TINNA RUBBER AND INFRASTRUCTURE LIMITED
Financial Results and Analysis Summary
For the Quarter and Year Ended March 31, 2026
1. Auditor’s Note
- The Statutory Auditor, M/s. S. S. Kothari Mehta & Co. LLP, has issued an unmodified opinion on both the standalone and consolidated audited financial results for the quarter and year ended March 31, 2026.
- No qualifications, concerns, or issues were raised in the audit reports.
- The audit was conducted in accordance with applicable Indian Accounting Standards and auditing standards.
- The auditor confirms the adequacy and operating effectiveness of internal financial controls.
- The quarterly figures for Q4 FY26 and Q4 FY25 are balancing figures between audited annual results and previously published nine-month limited review results.
Conclusion: Auditor’s report is clean with no qualifications or reservations.
2. Financial Performance
2.1 Standalone Financial Results
(Rs. in Lakhs)
| Particulars | Q4 FY26 (31-Mar-26) Audited | Q3 FY26 (31-Dec-25) Unaudited | Q4 FY25 (31-Mar-25) Audited | FY26 (31-Mar-26) Audited | FY25 (31-Mar-25) Audited |
|---|
| Revenue from operations | 15,455.50 | 13,451.79 | 12,882.46 | 53,323.41 | 50,499.33 |
| Other income | 84.13 | 41.99 | 293.17 | 185.62 | 444.09 |
| Total income | 15,539.63 | 13,493.78 | 13,175.63 | 53,509.03 | 50,943.42 |
| Expenses: | | | | | |
| Cost of material consumed | 6,671.39 | 5,479.17 | 5,699.92 | 21,537.70 | 21,333.16 |
| Purchase of stock in trade | 854.03 | 1,431.62 | 2,131.08 | 5,924.17 | 8,824.79 |
| Changes in inventories (finished goods, WIP, stock in trade) | 660.35 | 251.42 | (187.29) | 522.86 | (504.23) |
| Employee benefits expenses | 1,452.49 | 1,431.63 | 1,246.42 | 5,757.27 | 4,892.31 |
| Finance costs | 282.85 | 256.55 | 245.83 | 1,076.22 | 1,080.61 |
| Depreciation and amortization expenses | 298.83 | 260.92 | 239.95 | 1,057.60 | 816.27 |
| Other expenses | 2,984.93 | 2,660.33 | 2,296.28 | 10,404.85 | 8,707.09 |
| Total expenses | 13,202.87 | 11,771.64 | 11,617.19 | 46,280.67 | 45,150.00 |
| Profit before tax & exceptional item (1-2) | 2,334.76 | 1,722.14 | 1,503.44 | 7,228.36 | 5,793.42 |
| Exceptional items (Note 6) | - | - | 120.00 | - | 120.00 |
| Profit before tax | 2,334.76 | 1,722.14 | 1,383.44 | 7,228.36 | 5,673.42 |
| Tax expense: | | | | | |
| Current tax | 511.53 | 383.85 | 267.40 | 1,623.03 | 1,277.90 |
| Deferred tax | 128.23 | 41.81 | 73.47 | 268.63 | 162.10 |
| Period tax relating to earlier period/year | - | - | - | 1,013.16 | 5.56 |
| Total tax expenses | 639.76 | 425.66 | 340.87 | 1,904.82 | 1,445.56 |
| Profit for the period/year | 1,695.00 | 1,296.48 | 1,042.57 | 5,323.54 | 4,227.86 |
| Other comprehensive income (net of tax) | (209.62) | - | 362.51 | (209.62) | 362.51 |
| Total comprehensive income (net of tax) | 1,485.38 | 1,296.48 | 1,405.07 | 5,113.92 | 4,590.37 |
| Paid up Equity Share Capital (₹10 face value) | 1,801.58 | 1,801.58 | 1,712.95 | 1,801.58 | 1,712.95 |
| Other Equity | - | - | - | 27,509.68 | 15,493.99 |
| Basic EPS (₹) | 9.52 | 7.31 | 6.09 | 29.90 | 24.68 |
| Diluted EPS (₹) | 9.51 | 7.31 | 6.08 | 29.88 | 24.65 |
2.2 Consolidated Financial Results
(Rs. in Lakhs)
| Particulars | Q4 FY26 (31-Mar-26) Audited | Q3 FY26 (31-Dec-25) Unaudited | Q4 FY25 (31-Mar-25) Audited | FY26 (31-Mar-26) Audited | FY25 (31-Mar-25) Audited |
|---|
| Revenue from operations | 15,695.13 | 13,906.40 | 12,903.40 | 54,580.74 | 50,534.52 |
| Other income | 93.11 | 41.98 | 296.05 | 195.22 | 448.34 |
| Total income | 15,788.24 | 13,948.38 | 13,199.45 | 54,775.96 | 50,982.86 |
| Expenses: | | | | | |
| Cost of material consumed | 7,112.33 | 5,588.68 | 5,606.06 | 22,445.25 | 21,470.20 |
| Purchase of stock in trade | 805.40 | 1,451.83 | 1,852.86 | 5,343.27 | 5,842.73 |
| Changes in inventories (finished goods, WIP, stock in trade) | 633.04 | 158.13 | (212.92) | 328.43 | (501.80) |
| Employee benefits expense | 1,574.17 | 1,587.10 | 1,739.32 | 6,367.32 | 5,508.93 |
| Finance costs | 284.75 | 258.66 | 248.56 | 1,085.00 | 1,091.12 |
| Depreciation and amortization expenses | 341.68 | 305.62 | 284.45 | 1,229.25 | 969.92 |
| Other expenses | 2,719.95 | 2,853.04 | 2,524.87 | 10,744.41 | 9,597.01 |
| Total expenses | 13,471.32 | 12,203.72 | 11,683.20 | 47,542.93 | 44,978.11 |
| Profit before tax, exceptional item and share of profit in associates and JV | 2,316.92 | 1,744.66 | 1,516.25 | 7,233.03 | 6,004.75 |
| Exceptional items (Note 6) | - | - | - | 120.00 | 120.00 |
| Profit before tax and share of profit in associates | 2,316.92 | 1,744.66 | 1,396.25 | 7,233.03 | 5,884.75 |
| Share of Profit in associate and joint venture (net of tax) | (23.07) | (35.12) | 121.38 | (33.66) | 440.49 |
| Profit before tax | 2,293.85 | 1,709.54 | 1,517.63 | 7,199.37 | 6,323.24 |
| Tax expense: | | | | | |
| Current tax | 512.37 | 387.36 | 256.82 | 1,627.38 | 1,304.47 |
| Deferred tax | 128.49 | 41.21 | 92.90 | 274.10 | 179.64 |
| Period tax liability to earlier period/years | - | - | - | 13.16 | 5.56 |
| Total tax expenses | 640.86 | 428.57 | 349.72 | 1,914.64 | 1,489.67 |
| Profit for the period/year | 1,652.99 | 1,280.97 | 1,167.91 | 5,284.73 | 4,835.57 |
| Other comprehensive income (net of tax) | (133.88) | 18.78 | 358.19 | (53.20) | 397.16 |
| Total comprehensive income (net of tax) | 1,519.11 | 1,299.75 | 1,526.09 | 5,231.53 | 5,232.73 |
| Paid up Equity Share Capital (₹10 face value) | 1,801.58 | 1,801.58 | 1,712.95 | 1,801.58 | 1,712.95 |
| Other Equity | - | - | - | 28,240.72 | 16,102.74 |
| Basic EPS (₹) | 9.28 | 7.22 | 6.82 | 29.68 | 28.23 |
| Diluted EPS (₹) | 9.28 | 7.22 | 6.81 | 29.67 | 28.19 |
3. Detailed Notes and Management Commentary
- Accounting Standards: Results prepared as per Ind AS and comply with SEBI LODR Regulations.
- Revenue Composition: Revenue from operations includes sale/accrual of Extended Producer Responsibility (EPR) credits of Rs. 2,932.93 lakhs for FY26 and Rs. 546.60 lakhs for Q4 FY26.
- Equity Issue: On June 27, 2025, the company issued 886,257 equity shares at ₹888 per share (including premium), raising approx. ₹7,869.96 lakhs from Qualified Institutional Buyers (QIBs).
- Utilization of Issue Proceeds: Fully utilized as of March 31, 2026:
- Capital expenditure for expansion: ₹3,346.22 lakhs
- Repayment of borrowings: ₹2,302.09 lakhs
- General corporate purposes: ₹1,899.84 lakhs
- Issue expenses: ₹321.81 lakhs
- Exceptional Items: Previous year FY25 included a write-off of ₹120 lakhs related to investments in preference shares.
- Dividend: Board recommends a final dividend of ₹3.25 per equity share (32.5% on face value) for FY26, subject to shareholder approval.
- Re-appointments: Whole-time Director, Independent Director, and Cost Auditors re-appointed subject to shareholder approval.
- Additional Investment: Approval for additional investment up to ₹15 crores in joint venture Mbodla Investments (Pty) Ltd, South Africa.
- No changes in accounting policies or material adjustments reported.
4. Segment Information
- No explicit segment-wise financial data or breakdown provided in the filing.
- No segment EBIT/PBIT margins or growth rates disclosed.
5. Capital Expenditure, Projects, and Corporate Activity
- Capital Expenditure:
- FY26 standalone cash flow shows capital expenditure of ₹10,733.53 lakhs (net of advances and payables).
- Consolidated capital expenditure ₹10,947.84 lakhs for FY26.
- Projects:
- Expansion and upgradation of manufacturing facilities at Vared funded by equity issue proceeds.
- Acquisitions/Investments:
- Investments in subsidiaries and joint ventures continue; additional investment of up to ₹15 crores approved for Mbodla Investments (Pty) Ltd.
- Write-offs:
- ₹120 lakhs write-off in FY25 related to preference shares (exceptional item).
- Restructuring/Cost-cutting:
- No explicit mention of restructuring or cost-cutting measures.
6. Standalone vs Consolidated
| Aspect | Standalone | Consolidated |
|---|
| Revenue from operations (FY26) | ₹53,323.41 lakhs | ₹54,580.74 lakhs |
| Profit before tax (FY26) | ₹7,228.36 lakhs | ₹7,199.37 lakhs |
| Profit after tax (FY26) | ₹5,323.54 lakhs | ₹5,284.73 lakhs |
| Other equity (FY26) | ₹27,509.68 lakhs | ₹28,240.72 lakhs |
| EPS Basic (FY26) | ₹29.90 | ₹29.68 |
| Capital expenditure (FY26) | ₹10,733.53 lakhs (cash flow) | ₹10,947.84 lakhs (cash flow) |
- Consolidated results include subsidiaries in Saudi Arabia and Oman, associate and joint venture entities.
- Consolidated profit slightly lower than standalone due to share of losses in associate and joint venture.
- No non-controlling interest reported.
Summary Table: Key Financial Metrics (Standalone and Consolidated)
| Metric | Q4 FY26 Standalone | Q3 FY26 Standalone | Q4 FY25 Standalone | FY26 Standalone | FY25 Standalone | Q4 FY26 Consolidated | Q3 FY26 Consolidated | Q4 FY25 Consolidated | FY26 Consolidated | FY25 Consolidated |
|---|
| Revenue from operations (₹ Lakhs) | 15,455.50 | 13,451.79 | 12,882.46 | 53,323.41 | 50,499.33 | 15,695.13 | 13,906.40 | 12,903.40 | 54,580.74 | 50,534.52 |
| Other income (₹ Lakhs) | 84.13 | 41.99 | 293.17 | 185.62 | 444.09 | 93.11 | 41.98 | 296.05 | 195.22 | 448.34 |
| Total income (₹ Lakhs) | 15,539.63 | 13,493.78 | 13,175.63 | 53,509.03 | 50,943.42 | 15,788.24 | 13,948.38 | 13,199.45 | 54,775.96 | 50,982.86 |
| Cost of material consumed (₹ Lakhs) | 6,671.39 | 5,479.17 | 5,699.92 | 21,537.70 | 21,333.16 | 7,112.33 | 5,588.68 | 5,606.06 | 22,445.25 | 21,470.20 |
| Purchase of stock in trade (₹ Lakhs) | 854.03 | 1,431.62 | 2,131.08 | 5,924.17 | 8,824.79 | 805.40 | 1,451.83 | 1,852.86 | 5,343.27 | 5,842.73 |
| Changes in inventories (₹ Lakhs) | 660.35 | 251.42 | (187.29) | 522.86 | (504.23) | 633.04 | 158.13 | (212.92) | 328.43 | (501.80) |
| Employee benefits expenses (₹ Lakhs) | 1,452.49 | 1,431.63 | 1,246.42 | 5,757.27 | 4,892.31 | 1,574.17 | 1,587.10 | 1,739.32 | 6,367.32 | 5,508.93 |
| Finance costs (₹ Lakhs) | 282.85 | 256.55 | 245.83 | 1,076.22 | 1,080.61 | 284.75 | 258.66 | 248.56 | 1,085.00 | 1,091.12 |
| Depreciation & amortization (₹ Lakhs) | 298.83 | 260.92 | 239.95 | 1,057.60 | 816.27 | 341.68 | 305.62 | 284.45 | 1,229.25 | 969.92 |
| Other expenses (₹ Lakhs) | 2,984.93 | 2,660.33 | 2,296.28 | 10,404.85 | 8,707.09 | 2,719.95 | 2,853.04 | 2,524.87 | 10,744.41 | 9,597.01 |
| Total expenses (₹ Lakhs) | 13,202.87 | 11,771.64 | 11,617.19 | 46,280.67 | 45,150.00 | 13,471.32 | 12,203.72 | 11,683.20 | 47,542.93 | 44,978.11 |
| Profit before tax (₹ Lakhs) | 2,334.76 | 1,722.14 | 1,383.44 | 7,228.36 | 5,673.42 | 2,293.85 | 1,709.54 | 1,517.63 | 7,199.37 | 6,323.24 |
| Profit after tax (₹ Lakhs) | 1,695.00 | 1,296.48 | 1,042.57 | 5,323.54 | 4,227.86 | 1,652.99 | 1,280.97 | 1,167.91 | 5,284.73 | 4,835.57 |
| Other comprehensive income (₹ Lakhs) | (209.62) | - | 362.51 | (209.62) | 362.51 | (133.88) | 18.78 | 358.19 | (53.20) | 397.16 |
| Total comprehensive income (₹ Lakhs) | 1,485.38 | 1,296.48 | 1,405.07 | 5,113.92 | 4,590.37 | 1,519.11 | 1,299.75 | 1,526.09 | 5,231.53 | 5,232.73 |
| Basic EPS (₹) | 9.52 | 7.31 | 6.09 | 29.90 | 24.68 | 9.28 | 7.22 | 6.82 | 29.68 | 28.23 |
7. Balance Sheet Highlights (Consolidated and Standalone)
Consolidated Statement of Assets and Liabilities (₹ Lakhs)
| Particulars | 31-Mar-26 (Audited) | 31-Mar-25 (Audited) |
|---|
| Assets | | |
| Non-current assets | 34,057.81 | 23,691.10 |
| Current assets | 18,843.37 | 14,808.26 |
| Total Assets | 52,901.18 | 38,499.36 |
| Equity and Liabilities | | |
| Equity share capital | 1,801.58 | 1,712.95 |
| Other equity | 28,240.72 | 16,102.74 |
| Total equity | 30,042.30 | 17,815.69 |
| Non-current liabilities | 5,966.42 | 7,661.82 |
| Current liabilities | 16,892.46 | 13,021.85 |
| Total Equity & Liabilities | 52,901.18 | 38,499.36 |
Standalone Statement of Assets and Liabilities (₹ Lakhs)
| Particulars | 31-Mar-26 (Audited) | 31-Mar-25 (Audited) |
|---|
| Assets | | |
| Non-current assets | 33,673.28 | 23,160.00 |
| Current assets | 17,895.60 | 14,299.27 |
| Total Assets | 51,568.88 | 37,459.27 |
| Equity and Liabilities | | |
| Equity share capital | 1,801.58 | 1,712.95 |
| Other equity | 27,909.68 | 15,493.94 |
| Total equity | 29,311.26 | 17,206.94 |
| Non-current liabilities | 5,851.78 | 7,535.94 |
| Current liabilities | 16,405.84 | 12,716.39 |
| Total Equity & Liabilities | 51,568.88 | 37,459.27 |
8. Cash Flow Summary (Standalone and Consolidated)
| Particulars | FY26 Standalone (₹ Lakhs) | FY25 Standalone (₹ Lakhs) | FY26 Consolidated (₹ Lakhs) | FY25 Consolidated (₹ Lakhs) |
|---|
| Net cash from operating activities | 5,638.29 | 3,241.58 | 5,748.64 | 3,588.33 |
| Net cash used in investing activities | (10,266.95) | (6,418.70) | (10,290.72) | (6,759.18) |
| Net cash from financing activities | 4,514.22 | 3,353.03 | 4,437.86 | 3,344.65 |
| Net increase/(decrease) in cash & cash equivalents | (114.44) | 175.91 | (104.22) | 173.80 |
| Cash & cash equivalents at beginning | 203.73 | 27.82 | 211.08 | 37.28 |
| Cash & cash equivalents at end | 89.29 | 203.73 | 106.86 | 211.08 |
Summary of Key Actionable Points for Investment Analysis
- Strong revenue growth: Standalone revenue increased from ₹50,499.33 lakhs in FY25 to ₹53,323.41 lakhs in FY26; consolidated revenue also increased.
- Profitability improved: Standalone PAT increased by ~26% YoY; consolidated PAT increased by ~9%.
- EPS growth: Basic EPS increased from ₹24.68 to ₹29.90 (standalone) and ₹28.23 to ₹29.68 (consolidated).
- Equity raise: Successful QIP raising ₹7,869.96 lakhs fully utilized for capex, debt repayment, and corporate purposes.
- Capex: Significant capital expenditure (~₹107-110 crores) in FY26 for expansion/upgradation.
- Dividend: Final dividend recommended at ₹3.25 per share (32.5% payout), indicating confidence in cash flows.
- No auditor qualifications: Clean audit opinion supports reliability of reported results.
- Consolidated includes international subsidiaries and joint ventures: Some share of losses from associate and JV impacting consolidated profits.
- Balance sheet: Strengthened equity base and manageable debt levels post QIP and repayments.
- No material changes in accounting policies or exceptional items in current year.
End of Analysis
