1,690

FY22

2,180

FY23

11.10%

9.75%

4,029

3,668

FY24

9MFY25

Net Debt to Equity (in times) & Interest Coverage ratio (in times)

ROE

ROCE

23.44%

21.21%

25.14%

22.99%

36.01%

27.59%

AR days

Inventory days AP days Working Capital days

Net D/E

Interest Coverage Ratio

3.53x

0.89x

FY22

4.70x

0.61x

FY23

8.53x

0.66x

FY24

FY22

FY23

FY24

FY22

FY23

FY24

Consolidated financial performance - Q3FY25 & 9MFY25

Particulars (INR Lakhs)

Q3FY25

Q2FY25

Operational Income

Total Expenses

EBITDA

EBITDA Margin (%)

Other Income

Depreciation & Amortization Expenses

Interest

Share of Profit / loss of an associate

Profit Before Tax

Taxes

Profit after tax

PAT Margin (%)

Other Comprehensive Income

Total Comprehensive Income

Diluted EPS (INR)

12,268

11,763

10,788

1,480

9,846

1,917

QoQ

10%

(23%)

Q3FY24

9,302

7,750

1,551

YoY

32%

39%

(5%)

9MFY25

9MFY24

37,631

25,318

31,766

5,864

21,296

4,022

YoY

49%

46%

12.06%

16.29%

(423 bps)

16.68%

(462 bps)

15.58%

15.89%

(28 bps)

238

312

108

1,093

277

816

231

285

121

1,563

351

1,213

33%

(11%)

(30%)

(21%)

(33%)

164

156

1,310

314

996

135%

46%

100%

98%

(17%)

(12%)

(18%)

6.65%

10.31%

(366 bps)

10.71%

(406 bps)

842

4.75

1,225

7.07

(31%)

(33%)

1,001

5.81

(16%)

(18%)

152

685

843

319

4,808

1,140

3,668

9.75%

3,706

21.38

452

504

137

3,283

820

2,463

9.73%

2,477

14.38

91%

52%

67%

46%

39%

49%

(2 bps)

172%

50%

49%

Historical consolidated income statement – 9MFY25

Particulars (INR Lakhs)

Operational Income

Total Expenses

EBITDA

EBITDA Margin (%)

Other Income

Depreciation & Amortization Expenses

Interest

Share of Profit / loss of an associate

Profit Before Tax

Taxes

Profit after tax

PAT Margin (%)

Other Comprehensive Income

Total Comprehensive Income

Diluted EPS (INR)

FY22

22,924

19,232

3,692

16.10%

340

858

897

2,283

594

1,690

7.37%

1,719

9.87

FY23

29,543

25,868

3,675

12.44%

614

710

762

2,872

692

2,180

7.38%

2,198

12.73

FY24

36,303

30,041

6,262

17.25%

132

642

701

218

5,269

1,240

4,029

11.10%

4,120

23.52

9MFY25

37,631

31,767

5,864

15.58%

152

685

843

319

4,808

1,140

3,668

9.75%

3,707

21.38

Historical consolidated balance sheet statement – FY24 & H1FY25

Assets (INR Lakhs) Non-current assets Property, Plant and Equipment Capital work-in-progress Right-of-use assets Investments property Intangible assets Financial assets Investments in associates Investments Loans Other financial assets Other non-current assets Total non-current assets Current assets Inventories Financial assets Investments Trade receivables Cash and cash equivalents Other bank balances Loans Other financial assets Other current assets Total current assets Assets Held for Sale Total assets

FY23

FY24

H1FY25

Equity and Liabilities (INR lakhs)

6,758 33 130 530 18

451 2,389 50 217 38 10,614

12,320 664 118 530 12

672 2,474 - 240 353 17,383

13,807 2,019 104 530 14

883 2,474 - 267 705 20,803

3,796

4,362

5,456

- 3,202 171 246 72 151 1,042 8,679 - 19,293

- 2,986 37 140 73 146 1,537 9,282 107 26,772

- 3,841 58 184 38 373 2,722 12,672 107 33,582

Equity share capital

Other equity

Total Equity

Non-current liabilities

Financial liabilities

Borrowings

Lease liabilities

Provisions

Deferred tax liabilities (net)

Other non-current liabilities

Total non-current liabilities

Current liabilities

Financial liabilities

Borrowings

Lease liabilities

Trade payable

Other financial liabilities

Other current liabilities

Provisions

Current tax liabilities (net)

Total current liabilities

Total Liabilities

Total equity and liabilities

FY23

856

8,742

9,598

FY24

H1FY25

1,713

11,065

12,778

1,713

13,645

15,358

2,417

4,665

4,343

124

249

346

311

382

365

370

3,136

5,451

5,157

3,451

2,151

219

433

172

6,559

9,695

19,293

3,812

3,392

391

568

110

240

8,543

13,994

26,772

7,169

4,022

725

610

137

374

13,066

18,224

33,582

Capital market data

Shareholding Pattern as on 31st, March, 2024

Shareholding Pattern as on 31st, December, 2024

Movement of shareholding pattern

25.7%

0.7%

27.4%

0.7%

73.6%

71.0%

Promoter & Promoter group

FPI

Non-institutions (Other public)

Promoter & Promoter group

Public

Non-institutions (Other public)

Number of public investors

39,805

14,797

21,701

4,639

6,231

31st, March, 21

31st, March, 22

31st, March, 23

31st, March, 24

31st, December, 24

Annexures

Particulars

Segmental Revenue split

Abbreviations

Business Diversification: Segment-wise split

Tinna’s revenue distribution across segments for 9M FY25

Bitumen Roads

Roads

Conveyer belts

Steel Abrasives

Gym Tiles

Crumb Rubber Infill

Automotive Parts

Rubber mats

Tyres

Steel Scraps

Infrastructure Segment 52%

Industrial Segment 25%

Steel Segment

13%

Consumer Segment 10%

Note: Revenue share is calculated based on Revenue from Operations as on December 31, 2024 (9M FY25)

Abbreviations

9MFY25

Nice month period ending 31st, December 2024 for FY25

MoRTH

The Ministry of Road Transport and Highways

CAGR

Capex

CRM

Billion

Compounded Annual Growth Rate

Capital Expenditure

Crumb Rubber Modifier

CRMB

Crumb Rubber Modified Bitumen

MRP

Micronized Rubber Powder

Million

MOEFCC

Ministry of Environment, Forest, & Climate Change of India

NHAI

PAT

National Highways Authority of India

Profit After Tax

Calendar Year

₹ or Rs. or Rupees or INR

Indian Rupees

EBITDA

Earnings Before Interest, Depreciation, and Taxes

ELT

End of Life Tyres

Fiscal Year

ROE

ROCE

TRIL

Return on Equity

Return on Capital Employed

Tinna Rubber and Infrastructure Limited

Investor Relations Contact: Go India Advisors

Sana Kapoor : Senior Research Analyst

+91 81465 50469

sana@goindiaadvisors.com

Sheetal Khanduja : Head – IR Practice

+91 97693 64166

sheetal@goindiaadvisors.com

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