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Quarterly results for Tinna Rubber and Infrastructure Ltd

Quarterly Results (Beancounter)May 22, 2026

Tinna Rubber and Infrastructure Ltd – Q4 FY26 Results Summary
Announcement Date: 22 May 2026

Basic Information

  • Company: Tinna Rubber and Infrastructure Ltd
  • Announcement Date: 22 May 2026
  • Financials Basis: Consolidated (for all analysis and historical comparison)

Excise Duty/VAT Adjustment

  • No excise duty or VAT line item is disclosed in the revenue section of the filing.
  • Proceeding with reported figures as-is.

Financial Performance (Q4 FY26, Consolidated)

  • Revenue from Operations: ₹156.95 Cr (₹15,695.13 lakhs)
    • QoQ Growth: +12.9% (from ₹139.06 Cr in Q3 FY26)
    • YoY Growth: +21.6% (from ₹129.03 Cr in Q4 FY25)
  • Total Income: ₹157.88 Cr
  • Operating Profit (EBITDA):
    • Calculation:
  • EBITDA Margin: 24.5% (notably above historical range)
  • EBIT: ₹35.08 Cr (Operating Profit minus Depreciation of ₹3.42 Cr)
  • EBIT Margin: 22.4%
  • Net Profit (PAT): ₹16.53 Cr
    • Net Margin: 10.5%
  • EPS (Basic): ₹9.28 (vs ₹6.82 YoY, ₹7.22 QoQ)

What’s Different This Quarter

1. Revenue Growth Accelerates

  • QoQ revenue growth of 12.9% is well above the recent 4Q average (3.6%) and the historical average (5.6%).
  • YoY growth of 21.6% is the highest in 5 quarters, reversing the deceleration trend seen over the past year.

2. Margins at Multi-Quarter Highs

  • Operating margin of 24.5% is a new high, exceeding the previous historical maximum (20.4%).
  • EBIT margin of 22.4% is also at the upper end of the historical range (max: 16.9%).
  • Net margin of 10.5% is above the 8Q average (9.2%) and up 170 bps YoY.

3. Cost Structure Shifts

  • COGS as % of revenue fell to 48.1% (vs 51.7% recent 4Q avg, 55.1% historical avg), reflecting improved cost efficiency and/or product mix.
  • Employee costs stable at 10.0% of revenue, in line with historical averages.
  • Other expenses at 17.3% of revenue, slightly below historical average (19.3%).

4. Record Performance

  • Revenue of ₹156.95 Cr is an all-time quarterly high, surpassing the previous peak of ₹139.1 Cr (Q3 FY26).
  • Operating profit of ₹38.5 Cr and PAT of ₹16.53 Cr are also new highs.

5. Balance Sheet and Capital Structure

  • Equity base strengthened by QIP in June 2025 (₹78.7 Cr raised, fully utilized for capex and debt repayment).
  • Net debt reduced (non-current liabilities down YoY), and equity/asset ratio improved.
  • Significant capex (₹109.5 Cr consolidated in FY26) for expansion/upgradation.

6. Dividend and Corporate Actions

  • Final dividend of ₹3.25/share recommended (32.5% payout).
  • Additional investment of up to ₹15 Cr approved for JV in South Africa.
  • No exceptional items this quarter (prior year included a ₹1.2 Cr write-off).

Historical Context

  • Seasonality: Q4 revenue and margins are well above the Q4 historical averages (Revenue: ₹93.2 Cr avg, Op Margin: 14.8% avg). This quarter’s revenue is 68% above the Q4 average, and margin is nearly 1,000 bps higher.
  • Growth Momentum: Growth has sharply accelerated after several quarters of deceleration. Both QoQ and YoY growth rates are at multi-quarter highs.
  • Margin Trends: Operating margin expanded by 820 bps YoY and 820 bps QoQ, a record jump. This is the highest margin in the available data.
  • Cost Behavior: COGS as % of revenue is at a multi-year low, supporting margin expansion.
  • Record Performance: All-time highs in revenue, operating profit, and PAT.

Company Updates

  • Management Commentary: No explicit forward guidance, but strong results attributed to cost efficiency, expanded capacity, and higher EPR credit sales.
  • Equity Issue: QIP proceeds fully deployed for expansion and debt reduction.
  • Dividend: Board recommends a final dividend of ₹3.25/share.
  • JV Investment: Board approved up to ₹15 Cr additional investment in South African JV.
  • No changes in accounting policies or auditor qualifications.

Conclusion

Q4 FY26 marks a record quarter for Tinna Rubber and Infrastructure, with revenue, margins, and profits all at new highs. Growth has sharply accelerated, and margin expansion is driven by improved cost structure and operating leverage. The balance sheet is stronger post-equity raise and capex, and the company is returning cash to shareholders via a higher dividend. These results represent a clear positive inflection vs recent historical trends.

Full Result Extract | Original Filing