Tinna Rubber Reports 18.5% EBITDA Margin in Q2 FY26 Despite Revenue Challenges

Tinna Rubber and Infrastructure Limited (TRIL) has demonstrated resilience in its financial performance for Q2 FY26, achieving strong EBITDA margins despite facing revenue headwinds. The company's strategic focus on higher-value products and selective reduction of low-margin sales have yielded positive results in a challenging market environment.

Financial Highlights

Period	EBITDA Margin
Q2 FY26	18.5%
H1 FY26	17.0%

Tinna Rubber and Infrastructure Limited managed to maintain robust EBITDA margins of 18.5% in Q2 and 17% in H1 of FY26, showcasing the company's ability to optimize its operations and focus on profitability. This performance is particularly noteworthy given the revenue challenges faced due to extended monsoon conditions.

Revised Growth Outlook

In light of the current market conditions, TRIL has revised its annual growth guidance. The company now expects a growth rate of 12-15%, adjusting its earlier projections to reflect the impact of external factors on its revenue.

Strategic Initiatives

Vision 2028 Plan

TRIL is advancing its Vision 2028 plan, demonstrating a commitment to long-term growth and expansion. Key components of this plan include:

Capital Expenditure: A significant INR 100 crores capex deployment is underway.
New Production Facility: Plans for a new rCB (recovered Carbon Black) pyrolysis plant, aimed at enhancing production capabilities.
International Expansion: The company is pursuing growth opportunities in:
- Oman
- Saudi Arabia
- South Africa

These strategic moves indicate TRIL's focus on diversifying its geographical presence and expanding its production capacity to drive future growth.

Market Implications

While TRIL faces short-term revenue challenges due to extended monsoon conditions, the company's ability to maintain strong EBITDA margins suggests effective cost management and a robust business model. The revised growth guidance and ongoing strategic initiatives may position TRIL to capitalize on market opportunities once temporary headwinds subside.

Investors and market observers may want to monitor TRIL's progress in implementing its Vision 2028 plan and its ability to sustain strong margins in the face of revenue fluctuations. The company's expansion into international markets could potentially provide new avenues for growth and help mitigate risks associated with regional market conditions.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.58%	-8.78%	-15.89%	-19.92%	-18.97%	-18.97%

Tinna Rubber and Infrastructure Limited , a key player in the rubber industry, has disclosed significant developments including a major inter-se transfer of shares within its promoter group and approval for voluntary delisting from the Calcutta Stock Exchange.

Share Transfer Details

The company announced an off-market transaction, scheduled to be completed by September 30, 2025, which will see Bhupinder Kumar Sekhri acquiring 86,15,862 equity shares, representing 47.82% of the company's share capital, from six promoter group members:

Transferor	Shares Transferred	% of Share Capital
Mrs. Shobha Sekhri	29,12,966	16.17
Mrs. Aarti Sekhri	25,22,112	14.00
Mrs. Puja Sekhri	19,65,364	10.91
Mr. Arnav Sekhri	4,20,140	2.33
Mr. Krishnav Sekhri	4,20,140	2.33
Mr. Aditya Brij Sekhri	3,75,140	2.08
Total	86,15,862	47.82

Impact on Shareholding

This inter-se transfer will significantly alter the individual shareholdings within the promoter group:

Bhupinder Kumar Sekhri's stake will increase from 2.25% to 50.07%.
Puja Sekhri's holding will decrease from 20.06% to 9.15%.
Shobha Sekhri and Aarti Sekhri will each retain 2% ownership.
Arnav Sekhri, Krishnav Sekhri, and Aditya Brij Sekhri will each hold 1% post-transfer.

Regulatory Compliance

The company has emphasized that this transfer falls under the exemption provided by SEBI Substantial Acquisition of Shares and Takeovers (SAST) Regulations, specifically Regulation 10(1)(a)(i) and (ii). As a result, the transaction does not trigger an open offer requirement.

Delisting from Calcutta Stock Exchange

In a separate development, Tinna Rubber and Infrastructure Limited has received approval for voluntary delisting of its equity shares from The Calcutta Stock Exchange Limited (CSE) effective September 15, 2025. The company's shares will continue to be listed and traded on BSE Limited and National Stock Exchange of India Limited.

The CSE granted approval through letter ref: CSE/LD/DLL/16947/2025 dated September 12, 2025, under SEBI (De-listing of Equity Shares) Regulations, 2021. This follows previous intimations dated April 19, 2025 and May 07, 2025.

Market Context

The volume-weighted average market price for Tinna Rubber's shares over the 60 trading days preceding the notice was Rs. 881.63. However, as the share transfer is a gift transaction without consideration, no price is attached to the transfer.

Conclusion

While the inter-se transfer represents a significant shift in individual promoter holdings, the company has assured that the aggregate promoter group shareholding will remain unchanged post-transaction. This move could potentially streamline decision-making within the promoter group, with Bhupinder Kumar Sekhri emerging as the majority shareholder among the promoters.

The delisting from CSE, while maintaining listings on BSE and NSE, suggests a strategic move to optimize the company's market presence.