### **Overview** Tinna Rubber & Infrastructure Limited (TRIL), established in 1977, is India’s largest integrated end-of-life tyre (ELT) recycler and a global leader in sustainable rubber recycling. The company operates under a circular economy model, transforming waste tyres into high-value recycled materials such as crumb rubber, micronized rubber powder (MRP), reclaimed rubber, crumb rubber modifier (CRM), steel abrasives, and polymer composites. With over four decades of experience, TRIL serves customers across **Infrastructure, Industrial, Consumer, Steel, and Polymer Compounding (PC)** sectors in India and 10 international markets. TRIL’s vertically integrated, zero-waste operations achieve up to **99% material recovery** with **zero liquid discharge and zero pollution**, setting it apart as a pioneer in environmentally sustainable recycling. It is the only Indian company producing rubber-based products for both road bitumen and non-road applications globally. --- ### **Strategic Positioning & Business Model** - **Circular Economy Focus**: TRIL converts waste tyres—passenger car (PCR), truck/bus radial (TBR), and off-the-road (OTR)—into high-performance industrial inputs, reducing global dependence on virgin rubber and synthetic polymers. - **Diversified Revenue Streams**: Revenue is derived from five segments: Infrastructure (48%), Industrial (22%), Steel (13%), Consumer (7%), and Polymer Compounding & Masterbatch (PCMB) (~3% in H1 FY26). - **Geographic Strength**: Pan-India footprint with **six manufacturing facilities**—five in India (Panipat, Gummindipoondi, Haldia, Wada, Varle) and one abroad in Oman—plus new projects underway in **Saudi Arabia and South Africa**. - **Global Expansion Strategy**: Actively building international capabilities to secure feedstock, diversify sourcing, and access new markets in **Africa, the Middle East, and Europe**. --- ### **Recent Developments (Nov 2025 Update)** #### **1. International Expansion & Capacity Growth** - **Saudi Arabia Facility**: Secured **13,000 sqm** of land to build a **24,000 MT/year** tyre recycling plant via its 100% subsidiary, **Tinna Rubber Arabia Ltd**. Project commencement expected in **H2 FY27**, with permits under process. - **South Africa JV**: Invested capital in **Mbodla Investments (Pty) Limited**, approved to **export 24,000 tons/year** of ELTs from South Africa to India. Phase 1 operational; breakeven targeted by **March 2026**. - **Oman Plant Progress**: - Operating at **85% capacity utilization**. - Generated **INR 15 crores (~USD 1.8M)** in revenue. - Secured consent to **import ELTs into Oman**, mitigating margin pressure from input cost inflation. #### **2. Product & Business Diversification** - **Polymer Compounding (PC) Business**: - Sold **~750 tonnes** of recycled engineered plastics and masterbatches in H1 FY26, contributing **~3% of total revenue**. - Key sectors: **automotive, footwear, multilayer packaging, irrigation, and industrial components**. - Developing **specialty masterbatches** (color, silicon, additive, biodegradable) to boost margins and expand into high-value applications. - **Backward Integration**: - Commissioned an **integrated washing line at Panipat plant**, improving **quality control and margins**. - Investing in **lab-scale kneaders and extruders** for R&D without disrupting production. - **rCB (Recovered Carbon Black) Project**: - On track for **trial runs in early Q4 FY26**. - Dedicated team and **equipment upgrades** in place; aims to be the **highest-quality rCB producer in India**. - Project has **feed capacity of 100 TPD**, producing ~35–38% rCB and ~40% pyrolysis oil (to be used internally). - Funded in part by QIP (INR 23 crores allocated). #### **3. Financial & Operational Highlights** - **Tire Processing Capacity**: - Expanded to **185,000 MT/year in FY25**, targeting **250,000 MT/year by FY27**. - **Capital Expenditure**: - **INR 50 crores** invested in FY25, with **~INR 100 crores planned over FY26–FY27** for: - rCB plant - Oman and South Africa operations - R&D and capacity expansion - **Funding & Investor Confidence**: - Raised **INR 78 crores (~INR 787 million)** via **Qualified Institutional Placement (QIP)** in Q1 FY26. - Proceeds used for **rCB plant setup and organic expansion**. - Dual listing on **BSE and NSE (since April 2025)** to improve liquidity and investor access. #### **4. Infrastructure & Manufacturing Strengths** - **6 Facilities** across strategic locations—near industrial hubs and ports—to enable **logistical efficiency and low transportation costs**. - **Pan-India Collection Network**: Active in 4–5 North Indian states with strong partnerships for domestic ELT sourcing. - **Global Subsidiaries & JVs**: - **Global Recycle LLC (Oman)**: Operational, 85% utilization. - **Tinna Rubber Arabia Ltd (Saudi Arabia)**: Established for future plant. - **Mbodla Investments (Pty) Ltd (South Africa)**: JV for export operations. - **Tinna Rubber BV (Netherlands)**: Wholly owned subsidiary to enter the **European market**. #### **5. TP Buildtech – Strategic Associate Investment** - TRIL holds **49.42% stake** in **TP Buildtech Pvt. Ltd.**, a construction chemicals manufacturer. - **Segments**: Concrete admixtures, superplasticizers, waterproofing agents, accelerators, curing compounds, and mould release agents. - **Manufacturing Units**: Wada (MH) and Bawal (HR), supported by R&D centers in **Navi Mumbai, Delhi, and Kolkata**. - **Production Start**: July 2025; expected to stabilize by end-FY26. - **Growth Drivers**: Government programs (NIP, PMAY, AMRUT), urbanization, and demand for **high-performance building materials**. --- ### **Key Financial & Performance Metrics (H1 FY26)** | Parameter | Value | |--------|-------| | **Revenue Contribution (PCBM Business)** | ~3% of total revenue (INR 15–18 cr est.) | | **Oman Plant Revenue** | INR 15 crores (~USD 1.8M), 85% utilization | | **Varle Plant Utilization** | 66% (H1 FY26), impacted by monsoon/soft demand | | **rCB Project Status** | Trials to begin Q4 FY26 | | **Solar Energy Savings** | INR 6.5 million saved in FY25 (Panipat, Wada, Varle plants) | | **EPR Credit Generation (FY25)** | INR 296 million | --- ### **Market & Competitive Advantages** - **Market Share Leadership**: - >60% in **CRM and Bitumen Emulsion** segment. - ~80% in **Micronized Rubber Powder (MRP)** in India. - World’s largest **MRP producer** with ambient grinding technology (170-mesh fineness). - **Customer Diversification**: - Top 10 customers contribute **~36% of FY25 revenue**; **no single client >10%**. - Major clients: **MRF, Apollo Tyres, CEAT, JK Tyre, Indian Oil Corporation, Yokohama, Hyundai Construction, Mahindra CIE**. - **Global Recognition**: - Awarded **2022 Recircle Award** in Rubberised Asphalt. - Only **non-EU company audited and certified by SGS** as authorized tyre recycler. - **IATF-certified plants** (Wada, Gummindipoondi) enhancing credibility with global OEMs. --- ### **Leadership & Governance** - **Chairman & Managing Director**: **Bhupinder Kumar Sekhri** – Over **50 years of experience** in rubber industry; pioneered rubberized bitumen in India (1999). - **Joint Managing Director**: **Gaurav Sekhri** – Two decades in **commodity trading and logistics**. - Promoter-led group with **35+ years of operational track record** in rubber and commodities. ---