Tinna Rubber and Infrastructure530475Quarterly results

H1 FY27: record profitability, debt down 9%, MRP capacity expansion on track

Tinna Rubber reported its most profitable half-year in H1 FY27.

By ScoutQuest · Thu 22 Oct 2026, 4:10 PM IST · 3 min read

₹38 Cr

Q2 FY27₹17 CrH1 FY27₹38 Cr

Consolidated PAT: ₹17 Cr (Q2 FY27) and ₹38 Cr (H1 FY27).

H1 FY27 Revenue: ₹313 Cr (+25% YoY)
H1 FY27 EBITDA: ₹63 Cr (+50%)
H1 FY27 PAT: ₹38 Cr (+60%)

Headline numbers

The company reported what it called its most profitable half-year, on a consolidated basis, for the quarter and half year ended 30th September 2026.

H1 FY27 revenue ₹313 Cr, up 25% year on year; EBITDA ₹63 Cr, up 50%; PAT ₹38 Cr, up 60%.
Q2 FY27 revenue ₹157 Cr, up 31%; EBITDA ₹29 Cr, up 37%; PAT ₹17 Cr, up 45%.
On a standalone basis, EBITDA exceeded Rs. 61 crore and PAT surpassed Rs. 36 crore, with EBITDA and PAT margins above 20% and 12% respectively.

Segment and product mix

H1 FY27 segment growth was led by 38% year-on-year growth in Infrastructure, 19% in Industrial, 11% in Consumer and 8% in Steel, driven by infrastructure demand.
Polymer Composites and Masterbatch (PCMB) revenue tripled to Rs. 27 Cr in H1 FY27 from Rs. 8 Cr in H1 FY26, with total capacity expanded to 18,000 TPA.

Balance sheet and credit profile

Debt declined 9% to Rs. 111 Cr from Rs. 121 Cr in FY26.
Interest coverage ratio improved to 9.91x in H1 FY27 from 7.49x in FY26, and net debt-to-equity improved to 0.32x.
CARE Ratings upgraded the company's credit ratings to CARE BBB, Stable for long-term facilities and CARE A3+ for short-term facilities.

Capacity and expansion

The ongoing 3,500 MTPA MRP capacity expansion is progressing as planned and is to be commissioned by Q3 FY27. This will take MRP capacity to 20,000 MTPA, which the company says positions it as the world's largest MRP producer.
Capex of Rs. 45 Cr was completed in H1 FY27 against a planned Rs. 100 Cr investment over FY27 and FY28.
In Andhra Pradesh, the company plans to invest up to Rs. 250 crore over the next three years to develop a 40-acre integrated recycling facility covering rubber and plastic recycling, pyrolysis and recovered Carbon Black (rCB).

Other operational points

Renewable energy was 40% of total power consumption in H1 FY27, with renewable capacity rising from 1.23 MW to 4.48 MW; solar initiatives generated savings of Rs. 2.37 Cr.
The Oman facility ran at 90% capacity utilisation in H1 FY27, with EBITDA margins improving to 11.5% from 6.43% in FY26.
A wholly owned subsidiary, Tinna Rubber Chile SpA, was set up to strengthen global end-of-life tyre sourcing and expand the international recycling footprint.

Management's perspective

The release points to policy momentum in the company's favour, including proposed mandates for modified bitumen in road construction and tighter EPR (Extended Producer Responsibility) rules for waste tyres, alongside rising natural rubber prices and industry demand for sustainable materials.

Vision 2029 targets as stated

Revenue of ₹1,000 Cr, growing at a CAGR of over 25%.
Profitability growth of over 33% CAGR.
EBITDA margins sustained above 18% and return on capital employed above 30%.
Expansion from 8 to 10 locations.

What a retail investor should note

The release mixes reported results with forward-looking plans. The Vision 2029 numbers, the Andhra Pradesh investment, the Q3 FY27 commissioning timeline and the rating agency's view are projections or plans, not outcomes already achieved. Company profile in the release: 8 plants in India and Oman with 2,00,000 MT of tyre-crushing capacity, operations in South Africa, and future expansions envisaged in Saudi Arabia and Chile.

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