Tinna Rubber: consolidated PAT +44.8% YoY to ₹17.0 Cr, margin eases QoQ to 18.8%

Tinna Rubber's consolidated (primary basis) PAT rose 44.8% YoY to ₹17.04 Cr on revenue up 31.0% YoY to ₹156.59 Cr. Sequentially the picture is flatter: revenue was roughly unchanged QoQ (+0.3%) and PAT fell 17.2% QoQ from Q1 FY27's ₹20.57 Cr — a step-down, not a reversal, since OPM retreated to 18.81% from Q1's unusually strong 21.71% (still up ~77bps YoY from 18.04%), and NPM eased to 10.88% from Q1's 13.12% (up from 9.83% YoY). Standalone PAT of ₹16.06 Cr grew a slower 30.2% YoY, a ~14-point gap to the consolidated rate: in Q2 FY26 the subsidiaries were a net drag (group PAT then trailed standalone), whereas this quarter they are additive — most of the extra YoY lift at the consolidated level traces to that swing, not the core India business.

On guidance, management's FY27 framework called for ~16% full-year revenue growth (₹670-700 Cr) and EBITDA margins of 18-20%, flagged at the time as conservative against Q1's 21.7%. H1 FY27 consolidated revenue of ₹312.77 Cr is up 29.6% YoY — running well ahead of the ~16% guided pace — while Q2's 18.81% OPM has now settled back inside the guided 18-20% band after Q1 overshot it, so the quarter reads as a revenue beat against guidance with margins tracking in line. No formal Street consensus could be sourced for this quarter — Tinna is a small-cap with no identified broker preview for Q2 FY27 — so vsStreet is marked unknown rather than inferred. Management issued no separate press release alongside this filing; the only company commentary on record is the prior concall. The TPO/rCB contribution of ₹50-60 Cr guided to start from Q2 is not separately disclosed — the company reports a single operating segment under Ind AS 108 — so it cannot be verified from this filing. Corporate activity this quarter included registering a 19-acre land parcel in Andhra Pradesh for expansion (Oct 15) and further capital infusion into the Chile, Saudi and JV entities (Oct 7), continuing the overseas buildout. Separately, the Supreme Court dismissed the company's curative petition on the long-running Panipat (HSIIDC) land matter during the quarter; auditors carried an emphasis-of-matter note on it, but management maintains — and the auditors did not dispute — that there is no material financial impact.

The stock went into the print at ₹848.05, down 17.9% over the past month of trading.

Going into Q3, the key markers are whether OPM holds near 18-20% after this quarter's step-down, whether H2 revenue (₹357-387 Cr needed) keeps pace with the ₹670-700 Cr FY27 guide given H1 already came in at ₹312.77 Cr, and whether the subsidiary contribution that drove the YoY consolidated outperformance this quarter persists.