Tinna Rubber and Infrastructure Limited has informed the Exchange about Investor Presentation
Date: May 25, 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 The Calcutta Stock Exchange Limited 7, Lyons Range, Kolkata-700001
BSE Scrip Code: 530475 NSE Symbol: TINNARUBR
ISIN: INE015C01016
SUBJECT: INVESTOR AND EARNINGS PRESENTATION
Dear Sir/ Madam,
Pursuant to Regulation 30 read with Schedule III of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015, and in continuation to our letter dated May 21, 2025, please find enclosed Investor & Earnings Presentation of Tinna Rubber and Infrastructure Limited (“the Company”), on the financial and operational performance of the Company for the fourth quarter and financial year ended on March 31, 2025 (Q4/FY2025).
The aforesaid presentation shall also be available on Company’s website at https://tinna.in/notices- announcements/
You are requested to take the same on your records
Thanking you
For TINNA RUBBER AND INFRASTRUCTURE LIMITED
Sanjay Kumar Rawat Company Secretary ICSI M. No. : ACS23729
Enclosure: a/a
Tinna Rubber and Infrastructure Limited
Investor & Earnings Presentation
Q4/FY2025
Gym Tiles
Crumb Rubber Infill
Rubber Moulded Goods
Conveyor Belt
Rubber Mat
Tyres
Disclaimer
No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of Tinna Rubber and Infrastructure Ltd., which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.
This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.
This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.
2
Table of
Contents
01
Performance Highlights – Q4/FY25
02
Company Overview
03
Key Investment Highlights
04
Annexures
Strong Financial Performance: Key Drivers
Robust Revenue Growth
Management Commentary for FY25
2,292
2,954
3,630
5,053
FY22
FY23
FY24
FY25
EBITDA & EBITDA Margin (%)
15.6%
12.4%
17.2%
15.1%
369
FY22
368
FY23
626
FY24
PAT and PAT Margin (%)
7.4%
7.4%
169
FY22
218
FY23
11.1%
403
FY24
762
FY25
9.6%
484
FY25
Figures are on Consolidated basis and in INR Mn. unless otherwise stated
01
02
03
04
05
06
Consistent upward trajectory with a 3-year CAGR of 30% in revenue, 27% in EBITDA, and 42% in PAT.
Revenue grew by a robust 39%, successfully meeting the guidance outlined at the beginning of FY25.
Marked healthy gains with EBITDA and PAT increasing by 22% and 20% respectively.
Margins softened slightly due to elevated raw material costs influenced by increased ocean freight rates.
Employee benefit expenses and other expenses rise by 1.3% and 1.5% of sales respectively due to building team & infrastructure for becoming future ready.
Working Capital Cycle has been improved by 48%, from 62 days in FY22 to 42 days in FY25.
5
Key Operational Performance
Quarterly Performance
Annual Performance
Volume of Tyres Processed (MT)
Tyre Crushing Capacity (MT)
Volume of Tyres Processed (MT)
30,665
30,286
34,995
250,000
134,000
200,000
185,000
99,280
73,395
100,000
72,000
80,000
Q4FY24
Q3FY25
Q4FY25
FY22
FY23
FY24
FY25 FY26E FY27E
FY23
FY24
FY25
Figures are in Metric Tons (MT) unless otherwise stated; E = Estimated
6
Q4 & FY25 - Standalone Financial Highlights
Revenue from Operations
EBITDA & EBITDA Margin (%)
PAT & PAT Margin (%)
EBITDA
EBITDA Margin
PAT
PAT Margin (%)
19.2%
12.8%
11.5%
13.2%
8.1%
5.7%
1,231
1,288
1,099
211
142
170
141
70
104
Q4FY24
Q3FY25
Q4FY25
Q4FY24
Q3FY25
Q4FY25
Q4FY24
Q3FY25
Q4FY25
Revenue from Operations
EBITDA & EBITDA Margin (%)
PAT & PAT Margin (%)
3,641
5,050
FY24
FY25
Figures are in INR Mn. unless otherwise stated
EBITDA
16.9%
614
FY24
EBITDA Margin
PAT
PAT Margin (%)
14.4%
725
FY25
18. 0%
16. 0%
14. 0%
12. 0%
10. 0%
8.0 %
6.0 %
4.0 %
2.0 %
0.0 %
10.4%
379
FY24
8.4%
423
FY25
7
s t l u s e R y
l r e t r a u Q
s t l u s e R y l r a e Y
Q4 & FY25 - Consolidated Financial Highlights
s t l u s e R y
l r e t r a u Q
s t l u s e R y l r a e Y
EBITDA & EBITDA Margin (%)
PAT & PAT Margin (%)
EBITDA
EBITDA Margin
PAT
PAT Margin (%)
20.4%
224
Q4FY24
12.1%
148
Q3FY25
13.6%
175
Q4FY25
14.3%
157
Q4FY24
6.6%
82
Q3FY25
9.1%
117
Q4FY25
EBITDA & EBITDA Margin (%)
PAT & PAT Margin (%)
EBITDA
17.2%
EBITDA Margin 15.1%
626
FY24
762
FY25
18.0%
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
600
500
400
300
200
100
0
11.1%
403
FY24
PAT
PAT Margin (%)
9.6%
484
FY25
Figures are in INR Mn. unless otherwise stated
8
Healthy Financial Ratios Highlight Robust Fundamentals
ROCE (%)
ROE (%)
Working Capital Days
30.84%
26.09%
21.83%
22.71%
31.53%
27.14%
18.17%
18.29%
Receivable Days
Inventory Days Payable Days
62
52
51
41
62
47
40
40
44
42
46
27
30
34
34
30
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
Fixed Asset Turnover (x)
Net Debt to Equity (x)
Debt (INR Mn) & Interest Coverage Ratio (x)
4.37
0.86
3.29
2.95
2.82
0.65
0.57
Debt
Interest Coverage Ratio
0.73
1500
8.03
6.09
1000
500
0
3.1
3.89
688
587
848
1,339
FY22
FY23
FY24
FY25
9 8 7 6 5 4 3 2 1 0
9
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
Yearly Key Segment Performance – Infrastructure & Industrial
Infrastructure Segment (INR Mn)
1,878
2,220
FY24
FY25
Industrial Segment (INR Mn)
922
1,350*
o FY25 experienced significant volume growth of 21% and revenue growth
of 18%
o Significant 75% volume growth in CRMB Processing.
o Bitumen emulsion business volume has grown 50% in FY25
o Ministry of Roads has executed a trial patch of flexible pavement using bio bitumen made from agricultural waste and tyre rubber powder. It will open up new opportunity in infrastructure segment.
o TRIL witnessed a significant revenue growth of 46% in FY25
o Exports remained our focus area and has grown by 28% in volume in
FY25
o Though the domestic tyre industry remained stable, revenue growth
was majorly contributed by exports.
o Rubber conveyor and rubber moulded goods industry also remained
FY24
FY25
stable.
*FY25 Industrial Segment Revenue includes INR 296 Mn from EPR
10
Yearly Key Segment Performance – Consumer & Steel
Consumer Segment (INR Mn)
220
FY24
340
FY25
Steel Segment (INR Mn)
488
FY24
1,020
FY25
o Consumer Segment experienced strong volume growth of 58% and
revenue growth of 55% in FY25
o Sales to Consumer Segment is growing and will remain our focus area
for better capacity utilization at Varale, Maharashtra
o Steel segment witnessed a strong volume growth of 95%
o Higher volume of Tyre Recycled has resulted in higher recovery of steel
o Volume growth is also due to addition of steel abrasives to the product
basket in FY25 which has contributed 5,000 tons of volume.
o We expect strong growth in steel abrasives business due to increased
focus on defence spending by Government.
11
Key Q4 & FY25 Strategic Highlights
Strategic Highlights
01
With its NSE listing in April 2025, Tinna has taken a major step forward in strengthening its presence in India’s capital markets, complementing its existing BSE listing.
02
In FY25, Tinna has accrued EPR Credits worth of INR 296 Million.
03
04
05
Renewable Energy Solar Power system got commissioned in Q2. It has contributed total saving of INR 6.5 Million in FY25.
The successful operations of Global Recycle LLC, Oman (contributed INR 20 Mn at PAT Level) have inspired us to expand into new geographies, with Saudi Arabia and South Africa paving the way for global expansion.
A QIP of INR 1,500 Million will be raised for further strengthening of our existing business and setting up a recovered carbon black plant.
12
Key Q4 & FY25 Operational Highlights
Operational Highlights
01
02
03
04
05
Tyre recycling capacity increased by 85% to 1,85,000 TPA, exceeding the FY25 target of 1,50,000 TPA.
Tyre Crushing Volume has increased by 35% in FY25 compared to FY24.
Tinna added 10,000 TPA of TBR Recycling capacity in its existing Varale Unit
MRP’s additional capacity of 5,000 MT at Gummidipoondi, Chennai has been commissioned.
Interest cost up by 0.23% (on sales) due to new term loans and increased utilization of banking limits
13
Update on Capex
01
In FY25 planned capex of INR 500 Mn approx has been completed and was completely aligned with the guidance.
02
Going forward Capex of approx INR 1,000 Mn is planned in next 2 years
14
Update on International Projects
o Tinna has signed a JV agreement with, a South African JV partner for investment in Mbodla
Investment Pty Ltd.
South Africa
o The JV has received permission to export 24,000 ELT from South Africa to India
o For first phase activity JV company has started building the plant infrastructure
o Operations are expected to commence in Q1FY26
o Plant is running successfully at 85% capacity utilization
o Tinna is actively working with Oman's Road Ministry to promote use of rubberized bitumen in roads & highways. A trial patch using waste rubber powder has been laid & is currently under evaluation.
o A team of professionals has been hired to build market for recycled rubber material within GCC
Oman
region
o Tinna has outlined plans to set up a tyre recycling plant in Saudi Arabia and accordingly company
has been formed with the name Tinna Rubber Arabia Ltd.
o Initial plan is to set up a capacity of 24,000 MT per annum of tyre recycling.
Saudi Arabia
o Tinna is in the process of locating land to start building and infrastructure work and plan to start
production in H2 – FY26.
15
Varale Plant - Progress and milestones
o Tinna has made a capex of INR 44 crores to establish a state-of-the-art in Varale, Tyre Maharashtra , having capacity to recycle 60,000 MT of car tyres
recycling plant
o The plant commenced production
in February 2024
o Tinna has further added capacity to recycle 10,000 MT of TBR at Varale
o Varale has operated at 55% capacity
utilization in FY25
o Value of contribution to sales in FY25
is INR 580 Million
Privileged & Confidential, © 2025, All Rights Reserved.
17
Polymer Compounding Solutions - Progress and milestones
o In FY25, Tinna has done extensive R&D on product development and have started sales during H2 FY 25.
o Tinna started production under product categories like Recycled Engineered Plastics & Master batch which has contributed 1% to the total topline.
o The
repeat sales
from existing customers are a validation on quality and other aspects.
o These products serve diverse fields, including automotive components, solutions, general consumer apparel, wires and cables, industrial packaging etc.
engineering
Privileged & Confidential, © 2025, All Rights Reserved.
18
Vision 2028 Vision 2028
Locations -
o Current (FY25) : 6
o Vision 2028 : 10
Revenue (3 Years CAGR) -
o Current (FY25) : 30%
o Vision 2028 : 25%+
Revenue -
o Current (FY25) : INR 5,053 Mn
o Vision 2028 : INR 10,000 Mn
Profitability Growth (3 Years CAGR) -
o Current (FY25) : 42%
o Vision 2028 : 33%+
EBITDA Margin -
o Current (FY25) : 15%
o Vision 2028 : 18%+
ROCE -
o Current (FY25) : 26%
o Vision 2028 : 30%+
OUR PRIORITIES Shareholder Value Creation | Strong Corporate Governance | Judicious Use of Capital
19
One of the largest recyclers of ELTs in India
Market Leadership
Industry Experience
Diverse Product Portfolio
Integrated Operations
One of the largest recyclers of ELTs in India
45+ Years of Industry Experience; Founded in 1977
One of the most diverse product portfolios globally, among companies using waste tyre as a feedstock
Fully Integrated operations from ELT collection to recycled material production
Expanding tire crushing capacity, diverse ELT sourcing, & global operations…
…have helped Tinna achieve a strong financial performance*
USA
Europe
Middle Eastern countries
15.07% EBITDA Margin (%) FY25
27.14% Return on Equity (%) FY25
0.73x Net Debt to Equity FY25
Source of ELT tyres
Manufacturing presence
Chile
Planned expansion
Oman
South Africa
Australia
Tyre-crushing capacity of 1,85,000 MT at the end of FY25
Plans to expand installed capacity going forward
9.57% PAT Margin (%) FY25
26.09% Return on Capital Employed(%) FY25
6.09x Interest Coverage FY25
* Figures & metrics as per Consolidated Financial statements; EBITDA : Earnings before interest, taxes, depreciation and amortization; PAT : Net Profit After Tax
21
Waste to Wealth – 400% Value Addition to Waste
RUBBER
80, 120, 140, 170 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
Automobile Rubber Parts
Conveyor Belts
Roads
Sports Turfs
Gym Tiles
Rubber Pipes
SCRAP
New Tyres
22
Tinna’s long-term strategies to build sustainable competitive moats
n o i s n a p x e l a c i h p a r g o e G
n o i s n a p x e o
i l
o f t r o p t c u d o r P
n o i t i d d a r e m o t s u C
P
I
& e l p o e p n
i
g n i t s e v n
I
Geographical expansion 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.
Product portfolio expansion Tinna has consistently expanded its product portfolio, driving growth and unlocking multiple avenues for future expansion.
Customer addition 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.
Investing in people & IP 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
23
Strong focus on sustainability
Circular Economy
Make
Use
Collect
Transform
Reuse
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
6*
1,35,000*
2,00,000*
6.5 million**
3,25,000**
1,00,000**
Recycling Plants
Tonnes of tyres - yearly recycling
Tonnes of CO2 emissions - yearly saving
Tyres back in circular economy
Tonnes recycled rubber products
Tonnes of steel back in economy
*Data for FY25; ** Cumulative Data for the last 11 years
24
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
Entered Bitumen Emulsion Business
Set up CRMB plant at Panipat, Mathura & Haldia
TRIL was listed on Bombay Stock Exchange
2014
2017
2023
2024
Set up waste Tyre recycling plant at Gummidipoondi, Chennai
Commenced export of Recycled Rubber Materials
Completed acquisition of Global Recycle, Oman
Set up passenger car radial tyre recycling plant at Varale 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.
25
Well positioned to capitalize on strong tailwinds
Play on a large market with a strong focus on circular economy
• Tinna is well-positioned to 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
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 caters to diverse sectors with a well-balanced portfolio: Infrastructure (48%), Industrial (22%), Consumer
(7%), Steel (13%) and PC & MB (1%) *
• 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 3 year CAGR of 30% between FY22-FY25
• Steady state EBITDA margins >15%
• High return ratios and capital efficiency ratios > 25%
* Revenue contributions are for FY25
27
Tinna's Industry Diversity Boosts Stability and Lowers Risk
Infrastructure segment sales (INR Mn)
984
1,446
1,878
2,220
Crumb Rubber, CRM, CRMB
Bitumen Emulsion
FY22
FY23
FY24
FY25
Infrastructure Segment (48%)*
Industrial Segment (22%)*
Steel Segment (13%)*
Consumer Segment (7%)*
PC & MB Segment (1%)*
Micronized Rubber Powder
Hi-Tensile Ultrafine Reclaim Rubber
Steel Abrasives
Carbon Cut Wire Shot
Coated Rubber Crumb (CRC)
Crumb Rubber/ Tyre Crumb
Industrial segment sales (INR Mn)
1,350
683
813
922
FY22
FY23
FY24
FY25
413
FY22
217
FY22
1,020
FY25
340
FY25
Steel segment sales (INR Mn)
478
FY23
488
FY24
Consumer segment sales (INR Mn)
215
FY23
220
FY24
PC & MB (INR Mn)
60
FY25
28
*Segment-wise revenue contribution for FY25; all nos. are on Consol basis
Polypropylene Copolymer (PPCP)
Black Master batch
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
A blend of waste tire rubber, & hydrocarbons, with bitumen forms stable, high-performance binders for durable, cost-effective road paving
Indian Market Breakup by End-User Industry (In Million metric tons)
0.23
2019
2024
2030F
Crumb Rubber Modifier
Bitumen Emulsion
0.08
0.04
0.12
0.06
0.03
Road Construction and Infrastructure
Cement and Concrete
GOI working towards mandatory Modified Bitumen Use: GOI is working towards making modified bitumen mandatory for wearing surfaces for national highways.
Key growth drivers for the infrastructure segment
Government Outlay: Large capital outlay for the Ministry of Road Transport and Highways.
With the increasing focus on environmentally friendly road construction, CRMB adoption is expected to rise.
01
02
03
29
…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
100% strained, devulcanized rubber, free from impurities and has a superior finish, meeting REACH, PAH, and RoHS standards
Indian Recycled Rubber Product Manufacturing Market (In USD Million)
2019
2024
2030F
115
38
16
60
18
7
21
2
6
Micronized Rubber Powder
Hi-Tensile Ultrafine Reclaim Rubber
Conveyor Belt
Automobile Rubber Parts
Rubber Pipes
Key growth drivers for the infrastructure segment
01
02
03
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.
Natural rubber price: Rising natural rubber prices are driving manufacturers toward recycling, boosting the global recycled rubber market
30
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
Ideal for low-tensile compounds, solid, and agricultural tires, offering excellent abrasion resistance
It is 100 % REACH, PAH & RoHS Compliant. As a high structure crumb, it retains excellent reinforcing properties in high-quality compound
Indian Recycled Rubber Product Manufacturing Market (In USD Million)
2019
2024
2030F
77
48
23
8
13
5
Coated Rubber Crumb (CRC)
Crumb Rubber / Tyre Crumb (<80 mesh)
Rubber Mats & Tiles
Sports Turfs
Key growth drivers for the infrastructure segment
The US Environmental Protection Agency has released its largest study which confirms ‘ Recycled Rubber is safe for athletes’*
The increasing adoption of recycled rubber in sports turfs is driven by its superior shock absorption, resilience, and sustainability.
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.
01
02
03
*Synthetic Turf Field Recycled Tire Crumb Rubber Characterization Research Final Report : Part 2 – Tire Crumb Rubber Exposure Characterization, April 2024
31
Strategically located facilities…
Map of Oman not drawn to scale
Map of India not drawn to scale
Manufacturing presence
Source of ELT tyres
USA
Europe
Middle Eastern countries
Panipat (Haryana)
Mathura (Uttar Pradesh)
Oman Saham (Al Batnah)
Oman
Varale | Wada (Maharashtra)
Haldia (West Bengal)
Chile
South Africa
Australia
Gummidipoondi (Tamil Nadu)
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)
All our products are REACH, PAH and RoHS compliant
32
Legend
Global Certifications
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
33
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.
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.
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.
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 .
34
Business for a Cause
Tinna dedicated INR 7 Million in FY25 to CSR programs – driving meaningful change across sports, education, and healthcare sectors.
PT uniforms, Pali
Health Checkup, Varale
School Uniforms, Panipat
Tv to Sipcot Fire Station, GMPD
35
To summarize - Tinna’s strategies are in place to achieve growth going forward
Expanding tire crushing 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 improved company financial risk profile.
showcases
an
Tinna aims to pursue organic and inorganic opportunities to drive growth, leveraging its strong financial performance and improved credit rating to capitalize on strategic investments and expand its market presence.
36
Consolidated Financial Performance Q4FY25
Particulars (INR Mn.)
Q4FY25
Q3FY25
QoQ
Q4FY24
YoY
FY25
FY24
Operational Income
Total Expenses
EBITDA
EBITDA Margin (%)
Other Income
Depreciation & Amortization Expenses
Interest
Exceptional Items
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)
1,290
1,115
175
1,227
1,079
148
13.59%
12.1%
30
28
25
-12
12
152
35
117
6
24
31
-
11
109
28
82
9.05%
6.6%
36
153
6.81
3
84
4.75
5%
3%
18%
429%
19%
-20%
13%
39%
26%
43%
81%
43%
1,099
875
224
20.4%
5
19
20
-
8
199
42
157
14.3%
8
164
9.14
17%
27%
-22%
464%
50%
26%
50%
-24%
-17%
-25%
-7%
-25%
5,053
4,292
762
3,630
3,004
626
15.07%
17.2%
45
97
109
-12
44
633
149
484
13
64
70
-
22
527
124
403
9.57%
11.1%
40
523
9
412
28.19
23.52
YoY
39%
43%
22%
239%
51%
56%
102%
20%
20%
20%
27%
20%
38
Historical Consolidated Income Statement
Particulars (INR Mn.)
Operational Income
Total Expenses
EBITDA
EBITDA Margin (%)
Other Income
Depreciation & Amortization Expenses
Interest
Exceptional Items
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
2,292
1,923
369
16.1%
34
86
90
-
1
229
59
169
7.4%
3
172
19.73
FY23
2,954
2,587
368
12.4%
61
71
76
-
6
287
69
218
7.4%
2
220
12.73
FY24
3,630
3,004
626
17.2%
13
64
70
-
22
527
124
403
11.1%
9
412
23.52
FY25
5,053
4,292
762
15.07%
45
97
109
-12
44
633
149
484
9.57%
40
523
28.19
39
Historical Consolidated Balance Sheet Statement
Assets (INR Mn.)
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
FY25
Equity and Liabilities (INR Mn.)
676 3 13 53 2
45 239 5 22 4 1,061
1,232 66 12 53 1
67 247 - 24 35 1,738
1,792 106 9 53 1
123 219
28 39 2,369
380
436
632
- 320 17 25 7 15 104 868 - 1,929
- 299 4 14 7 15 154 928 11 2,677
56 412 21 17 3 28 311 1,481 - 3,850
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
86
874
960
242
12
25
35
-
314
345
5
215
22
43
9
17
656
970
1,929
FY24
171
1,107
1,278
467
9
31
38
-
545
381
3
339
39
57
11
24
854
1,399
2,677
FY25
171
1,610
1,782
657
7
41
61
-
766
682
3
469
65
40
15
28
1,302
2,068
3,850
40
Through TP Buildtech, Tinna can capitalize on the growth in the construction chemicals industry
Established in 2012, TP Buildtech specializes in concrete waterproofing admixture, cement Admixture, superplasticizer admixture, etc with Tinna owning 49.42% in the Company
The positive outlook for the construction chemicals market presents growth opportunities for TP Buildtech
Strong Financial Performance (INR Million)
Domestic construction chemicals & services market (USD Bn)
Sales, EBITDA & EBITDA Margin (%)
Sales
EBITDA
EBITDA Margin
Manufacturing units in Wada and Bawal, supported by exclusive R&D Centers in Navi Mumbai, New Delhi, and Kolkata
7.24% CAGR
5.02
Company is planning to introduce new range of products like accelerators, curing compound, shuttering oil, SNF Admixtures for concrete which will commence in Q4.
3.30
Growth Drivers
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 the Smart Cities Mission and transportation networks, which require advanced expansion of construction materials
initiatives such as
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
1000 900 800 700 600 500 400 300 200 100 0
300
250
200
150
100
50
0
17%
14%
9%
468
44
7%
608
41
640
92
873
148
FY22
FY23
FY24
FY25
Sales
EBITDA
EBITDA Margin
17%
261
186
32
15% 39
18% 16% 14% 12% 10% 8% 6% 4% 2% 0%
18% 17% 17% 16% 16% 15% 15% 14% 14%
41
Q4FY24
Q4FY25 (Provisional)
Capital Market Data
300% 250% 200% 150% 100% 50% 0% -50%
1 Year Share Price Performance
Number of Public Shareholders
43,546
21,701
14,797
4,639
6,231
Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Tinna Rubbers & Infra Ltd
BSE
31st March'21
31st March'22
31st March'23
31st March'24
31st March'25
Price Data (As on 31st March, 2025)
Face Value (INR)
Market Price (INR)
10.00
931.35
52 Week H/L (INR)
2,179.20/539.80
Market Cap (INR Mn)
15,953.55
FPI, 0.74%
Equity Shares Outstanding (Mn)
1 Year Avg. trading volume ('000)
17.13
26.08
Shareholding Pattern (As on 31st March 2024)
Shareholding Pattern (As on 31st March 2025)
Non- Institutions (Other Public), 25.71%
Promoters & Promoters Group, 73.55%
Non- Institutions (Other Public), 27.22%
FPI, 0.64%
Domestic Institutions, 1.06%
Promoters & Promoters Group, 71.08%
42
Contact Us Investor Relations Contact: Go India Advisors
Sana Kapoor Senior Research Analyst
Sheetal Khanduja Head – IR Practice
+91 81465 50469
+91 97693 64166
sana@goindiaadvisors.com
sheetal@goindiaadvisors.com