Tinna Rubber & Infrastructure Limited · NSE:TINNARUBR
Tinna Rubber & Infrastructure — Q2 H1FY26 Earnings Presentation
46 slides from Tinna Rubber & Infrastructure's earnings presentation, Nov 15, 2025
Slide 1: Exchange filing cover letter
Date: November 15, 2025 To, To, Listing Department Listing Department BSE Limited National Stock Exchange of India Ltd Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C-1, Block G, Dalal Street, Mumbai-400001 Bandra Kurla Complex, Bandra (E), Mumbai-400051 BSE Scrip: 530475 NSE Symbol
Slide 2: Investor & Earnings Presentation Q2-H1FY26
Tinna Rubber and Infrastructure Limited Investor & Earnings Presentation Q2- H1FY26 Crumb Rubber Gym Conveyor Rubber Tiles Rubber Moulded Tyres Belt Mat Infill Goods
Slide 3: Disclaimer
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 securi
Slide 4: Table of Contents
Table of Contents Performance Highlights – 01 Q2 - H1FY26 02 Company Overview 03 Key Investment Highlights 04 Annexures
Slide 5: Performance Highlights Q2-H1FY26
Performance Highlights Q2- H1FY26
Slide 6: Q2 & H1FY26 Standalone Financial Highlights
Q2 & H1FY26 - Standalone Financial Highlights Revenue from Operations EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) Quarterly Results EBITDA EBITDA Margin PAT PAT Margin (%) 50 35.0% 35 25.0% 45 30 30.0% 40 20.0% 35 25.0% 25 30 18.5% 15.0% 15.7% 15.6% 20.0% 20 10.6% 25 9.0% 8.6% 20 15.0% 15 10.0%
Slide 7: Q2 & H1FY26 Consolidated Financial Highlights
Q2 & H1FY26 - Consolidated Financial Highlights EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) Quarterly Results EBITDA EBITDA Margin PAT PAT Margin (%) 40 25.0% 35 20.0% 35 18.0% 30 16.3% 20.0% 15.0% 30 16.0% 25 25 15.0% 10.3% 9.8% 20 20 9.0% 10.0% 10.0% 15 15 22 10 5.0% 10 19 21 5.0% 5 5 12 12 12
Slide 8: Key Operational Performance
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) 15 India Oman India Oman India Oman 15 15 67,372 65,759 32,960 34,130 31,629 235 10 185 170 80 90 6,918 6,399 72 3,
Slide 9: Half-Yearly Key Segment Performance – Infrastructure & Industrial
Half-Yearly Key Segment Performance – Infrastructure & Industrial Infrastructure Segment (INR Cr) o There was a 23% dip in revenue on YoY basis. o Drop was mainly driven by management‘s cautious approach in 105 curtailing sales of commoditized products with thin margins. 81 o Revenue in this segment
Slide 10: Half-Yearly Key Segment Performance – Consumer & Steel
Half-Yearly Key Segment Performance – Consumer & Steel Consumer Segment (INR Cr) o Revenue remained largely stable despite marginal drop in volumes, reflecting the impact of price corrections. 19 19 o Consumer Segment demand is expected to grow in the upcoming quarters, following a seasonal shift in
Slide 11: Management Analysis on H1FY26 Results
Management Analysis on H1FY26 Results Operational & Financial Highlights Revenue and tyre processing volumes saw a modest 3% and 2% dip respectively, reflecting management‟s strategic 01 decision to prioritize margin expansion by selectively reducing sales of low-margin, commoditized products. 02 EP
Slide 12: TP Buildtech Q2-H1FY26 Financial Performance
TP Buildtech Q2-H1FY26 Financial Performance Strong Financial Performance (INR Cr) Annual Performance Quarterly Performance 100 Sales EBITDA EBITDA Margin 18% Sales EBITDA EBITDA Margin 90 17% 16% 80 14% 14% 25 25% 70 12% 20 60 20 20% 18 20% 9% 10% 50 87 8% 15 15% 40 7% 6% 30 61 64 10 10% 20 47 15 4
Slide 13: Key H1FY26 Strategic Highlights
Key H1FY26 Strategic Highlights Operational & Financial Highlights Initiated a comprehensive lifecycle assessment study to measure GHG emissions from tyre 01 recycling and conversion into recycled rubber materials; expected to be completed by Q4 FY26. Varle plant capacity utilization stood at 66%, r
Slide 14: Cost Saving Initiatives
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 Increasing our optionality on using total savings of INR 3.9 Cr+ in FY26. different type of ELTs The project ha
Slide 15: Update on Capex
Update on Capex Capex of approx INR 100 Cr is planned in next 2 01 years Capex of INR 56 crore has been completed in H1 FY26, and the balance will be used on a need- 02 driven basis over the remaining timeline. 14
Slide 16: Deployment of QIP Funds
Deployment of QIP Funds INR 11.7 Cr INR 23 Cr Solar Power Expansion - 02 01 Debt Reduction INR 9.32 Cr Utilized – Fully Utilized Deployment of QIP Funds (INR 78.7 Cr) INR 21.8 Cr INR 19 Cr Pyrolysis & Recovered General Corporate Purpose 04 03 Carbon Black - INR 17.91 - Fully Utilized Cr Utilized 15
Slide 17: Update on International Projects (1/2)
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
Slide 18: Update on International Projects (2/2)
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 cos
Slide 19: Polymer Compounding Solutions - Progress and milestones
Polymer Compounding Solutions - Progress and milestones 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, 01 various industries, i
Slide 20: Recovered Carbon Black (rCB) - Project Update
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 foc
Slide 21: Vision 2028: Powering the Next Phase of Growth
Vision Vision2028 2028- : POWERING THE NEXT PHASE OF GROWTH Locations - Profitability Growth (3 Years CAGR) - o Current (FY25) : 6 o Current (FY25) : 42% o Vision 2028 : 10 o Vision 2028 : 33%+ Revenue (3 Years CAGR) - EBITDA Margin - o Current (FY25) : 30% o Current (FY25) : 15% o Vision 2028 : 25%
Slide 22: Company Overview
Company Overview
Slide 23: One of the largest recyclers of ELTs in India
One of the largest recyclers of ELTs in India Market Leadership Industry Experience Diverse Product Portfolio Integrated Operations One of the largest recyclers 45+ Years of Industry One of the most diverse product Fully Integrated operations of ELTs in India Experience; Founded in 1977 portfolios g
Slide 24: Waste to Wealth – 400% Value Addition to Waste
Waste to Wealth – 400% Value Addition to Waste Automobile Rubber Parts 80, 120, 140, 170 RUBBER MESH (MRP) Conveyor Belts Reclaim Rubber Roads 30/40 MESH End of CRUMB RUBBER MODIFIER Sports CRMB Turfs Life Tyres (CRM) for road top layer CRM + Bitumen (ELT) application Gym Tiles STEEL BEAD WIRES Stee
Slide 25: Geographical expansion
Tinna‘s long-term strategies to build sustainable Geographical expansion Going global after establishing a strong domestic presence; gaining competitive moats access to Europe and Africa through new facilities. Planned expansions in South Africa and Saudi Arabia will enable Tinna to scale its operat
Slide 26: Strong focus on sustainability
Strong focus on sustainability Circular Economy Make Use Collect Transform Reuse TRIL recovers ~99% material from ELT, converting This recycled material is further supplied to various them into specialized and high quality customers and help them to reduce consumption of recycles material virgin pol
Slide 27: Our journey so far
Our journey so far 1977 1980 1982 1987 1990 Group founded under the Tie-up with Japan synthetic Introducing light weight TRIL was incorporated Commenced export of Thermo visionary leadership of Rubber for footwear rubber slippers under the and commissioned leather Plastic Rubber compounds Mr. Bhupin
Slide 28: Key Investment Highlights
Key Investment Highlights
Slide 29: Well positioned to capitalize on strong tailwinds
Well positioned to capitalize on strong tailwinds • Tinna is well-positioned to capitalize on the large market opportunity for recycled rubber Play on a large market with a strong focus on • Rising natural rubber prices are driving manufacturers to adopt recycling, which is boosting the global recyc
Slide 30: Industry Diversity Boosts Stability and Lowers Risk
Tinna's Industry Diversity Boosts Stability and Lowers Risk Infrastructure segment sales (INR Cr) 228 190 145 Infrastructure 98 Segment (46%)* Crumb Rubber, Bitumen FY22 FY23 FY24 FY25 CRM, CRMB Emulsion Industrial segment sales (INR Cr) 139 81 98 Industrial 68 Segment (27%)* Micronized Hi-Tensile F
Slide 31: Infrastructure segment: CRM, CRMB, and bitumen emulsions
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, & Indian Market Breakup by End-User Industry (In Million metric tons) hydr
Slide 32: Industrial segment products for a variety of applications
…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 Indian Recycled Rubber Product Manufacturing Market (In USD Million) fr
Slide 33: Further diversifying its portfolio with the consumer segment
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, It is 100 % REACH, PAH & RoHS Indian Recycled Rubber Product Manufacturing Market
Slide 34: Strategically located facilities
Strategically located facilities… Map of Oman not drawn to scale Map of India not drawn to scale Manufacturing presence Source of ELT tyres Panipat Mathura (Haryana) (Uttar Pradesh) Europe Middle Eastern USA countries Oman Saham Haldia (Al Batnah) Oman (West Bengal) Varale | Wada (Maharashtra) South
Slide 35: Experienced board and management team
Operations led by an experienced board and management team Mr. Bhupinder Kumar Sekhri Mr. Gaurav Sekhri Mr. Subodh Kumar Sharma Mr. Ravindra Chhabra Chairman & Managing Director Joint Managing Director Whole-time Director & COO Chief Financial Officer Mr. Sanjay Jain Mr. Vaibhav Dange Mr. Krishna Pr
Slide 36: Sustainability and ethical growth at Tinna's core
Sustainability and ethical growth have been at Tinna‘s core long before ESG became a global focus CSR Initiatives Circular Economy Regular organizing of medical checkup, blood Follows a circular economy model, donation, and health awareness camps. CSR recovering 99% of materials from end-of-life Ini
Slide 37: Business for a Cause
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
Slide 38: Tinna's strategies are in place to achieve growth
To summarize - Tinna‘s strategies are in place to achieve growth going forward Tinna‟s strategy focuses on achieving strong Expanding tire crushing capacity revenue growth while maintaining stable enhances Tinna's revenue potential by EBITDA margins and high return ratios. With meeting the rising de
Slide 39: Annexures
Annexures
Slide 40: Consolidated Financial Performance Q2 & H1FY26
Consolidated Financial Performance Q2 & H1FY26 Particulars (INR Cr.) Q2FY26 Q1FY26 QoQ Q2FY25 YoY H1-FY26 H1-FY25 YoY Operational Income 120 130 -8% 118 2% 250 254 -2% Total Expenses 98 109 -11% 98 -1% 207 210 -1% EBITDA 22 21 4% 19 12% 42 44 -3% EBITDA Margin (%) 18.0% 16.0% 16.3% 17.0% 17.3% Other
Slide 41: Historical Consolidated Income Statement
Historical Consolidated Income Statement Particulars (INR Cr.) FY23 FY24 FY25 H1FY26 Operational Income 295 363 505 250 Total Expenses 259 300 429 207 EBITDA 37 63 76 42 EBITDA Margin (%) 12.4% 17.2% 15.1% 17.0% Other Income 6 1 5 1 Depreciation & Amortization Expenses 7 6 10 6 Interest 8 7 11 5 Exc
Slide 42: Historical Consolidated Balance Sheet Statement
Historical Consolidated Balance Sheet Statement Assets (INR Cr.) FY23 FY24 FY25 H1FY26 Equity and Liabilities (INR Cr.) FY23 FY24 FY25 H1FY26 Equity share capital 9 17 17 18 Non-current assets 68 123 179 189 Other equity 87 111 161 254 Property, Plant and Equipment Capital work-in-progress 0 7 11 24
Slide 43: Healthy Financial Ratios Highlight Robust Fundamentals
Healthy Financial Ratios Highlight Robust Fundamentals ROCE (%) ROE (%) Working Capital Days Receivable Days Inventory Days Payable Days 31.53% 27.14% 62 60 40 42 30.84% 26.09% 21.83% 22.71% 52 51 47 44 46 41 40 18.17% 18.29% 34 34 27 30 30 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25
Slide 44: Through TP Buildtech, capitalize on construction chemicals growth
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 Growth Drivers Domestic construction Established in 2012, TP Buildtech specializes in concrete che
Slide 45: Capital Market Data
Capital Market Data 1 Year Share Price Performance Number of Public Shareholders 300% 45,099 43,546 250% 200% 150% 100% 21,701 50% 14,797 0% 6,231 4,639 -50% Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 31st 31st 31st 31st 31st 30th Tinna Rubbers & Infra Ltd BS
Slide 46: Contact Us
Contact Us Investor Relations Contact: Go India Advisors Sana Kapoor Sheetal Khanduja Senior Research Analyst Head – IR Practice +91 81465 50469 +91 97693 64166 sana@goindiaadvisors.com sheetal@goindiaadvisors.com
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