Shree TNB Polymers IPO
Shree TNB Polymers IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹47-52 |
| Face Value | ₹10 |
| Lot Size | 2000 Shares |
| Issue Size | ₹31.2 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE SME |
| BSE Scrip Code | 8004 |
| Min Investment | ₹104,000 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2,000 | ₹104,000 |
| Retail (Max) | 1 | 2,000 | ₹104,000 |
| HNI (Min) | 2 | 4,000 | ₹208,000 |
Strengths & Risks
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 15.57 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 not stated in the data available to us, so the latest debt position cannot be checked from here.
- This is an SME issue. One lot is 2,000 shares, which is about Rs 1.04 lakh at the upper band of Rs 52, and SME shares usually trade in low volume after listing.
Valuation & Key Ratios
Financials (Rs. Crore)
| 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 |
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.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 0.41× | 1,140,000 | — |
| Non-Institutional Investors (NII) | 0.49× | 1,158,000 | — |
| Retail Individual Investors (RII) | 0.05× | 1,996,000 | — |
| Employee | 0× | 0 | — |
| Shareholder | 0× | 0 | — |
| Total | 0.27× | 4,294,000 | — |
GMP History
| Date | GMP | % Over Issue Price |
|---|
Anchor Investors
| Investor | Category | Shares Allotted | Value |
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