Tinna Rubber and Infrastructure Limited (TRIL) announced its financial and operational performance for the second quarter and half year ended September 30, 2026 (Q2 & H1 FY27) through a regulatory filing pursuant to Regulation 30 read with Schedule III of SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015.

Financial Performance Highlights

H1 FY27 Consolidated Results (YoY):

  • Revenue: ₹313 Crore, up 25% year-over-year
  • EBITDA: ₹63 Crore, up 50% year-over-year
  • PAT: ₹38 Crore, up 60% year-over-year

Q2 FY27 Consolidated Results (YoY):

  • Revenue: ₹157 Crore, up 31% year-over-year
  • EBITDA: ₹29 Crore, up 37% year-over-year
  • PAT: ₹17 Crore, up 45% year-over-year

Standalone H1 FY27 Performance:

  • EBITDA exceeded ₹61 crore
  • PAT surpassed ₹36 crore
  • EBITDA margins above 20%
  • PAT margins above 12%

Segment Performance H1 FY27 (YoY):

  • Infrastructure segment: 38% growth
  • Industrial segment: 19% growth
  • Consumer segment: 11% growth
  • Steel segment: 8% growth

Balance Sheet Strength

  • Debt declined 9% to ₹111 Crore from ₹121 Crore in FY26
  • Interest coverage ratio improved to 9.91x (H1FY27) from 7.49x (FY26)
  • Net debt-to-equity ratio improved to 0.32x in H1FY27

Operational & Strategic Updates

Credit Rating Upgrade:

  • CARE Ratings upgraded Tinna's credit ratings to CARE BBB; Stable for long-term facilities and CARE A3+ for short-term facilities

Capacity Expansion:

  • Ongoing 3,500 MTPA MRP capacity expansion progressing as planned
  • Commissioning expected by Q3 FY27
  • Will increase MRP capacity to 20,000 MTPA, making the company the world's largest producer of MRP

Polymer Composites & Masterbatch (PCMB):

  • Revenue tripled to ₹27 Crore in H1FY27 from ₹8 Crore in H1FY26
  • Total capacity expanded to 18,000 TPA

Capex Update:

  • Completed ₹45 Crore of capex in H1 FY27
  • Planned investment of ₹100 Crore over FY27-FY28

Andhra Pradesh Integrated Facility:

  • Plans to invest up to ₹250 crore over the next three years
  • 40-acre integrated recycling facility
  • Capacities across rubber and plastic recycling, pyrolysis and recovered Carbon Black (rCB)
  • Envisaged to be one of the largest integrated rubber and plastic recycling plants globally

Renewable Energy:

  • Renewable energy accounted for 40% of total power consumption in H1FY27
  • Renewable capacity increased from 1.23 MW to 4.48 MW
  • Solar power initiatives generated savings of ₹2.37 Crore

International Operations:

  • Oman facility operated at 90% capacity utilization in H1FY27
  • EBITDA margins improved to 11.5% from 6.43% in FY26
  • Established wholly owned subsidiary Tinna Rubber Chile SpA to strengthen global ELT sourcing network and expand international recycling footprint

Management Commentary & Outlook

Management stated that Tinna delivered its most profitable half-year ever in H1 FY27, powered by strong year-on-year growth in Q2, a stronger balance sheet and growing share of high-value products.

Vision 2029 Targets:

  • Reach ₹1,000 Crore in revenue
  • Grow at a CAGR of over 25%
  • Deliver profitability growth of over 33% CAGR
  • Sustain EBITDA margins above 18%
  • Earn return on capital employed above 30%
  • Expand operations from 8 to 10 locations

Market Factors:

  • Policy momentum building with proposed mandates for modified bitumen in road construction
  • Tighter EPR rules for waste tyres
  • Rising natural rubber prices
  • Industry push for sustainable materials accelerating demand for recycled rubber

Company Background

Tinna Rubber and Infrastructure Limited ('TRIL'), headquartered in New Delhi, is among the world's largest end-of-life tyre recyclers. The company currently operates 8 plants in India and Oman with 2,00,000 MT of tyre-crushing capacity, and also operates in South Africa. Future expansions are envisaged in Saudi Arabia and Chile. TRIL recovers about 99% of each tyre, producing crumb rubber, CRMB, micronized rubber powder, reclaimed rubber, steel abrasives and polymer compounds for customers worldwide.