Date: November 15, 2025

To, To,
Listing Department Listing Department
BSE Limited National Stock Exchange of India Ltd
Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C-1, Block G,
Dalal Street, Mumbai-400001 Bandra Kurla Complex, Bandra (E), Mumbai-400051

BSE Scrip: 530475 NSE Symbol: TINNARUBR

ISIN: INE015C01016

SUBJECT: INVESTOR AND EARNINGS CALL PRESENTATION

Dear Sir/Madam,

Pursuant to Regulation 30 read with Schedule III of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations 2015, and in continuation to our letter dated November
11, 2025, please find enclosed Investor & Earnings Presentation of Tinna Rubber And Infrastructure Limited
(“the Company”), on the financial and operational performance of the Company for the second quarter and
half year ended on September 30, 2025 (Q2-H1FY26).

The aforesaid presentation shall also be available on Company’s website at https://tinna.in/notices-

announcements/

You are requested to take the same on your records

Thanking you

Yours faithfully

For TINNA RUBBER AND INFRASTRUCTURE LIMITED

SANJAY Digitally signed
by SANJAY
KUMAR KUMAR RAWAT
Date: 2025.11.15
RAWAT 22:04:12 +05'30'
______________
Sanjay Kumar Rawat
Company Secretary
ICSI M. No. : ACS23729

Enclosure: as above
Tinna Rubber and
Infrastructure Limited
Investor & Earnings Presentation
Q2- H1FY26

Crumb Rubber
Gym Conveyor Rubber
Tiles Rubber Moulded Tyres
Belt Mat
Infill Goods
Disclaimer

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Tinna Rubber and
Infrastructure Limited (the “Company”) solely for the information purposes and do not constitute any offer, recommendation or
invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any
contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a
statutory offering document containing detailed information about the Company.

Certain statements in this presentation concerning our future growth prospects are forward looking statements which involve a
number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking
statements. The risks and uncertainties relating to the statements include, but are not limited to, risks and uncertainties
regarding fiscal policy, competition, inflationary pressures and general economic conditions affecting demand / supply and
price conditions in domestic and international markets. The company does not undertake to update any forward-looking
statement that may be made from time to time by or on behalf of the company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable.
This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any
liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. The Company does not
make any promise to update/provide such presentation along with results to be declared in the coming years.

2
 Table of
Contents
Performance Highlights –
01 Q2 - H1FY26 02 Company Overview

03 Key Investment Highlights

04 Annexures
 Q2 & H1FY26 - Standalone Financial Highlights
Revenue from Operations EBITDA & EBITDA Margin (%) PAT & PAT Margin (%)
Quarterly Results

EBITDA EBITDA Margin PAT PAT Margin (%)

50 35.0% 35 25.0%
45 30
30.0%
40 20.0%
35 25.0% 25
30
18.5% 15.0%
15.7% 15.6% 20.0% 20 10.6%
25 9.0% 8.6%
20 15.0% 15 10.0%
117 127 117
15 10.0% 10
10 18 20 22 5 11 11 12 5.0%
5.0%
5
0 0.0% 0 0.0%
Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26

EBITDA EBITDA Margin PAT PAT Margin (%)

80 20.0%
Half-Yearly Results

100 20.0%
17.0% 18.0%
90 16.3% 18.0% 70
80 16.0% 16.0%
60
70 14.0% 14.0%
50 9.8%
60 12.0% 9.6% 12.0%
50 10.0% 40 10.0%
40 8.0% 30 8.0%
30 6.0% 6.0%
253 244 20
20 41 41 4.0% 4.0%
10 25 23 2.0%
10 2.0%
0 0.0% 0 0.0%
H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26

Figures are in INR Cr. unless otherwise stated

5
 Q2 & H1FY26 - Consolidated Financial Highlights
EBITDA & EBITDA Margin (%) PAT & PAT Margin (%)
Quarterly Results

EBITDA EBITDA Margin PAT PAT Margin (%)

40 25.0% 35 20.0%
35
18.0% 30
16.3% 20.0% 15.0%
30 16.0% 25
25 15.0%
10.3% 9.8%
20
20 9.0% 10.0%
10.0%
15
15
22 10 5.0%
10 19 21 5.0%
5 5 12 12 12
0 0.0% 0 0.0%
Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26
Half-Yearly Results

EBITDA EBITDA Margin PAT PAT Margin (%)

90 25.0% 20.0%
80 60
70
17.3% 17.0% 20.0% 15.0%
50
60 11.2%
50
15.0% 40 9.4%
10.0%
40
10.0%
30
30
20 5.0%
20 44 42 5.0% 29
10 24
10
0 0.0% 0 0.0%
H1FY25 H1FY26 H1FY25 H1FY26

Figures are in INR Cr. unless otherwise stated

6
 Key Operational Performance
Quarterly Performance Half-Yearly Performance Annual Capacity

Volume of Tyres Processed (MT) Volume of Tyres Processed (MT) Tyre Crushing Capacity (‗000 MT)

15
India Oman India Oman India Oman

15
15
67,372 65,759

32,960 34,130
31,629 235
10
185
170

80 90
6,918 6,399 72
3,586 3,465 2,934

Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 FY22 FY23 FY24 FY25 FY26E FY27E

o Actual capacity utilization (Quarterly) of India and Oman is 74% & 78% respectively in Q2FY26
o Actual capacity utilization (Half-yearly) of India and Oman is 77% & 85% respectively in H1FY26

Figures are in Metric Tons (MT) unless otherwise stated; E = Estimated 7

 Half-Yearly Key Segment Performance – Infrastructure & Industrial

Infrastructure Segment (INR Cr)

o There was a 23% dip in revenue on YoY basis.

o Drop was mainly driven by management‘s cautious approach in

105 curtailing sales of commoditized products with thin margins.
81
o Revenue in this segment was focused more on value-added products.

o CRM business volume has grown 75% on YoY basis.

H1FY25 H1FY26

Industrial Segment (INR Cr)

o Witnessed a growth of 19% in revenue on YoY basis.

o Despite global economic headwinds, we achieved a 7% YoY growth in

export volumes and have built a strong order pipeline.
62
52
o MRP and RR volumes grew by 20% and 4% respectively.

o Rubber conveyor and rubber moulded goods industry remained stable.

H1FY25 H1FY26

H1FY25 figures have been revised following reconciliation.

8
 Half-Yearly Key Segment Performance – Consumer & Steel

Consumer Segment (INR Cr)

o Revenue remained largely stable despite marginal drop in volumes,
reflecting the impact of price corrections.

19 19 o Consumer Segment demand is expected to grow in the upcoming

quarters, following a seasonal shift influenced by extended monsoon
patterns and short-term market liquidity adjustments

o Sales to Consumer Segment will remain our focus area.

H1FY25 H1FY26

Steel Segment (INR Cr)

o Revenue increased by 6% on YoY basis.

o Steel Segment sales volume has increased by 21% on YoY basis.

50 53
o Steel Segment‘s revenue growth was less than volume growth because it
was curbed by falling steel prices due to cheap steel scrap imports.

H1FY25 H1FY26

H1FY25 figures have been revised following reconciliation.

9
Management Analysis on H1FY26 Results

Operational & Financial Highlights

Revenue and tyre processing volumes saw a modest 3% and 2% dip respectively, reflecting management‟s strategic
01 decision to prioritize margin expansion by selectively reducing sales of low-margin, commoditized products.

02 EPR credit amounting to INR 19.59 Cr is included in the H1 FY26 revenue, as against the EPR revenue of INR 21.61 Cr
recorded in H1 FY25.

03 Renewable Energy Solar Power has contributed savings of INR 1 Crore in H1FY26.

Global Recycle LLC, Oman contributed INR 19 lakh to PBT in H1 FY26, despite a temporary INR 27 lakh loss in Q2 from
04 higher raw material costs. This impact is being mitigated through alternative feedstock options, with benefits expected from
Q3 FY26 onwards.

Owing to startup costs, Mbodla Investments, South Africa recorded a loss of INR 73 lakh and is on track to break even by
05
March 2026.

Tinna Rubber Arabia posted a INR 19 lakh loss due to startup cost, and operations are planned to commission from mid-
06 FY27 following a strategic alignment with ongoing expansions in Oman and South Africa.

10
TP Buildtech Q2-H1FY26 Financial Performance

Strong Financial Performance (INR Cr)

Annual Performance Quarterly Performance

100
Sales EBITDA EBITDA Margin 18% Sales EBITDA EBITDA Margin
90 17% 16%
80 14% 14% 25 25%
70
12% 20
60 20 20% 18 20%
9% 10%
50
87 8% 15 15%
40
7% 6%
30 61 64 10 10%
20 47 15 4% 8%
9 5
4 5%
10 4 4 2% 1
0 0% 0 0%
FY22 FY23 FY24 FY25 Q2FY25 Q2FY26 (Unaudited)

TP Buildtech delivered a PAT of INR 98 lakh in H1 FY26 at the consolidated level. The ~50% YoY decline
reflects strategic growth initiatives, including:

o Introduction of three new construction chemical product lines—grout repair, mould release agents, and
accelerators—which are expected to scale up soon.

o Ongoing stabilization of the newly set up Kolkata unit, targeted to be completed by end-FY26.

o Sales of lower margin products is higher during the period.

11
Key H1FY26 Strategic Highlights

Operational & Financial Highlights

Initiated a comprehensive lifecycle assessment study to measure GHG emissions from tyre
01 recycling and conversion into recycled rubber materials; expected to be completed by Q4 FY26.

Varle plant capacity utilization stood at 66%, reflecting a temporary impact from extended
02 monsoon and softer infra and consumer demand.

PCMB Business is set for a strong pickup in capacity utilization to around 33% by FY26.
03

Exports continue to be a strong growth catalyst, with the Company targeting a robust 30%
04 volume increase by the end of Q4 FY26.

20% of the Company‟s total power consumption was met through renewable solar energy, with a
05 strong target to scale this to 50% by the end of FY26.

Allocated 3% of PAT towards R&D expenditure to become future ready.

06

Honored with the prestigious Innovation Award 2025 at Lisbon by the Rubberized Asphalt
Foundation, recognizing our pioneering contributions to rubber recycling and sustainable
07 innovation.
12
Cost Saving Initiatives

Renewable Energy Initiatives Raw Material Cost

The company is expanding its existing

renewable energy to more than 3x from
1.23 MW to 4.48 MW. This will lead to the
Increasing our optionality on using
total savings of INR 3.9 Cr+ in FY26. different type of ELTs
The project has already been initiated and is
expected to be completed by the end of
Q3FY26.

Started sourcing solar energy from a

third-party at our Chennai Plant under This will lead to 10-15% cost saving on
highly competitive terms. Plans to extend
raw material
this sustainable and cost-effective
initiative to other locations as well.

13
Update on Capex

Capex of approx INR 100 Cr is planned in next 2

01 years

Capex of INR 56 crore has been completed in H1

FY26, and the balance will be used on a need-
02
driven basis over the remaining timeline.

14
Deployment of QIP Funds

INR 11.7 Cr
INR 23 Cr Solar Power Expansion - 02
01 Debt Reduction INR 9.32 Cr Utilized
– Fully Utilized
Deployment
of QIP Funds
(INR 78.7 Cr)
INR 21.8 Cr INR 19 Cr
Pyrolysis & Recovered General Corporate Purpose 04
03 Carbon Black - INR 17.91 - Fully Utilized
Cr Utilized

15
Update on International Projects (1/2)

o Tinna successfully infused capital funding into Mbodla Investments Pty Ltd
(JV Company)
o The JV has received permission to export 24,000 ELT from South Africa to
India.

South Africa o Phase 1 capex is completed, with breakeven expected from March 2026
onward, and operations have begun with cutting, baling, shredding, and
subsequent export of the processed material.

o Tinna has outlined plans to set up a tyre recycling plant in Saudi Arabia and
accordingly company has been formed with the name Tinna Rubber Arabia Ltd.
o Initial plan is to set up a capacity of 24,000 MT per annum of tyre recycling.
o A 13,000-square-metre plot has been allocated to Tinna, with operations
targeted to commence by mid-FY27.
Saudi Arabia
o Management has revised the project setup timeline to align with ongoing
expansion initiatives in Oman and South Africa.

16
 Update on International Projects (2/2)

Oman

o Plant is running successfully at 85% capacity utilization.

o H1FY26 Revenue contributed by Oman is approx INR 15 Cr.
($1.7 Million).
o Around 40% of total production is sold within GCC Region.
o An increase in the cost of ELT has sharply raised input
costs, thereby impacting the EBITDA margin.
o Secured consent to import ELT into Oman, enabling
improved operating margins and higher capacity utilization.

In H1FY26 Tinna hosted delegation from Environment Authority of Oman

17
Polymer Compounding Solutions - Progress and milestones

Sales Milestone Achieved - Tinna has commenced production and sold around 750 tonnes of material to
Sales Milestone Achieved - Tinna has commenced production and sold around 750 tonnes of material to various industries,
01 various industries,
including including
recycled engineered recycled
plastics engineered plastics
and masterbatches, with theand masterbatches,
PC business with
contributing the 3%
about PCtobusiness contributing
H1FY26 turnover.
about 3% to H1FY26 turnover.

DiversifiedCustomer
Diversified Customer Base
Base - Onboarded
- Onboarded multiple
multiple new customers
new customers across
across key key industries
industries : Multilayer: Packaging
Multilayer Films,
Packaging
Shoe
Soles
Films,&Shoe
Footwear, Automotive
Soles Components,
& Footwear, Irrigation
Automotive Products. This
Components, diversified
Irrigation reach has
Products. Thishelped establish
diversified strong
reach hasrecurring
helped
02 demand streams.
establish strong recurring demand streams.

Focus
Focuson onHigh-Margin,
High-Margin, Value-Added
Value-AddedProducts - Ongoing
Products efforts to
- Ongoing develop
efforts specialty specialty
to develop masterbatches aimed at delivering
masterbatches aimed
03 higher margins and improved technical performance, supporting long-term profitability.
at delivering higher margins and improved technical performance, supporting long-term profitability.

Strengthening Polymer Compounding Capabilities - Integrated washing line unit in our Panipat plant has
been commissioned successfully. This backward integration enables margin improvement and better quality
04 control. Invested in a range of lab-scale kneaders and extruders to promote constant R&D and sample
development without hampering production cycles.

Robust Waste Collection Network - Built a strong waste collection base across 4–5 states in North India, with
05 active partnerships and sourcing channels.

18
Recovered Carbon Black (rCB) - Project Update

The rCB project remains on track for commissioning

as planned, with trials scheduled to commence by the
end of Q3.

A strong team has been established, and skilled

professionals continue to be onboarded to drive the
division‘s growth, with a strategic focus on both
rubber and non-rubber segments.

Undertaken major equipment upgrades and

enhancements to deliver the highest-quality rCB in
the country.

19
Vision
Vision2028
2028- : POWERING THE NEXT PHASE OF GROWTH

Locations - Profitability Growth (3 Years CAGR) -

o Current (FY25) : 6 o Current (FY25) : 42%
o Vision 2028 : 10 o Vision 2028 : 33%+

Revenue (3 Years CAGR) - EBITDA Margin -

o Current (FY25) : 30% o Current (FY25) : 15%

o Vision 2028 : 25%+ o Vision 2028 : 18%+

Revenue - ROCE -

o Current (FY25) : INR 505 Cr o Current (FY25) : 26%

o Vision 2028 : INR 1,000 Cr o Vision 2028 : 30%+

OUR PRIORITIES
Shareholder Value Creation | Strong Corporate Governance | Judicious Use of Capital
20
One of the largest recyclers of ELTs in India
Market Leadership Industry Experience Diverse Product Portfolio Integrated Operations

One of the largest recyclers 45+ Years of Industry One of the most diverse product Fully Integrated operations
of ELTs in India Experience; Founded in 1977 portfolios globally, among companies from ELT collection to
using waste tyre as a feedstock recycled material production

Expanding tire crushing capacity, diverse ELT sourcing, & global operations… …have helped Tinna achieve a strong financial performance*

Europe 15.07% 27.14% 0.73x

Middle Eastern
EBITDA Margin (%) Return on Equity (%) Net Debt to Equity
USA countries FY25 FY25 FY25

Oman

Source of ELT tyres 9.57% 26.09% 6.09x

PAT Margin (%) Return on Capital Interest Coverage
Manufacturing presence South Africa
Chile Australia FY25 Employed(%) FY25 FY25
Planned expansion

Tyre-crushing capacity of Plans to expand installed

1,85,000 MT at the end of FY25 capacity going forward

* Figures & metrics as per Consolidated Financial statements; EBITDA : Earnings before interest, taxes, depreciation and amortization; PAT : Net Profit After Tax

22
Waste to Wealth – 400% Value Addition to Waste

Automobile Rubber Parts

80, 120, 140, 170
RUBBER
MESH (MRP) Conveyor Belts

Reclaim Rubber

Roads
30/40 MESH

End of CRUMB RUBBER MODIFIER Sports

CRMB Turfs
Life Tyres (CRM) for road top layer
CRM + Bitumen
(ELT) application

Gym
Tiles

STEEL BEAD WIRES Steel Abrasives

Rubber Pipes

New Tyres

SCRAP

23
Tinna‘s long-term strategies to build sustainable Geographical expansion
Going global after establishing a strong domestic presence; gaining
competitive moats access to Europe and Africa through new facilities.
Planned expansions in South Africa and Saudi Arabia will enable
Tinna to scale its operations globally.

Product portfolio expansion

Product portfolio expansion

Tinna has consistently expanded its product portfolio, driving growth

Geographical expansion

Investing in people & IP

and unlocking multiple avenues for future expansion.

Customer addition
Customer addition
By addressing the needs of customers across Industrial,
Infrastructure, Consumer, and Steel sectors, Tinna is uniquely
positioned to offer tailored solutions and unlock cross-selling
synergies across its portfolio.

Investing in people & IP

Driven by innovation and backed by a team of R&D experts, Tinna
continuously upgrades its products - fostering sustainable growth.

Tinna is steadily building a sustainable competitive moat as it transforms into a leading global player in recycling
24
Strong focus on sustainability
Circular Economy

Make Use Collect Transform Reuse

TRIL recovers ~99% material from ELT, converting This recycled material is further supplied to various
them into specialized and high quality customers and help them to reduce consumption of
recycles material virgin polymers

6* 1,35,000* 2,00,000* 6.5 million** 3,25,000** 1,00,000**

Recycling Tonnes of Tonnes of CO2 Tyres back Tonnes Tonnes of

Plants tyres - yearly emissions - in circular recycled rubber steel back
recycling yearly saving economy products in economy

*Data for FY25; ** Cumulative Data for the last 11 years

25
Our journey so far

1977 1980 1982 1987 1990

Group founded under the Tie-up with Japan synthetic Introducing light weight TRIL was incorporated Commenced export of Thermo
visionary leadership of Rubber for footwear rubber slippers under the and commissioned leather Plastic Rubber compounds
Mr. Bhupinder Kumar Sekhri soling sheets brand name ―Tinna‖ footwear manufacturing unit to Russia and Europe

2013 2010 2001 1995

Set up waste Tyre recycling Entered Bitumen Set up CRMB plant at TRIL was listed on
plant at Mumbai and Panipat Emulsion Business Panipat, Mathura & Haldia Bombay Stock Exchange

2014 2017 2023 2024

Set up waste Tyre recycling Commenced export Completed acquisition Set up passenger car radial
plant at Gummidipoondi, of Recycled of tyre recycling plant at Varale
Chennai Rubber Materials Global Recycle, Oman and Polymer Composites/
2025 TPR/TPV plant at Panipat

With new facilities planned in South Africa and

Saudi Arabia, Tinna is well-positioned to meet the
growing global demand for recycled rubber. Tinna
has also ventured into TPO & Recovered Carbon
Black and the plant is expected to be commenced in
FY26. 26
Well positioned to capitalize on strong tailwinds
• Tinna is well-positioned to capitalize on the large market opportunity for recycled rubber
Play on a large market
with a strong focus on • Rising natural rubber prices are driving manufacturers to adopt recycling, which is boosting the global recycled
circular economy rubber market

Diverse product portfolio • Tinna caters to diverse sectors with a well-balanced portfolio: Infrastructure (46%), Industrial (27%), Consumer
across a breadth of (6%), Steel (20%) and PC & MB (1%) *
industries • Strong R&D focus has enabled Tinna to diversify its product portfolio

• Tinna's growing tire crushing capacity positions it well in a growing market

Global operational scale
helps build a truly • Future-ready manufacturing with expanding capacity, supported by overseas facilities and planned capex
de-risked business • Expansion into Saudi Arabia and South Africa to help diversify sourcing and tire recycling globally while giving
model Tinna the ability to cater to a growing global and domestic market

• Tinna‟s promoters bring decades of expertise in rubber recycling, positioning the company strongly in a growing
Experienced board domestic market.
supported by a strong
• Their efforts are complemented by a professional management team that drives operational excellence and
management team
supports strategic execution

Strong performance • Demonstrated strong revenue growth 3 year CAGR of 30% between FY22-FY25
drives industry-leading • Steady state EBITDA margins >15%
financial and operational
metrics • High return ratios and capital efficiency ratios > 25%

* Revenue contributions are for FY25

28
 Tinna's Industry Diversity Boosts Stability and Lowers Risk
Infrastructure segment sales (INR Cr)
228
190
145
Infrastructure 98
Segment (46%)*
Crumb Rubber, Bitumen FY22 FY23 FY24 FY25
CRM, CRMB Emulsion

Industrial segment sales (INR Cr)

139
81 98
Industrial 68
Segment (27%)*
Micronized Hi-Tensile FY22 FY23 FY24 FY25
Rubber Powder Ultrafine Reclaim
Rubber
Steel segment sales (INR Cr)
100
Steel Segment 41 48 49
(20%)*
Steel Carbon Cut FY22 FY23 FY24 FY25
Abrasives Wire Shot

Consumer segment sales (INR Cr)

Consumer 26 32
22 21
Segment (6%)*
Coated Rubber Crumb Rubber/
FY22 FY23 FY24 FY25
Crumb (CRC) Tyre Crumb

PC & MB (INR Cr)

PC & MB
Segment (1%)* 6

Polypropylene Black Master FY25

*Segment-wise revenue contribution for FY25; all nos. are on Consol basis Copolymer (PPCP) batch 29
Well-positioned to serve the infrastructure segment with products
like CRM, CRMB, and bitumen emulsions…
Product Portfolio Demand for Recycled rubber in Infrastructure segment is expected to grow

A blend of waste tire rubber, & Indian Market Breakup by End-User Industry (In Million metric tons)
hydrocarbons, with bitumen forms stable,
high-performance binders for durable,
cost-effective road paving 2019 2024 2030F
0.23

0.12

0.08
0.06
0.04
0.03

Road Construction and Cement and Concrete

Infrastructure
Crumb Rubber Modifier Bitumen Emulsion

Key growth drivers for the infrastructure segment

01 GOI working towards mandatory Modified Bitumen Use: GOI is working towards making modified bitumen mandatory for wearing surfaces for national highways.

02 Government Outlay: Large capital outlay for the Ministry of Road Transport and Highways.

03 With the increasing focus on environmentally friendly road construction, CRMB adoption is expected to rise.

30
…complemented by its presence in the industrial segment, offering
products for a variety of applications
Product Portfolio Indian Recycled Rubber products Market poised for growth by 2030

100% strained, devulcanized rubber, free Indian Recycled Rubber Product Manufacturing Market (In USD Million)
from impurities and has a superior finish,
meeting REACH, PAH, and RoHS
standards 2019 2024 2030F

115

60

38

18 21
16
7 6
2

Hi-Tensile Ultrafine Reclaim Conveyor Belt Automobile Rubber Parts Rubber Pipes
Micronized Rubber Powder
Rubber

Key growth drivers for the infrastructure segment

01 The demand for recycled rubber and other by-products from tyre recycling has increased significantly across multiple industries

Growing collaboration among tyre manufacturers, recyclers, and policymakers is facilitating the development of a more structured and efficient tyre recycling
02
ecosystem in India.

03 Natural rubber price: Rising natural rubber prices are driving manufacturers toward recycling, boosting the global recycled rubber market

31
Further diversifying its portfolio, the company serves the consumer
segment as well
Product Portfolio Indian Recycled Rubber products market poised for significant growth by 2030

Ideal for low-tensile compounds, solid, It is 100 % REACH, PAH & RoHS Indian Recycled Rubber Product Manufacturing Market (In USD Million)
and agricultural tires, offering excellent Compliant. As a high structure crumb, it
abrasion resistance retains excellent reinforcing properties in
high-quality compound 2019 2024 2030F

77

48

23
13
8
5

Crumb Rubber / Tyre Crumb Rubber Mats & Tiles Sports Turfs
Coated Rubber Crumb (CRC)
(<80 mesh)

Key growth drivers for the infrastructure segment

01 The US Environmental Protection Agency has released its largest study which confirms „ Recycled Rubber is safe for athletes‟*

02 The increasing adoption of recycled rubber in sports turfs is driven by its superior shock absorption, resilience, and sustainability.

03 The Sports Ministry‟s flagship program „ Khelo India‟ has been allocated INR 1,000 crore, a significant increase from the previous year‟s allocation of INR 800 crores.
*Synthetic Turf Field Recycled Tire Crumb Rubber Characterization Research Final Report : Part 2 – Tire Crumb Rubber Exposure Characterization, April 2024

32
Strategically located facilities…
Map of Oman not drawn to scale Map of India not drawn to scale
Manufacturing presence Source of ELT tyres

Panipat Mathura
(Haryana) (Uttar Pradesh)
Europe
Middle
Eastern
USA
countries
Oman
Saham Haldia
(Al Batnah) Oman (West Bengal)
Varale | Wada
(Maharashtra)

South Africa
Chile Australia
Gummidipoondi
(Tamil Nadu)

Bitumen Emulsion Plant (1) Reclaim Rubber Plant (2) Modified Bitumen Plant (2) Rubber Crumbing Plant (6)
Legend
Operation Mgmt CRMB (2) Cut Wire Shots / Steel Shots (5) Upcoming Facilities (2)

All our products are

Global REACH, PAH and RoHS
Certifications compliant

33
Operations led by an experienced board and management team

Mr. Bhupinder Kumar Sekhri Mr. Gaurav Sekhri Mr. Subodh Kumar Sharma Mr. Ravindra Chhabra
Chairman & Managing Director Joint Managing Director Whole-time Director & COO Chief Financial Officer

Mr. Sanjay Jain Mr. Vaibhav Dange Mr. Krishna Prapoorna Biligiri Mrs. Bharati Chaturvedi
Independent Director Independent Director Independent Director Independent Director

34
Sustainability and ethical growth have been at Tinna‘s core long
before ESG became a global focus

CSR Initiatives Circular Economy

Regular organizing of medical checkup, blood Follows a circular economy model,
donation, and health awareness camps. CSR recovering 99% of materials from end-of-life
Initiatives are mainly focused on health and tires and converting them into high-quality
environment. recycled materials.

Employee well-being initiatives Renewable Energy initiatives

Established clear policies and principles that Setting up a 1.2 MW rooftop solar plant to
prioritize employee safety and wellness, generate 1.6 million units annually,
promoting not only health for employees but significantly reducing its carbon footprint and
also a sustainable environment. advancing towards a cleaner energy future.

Creating awareness Educational and vocational training

Awareness is being created through programs on Provide high quality education to „out of school‟ children
Discovery Channel, which aired a segment in its 'Build and facilitate their enrolment in government/private
India' series showcasing how hazardous waste is being institutions. Also, supporting education for especially
recycled to construct sustainable roads. abled and provide skills for employment .

35
Business for a Cause

Tinna dedicated INR 15 lakh in H1 FY26 to CSR programs –

driving meaningful change across sports, education, and healthcare sectors.

School Bags Distribution

School Bags Distribution Providing Saplings

Plantation drive

36
To summarize - Tinna‘s strategies are in place to achieve growth
going forward

Tinna‟s strategy focuses on achieving strong

Expanding tire crushing capacity revenue growth while maintaining stable
enhances Tinna's revenue potential by EBITDA margins and high return ratios. With
meeting the rising demand for its upgraded CARE BBB- credit rating, the
recycled rubber. company showcases an improved
financial risk profile.

Tinna leverages its global operational scale Tinna aims to pursue organic and
to de-risk its business and enhance ELT inorganic opportunities to drive growth,
sourcing. By diversifying ELT procurement leveraging its strong financial performance
across multiple regions, the company is and improved credit rating to capitalize on
focused on ensuring a stable supply strategic investments and expand its market
chain while optimizing costs and margins. presence.

37
Consolidated Financial Performance Q2 & H1FY26
Particulars (INR Cr.) Q2FY26 Q1FY26 QoQ Q2FY25 YoY H1-FY26 H1-FY25 YoY

Operational Income 120 130 -8% 118 2% 250 254 -2%

Total Expenses 98 109 -11% 98 -1% 207 210 -1%

EBITDA 22 21 4% 19 12% 42 44 -3%

EBITDA Margin (%) 18.0% 16.0% 16.3% 17.0% 17.3%

Other Income 0 0 -33% 0 -43% 1 1 -38%

Depreciation & Amortization Expenses 3 3 4% 2 29% 6 4 30%

Interest 2 3 -22% 3 -17% 5 5 2%

Exceptional Items 0 0 N/A 0 N/A 0 0 N/A

Share of Profit / loss of an associate 0 0 -134% 1 -110% 0 2 -88%

Profit Before Tax 16 16 4% 16 4% 32 37 -14%

Taxes 5 4 17% 4 30% 8 9 -2%

Profit after tax 12 12 0% 12 -3% 24 29 -18%

PAT Margin (%) 9.8% 9.0% 10.3% 9.4% 11.2%

Other Comprehensive Income 1 0 N/A 0 N/A 1 0 N/A

Total Comprehensive Income 12 12 4% 12 1% 24 29 -16%

Diluted EPS (INR) 6.86 6.83 0% 7.07 -3% 13.69 16.62 -18%
39
Historical Consolidated Income Statement
Particulars (INR Cr.) FY23 FY24 FY25 H1FY26

Operational Income 295 363 505 250

Total Expenses 259 300 429 207

EBITDA 37 63 76 42

EBITDA Margin (%) 12.4% 17.2% 15.1% 17.0%

Other Income 6 1 5 1

Depreciation & Amortization Expenses 7 6 10 6

Interest 8 7 11 5

Exceptional Items (Loss) - - 1 -

Share of Profit / loss of an associate 1 2 4 0

Profit Before Tax 29 53 63 32

Taxes 7 12 15 8

Profit after tax 22 40 48 24

PAT Margin (%) 7.4% 11.1% 9.6% 9.4%

Other Comprehensive Income 0 1 4 1

Total Comprehensive Income 22 41 52 24

Diluted EPS (INR) 12.73 23.52 28.19 13.69

40
Historical Consolidated Balance Sheet Statement
Assets (INR Cr.) FY23 FY24 FY25 H1FY26 Equity and Liabilities (INR Cr.) FY23 FY24 FY25 H1FY26
Equity share capital 9 17 17 18
Non-current assets
68 123 179 189 Other equity 87 111 161 254
Property, Plant and Equipment
Capital work-in-progress 0 7 11 24 Total Equity 96 128 178 272
Right-of-use assets 1 1 1 1
5 5 5 5
Non-current liabilities
Investments property
Intangible assets 0 0 0 0
Financial liabilities
Financial assets Borrowings 24 47 66 43
Investments in associates 5 7 12 14 Lease liabilities 1 1 1 1
Investments 24 25 22 23 Provisions 2 3 4 5
Loans 1 - 0 Deferred tax liabilities (net) 3 4 6 7
Other financial assets 2 2 3 4 - - -
Other non-current liabilities
Other non-current assets 0 4 4 29
Total non-current liabilities 31 55 77 55
Total non-current assets 106 174 237 289

Current assets Current liabilities

Inventories 38 44 63 76
Financial liabilities
Financial assets Borrowings 35 38 68 61
Investments - - 6 Lease liabilities 0 0 0 0
Trade receivables 32 30 41 51 Trade payable 22 34 47 52
Cash and cash equivalents 2 0 2 8 2 4 7 6
Other financial liabilities
Other bank balances 2 1 2 1
Other current liabilities 4 6 4 5
Loans 1 1 0 0
Provisions 1 1 2 2
Other financial assets 2 1 3 2
Current tax liabilities (net) 2 2.4 3 4
Other current assets 10 15 31 29
87 93 148 168 Total current liabilities 66 85 130 130
Total current assets
Assets Held for Sale - 1 - Total Liabilities 97 140 207 185
Total assets 193 268 385 457 Total equity and liabilities 193 268 385 457
41
Healthy Financial Ratios Highlight Robust Fundamentals

ROCE (%) ROE (%) Working Capital Days

Receivable Days Inventory Days Payable Days

31.53%
27.14% 62 60 40 42
30.84%
26.09% 21.83% 22.71% 52 51
47 44 46
41 40
18.17% 18.29% 34 34
27 30 30

FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25

Fixed Asset Turnover (x) Net Debt to Equity (x) Debt (INR Cr) & Interest Coverage Ratio (x)

Debt Interest Coverage Ratio

4.37 0.86
0.73 150 8.03 6.09 9
3.29 0.65 8
2.95 2.82 0.57 7
100 6
3.1 3.89 5
134 4
50 85
3
69 59 2
1
0 0
FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25

42
Through TP Buildtech, Tinna can capitalize on the growth in the
construction chemicals industry
The positive outlook for the construction chemicals market presents growth
opportunities for TP Buildtech

Growth Drivers
Domestic construction
Established in 2012, TP Buildtech specializes in concrete chemicals & services
waterproofing admixture, cement Admixture, Rapid Urbanization and Infrastructure
Development market (USD Bn)
superplasticizer admixture, etc with Tinna owning 49.42%
in the Company. India is experiencing rapid urbanization, leading to
increased demand for housing and industrial
Manufacturing units in Wada and Bawal, supported by infrastructure. This growth is supported by
exclusive R&D Centers in Navi Mumbai, New Delhi, and government initiatives such as the Smart Cities 7.24% 5.02
CAGR
Kolkata. Mission and expansion of transportation networks,
which require advanced construction materials
The manufacturing at Kolkata has commenced from
July‟25 & will stabilize by end of FY26. Spending is being Government Initiatives and Policy Support
done on business developments.
Initiatives like the National Infrastructure Pipeline 3.30
Company introduced new range of products like curing (NIP), Pradhan Mantri Awas Yojana (PMAY), and
compound, shuttering oil, SNF Admixtures for concrete AMRUT are boosting the demand for high-quality
and is adding 3 new product lines in construction construction chemicals. These programs focus on
chemicals space such as grout repair, mould releasing developing resilient structures and modernizing
agents and accelerators. urban landscapes

FY24 FY30E

43
Capital Market Data
1 Year Share Price Performance Number of Public Shareholders
300% 45,099
43,546
250%
200%
150%
100% 21,701
50% 14,797
0% 6,231
4,639
-50%
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25
31st 31st 31st 31st 31st 30th
Tinna Rubbers & Infra Ltd BSE March'21 March'22 March'23 March'24 March'25 Sep'25

Price Data (As on 30th Sept, 2025) Shareholding Pattern

Shareholding Pattern
(As on 30th Sep 2025) (As on 31st March 2025)
Face Value (INR) 10.00

Market Price (INR) 940.85 Non- Non-

Institutions Institutions
(Other (Other
Public), Public),
52 Week H/L (INR) 1 722/792.6 25.98% 27.22%

Market Cap (INR Cr) 16,93.53 Promoters

FPI, 0.60% FPI, 0.64% Promoters
&
&
Promoters Domestic
Domestic Promoters
Group, Institutions,
Equity Shares Outstanding (Cr) 1.8 Institutions, Group,
67.58% 1.06%
5.84% 71.08%

1 Year Avg. trading volume ('000) 26.08

44
 Contact Us
Investor Relations Contact: Go India Advisors

Sana Kapoor Sheetal Khanduja

Senior Research Analyst Head – IR Practice

+91 81465 50469 +91 97693 64166

[email protected] [email protected]