Operating Leverage Inflection
Expected: CurrentHIGH confidence
What: Varale Plant Utilization: 80%
“I am pleased to inform Varale plant is now operating at 80% capacity utilization, supported by strong post-monsoon demand.”
Tinna Rubber & Infrastructure Ltd: Is It a Deep Value Opportunity?
AverageSteady Growth
As of , Tinna Rubber & Infrastructure Ltd (Rubber Processing/Rubber Products) has a deep value score of 53/100 (rated Average). Earnings are accelerating. 1Y return vs Nifty 500: -27%.
Tinna Rubber & Infrastructure Ltd Key Facts
- PE Ratio
- 26.1x
- Market Cap
- ₹1,276 Cr
- Value Score
- 53/100
- Margin of Safety
- 33%
- PAT Growth YoY
- +63%
- Revenue Growth YoY
- +13%
- OPM
- 16.0%
PE: Mid ContractionFalling Knife
What's Happening
🔻Earnings declining and PE falling — fundamentals deteriorating
💪Debt reduced 23% YoY — balance sheet strengthening
👔Promoter stake down 4.4% this quarter
🌐FII stake decreased 0.7% this quarter
🏛️DII accumulation — stake up 5.8%
💰Trading 33% below estimated fair value
Earnings Acceleration Triggers
1. Operating Leverage Inflection
CurrentHIGH
2. New Product Or Brand Launch
FY27HIGH
3. Geographical Expansion
OngoingMEDIUM
Key Risks
1. Volatility in end-of-life tire (ELT) costs and steel scrap prices affecting marg
MEDIUM2. Potential impact of Iran-US conflict on bitumen imports, though the company is n
LOW3. Higher processing costs in South Africa due to expensive labor and power
LOWSector-Specific Signals
Tire Crushing Volume Growth (QoQ)25%+7% (9M)
Varale Plant Capacity Utilization80%
Export Volume Growth (YoY)20%+20%
EPR Credit Revenue (9M FY26)INR 23.9 Cr-2%
Key Numbers
PAT Growth YoY
+63%
Inflection Up
Revenue YoY
+13%
Stable
Operating Margin
16.0%
+400 bps YoY
PE Ratio
26.1
PEG Ratio
0.11
Current Price
₹708
Dividend Yield
0.56%
3Y PAT CAGR
+41%
Market Cap
1.3K Cr
Valuation
UndervaluedWhy Are Tinna Rubber & Infrastructure Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 18, 2026
New Product Or Brand Launch
Expected: FY27HIGH confidence
What: RCB Revenue Contribution: INR 100-125 Cr
Impact: INR 100 Cr+ Revenue
“We believe in FY '27, the rCB Pyro business to contribute about INR100 crores, INR125 crores to our top line.”
Geographical Expansion
Expected: OngoingMEDIUM confidence
What: Oman Revenue: INR 25 Cr
Impact: 5% of total revenue
“Oman has already begun contributing positively again. We saw the turnaround in the business in November.”
Order Book Or Contract Wins
Expected: 2 YearsMEDIUM confidence
What: IOCL Work Order: INR 76 Cr
Impact: INR 76 Cr
“Tinna has received a two-year work order from Indian Oil Corporation. The value of this is approximately INR76 crores.”
Mandatory Industry Norms
Expected: OngoingMEDIUM confidence
What: EPR Revenue: INR 23.9 Cr
Impact: Significant margin support
“EPR credit amounting to INR23.9 crores is included in nine-month FY '26 revenue.”
EBITDA Growth of 53% YoY
HIGH confidence
What: EBITDA Growth of 53% YoY
“EBITDA and PAT grew strongly by 53% and 57% on Y-o-Y basis respectively, with margin improving to 16.3% and 9.2%.”
What Are the Key Risks for Tinna Rubber & Infrastructure Ltd?
Earnings deceleration risks from management commentary
Volatility in end-of-life tire (ELT) costs and steel scrap prices affecting marg
MEDIUMTrigger: Steel segment revenue growth trailed volume growth due to a downward trend in steel prices.
Management view: Diversifying raw material origins and increasing imports to control costs.
Monitor: commodity
Potential impact of Iran-US conflict on bitumen imports, though the company is n
LOWTrigger: Analyst questioned if bitumen supply for road contractors would be affected.
Management view: Company does not participate in bitumen imports; only modifies bitumen on-site.
Monitor: geopolitical
Higher processing costs in South Africa due to expensive labor and power
LOWTrigger: While closer to raw material sources, operational costs in South Africa are higher than in India.
Management view: Focusing on semi-processing and exporting to India to balance costs.
Monitor: logistics
What Is Tinna Rubber & Infrastructure Ltd's Management Saying?
Key quotes from recent conference calls
“I think we will be more like a 12% to 15% growth over previous year in the current financial year. [Previous Revenue Growth FY26 guidance]”
“We expect to commence trials on the pyrolysis plant certainly within Q4 and the RCB plant in Q1 FY '27. [Initiative: RCB and Pyrolysis Project]”
“In Saudi, a plot of 13,000 square meters has been allotted to us, for setting up a 24,000 ton per annum tire recycling facility. [Initiative: Saudi Arabia Recycling Facility]”
“Steel segment... revenue growth trailed volume growth due to volatility and the downward trend in the steel prices. [Risk (commodity): MEDIUM]”
What Did Tinna Rubber & Infrastructure Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
INR 145.5 Cr
YoY +13%QoQ +16%
Why: Growth was led by higher tire processing volumes and a post-monsoon recovery in demand across infrastructure and consumer sectors.
Revenue showed a strong recovery after a modest 3% dip in the first half of the year.
EBITDA
INR 23.7 Cr
YoY +53%Margin 16.3%
Why: EBITDA grew due to higher volumes, though margins normalized from 18.5% in Q2 because Q2 included a large one-time backlog of EPR credits.
Management noted that excluding the EPR credit lumpiness, the underlying operational efficiency remains robust.
PAT
INR 13.4 Cr
YoY +57%
Why: Profitability was supported by operational efficiencies and a turnaround in the Oman business, which contributed INR 35 lakh at the PAT level.
PAT margins stood at 9.2%, slightly down from 10.6% in the previous quarter due to the normalization of EPR credit accounting.
Other Highlights
• EPR credit of INR 23.9 crores included in nine-month FY26 revenue.
• Oman plant operating at 80% capacity utilization with INR 25 crores revenue in 9M FY26.
• Renewable energy now accounts for 24% of total power consumption.
What Sector Metrics Matter for Tinna Rubber & Infrastructure Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Tire Crushing Volume Growth (QoQ)
25%
YoY +7% (9M)QoQ +25%
Why: Recovery in demand across infrastructure and consumer sectors following the monsoon.
Varale Plant Capacity Utilization
80%
QoQ +14%
Why: Supported by strong post-monsoon demand from infra and consumer segments.
Export Volume Growth (YoY)
20%
YoY +20%
Why: Exports continue to be a strong growth catalyst despite global economic headwinds.
EPR Credit Revenue (9M FY26)
INR 23.9 Cr
YoY -2%
Why: Normalization of credit recognition on the government portal.
Renewable Energy % of Power
24%
Why: Scaling up solar capacity to 4.48 MW to reduce costs and meet ESG goals.
Oman Plant Capacity Utilization
80%
Why: Steady operations serving the GCC region.
PCMB Business Capacity Utilization
40%
Why: The business has been slow to contribute but is expected to reach 45% by year-end.
Working Capital Cycle
50 days
Why: Management expects this level to remain stable going forward.
What Is Tinna Rubber & Infrastructure Ltd's Management Guidance?
Forward-looking targets from management for FY27
OPM Guidance
18%
Capex Plan
₹50 Cr
Revenue Outlook
INR 700 Cr+
Margin Outlook
Targeting EBITDA margin expansion
Capex Plan
INR 50 Cr
Completion of Varale RCB pyro plant, Saudi Arabia facility, and South Africa expansion.
Volume
Targeting 30% export volume increase
Management Tone: BULLISH
Guidance Changes
LOWERED
FY26 Revenue Growth: 12% to 15% → 8% to 9%
How Fast Is Tinna Rubber & Infrastructure Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +13% | +30% | Stable |
| PAT (Net Profit) | +63% | +41% | Inflection Up |
| OPM | 16.0% | +400 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Frequently Asked Questions: Tinna Rubber & Infrastructure Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What is Tinna Rubber & Infrastructure Ltd's deep value score?
Tinna Rubber & Infrastructure Ltd has a deep value score of 53/100 (rated Average). This score is calculated from three components
- Earnings Score: 18/40 — measures PAT growth momentum across quarters
- Underperformance Score: 14/35 — how much the stock trails Nifty 500 (deeper underperformance = higher contrarian signal)
- Quality Score: 9/25 — operational quality (margins, revenue growth, valuation)
Is Tinna Rubber & Infrastructure Ltd fundamentally improving?
Tinna Rubber & Infrastructure Ltd's quarterly profit (PAT) growth trajectory
- Latest Quarter PAT Growth (QoQ): +9%
- Previous Quarter PAT Growth (QoQ): +0%
- 2 Quarters Ago PAT Growth (QoQ): +1%
- PAT Acceleration: +4.2pp (profits are accelerating)
- 3 consecutive quarters of positive PAT growth
Why is Tinna Rubber & Infrastructure Ltd underperforming despite good earnings?
Tinna Rubber & Infrastructure Ltd is underperforming the market despite improving earnings — this is the core deep value thesis
- 1-Year Return vs Nifty 500: -27%
- 6-Month Return vs Nifty 500: -16%
- 3-Month Return vs Nifty 500: -2%
- Yet average quarterly PAT growth is +3% — earnings are improving
- The market often takes time to re-rate stocks with improving fundamentals. This gap between price performance and earnings improvement is what deep value research seeks to identify.
What is the earnings momentum for Tinna Rubber & Infrastructure Ltd?
Tinna Rubber & Infrastructure Ltd's earnings momentum is Steady — consistent growth.
- PAT QoQ progression: +1% → +0% → +9% (2Q ago → 1Q ago → latest)
- Acceleration: +4.2pp
- PAT YoY Growth: +63%
Is Tinna Rubber & Infrastructure Ltd undervalued?
Tinna Rubber & Infrastructure Ltd's valuation metrics
- Price-to-Earnings (PE): 25.5x
- Price-to-Book (PB): 4.7x
- PEG Ratio: 0.1x
- Margin of Safety: +21% (appears undervalued)
What are the revenue and margin trends for Tinna Rubber & Infrastructure Ltd?
Tinna Rubber & Infrastructure Ltd's revenue and margin trends
- Latest Quarter Revenue Growth (QoQ): +16%
- Average Quarterly Revenue Growth: +3%
- Revenue Acceleration: +7.7pp
- Latest OPM Change: -1.7pp (margins contracting)
- Average OPM Change: +0.9pp
- Revenue YoY: +13%
What is Tinna Rubber & Infrastructure Ltd's trailing twelve month (TTM) performance?
Tinna Rubber & Infrastructure Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹49 Cr
- TTM PAT Growth: -5.8% YoY
- TTM Revenue: ₹518 Cr
- TTM Revenue Growth: +6.4% YoY
- TTM Operating Margin: 16.0%
What sector does Tinna Rubber & Infrastructure Ltd belong to?
Tinna Rubber & Infrastructure Ltd key facts
- Sector: Rubber Processing/Rubber Products
- Market Cap: ₹1.3K Cr
- Rank in Rubber Processing/Rubber Products: #1 by value score
- Overall rank among all deep value stocks: #80
Is Tinna Rubber & Infrastructure Ltd a good deep value opportunity to study?
Tinna Rubber & Infrastructure Ltd shows limited deep value signals currently — score is 53/100 (Average). Monitor for improvement.
- Value Score: 53/100 (Average)
- Earnings: Accelerating
- 1Y Underperformance: -27% vs Nifty 500
What is the bull and bear case for Tinna Rubber & Infrastructure Ltd?
Research Signals (Bull Case)
- Earnings accelerating — profit growth speeding up
- 3 consecutive quarters of positive PAT growth
- Appears undervalued based on fair value analysis
- Revenue growth also accelerating
- Operating margins expanding
How does the Rubber Processing/Rubber Products sector look for deep value?
Rubber Processing/Rubber Products deep value sector overview
- 1 deep value stocks in this sector
- Average value score: 53/100
- Avg PAT acceleration: +4.2pp
- Top pick: Tinna Rubber & Infrastructure Ltd
What is deep value investing?
Deep value investing studies stocks that are underperforming the market despite showing improving fundamentals. The thesis is that the market has not yet recognized the earnings recovery, creating a potential valuation gap. It requires patience — recovery can take several quarters.
How is the deep value score calculated?
The deep value score (0-100) combines three factors:
- Earnings (0-40 pts): PAT growth across last 3 quarters, acceleration, and consecutive growth - Underperformance (0-35 pts): How much the stock trails Nifty 500 over 1Y, 6M, 3M (deeper underperformance = higher score) - Quality (0-25 pts): Revenue growth, margin trends, and valuation metrics (PEG, P/B)
Higher score indicates a stronger contrarian research signal.
What are the growth catalysts for Tinna Rubber & Infrastructure Ltd?
Tinna Rubber & Infrastructure Ltd has 6 key growth catalysts identified from recent earnings analysis
- Operating Leverage Inflection
- New Product Or Brand Launch
- Geographical Expansion
- Order Book Or Contract Wins
What are the key risks in Tinna Rubber & Infrastructure Ltd?
Tinna Rubber & Infrastructure Ltd has 3 key risks worth monitoring
- Volatility in end-of-life tire (ELT) costs and steel scrap prices affecting marg
- Potential impact of Iran-US conflict on bitumen imports, though the company is n
- Higher processing costs in South Africa due to expensive labor and power
What did Tinna Rubber & Infrastructure Ltd's management say in the latest earnings call?
In Q3 FY26, Tinna Rubber & Infrastructure Ltd's management highlighted
- "I think we will be more like a 12% to 15% growth over previous year in the current financial year. [Previous Revenue Growth FY26 guidance]"
- "We expect to commence trials on the pyrolysis plant certainly within Q4 and the RCB plant in Q1 FY '27. [Initiative: RCB and Pyrolysis Project]"
- "In Saudi, a plot of 13,000 square meters has been allotted to us, for setting up a 24,000 ton per annum tire recycling facility. [Initiative: Saudi A..."
The above FAQs are generated from publicly available earnings data. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.