IPO Overview
Incorporated in March 2007, Shree TNB Polymers Limited is a Silvassa-based polymer manufacturing company with operational roots tracing back to three predecessor entities — Noble Polymers (1995), Tirupati Plastic Industries (2000), and Balaji Polymers (2004) — giving the company over 25 years of combined experience in the polymer pipes and plastics space. The company manufactures a wide range of polymer-based piping systems, irrigation solutions, and industrial plastic products, marketed under three registered brands: Noble (pipes and irrigation), Tirupati (industrial sheets), and Wellpack (corrugated flute boards). Its products serve a broad set of end-use applications including potable water supply, sewerage and drainage, agriculture irrigation, telecom cable protection, construction, and industrial fabrication.
The company operates two manufacturing facilities in Silvassa spanning 23,028 sq. mtrs., with a combined installed capacity of 24,000 MT per annum, supported by in-house quality testing laboratories and BIS/ISO certifications.
The IPO is a fully fresh issue of 60 lakh equity shares aggregating up to ₹31.20 crore, with no offer-for-sale component. The price band is ₹47 to ₹52 per share, and the shares are proposed to be listed on the BSE SME platform. The IPO opens on 25 September 2026 and closes on 29 September 2026, with listing expected on 5 October 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 25 September 2026 |
| IPO Close Date | 29 September 2026 |
| Allotment Date | 30 September 2026 (Expected) |
| Refund Initiation | 03 October 2026 |
| Credit to Demat | 03 October 2026 |
| Listing Date | 05 October 2026 (Tentative) |
| Price Band | ₹47 – ₹52 per share |
| Face Value | ₹10 per share |
| Lot Size | 4,000 shares |
| Minimum Investment (Retail) | ₹2,08,000 (approx) |
| Issue Size | ₹31.20 crore |
| Fresh Issue | 60,00,000 shares (₹31.20 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no promoter exit. All proceeds will be used by the company for business purposes.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue of 60 lakh shares, and all IPO proceeds will be received directly by the company.
Objects of the Issue (Fund Utilization)
The company plans to utilize the IPO proceeds as follows:
- Capital expenditure for purchase of new machinery — ₹15.86 crore
- Capital expenditure for purchase and installation of rooftop solar panels — ₹2.60 crore
- Part-financing the capital expenditure for construction/installation of a Pre-Engineered Building (PEB) structure for new manufacturing facility — ₹1.32 crore
- Repayment of certain borrowings — ₹5.62 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Corporate Makers Capital Limited
- Registrar to the Issue: MUFG Intime India Pvt. Ltd.
Promoters & Management
The company is promoted by a large promoter group comprising eleven individuals: 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.
The promoter-driven leadership team collectively brings up to 40 years of industry experience in polymer manufacturing and plastics distribution, having built and consolidated three earlier business entities into the current company.
Company Details
Shree TNB Polymers Limited is a polymer manufacturing company focused on piping systems, irrigation solutions, and value-added plastic products. Its product portfolio spans multiple categories serving infrastructure, agriculture, industrial, and packaging end markets on both B2B and B2C basis.
Sectors Served:
- Agriculture & Irrigation
- Water Supply & Sewerage
- Telecom Infrastructure
- Construction & Highway Infrastructure
- Chemical Processing & Industrial Manufacturing
- Packaging
Key Products Manufactured:
- HDPE Pipes & Fittings (Noble brand) — used in borewells, water supply, seawater intake, desalination, dredging
- PP & PPH Pipes & Fittings (Noble brand)
- Double Wall Corrugated (DWC) Pipes — used in sewerage networks, drainage, culverts, cable ducts, highway infrastructure
- Sprinkler & Drip Irrigation Systems (Noble brand)
- Solid Industrial Polymer Sheets (Tirupati brand)
- PP Corrugated / Flute Board Sheets (Wellpack brand) — used in packaging and industrial applications
Key Capabilities:
- Three registered brands with distinct market positioning across product categories
- Pan-India distribution network with established dealer reach
- In-house quality testing laboratories with BIS/ISO certifications across multiple Indian Standards
Manufacturing Facilities:
- Two manufacturing units at Silvassa, Dadra & Nagar Haveli
- Total area: 23,028 sq. mtrs.
- Installed capacity: 24,000 MT per annum
- 318 full-time employees as of March 31, 2026
Certifications:
- BIS Certification (Bureau of Indian Standards)
- ISO 9001:2015
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹207.97 | ₹5.03 |
| FY25 | ₹175.70 | ₹5.77 |
| FY26 | ₹~198 (est.) | ₹~7.15 (est.) |
Key Financial Metrics
- PAT grew from ₹2.17 crore in FY23 to ₹5.77 crore in FY25 — a strong 3-year growth trajectory, though revenue declined from ₹207.97 crore in FY24 to ₹175.70 crore in FY25.
- FY26 income and profit improved over FY25, though income remained below FY24 levels.
- PAT Margin: ~3.60% — relatively thin, reflecting the commodity-linked nature of the polymer piping business.
- Post-issue P/E at upper price band (₹52): ~15.57x — appears moderate relative to listed peers.
- EBITDA grew from ₹10.44 crore (FY23) to ₹15.47 crore (FY25), indicating improving operational efficiency.
- Indian plastic pipes and sheets market estimated at USD 9.70 billion in 2026, projected to grow to USD 23.14 billion by 2035 at a CAGR of 10.14%.
Company Strengths
- Over 25 years of combined operational experience in polymer pipes and plastics through predecessor entities, giving the company deep industry and distribution knowledge.
- Diversified multi-brand product portfolio — Noble, Tirupati, and Wellpack — serving multiple industries and end markets under distinct brand identities.
- Strong regulatory certifications (BIS, ISO) enabling qualification for government and institutional procurement in water supply and infrastructure projects.
- Entire IPO is a fresh issue with meaningful capex allocation — new machinery, rooftop solar, and a new PEB manufacturing structure provide a clear and tangible expansion plan.
- Strategic location at Silvassa — proximity to key polymer raw material suppliers and logistics corridors.
- Large and growing addressable market — Indian plastic pipes and sheets market projected to grow at 10.14% CAGR through 2035.
Key Risks & Challenges
- Revenue declined from ₹207.97 crore in FY24 to ₹175.70 crore in FY25 — a 15% drop — raising questions about demand consistency and pricing pressure.
- Thin PAT margins (~3.60%) leave limited room for error; raw material cost volatility in polymer resins (HDPE, PP) can directly compress profitability.
- Minimum retail investment of ₹2,08,000 per application is relatively high for an SME IPO, limiting retail participation.
- Company still has borrowings on its books — IPO proceeds include partial debt repayment, indicating ongoing leverage.
- Execution risk around the new factory and machinery capex — delays or cost overruns could impact projected capacity and returns.
- SME IPO liquidity risk — limited secondary market trading volumes on BSE SME, with current GMP at ₹0, indicating muted grey market enthusiasm.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
