Shree TNB Polymers IPO
Shree TNB Polymers IPO is a BSE SME book-built issue comprising a fresh issue of up to 60,00,000 equity shares.
Shree TNB Polymers IPO Details
Shree TNB Polymers IPO is an upcoming SME IPO of Shree TNB Polymers Limited. The proposed issue comprises a fresh issue of up to 60,00,000 equity shares with a face value of ₹10 each. The company plans to use the proceeds for machinery, solar rooftop installation, construction of a pre-engineered building, repayment of certain borrowings and general corporate purposes. The company is engaged in manufacturing polymer-based piping systems and industrial plastic products.
Shree TNB Polymers IPO Timeline (Tentative)
The company has filed its DRHP and received BSE SME in-principle approval, while the issue price and bidding dates will be announced later.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Fri, Sep 25, 2026 |
| IPO Close Date | Tue, Sep 29, 2026 |
| Basis of Allotment | Wed, Sep 30, 2026 |
| Initiation of Refunds | Thu, Oct 1, 2026 |
| Credit of Shares to Demat | Thu, Oct 1, 2026 |
| Listing Date | Mon, Oct 5, 2026 |
| IPO Opens | Sep 25, 2026 |
| IPO Closes | Sep 29, 2026 |
| Basis of Allotment | Sep 30, 2026 |
| Refund Initiation | Oct 1, 2026 |
| Credit of Shares to Demat | Oct 1, 2026 |
| Listing Date | Oct 5, 2026 |
Shree TNB Polymers IPO Lot Size
The Shree TNB Polymers IPO lot size has not yet been announced. The minimum application quantity and investment amount will be available once the price band and final issue details are announced.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 4000 | ₹2,08,000 |
| Retail (Max) | 2 | 4000 | ₹2,08,000 |
| S-HNI (Min) | 3 | 6000 | ₹3,12,000 |
| S-HNI (Max) | 9 | 18000 | ₹9,36,000 |
| B-HNI (Min) | 10 | 20000 | ₹10,40,000 |
Shree TNB Polymers IPO Reservation
The proposed IPO reservation provides not more than 50% of the Net Issue for QIBs, not less than 15% for NIIs and not less than 35% for Retail Individual Investors.
Shree TNB Polymers IPO Subscription
The Shree TNB Polymers IPO has not opened for subscription. Category-wise subscription figures will be available after the bidding period begins.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About Shree TNB Polymers
Shree TNB Polymers Limited is a Silvassa-based polymer manufacturing company incorporated on March 7, 2007. The company was established by consolidating the businesses of four erstwhile partnership firms and has commercial operations tracing back to 2001. It manufactures polymer-based piping systems and plastic solutions for infrastructure, agriculture, industrial and construction applications.
The company's product portfolio includes HDPE, PP and PPH pipes and fittings, Double Wall Corrugated pipes, drip irrigation systems and sprinkler systems under the Noble brand. It also manufactures solid industrial polymer sheets under the Tirupati brand and corrugated flute board sheets used for packaging and advertising under its Wellpack brand.
Shree TNB Polymers operates two manufacturing facilities in Silvassa spread across approximately 23,028 square metres, with a combined installed capacity of 24,000 MT per annum. The company serves both B2B and B2C customers through a distribution network of more than 325 dealers and distributors across India.
The company's products cater to applications including water supply, sewerage, irrigation, agriculture, telecom cable protection, chemical processing, industrial fabrication and construction. As of March 31, 2026, the company had 318 full-time employees and 20 contract workers.
Strengths
- Diversified portfolio of polymer pipes, fittings, irrigation products, industrial sheets and packaging products.
- Established manufacturing presence with two facilities and combined installed capacity of 24,000 MT per annum.
- More than 325 dealers and distributors provide a pan-India distribution network.
- Products serve multiple end-use sectors including water infrastructure, agriculture, irrigation, telecom, chemicals and construction.
- The company has BIS and ISO certifications for various products and applications.
- Promoter and management team has substantial experience in the polymer and plastic products industry.
Risks to Consider
- The company's revenue and profitability are exposed to fluctuations in demand across infrastructure, agriculture, irrigation and construction sectors.
- Polymer products depend on raw materials whose prices can fluctuate, which may affect margins.
- The company operates in a competitive plastic and polymer products industry with several established manufacturers.
- The business has significant borrowings, with total debt reported at approximately ₹51.26 crore as of December 31, 2025.
- The company has historically generated a substantial majority of its revenue from the domestic market, limiting geographical diversification.
- The proposed expansion involves substantial capital expenditure and execution of new manufacturing infrastructure.
Shree TNB Polymers Financials (₹ Cr)
Shree TNB Polymers reported revenue from operations of ₹172.54 crore in FY2023, ₹207.85 crore in FY2024 and ₹175.65 crore in FY2025. PAT increased from ₹2.16 crore in FY2023 to ₹5.03 crore in FY2024 and ₹5.77 crore in FY2025. For the nine months ended December 31, 2025, revenue from operations was ₹141.49 crore and PAT was ₹4.90 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2023 | 172.54 | 2.16 | 105.40 | 29.17 |
| FY2024 | 207.85 | 5.03 | 105.02 | 34.20 |
| FY2025 | 175.65 | 5.77 | 127.37 | 48.54 |
| 9M FY2026 | 141.49 | 4.90 | 154.48 | 53.45 |
KPIs & Valuation
Shree TNB Polymers IPO’s key performance indicators and valuation metrics provide an overview of the company’s earnings, profitability, capital efficiency, and financial position. The analysis covers important parameters such as Earnings Per Share (EPS), Price-to-Earnings (P/E) ratio, Return on Net Worth (RoNW), Return on Equity (ROE), Return on Capital Employed (ROCE), Net Asset Value (NAV), EBITDA margin, PAT margin, and Debt-to-Equity ratio. These indicators help present the company’s recent financial performance and provide a basis for understanding its valuation in relation to the IPO price.
Objects of the Issue
The company proposes to utilise the Net Proceeds of the Fresh Issue towards purchase of machinery, installation of a solar rooftop system, construction of a pre-engineered building for a new manufacturing facility, repayment of certain borrowings and general corporate purposes.
- The company proposes to utilise the IPO proceeds for:
- Capital expenditure for purchase of machinery — ₹15.86 crore.
- Capital expenditure for purchase and installation of solar panels/rooftop — ₹2.60 crore.
- Part-financing the capital expenditure for construction and installation of a Pre-Engineered Building structure for the new manufacturing facility — ₹1.32 crore.
- Repayment or prepayment of certain borrowings — ₹5.62 crore.
- General corporate purposes.
Promoters, Lead Managers & Registrar
Shree TNB Polymers is promoted by Rasikbhai Gokalbhai Bhalodi, Shilpaben Rasikbhai Bhalodi, Vijay Jaysukhlal Thosani, Beena Vijay Thosani, Deepakkumar Qeematrai Raura, Reeta Deepak Raura, Kishan Chandulal Patel, Vipul Gokalbhai Bhalodi, Hasmukhbhai Gokalbhai Bhalodi, Jignaben Vipulbhai Bhalodi and Jalpaben Hasmukhbhai Bhalodi. Corporate Makers Capital Limited is the Book Running Lead Manager to the proposed IPO, while MUFG Intime India Private Limited is the Registrar to the Offer.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Phone | +91 810 811 8484 |
| rnt.helpdesk@in.mpms.mufg.com | |
| Website | https://in.mpms.mufg.com/ |
Shree TNB Polymers IPO Review
Shree TNB Polymers operates in the polymer products manufacturing industry, with a focus on piping systems, irrigation products, industrial sheets and packaging solutions. Its diversified product portfolio allows the company to serve customers across infrastructure, agriculture, industrial and construction applications.
The company's revenue from operations increased from ₹172.54 crore in FY2023 to ₹207.85 crore in FY2024 before declining to ₹175.65 crore in FY2025. PAT increased from ₹2.16 crore in FY2023 to ₹5.03 crore in FY2024 and ₹5.77 crore in FY2025. The December 2025 nine-month period reported revenue of ₹141.49 crore and PAT of ₹4.90 crore.
The proposed Fresh Issue is intended to support manufacturing capacity and infrastructure. The largest allocation is ₹15.86 crore towards machinery, followed by ₹5.62 crore towards repayment of certain borrowings. The company also plans to invest in solar rooftop infrastructure and a pre-engineered building for its manufacturing operations.
The final price band, lot size and issue dates have not been announced. Therefore, valuation multiples such as P/E cannot be calculated reliably at this stage. Investors evaluating the IPO can examine the company's revenue and profitability trend, debt levels, manufacturing capacity, distribution network, industry exposure and proposed use of IPO proceeds once the final issue details are published.
How to Apply
The Shree TNB Polymers IPO is not currently open for subscription. The company has filed its DRHP and the final bidding dates and price band are yet to be announced. Once the IPO opens, eligible investors can apply through ASBA or UPI-supported IPO application facilities.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Shree TNB Polymers IPO.
- Enter the number of lots and bid price after the final issue details are announced.
- Enter your UPI ID and submit the IPO application.
- Check the UPI mandate request received from your bank.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your linked bank account.
- If shares are allotted, the applicable amount will be debited and the allotted shares will be credited to your Demat account.
Prospectus & Documents
The company has filed its Draft Red Herring Prospectus for the proposed BSE SME IPO. The offer document contains information regarding the company's business, financial performance, risk factors, promoters, objects of the issue and proposed issue structure.
Last updated Sep 23, 2026.