Shree TNB Polymers IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

Shree TNB Polymers

Price band

₹50 – ₹53

Lot size

2000 shares

Min investment

₹1,06,000

Issue size

₹31.2 Cr

About the company

Shree TNB Polymers Limited was incorporated on 7 March 2007 and is based at Silvassa. It makes plastic piping systems and related plastic products. Its pipes go into irrigation and agriculture, drinking water supply schemes, sewerage and drainage, telecom cable protection, construction and industry. The range covers HDPE pipes and fittings, polypropylene and polypropylene homopolymer pipes and fittings, double wall corrugated pipes used mainly for sewerage, sprinkler pipes, drip irrigation systems, solid industrial sheets and well pack sheets for packaging. It runs two manufacturing facilities at Silvassa spread over 23,028 square metres, with a combined installed capacity of 24,000 tonnes a year, supported by in-house testing laboratories and BIS and ISO certification across several Indian Standards. As on 31 March 2026 it had 318 full time employees.

Shree TNB Polymers Limited is a Silvassa-based maker of HDPE, PP and PPH pipes and fittings, double wall corrugated pipes, sprinkler and drip irrigation systems and industrial sheets. It runs two plants with 24,000 MT a year of capacity, serving irrigation, water supply, sewerage, telecom and construction.

IPO details

Issue price: ₹53
Price band: ₹50 – ₹53
Face value: ₹10
Lot size: 2000
Min investment: ₹1,06,000
Issue size: ₹31.2 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 8004
NSE symbol: SHREETNB.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	2,000	₹1,06,000
Retail (Max)	1	2,000	₹1,06,000
HNI (Min)	2	4,000	₹2,12,000

Investor reservation

CATEGORY	RESERVED
QIB	28,46,000 shares (49.93% of the Offer)
NII	8,58,000 shares (15.05% of the Offer)
Retail	19,96,000 shares (35.02% of the Offer)

Objects of the issue

1Capital Expenditure for purchase of machinery15.86

2Capital Expenditure for the purchase and installation of Solar panel/ Roof top2.60

3Part finances the capital expenditure for construction/ installation of Pre-Engineered Building (PEB) structure for new manufacturing facility1.32

4Repayment of certain borrowings5.62

5General Corporate Purpose

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	145.26	127.38	105.03
Total Income	198.31	175.70	207.97
Profit After Tax	7.13	5.77	5.03
EBITDA	19.20	15.47	15.22
NET Worth	55.68	48.55	34.21
Reserves and Surplus	40.34	38.32	25.26
Total Borrowing		38.50	35.82

Key performance indicators

P/E Ratio

15.87

EPS (₹)

3.34

RoE

13.69%

RoCE

16.02%

RoNW

13.95%

PAT Margin

3.60%

EBITDA Margin

9.69%

Debt / Equity

0.80

NAV (₹)

36.29

✓ Strengths

• Profit has grown every year, from Rs 5.03 crore in FY2024 to Rs 5.77 crore in FY2025 and Rs 7.13 crore in FY2026.

• EBITDA improved from Rs 15.22 crore in FY2024 to Rs 19.20 crore in FY2026.

• The issue is priced at about 15.87 times earnings on an EPS of Rs 3.34.

• Demand is supported by government spending on irrigation, drinking water supply and sewerage, all of which use these pipes.

• The product range is wide, covering HDPE, PP and DWC pipes, drip and sprinkler systems and industrial sheets.

• It has meaningful capacity of 24,000 tonnes a year across two plants, with in-house testing and BIS certification.

• Most of the issue goes into capacity, with Rs 15.86 crore for machinery and Rs 2.60 crore for rooftop solar.

• Net worth has grown from Rs 34.21 crore in FY2024 to Rs 55.68 crore in FY2026.

⚠ Risks

• Promoter holding is already below half at 45.56% before the issue and falls to 32.76% after it. The promoter group is spread across eleven people and ends up with under a third of the company.

• Sales are not growing steadily. Total income was Rs 207.97 crore in FY2024, fell to Rs 175.70 crore in FY2025 and recovered to Rs 198.31 crore in FY2026.

• The profit margin is thin at 3.60%, and RoNW is only 13.95%.

• The raw material is polymer, whose price follows crude oil, and plastic pipe is a highly competitive product.

• A large part of demand comes from government water and irrigation schemes, where orders are tender driven and payments are slow.

• Both plants are at Silvassa, so there is single location risk.

• Total borrowing for FY2026 is left blank in the financial table, so the latest debt figure cannot be read from the published data. The debt to equity ratio is given as 0.80, against borrowing of Rs 38.50 crore in FY2025.

• This is an SME issue. One lot is 2,000 shares, which is about Rs 1.06 lakh at the upper band of Rs 53, and SME shares usually trade in low volume after listing.

Promoters & holding

Vijay Jaysukhlal Thosani, Rasikbhai Gokalbhai Bhalodi, Deepak Kumar Raura, Shilpaben Rasikbhai Bhalodi, Beena Vijay Thosani, Reeta Deepak Raura, Kishan Chandulal Patel, Vipul Gokalbhai Bhalodi, Hasmukhbhai Gokalbhai Bhalodi, Jignaben Vipulbhai Bhalodi and Jalpaben Hasmukhbhai Bhalodi

Pre-issue promoter holding

45.56%

Post-issue promoter holding

32.76%

Promoters hold 45.56% before the issue and will hold 32.76% after it.

Data refreshed 07 Nov 2026, 04:42 pm IST. GMP is unofficial market sentiment, not investment advice.