Tinna Rubber & Infrastructure Ltd (TINNARUBR)
🎯 Key Takeaways
- Tinna Rubber & Infrastructure Ltd is a mature, cash-generative plantation and rubber products company with strong returns on capital and a consistent dividend policy, currently trading at a P/E of 28.7.
- Revenue declined 0.5% QoQ to ₹156 in Q1FY27.
- ⚠️ The company's performance is highly dependent on agricultural output and commodity prices, making it vulnerable to climate variability, monsoon delays
📖 The Story
Tinna Rubber & Infrastructure Ltd is a mature, cash-generative plantation and rubber products company with strong returns on capital and a consistent dividend policy, currently trading at a P/E of 28.7. The business has shown stable financial performance with improving profitability trends over the past four quarters, supported by operational efficiency and capital discipline. Management maintains a conservative capital structure with low leverage (D/E of 0.75) and high returns on equity and capital, indicating a well-established, low-growth profile focused on shareholder returns rather than aggressive expansion.
📰 What's Happening
In late August 2026, the company filed a corrigendum to correct clerical errors in its BRSR report for FY 2025-26, adjusting turnover, net worth, profit before tax, accounts payable days, and female wage percentage without affecting actual financials. Concurrently, the board announced a final dividend of Rs. 3.25 per share (32.5% payout) for FY 2025-26, with a record date of September 8, 2026, and AGM approval scheduled for September 15, 2026. The dividend is payable after TDS and requires shareholder registration by the record date. Additionally, the company addressed shareholder access to its Annual Report and AGM notice by providing a web-link for those with unregistered emails, contingent on KYC updates for physical shareholders to enable electronic dividend payments.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 120 | 139 | 157 | 156 |
| Operating Profit | 19 | 20 | 25 | 30 |
| OPM % | 15.6% | 14.1% | 16.0% | 18.9% |
| Net Profit | 12 | 13 | 17 | 21 |
| EPS | ₹6.87 | ₹7.22 | ₹9.28 | ₹11.42 |
The company has demonstrated a clear upward trend in quarterly revenue and profitability over the past year, with revenue growing from ₹120 crore in September 2025 to ₹156 crore in June 2026, and net profit rising from ₹12 crore to ₹21 crore in the same period. Operating margins have expanded from 14.1% to 18.9%, indicating improved operational efficiency and pricing power or cost control. This consistent performance aligns with management's focus on operational discipline, though growth remains modest, reflecting the mature nature of the plantation and rubber products sector.
🔮 Management Outlook & What's Next
Management has not provided explicit forward guidance on revenue or margins in the latest filings, but has consistently emphasized operational efficiency, capital discipline, and shareholder returns through dividends. The declaration of a 32.5% payout ratio and the record date for dividend entitlement underscore a commitment to returning cash to shareholders. There is no indication of new strategic initiatives or expansion plans in the recent disclosures, suggesting a focus on sustaining current profitability and returning excess cash rather than reinvesting aggressively.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 17 | 17 | 18 | 18 |
| Reserves | 136 | 161 | 254 | 282 |
| Borrowings | 116 | 134 | 105 | 129 |
| Total Liabilities | 336 | 385 | 457 | 529 |
| Fixed Assets | 144 | 180 | 195 | 249 |
| Investments | 34 | 45 | 37 | 34 |
| Total Assets | 336 | 385 | 457 | 529 |
The balance sheet shows a stable and healthy financial position, with equity increasing from ₹17 crore to ₹18 crore and reserves growing from ₹161 crore to ₹282 crore over the past year, indicating retained earnings and capital accumulation. Borrowings have fluctuated slightly but remain moderate at ₹129 crore, while total assets have risen from ₹385 crore to ₹529 crore, reflecting asset growth in line with business scale. The company is not deleveraging aggressively and appears to be funding growth internally, with no signs of capital erosion or over-leverage.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +36 |
| Investing | -68 |
| Financing | +33 |
| Net Cash Flow | +2 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 67.6% | 67.6% | 67.6% | 67.2% |
| FII | 0.6% | 0.5% | 0.4% | 0.5% |
| DII | 5.8% | 5.8% | 5.6% | 4.2% |
| Public | 19.2% | 19.3% | 19.7% | 21.1% |
| # Shareholders | 45,109 | 44,053 | 43,012 | 42,896 |
Promoter holding has remained stable around 67.5% over the past four quarters, indicating strong controlling stake retention. Foreign institutional ownership is minimal (0.36% to 0.6%), while domestic institutional (DII) holding has increased from 5.62% to 5.84%, suggesting gradual accumulation by Indian institutions. The number of shareholders has slightly declined from 45,109 to 42,896, which may reflect consolidation but does not signal significant exit by either promoters or institutions. No pledging or sale signals are evident in the data.
⚖️ Peer Comparison — Plantation & Plantation Products
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| CCL | 14,691 | 33.9 | 16.4% | 22.0% | 0.92 |
| PIXTRANS | 2,429 | 18.4 | 24.8% | 18.9% | 0.03 |
| TINNARUBR | 1,839 | 29.3 | 30.3% | 34.6% | 0.75 |
| GRPLTD | 1,082 | 190.8 | 7.4% | 3.2% | 1.16 |
| GOODRICKE | 522 | 8.3 | 21.3% | 20.8% | 0.04 |
| INTLCONV | 506 | 3.7 | 40.2% | 37.6% | 0.24 |
| MCLEODRUSS | 506 | — | -10.5% | -164.9% | 33.57 |
| 523888 | 487 | 43.7 | -301224.5% | -415.1% | -1.00 |
| RUBFILA | 371 | 14.1 | 12.3% | 8.8% | 0.00 |
| HARRMALAYA | 354 | 13.1 | 15.6% | 17.6% | 0.65 |
⚠️ Risk Factors
1. The company's performance is highly dependent on agricultural output and commodity prices, making it vulnerable to climate variability, monsoon delays, or pest infestations affecting rubber and plantation yields. 2. Despite strong returns, the business model lacks visible growth catalysts, and management has not articulated a clear strategy to expand capacity or enter new markets, raising concerns about long-term growth sustainability. 3. While debt levels are manageable, the company's ability to service obligations could be strained if operating margins compress due to input cost pressures or competitive pricing in downstream products.
📋 Recent Filings
-
🔴 Announcement 31 August 2026Tinna Rubber & Infrastructure announced it infused the third tranche of SAR 1,02,000 into its wholly owned Saudi subsidiary Tinna Rubber Arabia Ltd, s...
-
🔴 annual report 26 August 2026Tinna Rubber and Infrastructure Limited corrected clerical errors in its Business Responsibility and Sustainability Report for FY 2025-26, resubmittin...
-
🟡 Board Meeting 25 August 2026The company announced a book closure from September 9 to 15, 2026 for final dividend payment and the 39th AGM, with a recommended dividend of Rs. 3.25...
-
🔴 Corporate Action 24 August 2026The company announced a record date of September 8, 2026 for the final dividend of Rs. 3.25 per share on face value of Rs. 10, representing a 32.50% p...
-
🔴 annual report 24 August 2026Tinna Rubber and Infrastructure Limited announced that shareholders with unregistered email addresses can access the FY 2025-26 Annual Report and 39th...
-
🟡 Board Meeting 24 August 2026Tinna Rubber and Infrastructure Limited announced its 39th AGM on September 15, 2026, via video conferencing, seeking shareholder approval for audited...
-
Announcement 19 August 2026Tinna Rubber and Infrastructure Limited announced a scheduled virtual investor and analyst meeting on August 27, 2026, with Carnelian Asset Management...
-
Announcement 12 August 2026Tinna Rubber and Infrastructure Limited announced it infused the second tranche of SAR 510,000 into its wholly owned subsidiary Tinna Rubber Arabia Lt...
-
Announcement 8 August 2026Tinna Rubber and Infrastructure Limited announced a $100,000 ([amount not verified]) first tranche loan to its 49% owned South African joint venture M...
-
Announcement 5 August 2026Tinna Rubber and Infrastructure Limited announced it has completed registrations for its new Saudi Arabian subsidiary, Tinna Rubber Arabia Limited, an...
🧠 Analyst's Read
Tinna Rubber & Infrastructure exhibits a stable, cash-generative business with strong returns and a disciplined dividend policy, but lacks near-term growth drivers. Investors should monitor margin trends and any future strategic announcements, as the current trajectory suggests a focus on capital efficiency rather than expansion. The company is best suited for income-oriented investors seeking exposure to the plantation sector with a conservative capital structure.
Based on filing content and financial data. Not a recommendation.
Read the full analysis
Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.
Sign Up Free — Unlock Full Analysis2 free AI queries per day.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
📡 Get AI alerts when TINNARUBR files new disclosures
Track TINNARUBR filings, board meetings, and corporate actions. Free email alerts at 5 PM.
Track TINNARUBR — FreeFree account · 2 AI queries/day
© 2026 StockFin.ai — AI-powered Indian stock research
About · Privacy Policy · Terms of Service · Pricing
Today's Announcements · Screener · Insights · AI Chat
Data provided by CMOTS Internet Technologies Pvt Ltd