Tinna Rubber and Infrastructure LimitedQ2 FY27 Results & Financial Update
Tinna Rubber and Infrastructure Limited: Q2 FY27 consolidated results and company financials – revenue ₹156.59 Cr, PAT ₹17.04 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Tinna Rubber and Infrastructure Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
For the quarter ended September 30, 2026, Tinna Rubber and Infrastructure Limited reported consolidated revenue from operations of INR 156.59 crore and a total income of INR 157.32 crore.
Profit before tax for Q2 FY27 stood at INR 23.26 crore, while net profit after tax reached INR 17.04 crore, resulting in a basic earnings per share of INR 9.46 for the quarter.
s in the accompanying press release, consolidated revenue, EBITDA, and PAT grew by 31%, 37%, and 45% year-on-year respectively for Q2 FY27, maintaining margins above 18% at the EBITDA level and above 10% at the PAT level.
Segment performance for the broader half-year period was led by robust demand in infrastructure, which grew 38% year-on-year, alongside industrial growth of 19%, consumer growth of 11%, and steel sector growth of 8%.
Operational expansion continued across high-value product lines, notably polymer composites and masterbatch (PCMB), alongside internal cost optimization through increased adoption of renewable energy sources.
The company maintained a disciplined balance sheet, with credit ratings upgraded by CARE Ratings to CARE BBB (Stable) for long-term facilities and CARE A3+ for short-term facilities.
01 · Business model
What does Tinna Rubber and Infrastructure do?
Tinna Rubber and Infrastructure Limited operates as a specialized end-of-life tyre recycler, converting discarded tyres into value-added materials across its manufacturing footprint.
The company recovers approximately 99 percent of each processed tyre, yielding outputs such as crumb rubber, crumb rubber modified bitumen (CRMB), micronized rubber powder (MRP), reclaimed rubber, steel abrasives, and polymer compounds.
Products serve diverse customer segments across infrastructure, tyre manufacturing, rubber goods, sports surfaces, and steel production globally.
Operations span multiple plants across India, Oman, and South Africa, supported by an expanding international raw material sourcing network.
02 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q2 FY27 |
|---|---|
| Revenue from operations | ₹156.59 Cr |
| Total income | ₹157.32 Cr |
| Profit before tax | ₹23.26 Cr |
| Profit after tax | ₹17.04 Cr |
| EPS | ₹9.46 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 10.9% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 14.9% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹0.73 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Growth was underpinned by strong infrastructure sector demand, particularly in road construction and modified bitumen applications.
Expansion in specialized product lines such as polymer composites and masterbatch contributed significantly to revenue realization.
What drove margins
Renewable energy accounted for 40% of total power consumption in H1 FY27 following an increase in renewable capacity from 1.23 MW to 4.48 MW, generating monetary savings.
A growing share of high-value recycled products and micronized rubber powder supported operating profitability.
04 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
In H1 FY27, infrastructure segment revenue grew 38% year-on-year, industrial grew 19%, consumer grew 11%, and steel segment grew 8%.
Geography and market mix
The Oman manufacturing plant operated at 90% capacity utilization in H1 FY27, with EBITDA margins improving to 11.5% from 6.43% in FY26.
Established a wholly-owned subsidiary, Tinna Rubber Chile SpA, to strengthen global end-of-life tyre sourcing networks and expand the international footprint.
05 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
An ongoing 3,500 MTPA micronized rubber powder capacity expansion is scheduled for commissioning by Q3 FY27, bringing total MRP capacity to 20,000 MTPA.
Polymer composites and masterbatch total capacity expanded to 18,000 TPA, with H1 FY27 revenue increasing to INR 27 crore from INR 8 crore in H1 FY26.
Projects, capex and execution
The company completed INR 45 crore of capex during H1 FY27 out of a planned INR 100 crore investment earmarked across FY27 and FY28.
Announced plans to invest up to INR 250 crore over three years to develop a 40-acre integrated recycling facility in Andhra Pradesh covering rubber, plastic, pyrolysis, and recovered carbon black.
06 · Reported developments
What changed operationally
Policy developments including proposed mandates for modified bitumen in road construction and stricter extended producer responsibility (EPR) rules for waste tyres support long-term demand.
07 · Items worth noticing
The line items that can distort a quick read
The company recorded a tax expense of INR 6.38 crore for the quarter against a profit before tax of INR 23.26 crore.
08 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
Consolidated debt declined 9% to INR 111 crore in H1 FY27 from INR 121 crore in FY26, with the interest coverage ratio improving to 9.91x and net debt-to-equity ratio strengthening to 0.32x.
09 · Management guidance & targets
What management is targeting from here
Management targets reaching INR 1,000 crore in revenue by 2029 at a 25% CAGR, sustaining EBITDA margins above 18%, and achieving a return on capital employed above 30% while expanding from 8 to 10 operating locations.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Global tyre recycling scale
The company processes end-of-life tyres across multiple global locations, recovering approximately 99% of input material into usable industrial commodities.
11 · Key Q&A
The quarter, answered directly
What does Tinna Rubber and Infrastructure do?
Tinna Rubber and Infrastructure Limited operates as a specialized end-of-life tyre recycler, converting discarded tyres into value-added materials across its manufacturing footprint.
What is the clearest takeaway from Q2 FY27?
For the quarter ended September 30, 2026, Tinna Rubber and Infrastructure Limited reported consolidated revenue from operations of INR 156.59 crore and a total income of INR 157.32 crore.
What drove revenue or demand?
Growth was underpinned by strong infrastructure sector demand, particularly in road construction and modified bitumen applications.
What mattered most for margins or profitability?
Renewable energy accounted for 40% of total power consumption in H1 FY27 following an increase in renewable capacity from 1.23 MW to 4.48 MW, generating monetary savings.
What changed operationally beyond the headline numbers?
An ongoing 3,500 MTPA micronized rubber powder capacity expansion is scheduled for commissioning by Q3 FY27, bringing total MRP capacity to 20,000 MTPA.
What is management guiding or targeting from here?
Management targets reaching INR 1,000 crore in revenue by 2029 at a 25% CAGR, sustaining EBITDA margins above 18%, and achieving a return on capital employed above 30% while expanding from 8 to 10 operating locations.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
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Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
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The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Andhra Pradesh project ground-work: Monitor initial capital allocation and execution milestones for the proposed INR 250 crore integrated recycling facility in Andhra Pradesh.
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