1. At a Glance – Because Scrolling Is a Sport Now
If recycling tyres was an Olympic event, Tinna Rubber & Infrastructure Ltd would at least be on the podium, wearing a sustainability medal and flexing its ROCE muscles.
Market cap sits at ₹1,320 Cr, current price ₹733, and the stock has politely corrected ~41% in one year—basically the market saying, “Calm down, green warrior.”
Latest Q3 FY26 numbers?
- Revenue: ₹139 Cr (+13.4% YoY)
- PAT: ₹12.8 Cr (+57% YoY)
- EPS: ₹7.11 for the quarter
- ROCE: 28%
- ROE: 31.2%
Debt is a manageable ₹104 Cr, promoter holding still a chunky 67.6%, and zero pledge—always a green flag in a country where pledging shares is a national hobby.
But here’s the plot twist: despite strong fundamentals and sexy sustainability buzzwords, the stock has underperformed recently. So is this a temporary tyre puncture or structural air leak? Keep reading.
2. Introduction – From Scrap Tyres to Serious Money
Tinna Rubber is not a new-age ESG startup born in a WeWork basement. It’s been around since 1977, quietly shredding old tyres long before recycling became LinkedIn-content-worthy.
The company operates in a niche that sounds boring until you realize India generates millions of end-of-life tyres every year, and dumping them is both illegal and environmentally disastrous. Enter Tinna, turning waste into crumb rubber, steel wire, and modified bitumen—aka garbage turned gold, with a helmet and reflective jacket.
Over the last five years, Tinna has transformed itself from a cyclical recycler into a value-added infrastructure and materials supplier, riding government road contracts, tyre OEM demand, and global recycling mandates.
But the market is conflicted. On one hand, profits have grown at 65% CAGR over 5 years. On the other,
valuations expanded fast and then reality hit. So the big question:
👉 Is Tinna Rubber a long-term green compounder or just a well-dressed cyclical?
3. Business Model – WTF Do They Even Do?
Imagine an old truck tyre. Now imagine it being shredded, processed, refined, and reborn as something that helps build roads or tyres again. That’s Tinna’s core business.
Four Revenue Engines (FY24 split):
- Infrastructure (52%) – CRMB, bitumen emulsion for roads
- Industrial (25%) – reclaimed rubber for tyres & belts
- Steel (13%) – recovered steel & abrasives
- Consumer (10%) – mats, gym flooring, rubber products
The magic lies in value addition. Selling raw crumb rubber is commodity business. But selling crumb rubber modified bitumen to IOCL under multi-year contracts? That’s where margins stretch their yoga mats.
Facilities across Panipat, Mathura, Haldia, Gummidipoondi, Wada, and Oman, many near ports—because exporting rubber dust halfway across India is not cheap, boss.
4. Financials Overview – Numbers That Actually Matter
Quarterly Performance (Q3 FY26 vs Others)
| Metric | Latest Qtr | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 139 | 123 | 120 | 13.4% | 15.8% |
| EBITDA (₹ Cr) | 22 | 15 | 21 | 46.7% | 4.8% |
| PAT (₹ Cr) | 12.8 | 8.1 | 12.0 | 57.0% | 6.7% |
| EPS (₹) | 7.11 | 4.76 | 6.53 | 49.4% | 8.9% |
Annualised EPS (Q3): Average of Q1, Q2, Q3 EPS × 4
(Q1: 6.52, Q2: 6.53, Q3: 7.11 →
