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Shree TNB Polymers Ltd IPO
Shree TNB Polymers Ltd
₹2,00,000 /4000 sharesMinimum investment
IPO listing details
Listed on
8 Oct '26
Issue price
₹53.00
Listing price
₹60.00
Listing gains
₹7.00 (13.21%)
Exchange
--
IPO details
Minimum investment
₹2,00,000
Price range
₹50 - ₹53
Lot size
2,000
Issue size
31.80 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers1.70x
Non-Institutional Investor2.46x
Retail Individual Investor1.68x
Total1.90x
As of 05 Oct'26, 04:55 PM
Schedule
28 Sep 2026
IPO open date
5 Oct 2026
IPO close date
6 Oct 2026
Allotment date
6 Oct 2026
Funds unblock or debit
8 Oct 2026
Tentative listing date
About
Founded in
2007
MD/CEO
Mr Rasikbhai Bhalodi
Parent organisation
Shree TNB Polymers Ltd
Shree TNB Polymers Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to have a promoter-driven management team with extensive experience across the polymers, trading and manufacturing segments.
The company claims to offer a diversified portfolio comprising HDPE pipes and fittings, PP and PPH pipes and fittings, DWC pipes, sprinkler pipes, drip irrigation systems, solid industrial sheets and Well Pack sheets. These products are claimed to serve applications across infrastructure, agriculture, packaging, and industrial sectors, enabling the company to reach a broad customer base across India.
The company claims to maintain established relationships with customers, dealers, and distributors, supported by manufacturing facilities spread across 23,028 sq. m. Its in-house manufacturing setup is claimed to provide greater control over quality and manufacturing costs. The company has a network of more than 325 dealers and distributors across Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, Tamil Nadu, Andhra Pradesh and Telangana.
The company claims to have manufacturing and quality systems supported by BIS and ISO certifications and applicable standards, including IS 4984 for water supply, IS 14333 for sewerage, IS 16098-Part 2 and IS 16205-Part 24 for DWC pipes, and ISO 9001 and ISO 14001. Its irrigation products also comply with IS 13488:2008, IS 12786:2024 and IS 17425:2020 for drip, lateral, and sprinkler pipes, respectively.
The company has seen a consistent increase in PAT. PAT increased from Rs 5.03 crore in FY24 to Rs 5.77 crore in FY25 to Rs 7.13 crore in FY26.
The company derives a significant portion of its revenue from operations from its top 10 customers, which contributed Rs 59.34 crore in FY26, Rs 51.11 crore in FY25 and Rs 56.12 crore in FY24, representing 29.97%, 29.11% and 27.04%, respectively. Any reduction, delay or cancellation of orders, loss of key customers or inability to secure favorable terms could adversely affect revenues, cash flows and results of operations.
Trade payables stood at Rs 35.27 crore in FY26, Rs 32.40 crore in FY25, and Rs 26.82 crore in FY24. The company has an average payable period of 83 days and relies on supplier credit for procurement of raw materials. Any significant delay or inability to meet payment obligations could affect supplier relationships, purchases, profitability, cash flows, and liquidity.
The company generally operates on a purchase-order basis and does not have long-term agreements or marketing arrangements with most customers. Orders may be amended or canceled before finalisation, with limited ability to recover costs relating to surplus production. Changes in customer preferences, loss of significant customers or inability to secure regular new orders could result in fluctuations in revenues, cash flows, and operations.
The company’s operations are geographically concentrated, with customers in Maharashtra, Gujarat, Madhya Pradesh, Dadra & Nagar Haveli and Daman and Diu, Uttar Pradesh, Karnataka, and Rajasthan contributing a significant portion of its revenue from operations. Revenue from Maharashtra alone stood at Rs 99.16 crore in FY26, Rs 93.14 crore in FY25 and Rs 126.18 crore in FY24, representing 50.05%, 53.02% and 60.71%, respectively. Any adverse economic, regulatory, or other developments in these key markets could adversely affect the company’s revenue and results of operations.
The company derives a significant portion of its revenue from operations from products sold under the “Noble” brand. Revenue from “Noble” products stood at Rs 149.80 crore in FY26, Rs 128.57 crore in FY25 and Rs 163.51 crore in FY24, representing 75.61%, 73.20% and 78.67% of revenue from operations, respectively. Any change in consumer preferences, demand or product quality could adversely affect sales, revenues, profitability and cash flows.
The company, its directors, and promoters are involved in ongoing tax and material proceedings. Any adverse judgments could hurt the company’s business prospects.
The company reported negative cash flows from investing activities of Rs 9.23 crore in FY26, Rs 9.98 crore in FY25, and Rs 1.71 crore in FY24, primarily due to purchases of property, plant and equipment and intangible assets of Rs 8.21 crore, Rs 10.55 crore, and Rs 1.72 crore, respectively. The company also reported negative financing cash flow of Rs 5.39 crore in FY24, primarily due to interest expense of Rs 5.48 crore. Continued negative cash flows could adversely affect the company’s liquidity, financial condition and ability to fund its business and growth requirements.
As of FY26, the company’s trade receivables were Rs 51.25 crore. Failure to collect these receivables on time, or at all, can negatively impact the business and its financial condition.
As of FY26, the company had outstanding financial indebtedness of Rs 44.56 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Application details
For Shree TNB Polymers IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹50 - ₹53 | ₹2 - ₹5 Lakhs | 2000 |
About
Objective of Shree TNB Polymers IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Capital Expenditure for purchase of machinery |
15.86 |
|
Capital Expenditure for the purchase and installation of Solar panel/ Roof top |
2.60 |
|
Part finances the capital expenditure for construction/ installation of Pre-Engineered Building (PEB) structure for new manufacturing facility |
1.32 |
|
Repayment of certain borrowings |
5.62 |
|
General Corporate Purposes |
[.] |
|
Total |
[.] |
Book Running Lead Managers & Registrar of Shree TNB Polymers IPO
|
Book Running Lead Managers |
Corporate Makers Capital Limited |
|
Registrar to the Issue |
MUFG Intime India Private Limited |
|
Market Maker to the Issue |
Asnani Stock Broker Private Limited |
Key Performance Indicators (KPIs) of Shree TNB Polymers Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROE (%) |
13.69 |
|
ROCE (%) |
16.02 |
|
EBITDA Margin (%) |
9.69 |
|
PAT Margin (%) |
3.60 |
|
Debt-to-equity Ratio (times) |
0.80 |
|
Return on Net Worth (RoNW) (%) |
13.69 |
|
Net Asset Value (NAV) per Equity Share (₹) |
36.29 |
|
EPS (Pre-IPO) (₹) |
4.65 |
Shree TNB Polymers IPO Contact Details
|
Company Name |
Shree TNB Polymers Limited |
|
Registered Office |
Sr. No. 132/1/1/4, Behind Prince Pipes, Athal Road, Silvassa, Dadra & Nagar Haveli, India - 396230 |
|
Phone |
+91 96626 02584 |
|
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|
Website |
Shree TNB Polymers IPO Registrar Contact Details
|
Company Name |
MUFG Intime India Private Limited |
|
Phone |
+91 810 811 4949 |
|
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Website |