Shree TNB Polymers IPO

Status: Preopen
RHP:
BSE SME

₹ 188,000 / 4000 shares
Minimum Investment

Shree TNB Polymers IPO Details

Open Date
25 Sep 2026
Close Date
29 Sep 2026
IPO Price Range
₹ 47 to ₹52
IPO Size
₹ 31.20 Cr

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Shree TNB Polymers IPO Timeline

Bidding starts
25 Sep 2026
Bidding ends
29 Sep 2026
Allotment finalisation
30 Sep 2026
Refund initiation
01 Oct 2026
Demat transfer
01 Oct 2026
Listing
05 Oct 2026

About Shree TNB Polymers

Last Updated: 24 September 2026 5:43 AM by 5paisa

Shree TNB Polymers Limited manufactures and supplies polymer-based products used across water supply, sewerage, irrigation, chemical processing, infrastructure, industrial and packaging applications. Its portfolio includes HDPE pipes and fittings, PP and PPH pipes and fittings, double-wall corrugated pipes, sprinkler pipes, drip irrigation systems, solid industrial sheets and well-pack sheets.

The company operates under brands including Noble, Tirupati and Balaji (Wellpack). Noble was the largest contributor in FY26, accounting for 75.61% of revenue from operations. Shree TNB operates manufacturing facilities in Silvassa, Dadra & Nagar Haveli, and supplies customers primarily in India. Domestic sales accounted for 99.81% of FY26 revenue from operations, while the company also recorded exports to markets including Oman, Sri Lanka and the UAE.

Its products cater to industries and applications such as chemicals, desalination, infrastructure, electroplating, agriculture, water management and industrial processing. The company also manufactures micro-irrigation products used for drip and sprinkler irrigation.

Established in: 2007

Managing Director: Rasikbhai Gokalbhai Bhalodi

Peers:

Captain Pipes Limited

Malpani Pipes and Fittings Limited

Texmo Pipes and Products Limited

Shree TNB Polymers Objectives

The company proposes to utilise the Net Proceeds towards:

1. Capital expenditure for the purchase of machinery

2. Capital expenditure for the purchase and installation of rooftop solar panels

3. Part-financing the construction and installation of a Pre-Engineered Building structure for a new manufacturing facility

4. Repayment of certain borrowings

5. General corporate purposes

Up to ₹15.86 crore is proposed for machinery, up to ₹2.60 crore for the purchase and installation of rooftop solar panels, and up to ₹1.32 crore for the Pre-Engineered Building structure.

Shree TNB Polymers IPO Size

Types	Size
Total IPO Size	₹31.20 Cr
Offer For Sale	–
Fresh Issue	₹31.20 Cr

Shree TNB Polymers IPO Lot Size

Application	Lots	Shares	Amount (₹)
Individual Investors (IND) (Min)	2	4000	₹188000
Individual Investors (IND) (Max)	2	4000	₹208000
HNI (Min)	3	6000	₹2,82,000
S-HNI (Max)	9	18000	₹9,36,000
B-HNI (Min)	10	20000	₹9,40,000

Shree TNB Polymers Financial Status

Balance Sheet

Total Liabilities
Share Capital
Total Assets

Particulars (In ₹ Crores)	FY24	FY25	FY26
Revenue	207.86	175.65	198.13
EBITDA	15.22	15.47	19.20
PAT	5.03	5.77	7.13

Particulars (In ₹ Crores)	FY24	FY25	FY26
Total Assets	105.03	127.38	145.26
Share Capital	8.95	10.23	15.35
Total Liabilities	105.03	127.38	145.26

Particulars (In ₹ Crores)	FY24	FY25	FY26
Net Cash Generated From / (Used In) Operating Activities	6.99	4.34	8.83
Net Cash Generated From / (Used In) Investing Activities	-1.71	-9.98	-9.23
Net Cash Generated From / (Used In) Financing Activities	-5.39	5.60	0.40
Net Increase / (Decrease) In Cash And Cash Equivalents	-0.11	0.01	-0.04

Shree TNB Polymers IPO SWOT Analysis

Strengths

1. Shree TNB has a diversified portfolio spanning HDPE, PP and PPH pipes and fittings, DWC pipes, irrigation products, industrial sheets and packaging-related products.

2. Its promoters have long-standing experience across procurement, manufacturing, sales and other operational functions in the polymer industry.

3. The company operates established manufacturing facilities and maintains relationships with customers, dealers, distributors and vendors.

4. Its products carry multiple quality and product certifications applicable to pipes, irrigation systems and other polymer products.

5. Profitability improved over FY24–FY26, with EBITDA margin rising from 7.32% to 9.69% and PAT margin increasing from 2.42% to 3.60%.

Weaknesses

1. The business has limited geographical diversification, with India contributing 99.81% of FY26 revenue from operations.

2. Customer concentration increased in FY26, with the top customer alone contributing 11.05% of revenue and the top customers representing a meaningful share of sales.

3. The Noble brand contributed 75.61% of FY26 revenue from operations, resulting in concentration within the company's product-brand mix.

4. The company depends on external suppliers for polymer raw materials and does not have long-term supply agreements with them.

5. Logistics and supply-chain costs are significant given the physical nature and geographical distribution of its polymer products.

Opportunities

1. Government spending on water supply and sanitation through programmes such as Jal Jeevan Mission and AMRUT 2.0 can support demand for plastic piping systems.

2. Expansion of micro-irrigation under the Pradhan Mantri Krishi Sinchai Yojana can support demand for drip and sprinkler products.

3. Infrastructure, urbanisation, real estate development and industrial expansion can increase demand for pipes, fittings and related polymer products.

4. The industry's shift towards organised and quality-certified manufacturers could support established players with compliant manufacturing capabilities.

5. The IPO-funded machinery, new manufacturing infrastructure and solar installation can support capacity and operating infrastructure expansion.

Threats

1. HDPE, PP, PVC and other polymer input prices are linked to petrochemical markets and can fluctuate with crude oil prices and global supply conditions.

2. The top 10 suppliers accounted for 61.28% of total purchases in FY26, exposing the company to supplier concentration and procurement disruption.

3. Competition comes from both organised manufacturers with larger resources and fragmented unorganised players competing on pricing.

4. Environmental rules, BIS standards and plastic-waste regulations can increase compliance requirements and operating costs.

5. The company imports some raw materials and does not currently use foreign-exchange hedging contracts, creating exposure to currency movements.

Why Invest in Shree TNB Polymers IPO?

1. The company has a diversified polymer portfolio spanning pipes, fittings, industrial sheets, DWC pipes and micro-irrigation systems for multiple end-use industries.

2. PAT increased from ₹5.03 crore in FY24 to ₹7.13 crore in FY26, while EBITDA margin expanded from 7.32% to 9.69%.

3. Shree TNB has established manufacturing operations and products certified under multiple applicable industry standards.

4. Its product portfolio provides exposure to water management, infrastructure, agriculture, sanitation and industrial applications.

5. Fresh-issue proceeds are proposed to fund machinery, rooftop solar infrastructure, a new PEB manufacturing structure and repayment of certain borrowings.

Shree TNB Polymers Industry Landscape and Growth Potential

India's plastic pipes and fittings sector serves a broad range of applications across water supply, sanitation, agriculture, irrigation, construction and industrial infrastructure. Demand is supported by urbanisation, infrastructure development, real estate activity and greater investment in water-management systems.

Government programmes including Jal Jeevan Mission, AMRUT 2.0, Smart Cities Mission and Pradhan Mantri Krishi Sinchai Yojana are expected to support investments in water supply, sanitation and micro-irrigation infrastructure. The industry is also seeing a gradual shift towards organised manufacturers as quality standards, BIS certifications and project-specific compliance requirements become more important.

Shree TNB participates in this market through HDPE and PP/PPH pipes and fittings, DWC pipes, drip and sprinkler irrigation systems and industrial polymer sheets. Its exposure to water management, agriculture, infrastructure and industrial applications provides multiple end-use segments. However, the industry remains exposed to volatile petrochemical-based raw-material prices, competition from organised and unorganised manufacturers, and infrastructure-project execution cycles.