Here's a summary of Tinna Rubber And Infrastructure Limited's performance: **Business Performance:** Consolidated revenues grew 8% to ₹546 Cr in FY26. EBITDA and PAT margins saw improvement, with EBITDA growing 23% YoY.

The Infrastructure segment contributed 38% of revenue, followed by Industrial (30%) and Steel (20%). The PCMB business is showing strong growth, with revenue contribution rising to 4% in FY26. Tyre crushing volumes reached an all-time high, with India volumes up 15% YoY. **Growth Drivers or Strategy:** The company is focusing on expanding its Polymer Composite & Masterbatch (PCMB) business, targeting an 8-10% revenue contribution in FY27. They are also investing in expanding MRP capacity and have enhanced feedstock flexibility to reduce raw material costs.

Global operations are being de-risked with planned expansions in Saudi Arabia and South Africa. **Recent Developments:** Tinna has commenced operations of its recovered carbon black (rCB) and Tyre Pyrolysis Oil (TPO) plants.

They also received a two-year contract from Indian Oil Corporation for Crumb Rubber Modifier supply.

The company has outlined plans for a tyre recycling plant in Saudi Arabia and is expanding its PCMB capacity in Haryana. **Key Financial Metrics:** Consolidated FY26 revenue stood at ₹546 Cr, with EBITDA at ₹94 Cr and PAT at ₹53 Cr.

Debt reduced by 10% to ₹121 Cr, and the interest coverage ratio improved to 7.49x. **Management Commentary / Outlook:** Management anticipates normalization of performance in coming quarters, with recovery expected from international projects.

The company plans ~₹100 Cr in capex over FY27-FY28. They are well-positioned to capitalize on the growing recycled rubber market driven by rising natural rubber prices and a strong focus on the circular economy.