Tinna Rubber Q2 Revenue Grows 31% to ₹157 Crore; Eyes ₹1,000 Crore Goal by FY29

Key numbers

Q2 Revenue	₹156.59 Cr31% YoY Growth
Net Profit	₹17.04 Cr45% YoY Growth
Operating Margin	18.8%Healthy Profitability
RSI	23.67Oversold Zone

Key highlights

• Consolidated revenue for Q2 FY27 reached ₹156.59 crore, up 31% year-on-year
• Net profit surged 45% YoY to ₹17.04 crore despite geopolitical headwinds and startup costs
• Tyre crushing volumes grew by 30% YoY to 86,000 tons in H1 FY27
• Micronized Rubber Powder expansion of 3,500 MTPA on track for Q3 FY27 commissioning
• Management reiterated Vision 2029 targets of ₹1,000 crore revenue and 18%+ EBITDA margins
• Extended Producer Responsibility (EPR) certificates contributed ₹4.6 crore to Q2 income

Strong Volume Growth Powers Q2 Performance

Tinna Rubber and Infrastructure achieved consolidated revenue of ₹156.59 crore in Q2 FY27, supported by a 30% increase in tyre crushing volumes. The infrastructure segment, a primary growth driver, saw revenue rise 38% to ₹112 crore, while industrial segment revenue increased 37% to ₹85 crore. Operating leverage remained a key theme, as net profit growth of 45% significantly outpaced revenue expansion.

While EBITDA margins moderated slightly from Q1 levels to 18.8% due to startup expenses in international subsidiaries and logistical challenges in the Middle East, they remain above the company's long-term guidance of 18%.

Vision 2029 and Global Expansion Strategy

• Reiterated revenue target of ₹1,000 crore by FY29 with an EBITDA margin above 18%.
• Completed 40-acre land acquisition in Andhra Pradesh for a ₹250 crore integrated recycling complex.
• Commissioning of 3,500 MTPA Micronized Rubber Powder (MRP) expansion targeted for Q3 FY27.
• Middle East equipment delays pushed South Africa Phase 2 commissioning back by three to four months.
• Saudi Arabia plant (24,000 MTPA) construction set to begin in H2 FY27, subject to regional stability.
• Polymer composites and masterbatch business expected to contribute 8% to 10% of FY27 revenue.
• Successfully passed on increased energy and logistics costs to global tyre industry customers.

Record Landmark H1 Performance

H1 FY27 has been a landmark period with profitability at record levels on both standalone and consolidated basis.

Managing Regulatory Trends and Operational Risks

The company continues to leverage the Extended Producer Responsibility (EPR) framework, generating ₹4.6 crore from certificate sales in Q2. Management is also proactively addressing a potential land acquisition of its Panipat facility by the Haryana government. Panipat is the company's smallest and oldest unit, primarily producing crumb rubber, and its potential closure is not expected to materially impact operations, as plastics recycling is handled elsewhere.

Higher logistics costs and natural rubber price volatility have encouraged tyre companies to increase their intake of recycled rubber, providing a sustained tailwind for Tinna's product portfolio.

What to watch next

• Commissioning of the 3,500 MTPA MRP expansion scheduled for Q3 FY27
• Breaking ground at the Andhra Pradesh integrated recycling complex in November 2026
• Stabilization of tyre pyrolysis oil sales at the Bareilly facility by Q3 FY27
• Launch of next-generation self-repair construction products by FY28

“Our 3,500 ton per annum micronized rubber powder expansion is on track for commissioning in Q3 of FY27. It will take our total MRP capacity to 20,000 tons per annum, making us the world's largest producer of MRP.”

“For FY27, we are targeting revenue of around 700 crores, EBITDA of 126 crores and PAT of 70 crores.”

Tinna Rubber and Infrastructure · financial snapshot

Share price	₹741.85
Market capitalisation	₹1,336.50 Cr
Revenue (annual)	₹545.81 Cr
Net profit (annual)	₹52.85 Cr
Revenue (latest quarter)	₹156.59 Cr+0.26% vs previous quarter
Net profit (latest quarter)	₹17.04 Cr-17.15% vs previous quarter
P/E (TTM)	19.96×Sector 34.44×
Promoter holding	67.22%0.00% QoQ
FII holding	1%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.