Tinna Rubber and Infrastructure Limited has informed the Exchange about Investor Presentation
Date: November 15, 2025
To, Listing Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400001
To, Listing Department National Stock Exchange of India Ltd Exchange Plaza, 5th Floor, Plot No. C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai-400051
BSE Scrip: 530475
NSE Symbol: TINNARUBR
ISIN: INE015C01016
SUBJECT: INVESTOR AND EARNINGS CALL 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 November 11, 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 second quarter and half year ended on September 30, 2025 (Q2-H1FY26).
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
Yours faithfully
For TINNA RUBBER AND INFRASTRUCTURE LIMITED
______________ Sanjay Kumar Rawat Company Secretary ICSI M. No. : ACS23729
Enclosure: as above
Tinna Rubber and Infrastructure Limited
Investor & Earnings Presentation
Q2- H1FY26
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 – Q2 - H1FY26
02
Company Overview
03
Key Investment Highlights
04
Annexures
Q2 & H1FY26 - Standalone Financial Highlights
Revenue from Operations
EBITDA & EBITDA Margin (%)
PAT & PAT Margin (%)
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
- f l a H
117
127
117
Q2FY25
Q1FY26
Q2FY26
253
244
EBITDA
EBITDA Margin
PAT
PAT Margin (%)
50 45 40 35 30 25 20 15 10 5 0
100
90
80
70
60
50
40
30
20
10
0
15.7%
15.6%
18.5%
18
20
22
Q2FY25
Q1FY26
Q2FY26
EBITDA
EBITDA Margin
16.3%
17.0%
41
41
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
20.0%
18.0%
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
35
30
25
20
15
10
5
0
80
70
60
50
40
30
20
10
0
9.0%
8.6%
10.6%
11
11
12
Q2FY25
Q1FY26
Q2FY26
PAT
PAT Margin (%)
9.8%
9.6%
25
23
H1FY25
H1FY26
H1FY25
H1FY26
H1FY25
H1FY26
Figures are in INR Cr. unless otherwise stated
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
20.0% 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%
5
Q2 & H1FY26 - Consolidated Financial Highlights
EBITDA & EBITDA Margin (%)
PAT & PAT Margin (%)
EBITDA
EBITDA Margin
PAT
PAT Margin (%)
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
- f l a H
40
35
30
25
20
15
10
5
0
90
80
70
60
50
40
30
20
10
0
16.3%
16.0%
18.0%
19
21
22
Q2FY25
Q1FY26
Q2FY26
EBITDA
EBITDA Margin
17.3%
44
H1FY25
17.0%
42
H1FY26
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
35
30
25
20
15
10
5
0
60
50
40
30
20
10
0
Figures are in INR Cr. unless otherwise stated
10.3%
9.0%
9.8%
12
12
12
Q2FY25
Q1FY26
Q2FY26
20.0%
15.0%
10.0%
5.0%
0.0%
PAT
PAT Margin (%)
11.2%
29
H1FY25
9.4%
24
H1FY26
20.0%
15.0%
10.0%
5.0%
0.0%
6
Key Operational Performance
Quarterly Performance
Half-Yearly Performance
Annual Capacity
Volume of Tyres Processed (MT)
Volume of Tyres Processed (MT)
Tyre Crushing Capacity (‗000 MT)
India
Oman
India
Oman
India
Oman
15
67,372
65,759
32,960
34,130
31,629
15
15
10
235
185
170
3,586
3,465
2,934
6,918
6,399
72
80
90
Q2FY25
Q1FY26
Q2FY26
H1FY25
H1FY26
FY22
FY23
FY24
FY25 FY26E FY27E
o Actual capacity utilization (Quarterly) of India and Oman is 74% & 78% respectively in Q2FY26
o Actual capacity utilization (Half-yearly) of India and Oman is 77% & 85% respectively in H1FY26
Figures are in Metric Tons (MT) unless otherwise stated; E = Estimated
7
Half-Yearly Key Segment Performance – Infrastructure & Industrial
Infrastructure Segment (INR Cr)
105
81
H1FY25
H1FY26
Industrial Segment (INR Cr)
52
62
H1FY25
H1FY26
o There was a 23% dip in revenue on YoY basis.
o Drop was mainly driven by management‘s cautious approach in
curtailing sales of commoditized products with thin margins.
o Revenue in this segment was focused more on value-added products.
o CRM business volume has grown 75% on YoY basis.
o Witnessed a growth of 19% in revenue on YoY basis.
o Despite global economic headwinds, we achieved a 7% YoY growth in
export volumes and have built a strong order pipeline.
o MRP and RR volumes grew by 20% and 4% respectively.
o Rubber conveyor and rubber moulded goods industry remained stable.
H1FY25 figures have been revised following reconciliation.
8
Half-Yearly Key Segment Performance – Consumer & Steel
Consumer Segment (INR Cr)
19
19
H1FY25
H1FY26
Steel Segment (INR Cr)
50
53
H1FY25
H1FY26
o Revenue remained largely stable despite marginal drop in volumes,
reflecting the impact of price corrections.
o Consumer Segment demand is expected to grow in the upcoming quarters, following a seasonal shift influenced by extended monsoon patterns and short-term market liquidity adjustments
o Sales to Consumer Segment will remain our focus area.
o Revenue increased by 6% on YoY basis.
o Steel Segment sales volume has increased by 21% on YoY basis.
o Steel Segment‘s revenue growth was less than volume growth because it
was curbed by falling steel prices due to cheap steel scrap imports.
H1FY25 figures have been revised following reconciliation.
9
Management Analysis on H1FY26 Results
Operational & Financial Highlights
01
02
03
04
05
06
Revenue and tyre processing volumes saw a modest 3% and 2% dip respectively, reflecting management‟s strategic decision to prioritize margin expansion by selectively reducing sales of low-margin, commoditized products.
EPR credit amounting to INR 19.59 Cr is included in the H1 FY26 revenue, as against the EPR revenue of INR 21.61 Cr recorded in H1 FY25.
Renewable Energy Solar Power has contributed savings of INR 1 Crore in H1FY26.
Global Recycle LLC, Oman contributed INR 19 lakh to PBT in H1 FY26, despite a temporary INR 27 lakh loss in Q2 from higher raw material costs. This impact is being mitigated through alternative feedstock options, with benefits expected from Q3 FY26 onwards.
Owing to startup costs, Mbodla Investments, South Africa recorded a loss of INR 73 lakh and is on track to break even by March 2026.
Tinna Rubber Arabia posted a INR 19 lakh loss due to startup cost, and operations are planned to commission from mid- FY27 following a strategic alignment with ongoing expansions in Oman and South Africa.
10
TP Buildtech Q2-H1FY26 Financial Performance
Strong Financial Performance (INR Cr)
Annual Performance
Quarterly Performance
100
90
80
70
60
50
40
30
20
10
0
Sales
EBITDA
EBITDA Margin 17%
14%
9%
47
4
61
7%
4
64
9
87
15
18% 16% 14% 12% 10% 8% 6% 4% 2% 0%
25
20
15
10
5
0
Sales
EBITDA
EBITDA Margin
20
20%
18
4
8% 1
25%
20%
15%
10%
5%
0%
FY22
FY23
FY24
FY25
Q2FY25
Q2FY26 (Unaudited)
TP Buildtech delivered a PAT of INR 98 lakh in H1 FY26 at the consolidated level. The ~50% YoY decline reflects strategic growth initiatives, including:
o Introduction of three new construction chemical product lines—grout repair, mould release agents, and
accelerators—which are expected to scale up soon.
o Ongoing stabilization of the newly set up Kolkata unit, targeted to be completed by end-FY26.
o Sales of lower margin products is higher during the period.
11
Key H1FY26 Strategic Highlights
Operational & Financial Highlights
01
02
03
04
05
06
07
Initiated a comprehensive lifecycle assessment study to measure GHG emissions from tyre recycling and conversion into recycled rubber materials; expected to be completed by Q4 FY26.
Varle plant capacity utilization stood at 66%, reflecting a temporary impact from extended monsoon and softer infra and consumer demand.
PCMB Business is set for a strong pickup in capacity utilization to around 33% by FY26.
Exports continue to be a strong growth catalyst, with the Company targeting a robust 30% volume increase by the end of Q4 FY26.
20% of the Company‟s total power consumption was met through renewable solar energy, with a strong target to scale this to 50% by the end of FY26.
Allocated 3% of PAT towards R&D expenditure to become future ready.
Honored with the prestigious Innovation Award 2025 at Lisbon by the Rubberized Asphalt Foundation, recognizing our pioneering contributions to rubber recycling and sustainable innovation.
12
Cost Saving Initiatives
Renewable Energy Initiatives
Raw Material Cost
The company is expanding its existing renewable energy to more than 3x from 1.23 MW to 4.48 MW. This will lead to the total savings of INR 3.9 Cr+ in FY26. The project has already been initiated and is expected to be completed by the end of Q3FY26.
Started sourcing solar energy from a third-party at our Chennai Plant under highly competitive terms. Plans to extend this sustainable and cost-effective initiative to other locations as well.
Increasing our optionality on using different type of ELTs
This will lead to 10-15% cost saving on raw material
13
Update on Capex
01
Capex of approx INR 100 Cr is planned in next 2 years
02
Capex of INR 56 crore has been completed in H1 FY26, and the balance will be used on a need- driven basis over the remaining timeline.
14
Deployment of QIP Funds
01
INR 23 Cr Debt Reduction – Fully Utilized
03
INR 21.8 Cr Pyrolysis & Recovered Carbon Black - INR 17.91 Cr Utilized
Deployment of QIP Funds (INR 78.7 Cr)
INR 11.7 Cr Solar Power Expansion - INR 9.32 Cr Utilized
02
INR 19 Cr General Corporate Purpose - Fully Utilized
04
15
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
India.
South Africa
o Phase 1 capex is completed, with breakeven expected from March 2026 onward, and operations have begun with cutting, baling, shredding, and subsequent export of the processed material.
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.
o A 13,000-square-metre plot has been allocated to Tinna, with operations
targeted to commence by mid-FY27.
o Management has revised the project setup timeline to align with ongoing
expansion initiatives in Oman and South Africa.
Saudi Arabia
16
Update on International Projects (2/2)
Oman
o Plant is running successfully at 85% capacity utilization.
o H1FY26 Revenue contributed by Oman is approx INR 15 Cr.
($1.7 Million).
o Around 40% 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.
o Secured consent
import ELT improved operating margins and higher capacity utilization.
into Oman, enabling
to
In H1FY26 Tinna hosted delegation from Environment Authority of Oman
17
Polymer Compounding Solutions - Progress and milestones
01
02
Sales Milestone Achieved - Tinna has commenced production and sold around 750 tonnes of material to Sales Milestone Achieved - Tinna has commenced production and sold around 750 tonnes of material to various industries, various industries, including recycled engineered plastics and masterbatches, with the PC business contributing including recycled engineered plastics and masterbatches, with the PC business contributing about 3% to H1FY26 turnover. about 3% to H1FY26 turnover.
Diversified Customer Base - Onboarded multiple new customers across key industries : Multilayer Packaging Diversified Customer Base - Onboarded multiple new customers across key industries : Multilayer Packaging Films, Shoe Soles & Footwear, Automotive Components, Irrigation Products. This diversified reach has helped establish strong recurring Films, Shoe Soles & Footwear, Automotive Components, Irrigation Products. This diversified reach has helped demand streams. establish strong recurring demand streams.
03
Focus on High-Margin, Value-Added Products - Ongoing efforts to develop specialty masterbatches aimed at delivering Focus on High-Margin, Value-Added Products - Ongoing efforts to develop specialty masterbatches aimed higher margins and improved technical performance, supporting long-term profitability. at delivering higher margins and improved technical performance, supporting long-term profitability.
04
Strengthening Polymer Compounding Capabilities - Integrated washing line unit in our Panipat plant has been commissioned successfully. This backward integration enables margin improvement and better quality control. Invested in a range of lab-scale kneaders and extruders to promote constant R&D and sample development without hampering production cycles.
05
Robust Waste Collection Network - Built a strong waste collection base across 4–5 states in North India, with active partnerships and sourcing channels.
18
Recovered Carbon Black (rCB) - Project Update
The rCB project remains on track for commissioning as planned, with trials scheduled to commence by the end of Q3.
A strong team has been established, and skilled professionals continue to be onboarded to drive the division‘s growth, with a strategic focus on both rubber and non-rubber segments.
and Undertaken major enhancements to deliver the highest-quality rCB in the country.
equipment
upgrades
19
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 505 Cr
o Vision 2028 : INR 1,000 Cr
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
20
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%
27.14%
0.73x
EBITDA Margin (%) FY25
Return on Equity (%) FY25
Net Debt to Equity FY25
Source of ELT tyres
Manufacturing presence
Chile
Planned expansion
Oman
South Africa
Australia
9.57%
PAT Margin (%) FY25
26.09%
6.09x
Return on Capital Employed(%) FY25
Interest Coverage FY25
Tyre-crushing capacity of 1,85,000 MT at the end of FY25
Plans to expand installed capacity going forward
* Figures & metrics as per Consolidated Financial statements; EBITDA : Earnings before interest, taxes, depreciation and amortization; PAT : Net Profit After Tax
22
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
23
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
24
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
25
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
2025
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.
26
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
* Revenue contributions are for FY25
• Tinna caters to diverse sectors with a well-balanced portfolio: Infrastructure (46%), Industrial (27%), Consumer
(6%), Steel (20%) 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%
28
Tinna's Industry Diversity Boosts Stability and Lowers Risk
Infrastructure segment sales (INR Cr)
145
190
228
98
Crumb Rubber, CRM, CRMB
Bitumen Emulsion
FY22
FY23
FY24
FY25
Micronized Rubber Powder
Hi-Tensile Ultrafine Reclaim Rubber
Industrial segment sales (INR Cr)
139
68
81
98
FY22
FY23
FY24
FY25
Steel segment sales (INR Cr)
100
41
48
49
Steel Abrasives
Carbon Cut Wire Shot
FY22
FY23
FY24
FY25
Consumer segment sales (INR Cr)
22
21
26
32
Coated Rubber Crumb (CRC)
Crumb Rubber/ Tyre Crumb
FY22
FY23
FY24
FY25
Infrastructure Segment (46%)*
Industrial Segment (27%)*
Steel Segment (20%)*
Consumer Segment (6%)*
PC & MB Segment (1%)*
PC & MB (INR Cr)
6
FY25
29
*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
30
…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
31
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
32
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
33
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
34
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 .
35
Business for a Cause
Tinna dedicated INR 15 lakh in H1 FY26 to CSR programs – driving meaningful change across sports, education, and healthcare sectors.
School Bags Distribution
School Bags Distribution
Providing Saplings
Plantation drive
36
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.
37
Consolidated Financial Performance Q2 & H1FY26
Particulars (INR Cr.)
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
Q2FY26
Q1FY26
QoQ
Q2FY25
YoY
H1-FY26
H1-FY25
YoY
120
98
22
130
109
21
18.0%
16.0%
0
3
2
0
0
16
5
12
0
3
3
0
0
16
4
12
9.8%
9.0%
1
12
0
12
-8%
-11%
4%
-33%
4%
-22%
N/A
-134%
4%
17%
0%
N/A
4%
0%
118
98
19
16.3%
0
2
3
0
1
16
4
12
10.3%
0
12
7.07
2%
-1%
12%
-43%
29%
-17%
N/A
-110%
4%
30%
-3%
N/A
1%
-3%
250
207
42
254
210
44
17.0%
17.3%
1
6
5
0
0
32
8
24
1
4
5
0
2
37
9
29
9.4%
11.2%
1
24
0
29
13.69
16.62
-2%
-1%
-3%
-38%
30%
2%
N/A
-88%
-14%
-2%
-18%
N/A
-16%
-18%
39
Diluted EPS (INR)
6.86
6.83
Historical Consolidated Income Statement
Particulars (INR Cr.)
Operational Income
Total Expenses
EBITDA
EBITDA Margin (%)
Other Income
Depreciation & Amortization Expenses
Interest
Exceptional Items (Loss)
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)
FY23
295
259
37
12.4%
6
7
8
-
1
29
7
22
7.4%
0
22
12.73
FY24
363
300
63
17.2%
1
6
7
-
2
53
12
40
11.1%
1
41
23.52
FY25
505
429
76
15.1%
5
10
11
1
4
63
15
48
9.6%
4
52
28.19
H1FY26
250
207
42
17.0%
1
6
5
-
0
32
8
24
9.4%
1
24
13.69
40
Historical Consolidated Balance Sheet Statement
Assets (INR Cr.)
FY23
FY24
FY25
H1FY26
Equity and Liabilities (INR Cr.)
FY23
FY24
FY25
H1FY26
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
68 0 1 5 0
5 24 1 2 0 106
123 7 1 5 0
7 25 - 2 4 174
179 11 1 5 0
12 22 0 3 4 237
189 24 1 5 0
14 23
4 29 289
38
44
63
76
- 32 2 2 1 2 10 87 -
193
- 30 0 1 1 1 15 93 1 268
6 41 2 2 0 3 31 148 -
385
51 8 1 0 2 29 168
457
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
9
87
96
24
1
2
3
-
31
35
0
22
2
4
1
2
66
97
193
17
111
128
17
161
178
18
254
272
47
1
3
4
-
55
38
0
34
4
6
1
2.4
85
140
268
66
1
4
6
-
77
68
0
47
7
4
2
3
130
207
385
43
1
5
7
55
61
0
52
6
5
2
4
130
185
457
41
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 Cr) & Interest Coverage Ratio (x)
4.37
0.86
3.29
2.95
2.82
0.57
0.73
0.65
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
150
100
50
0
Debt
Interest Coverage Ratio
8.03
6.09
3.1
3.89
69
59
85
134
FY22
FY23
FY24
FY25
9 8 7 6 5 4 3 2 1 0
42
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
Established in 2012, TP Buildtech specializes in concrete Admixture, waterproofing superplasticizer admixture, etc with Tinna owning 49.42% in the Company.
admixture,
cement
Manufacturing units in Wada and Bawal, supported by exclusive R&D Centers in Navi Mumbai, New Delhi, and Kolkata.
The manufacturing at Kolkata has commenced from July‟25 & will stabilize by end of FY26. Spending is being done on business developments.
Company introduced new range of products like curing compound, shuttering oil, SNF Admixtures for concrete and is adding 3 new product in construction chemicals space such as grout repair, mould releasing agents and accelerators.
lines
Growth Drivers
and
Urbanization
Infrastructure
Rapid Development India is experiencing rapid urbanization, leading to increased demand industrial is supported by infrastructure. This growth government initiatives such as the Smart Cities Mission and expansion of transportation networks, which require advanced construction materials
for housing and
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
Domestic construction chemicals & services market (USD Bn)
7.24% CAGR
5.02
3.30
FY24
FY30E
43
Capital Market Data
300% 250% 200% 150% 100% 50% 0% -50%
1 Year Share Price Performance
Number of Public Shareholders
43,546 45,099
21,701
14,797
4,639
6,231
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25
Tinna Rubbers & Infra Ltd
BSE
31st March'21
31st March'22
31st March'23
31st March'24
31st March'25
30th Sep'25
Price Data (As on 30th Sept, 2025)
Face Value (INR)
Market Price (INR)
10.00
940.85
52 Week H/L (INR)
1 722/792.6
Market Cap (INR Cr)
Equity Shares Outstanding (Cr)
1 Year Avg. trading volume ('000)
16,93.53
1.8
26.08
Shareholding Pattern (As on 30th Sep 2025)
Shareholding Pattern (As on 31st March 2025)
Non- Institutions (Other Public), 25.98%
FPI, 0.60%
Domestic Institutions, 5.84%
Promoters & Promoters Group, 67.58%
Non- Institutions (Other Public), 27.22%
FPI, 0.64%
Domestic Institutions, 1.06%
Promoters & Promoters Group, 71.08%
44
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