Tinna Rubber & Infrastructure is a waste-to-wealth company that takes discarded tyres - a stubborn environmental hazard - and mechanically grinds them back into raw materials, recovering roughly 99% of every tyre it touches. Founded in 1977 by Mr. Bhupinder Kumar Sekhri, the business spent decades in rubber processing and commodities before a pivotal shift into tyre recycling in 1998, when it pioneered the use of rubberised asphalt for Indian roads, and it now operates eight plants across India and Oman with the capacity to crush 200,000 metric tonnes of tyres a year. The recurring approach is full integration - it sources end-of-life tyres from across the world, processes them into a widening family of specialised materials, and sells those materials into infrastructure, tyre-making, steel, and consumer markets, all while layering on new capabilities like pyrolysis and polymer compounding that extract value from what mechanical grinding leaves behind. # Business segments Five engines at different stages - a tyre-recycling core that generates the cash, a polymer-compounding business scaling alongside it, a steel-abrasives distribution that rides the same customer relationships, an international expansion under construction, and a construction-chemicals associate - each built with the cash flows of the one before. ## 1. End-of-life tyre recycling: the circular-economy engine **The company grinds waste tyres into a portfolio of recycled rubber and steel products that command a roughly 4x price advantage over virgin materials, then sells them on a per-tonne basis to road builders, tyre manufacturers, steel mills, and consumer-goods makers.** - **Roads are the largest customer** - crumb rubber modifier (CRM) blended into bitumen creates rubberised asphalt for highways; the company holds over 60% market share in this space, has supplied material for more than 100,000 lane kilometres of Indian roads, and counts Indian Oil Corporation as a long-term partner, including a two-year supply contract worth approximately INR 76 crores signed in January 2026. - **Tyre and rubber makers buy the finest powder** - micronized rubber powder (MRP), ground to 80-140 mesh, goes into new tyres, conveyor belts, and moulded rubber goods; the company is described as the world’s largest manufacturer of MRP and the largest supplier to India’s tyre and conveyor-belt industry, with a moat built on the three-to-five-year qualification cycles that tyre companies impose before approving a new material. - **Steel is a by-product, not an afterthought** - the high-carbon steel wire recovered during tyre crushing is converted into steel abrasives, cut wire shot, and scrap for remelting, contributing 20% of total revenue in FY26. - **EPR credits turn regulation into recurring revenue** - under India’s Extended Producer Responsibility policy, tyre producers must buy credits to prove they have recycled a share of their output; the company earns these credits from its own recycling and sells them, generating roughly INR 29 crores in each of the last two years. - **The plant network is a structural advantage** - five Indian plants span the country from Panipat to Tamil Nadu, three of them at ports to cut logistics costs on imported tyres and exported finished goods; the newest, at Varale in Maharashtra, can process 60,000 metric tonnes of passenger-car radials annually and reached 80% utilisation in FY26. ## 2. Polymer compounding and masterbatch: blending rubber with waste plastics **This business takes the company’s own crumb rubber and combines it with recycled plastics to make engineered compounds for automotive parts, furniture, footwear, and packaging - a new category that turns two waste streams into one product.** - **A pilot that is scaling fast** - a thermoplastic elastomer (TPE) plant was commissioned at Panipat in March 2024 with 6,000 metric tonnes of annual capacity, using roughly 60% plastic waste and 40% in-house crumb rubber; capacity is being tripled to 18,000 tonnes by the end of Q1 FY27. - **Low utilisation today, a bigger slice tomorrow** - the division ran at 40% capacity in FY26 and contributed about 4% of overall turnover, with management expecting that share to reach 8-10% in FY27 as the enhanced capacity comes online. - **Applications span industries** - the compounds go into automotive components, electrical goods, industrial parts, shoe soles, mud flaps, dust bins, and traffic-management products, giving the company a foothold in durable-goods supply chains beyond its traditional infrastructure and tyre customers. ## 3. Steel abrasives distribution: an exclusive pipeline from China **Alongside the steel it recovers from tyres, the company acts as the exclusive Indian distributor for a Chinese manufacturer, selling abrasives used in foundries, automotive surface preparation, and granite cutting.** - **A complementary product line** - the distribution agreement with Zibo TAA Metal Technology Company fills out the steel portfolio, letting the company offer both internally produced and imported abrasives to the same industrial buyers. ## 4. International operations: taking the recycling model abroad **The company is replicating its tyre-recycling playbook in Oman, South Africa, and Saudi Arabia - one plant already running, one joint venture exporting material, and one greenfield project awaiting construction.** - **South Africa supplies the Indian mothership** - a 49%-owned joint venture with Lionshare Holdings has permission to export 24,000 metric tonnes of end-of-life tyres; the JV has started building the plant infrastructure and operations are expected to commence in Q1FY26. - **Saudi Arabia is the next build** - a subsidiary has been formed and a 13,000-square-metre government-allocated plot secured for a 24,000-metric-tonne-per-year plant, though construction has been delayed by regional tensions and is now expected to begin in mid-FY27. # Group structure and partners **The listed parent, Tinna Rubber & Infrastructure Ltd, sits atop a network of subsidiaries and an associate that extend its recycling footprint across three continents and into construction chemicals.** - The promoters - Mr. Bhupinder Kumar Sekhri (Chairman & Managing Director) and Mr. Gaurav Sekhri (Joint Managing Director) - bring over five decades of experience in the rubber industry and over two decades of experience in the commodity trading business and other verticals, including cargo handling operations and warehousing businesses, respectively. - Global Recycle LLC in Oman is a wholly owned subsidiary operating a 15,000-metric-tonne-per-year plant acquired in 2023 for INR 5 crores. - Mbodla Investments in South Africa is a 49%-owned joint venture formed with Lionshare Holdings for tyre collection, export, and recycling, with the shareholders' agreement signed in September 2024 and the acquisition of the 49% stake completed on February 28, 2025. - **Tinna Rubber Arabia Ltd in Saudi Arabia is a subsidiary that has been allocated a 13,000-square-metre plot for a planned 24,000-metric-tonne-per-year facility.** - TP Buildtech Private Limited is a 49.42%-owned associate making concrete waterproofing and cement admixtures, with plants in Wada and Bawal and R&D Centres in Navi Mumbai, New Delhi, and Kolkata. - The company is the only Indian member of the Rubberized Asphalt Foundation in the USA and an industry partner in the Crumb Rubber Project under India’s tyre-manufacturers’ association.