Tinna Rubber & Infrastructure Ltd(TINNARUBR)

NSE: TINNARUBRBSE: 530475

₹ 745+0.38%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,342 crWebsite: www.tinna.inUpdated: 24 Oct 2026

About

Tinna Rubber & Infrastructure Ltd, established in 1987, processes end-of-life tyres into crumb rubber, micronized rubber powder and reclaimed steel used in road construction and rubber applications, and also offers infrastructure development services. It describes itself as one of the largest recyclers of end-of-life tyres in India. In FY26 the company reported revenue of INR 545.81 cr. It operates plants in India and Oman, has a joint venture in South Africa and subsidiaries being established in Chile and Saudi Arabia.^[1][2]

Business segments

Infrastructure segment contributed INR 205 cr in FY26 (down 7% YoY), supplying crumb rubber modifier (CRM), rubberised bitumen and emulsions to road construction contractors.^[3]
Infrastructure segment Q1FY27 revenue grew to INR 62 cr (+7% YoY) on volume growth of 33% YoY, aided by rubberised bitumen substitution as bitumen supply tightened.^[4]
Industrial segment revenue grew to INR 46 cr in Q1FY27 (+58% YoY from INR 29 cr in Q1FY26), supplying MRP, reclaimed rubber and crumb rubber to industrial customers and export markets.^[4]
PCMB (polymer compounding) division contributed INR 12 cr in Q1FY27 (8% of consolidated topline), up from INR 4 cr in Q1FY26, and approximately 4% of FY26 turnover.^[4]
Consumer segment volumes fell 20% in Q1FY27 due to sharp raw material price increases and near-threefold rise in binder and synthetic grass prices from the West Asia conflict.^[4]

Products and market position

As of FY26, the company processes end-of-life tyres into crumb rubber, micronized rubber powder and reclaimed steel, used in road construction and various rubber applications.^[1]
It says it has one of the most diverse product portfolios globally among companies using waste tyres as feedstock (FY26 annual report).^[1]
Besides recycled rubber products, the company offers infrastructure development services (FY26 annual report).^[1]

Operations and capacity

India tyre crushing capacity stood at 185,000 TPA in FY26 (+9% YoY), with plans to expand to 235,000 TPA by FY27.^[3]
India tyre crushing volumes reached 155,000 MT in FY26 (+13% YoY), running at 90% capacity utilisation; Oman ran at 85% utilisation in FY26.^[3]
PCMB facility in Haryana commissioned in Q1FY27, bringing total PCMB capacity to 18,000 TPA (6,000 TPA original unit + 12,000 TPA expansion).^[4]
Solar capacity expanded more than 3x from 1.23 MW to 4.48 MW in FY26, with approximately 50% of power requirements expected from renewables from FY27 onwards.^[3]
MRP capacity expansion of 3,500 TPA is on track for commissioning by Q3FY27, bringing total MRP capacity to 20,000 TPA.^[4]

Key operating numbers

India tyre crushing volume reached 44,238 MT in Q1FY27 (+35% YoY), with capacity utilisation at 88%; Oman processed 2,912 MT at 78% utilisation in Q1FY27.^[4]
MRP volumes grew +28% YoY and reclaimed rubber volumes grew +37% YoY in Q1FY27.^[4]
Export volumes grew +46% YoY in Q1FY27, following +30% YoY growth in FY26.^[4]
PCMB initial 6,000 TPA unit operated at 82% utilisation in Q1FY27; PCMB sales volume was 1,076 MT in Q1FY27.^[4]
CRM volumes grew 80% YoY and emulsion business grew 15% YoY in Q3FY26.^[5]
EPR credit revenue was approximately INR 29 cr in FY26, stable year-on-year.^[3]

Customers and distribution

Recycled rubber products are supplied to both tyre and non-tyre rubber industries (FY26 annual report).^[1]
Indian Oil Corporation awarded a two-year work order worth approximately INR 76 cr in Q3FY26 for supply of CRM to its Haldia and Mathura plants.^[5]
Company was appointed exclusive India distributor for Zibo TAA Metal Technology (China) steel abrasives in Q1FY27.^[4]
Oman operations sell into the GCC region, with GCC sales at approximately 60% of production in FY26 and a target to reach 80% by end of Q1FY27.^[3]
Oman generated revenue of approximately INR 9 cr in Q1FY27 at 78% capacity utilisation.^[4]

New products in development

Tyre Pyrolysis Oil (TPO) facility at Varale commenced trial operations in Q1FY27; commercial sales expected in Q2FY27, with operations stabilising by Q3FY27.^[4]
Recovered Carbon Black (rCB) production is scheduled to commence in Q3FY27 with commercial sales targeted by Q4FY27.^[4]
rCB and pyrolysis businesses are guided to contribute 7 - 10% of FY27 consolidated revenue (approximately INR 50 - 60 cr).^[4]

Expansion and capex

South Africa JV Mbodla Investments (49% stake, partner Lionshare Holdings): Phase 1 capex complete with semi-processed exports begun; Phase 2 equipment (9,000 MTPA crumb rubber) en route as of Q1FY27.^[4][6][1]
Tinna Rubber Chile SpA established in Santiago to strengthen ELT sourcing; initial investment tranche of INR 10,03,729 infused on 7 October 2026 out of a planned cap of INR 5,00,00,000.^[4]
Tinna Rubber Arabia Ltd (Saudi Arabia): SAR 1,02,000 infused on 7 October 2026 for 15 shares; 24,000 TPA plant construction targeted to start end of calendar 2026, subject to geopolitical normalisation.^[7]
Total capex of approximately INR 100 cr is planned across FY27 - FY28, with approximately INR 60 cr to be capitalised in FY27.^[4]
TP Buildtech (infrastructure subsidiary) is targeting more than 30% growth and INR 100 cr revenue in FY27.^[4]

Recent developments

CARE Ratings upgraded long-term bank facilities from CARE BBB-; Stable to CARE BBB; Stable, and short-term facilities from CARE A3 to CARE A3+, in October 2026.^[8]
Secured a 15,000 MT rubberised bitumen processing order for execution in FY27, driven by bitumen supply shortages from the West Asia conflict.^[4]
Steel abrasives volume growth target for FY27 raised from approximately 30% to approximately 50%, with customer transition from Q4FY27.^[4]
Board recommended a final dividend of ₹3.25 per share (32.5%) for FY26.^[1]
FY27 remuneration caps proposed: MD up to ₹5.313 crore p.a., JMD up to ₹3.795 crore p.a., WTD up to ₹66.15 lakh p.a., plus up to 20% performance bonus.^[1]
Shares listed directly on the NSE main board from 17 April 2025; shareholders approved raising up to ₹150 crore via a QIP.^[6]

Market Cap

₹1,342 Cr

High / Low

₹1,320 / 529

Stock P/E

21.7

Price / Book

4.5

Book Value

₹167

EPS

₹29.3

No. of Shares

1.8 Cr

ROCE

22.4%

ROE

22.1%

OPM

15.2%

Debt / Equity

0.40

Sales

₹546 Cr

Net Profit

₹53 Cr

Promoter holding

67.2%

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