Tinna Rubber and Infrastructure Limited has informed the Exchange about Investor Presentation
Date: August 07, 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 August 01, 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 first quarter ended on June 30, 2025 (Q1-FY26).
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
Q1-FY26
Gym Tiles
Crumb Rubber Infill
Rubber Moulded Goods
Conveyor Belt
Rubber Mat
Tyres
Disclaimer
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Tinna Rubber and Infrastructure Limited (the “Company”) solely for the information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
Certain statements in this presentation concerning our future growth prospects are forward looking statements which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to the statements include, but are not limited to, risks and uncertainties regarding fiscal policy, competition, inflationary pressures and general economic conditions affecting demand / supply and price conditions in domestic and international markets. The company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. The Company does not make any promise to update/provide such presentation along with results to be declared in the coming years.
2
Table of
Contents
01
Performance Highlights – Q1 - FY26
02
Company Overview
03
Key Investment Highlights
04
Annexures
Q1 - FY26 - Standalone Financial Highlights
Revenue from Operations
EBITDA & EBITDA Margin (%)
PAT & PAT Margin (%)
EBITDA
EBITDA Margin
PAT
PAT Margin (%)
16.8%
15.6%
13.2%
10.5%
8.1%
8.6%
1,360
1,288
1,273
229
170
198
143
104
110
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
Figures are in INR Mn. unless otherwise stated
5
Q1 - FY26 - Consolidated Financial Highlights
EBITDA & EBITDA Margin (%)
PAT & PAT Margin (%)
EBITDA
EBITDA Margin
PAT
PAT Margin (%)
18.1%
16.0%
13.6%
12.1%
9.1%
9.0%
247
175
208
164
117
117
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
Figures are in INR Mn. unless otherwise stated
6
Key Operational Performance
Quarterly Performance
Annual Performance
Volume of Tyres Processed (MT)
Tyre Crushing Capacity (MT)
Volume of Tyres Processed (MT)
38,500
34,995
34,130
250,000
134,000
200,000
185,000
99,280
73,395
100,000
72,000
80,000
Q1FY25
Q4FY25
Q1FY26
FY22
FY23
FY24
FY25 FY26E FY27E
FY23
FY24
FY25
Figures are in Metric Tons (MT) unless otherwise stated; E = Estimated
7
Key Segment Performance (YoY) – Infrastructure & Industrial
Infrastructure Segment (INR Mn)
669
575
Q1FY25
Q1FY26
Industrial Segment* (INR Mn)
253
290
Q1FY25
Q1FY26
*EPR Revenue is not included
o While there was a 14% YoY dip in revenue, we are confident of a strong rebound post-monsoon, driven by a solid & growing business pipeline.
o Despite Q1 being peak season for Infra, several factors caused
downturn -
Non release of funds to the contractor by Ministry of Road Transport and
Highways (MoRTH)
Early monsoon
The ongoing Israel-Iran conflict has disrupted bitumen exports from Iran,
leading to a shortage in India, which relies heavily on Iranian supply.
o Bitumen emulsion business volume has grown 40% on YoY basis.
o Witnessed a growth of 15% in revenue on YoY basis.
o Despite global economic challenges, we maintained positive export
performance in the Industrial Segment.
o Rubber conveyor and rubber moulded goods industry remained stable.
8
Key Segment Performance (YoY) – Consumer & Steel
Consumer Segment (INR Mn)
82
74
o Consumer Segment demand is expected to revive in the upcoming quarters, following a seasonal shift influenced by early monsoon patterns and short-term market liquidity adjustments.
o Revenue saw a temporary 10% YoY decline, with a strong recovery
expected to begin from Q2 onwards.
o Sales to Consumer Segment will remain our focus area for better
Q1FY25
Q1FY26
capacity utilization at Varale, Maharashtra.
Steel Segment (INR Mn)
243
260
Q1FY25
Q1FY26
o Revenue increased by 8% on YoY basis.
o Steel abrasives sales have decreased by 20% on YoY basis due to slowdown in demand from Automobile Industry which is likely to stabilize during festive season.
o Steel Segment’s revenue growth was curbed by falling steel prices due to
cheap steel scrap imports from Russia and other countries.
9
Management Analysis on Q1FY26 Results
Operational & Financial Highlights
01
02
03
04
05
06
Revenue stood flat on QoQ basis whereas it declined by 4% YoY, primarily due to a lower EPR contribution of INR 41 Mn in Q1, compared to INR 105 Mn in the corresponding quarter of FY25.
Gross margins improved by approximately 344 bps on QoQ basis, driven by lower raw material costs, operational efficiency, and stronger sales realizations whereas EBITDA Margins improved by 237 bps on QoQ basis.
Employee benefit expenses increased by 1.1% of sales (QoQ) due to building team for new business verticals.
Renewable Energy Solar Power has contributed savings of INR 4.94 Million in Q1FY26.
Working capital days reduced from 42 days in FY25 to 38 days in Q1 FY26, indicating improved efficiency.
Global Recycle LLC, Oman and TB Buildtech contributed INR 4 Mn and INR 7 Mn respectively to PAT at Consolidated Level. Mbodla Investments, South Africa and Tinna Rubber Arabia has booked a loss of INR 4 Mn as a start up cost.
10
Key Q1FY26 Strategic Highlights
Operational & Financial Highlights
01
02
03
04
05
06
Successfully raised approx. INR 787 Mn through a QIP in Q1FY26, with strong participation from marquee institutional investors including ICICI Prudential Mutual Fund, JM Financial Mutual Fund, and Bank of India Mutual Fund.
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.
Company has monetized INR 56 Mn against total non-core assets of INR 280 Mn. Going forward, the company will continue to actively pursue monetization of remaining non-core assets as suitable opportunities arise.
Varale plant capacity utilization increased from 30% in Q1FY25 to 57% in Q1FY26, driving a significant YoY sales growth from INR 60 Mn to INR 270 Mn.
Polymer Composite and Masterbatch (PCMB) business is currently operating at a capacity utilization rate of 24%.
By end of FY26, approx 50% of power needs will be met through renewable sources, including captive solar and third-party providers, aligning with the company’s ESG goals.
11
Cost Saving Initiatives
Renewable Energy Initiatives
Debt Reduction
Raw Material Cost
The company is expanding its existing renewable energy to more than 3x from 1.26 MW to 4.52 MW
Out of the QIP proceeds, INR 230 Mn (approx) is being allocated towards debt reduction,
Increasing our optionality on using different type of ELTs
This will lead to the total savings of INR 30 Mn+ in FY26
This will result in annual interest savings of INR 14.5 Mn.
This will lead to 10-15% cost saving on raw material
12
Update on Capex
01
In Q1FY26, capex of INR 130 Mn has been completed and is completely aligned with the guidance.
02
Capex of approx INR 1,000 Mn is planned in next 2 years
13
Deployment of QIP Funds
01
INR 230 Mn Debt Reduction
03
INR 218 Mn Pyrolysis & Recovered Carbon Black
Deployment of QIP Funds* (INR 787 Mn)
INR 117 Mn Solar Power Expansion
02
INR 190 Mn General Corporate Purpose
04
*Deployment will start from Q2FY26 onwards.
14
Update on International Projects (1/2)
o Tinna successfully infused capital funding into Mbodla Investments Pty Ltd
(JV Company)
o The JV has received permission to export 24,000 ELT from South Africa to
South Africa
o First phase of operations has commenced in Q1 of FY 2026
India.
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 A 20,000-square-meter plot of land has been allocated and Tinna is targeting operational commencement by Q4FY26. Additionally, the concerned authority has invited Tinna to complete the formalities for executing the lease agreement.
15
Update on International Projects (2/2)
o Plant is running successfully at 85% capacity utilization.
Oman
o Q1FY26 Revenue contributed by Oman is approx $1
Million.
o Around 35% of total production is sold within GCC Region.
o An increase in the cost of ELT has sharply raised input
costs, thereby impacting the EBITDA margin.
In Q1FY26 Tinna hosted delegation from Environment Authority of Oman
16
Polymer Compounding Solutions - Progress and milestones
01
02
03
04
05
Sales Milestone Achieved - Masterbatch sales have reached close to 100 MT per month, marking consistent growth in volumes. Product portfolio expanded to include Color, Additive, Silicone, and Biodegradable Masterbatches, strengthening our market positioning.
Diversified Customer Base - Added multiple new customers across key industries : Multilayer Packaging Films, Shoe Soles & Footwear, Automotive Components, Irrigation Products. This diversified reach has helped establish strong recurring demand streams.
Focus on High-Margin, Value-Added Products - Ongoing efforts to develop specialty masterbatches aimed at delivering higher margins and improved technical performance, supporting long-term profitability.
Strengthening Polymer Compounding Capabilities - Integrated Washing Line for recycled plastic compounding is currently in the commissioning phase and expected to be fully operational by mid-August 2025. Trials are already underway with prospective customers, providing circular solutions by converting waste paint buckets into high-quality recycled buckets, demonstrating our capability to close the loop on plastics.
Robust Waste Collection Network - Built a strong waste collection base across 4–5 states in North India, with active partnerships and sourcing channels. Focused on becoming a preferred waste collection and recycling partner for large companies, ensuring reliable feedstock availability for sustainable plastic solutions.
17
Vision 2028 - : POWERING THE NEXT PHASE OF GROWTH 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
18
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
20
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
21
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
22
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
23
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. Tinna has also ventured into TPO & Recovered Carbon Black and the plant is expected to be commenced in FY26.
24
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
26
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
27
*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
28
…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
29
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
30
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
31
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
32
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 .
33
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
34
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.
35
Consolidated Financial Performance Q1FY26
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)
Q1FY26
Q4FY25
QoQ
Q1FY25
1,303
1,095
208
1,290
1,115
175
16.0%
13.6%
4
28
30
4
156
39
117
30
28
25
-12
12
152
35
117
9.0%
9.1%
1
118
6.83
36
153
6.81
1%
-2%
19%
-88%
0%
22%
N/A
-70%
3%
11%
1%
-23%
0%
1,360
1,113
247
18.1%
5
22
24
9
215
51
164
12.1%
0
164
9.57
YoY
-4%
-2%
-16%
-34%
32%
24%
N/A
-59%
-27%
-24%
-28%
-28%
-29%
FY25
FY24
5,053
4,292
762
3,630
3,004
626
15.1%
17.2%
45
97
109
-12
44
633
149
484
13
64
70
22
527
124
403
9.6%
11.1%
40
523
9
412
28.19
23.52
YoY
39%
43%
22%
239%
51%
56%
N/A
102%
20%
20%
20%
27%
20%
37
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
38
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
39
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
60
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
40
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
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
The manufacturing at Kolkata has commenced from July‟25 onwards. Company has introduced new range of products like accelerators, curing compound, shuttering oil, SNF Admixtures for concrete.
Growth Drivers
3.30
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
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%
188
209
33
13%
28
18% 16% 14% 12% 10% 8% 6% 4% 2% 0%
20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0%
41
Q1FY25
Q1FY26 (Unaudited)
Capital Market Data
300% 250% 200% 150% 100% 50% 0% -50%
1 Year Share Price Performance
Number of Public Shareholders
43,546 43,639
21,701
14,797
4,639
6,231
Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25
Tinna Rubbers & Infra Ltd
BSE
31st March'21
31st March'22
31st March'23
31st March'24
31st March'25
30th June'25
Price Data (As on 30th June, 2025)
Face Value (INR)
Market Price (INR)
10.00
957.05
Promoters & Promoters Group, 67.58%
52 Week H/L (INR)
1,949.0/799.1
Market Cap (INR Mn)
16.413.41
Equity Shares Outstanding (Mn)
1 Year Avg. trading volume ('000)
17.13
26.08
Shareholding Pattern (As on 30th June 2025)
Non- Institutions (Other Public), 25.86%
FPI, 0.66%
Domestic Institutions, 5.9
Shareholding Pattern (As on 31st March 2025)
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