Shree TNB Polymers IPO

About Shree TNB Polymers IPO

Shree TNB Polymers IPO, an SME IPO, opens on Monday, September 28, 2026 and closes on Monday, October 5, 2026. The listing of shares will take place on Thursday, October 8, 2026 on the BSE SME platform.

Shree TNB Polymers IPO's price band is set at ₹50 to ₹53 per share. The lot size for an application is 2,000. The minimum amount of investment required by a retail investor is ₹2,12,000 (4,000 shares) based on the upper price.

The offer consists of a fresh issue component. The fresh issue will include 60,00,000 shares aggregating up to ₹31.80 crore.

Shree TNB Polymers is a polymer manufacturing company specialising in piping systems and plastic sheets for infrastructure, agriculture, and industrial applications. It sells under three brands: Noble for piping products, Tirupati for solid industrial sheets, and Balaji (Wellpack) for corrugated and flute board sheets.

Objectives of Shree TNB Polymers IPO

• Capital expenditure for the purchase of machinery
• Capital expenditure for the purchase and installation of solar panels/roof top.
• Part-financing the capital expenditure for the construction/installation of a Pre-Engineered Building (PEB) structure for a new manufacturing facility.
• Repayment of certain borrowings.
• General corporate purposes.

Industry Outlook

The Indian plastic tubes, pipes, fittings, and sheets market is estimated at USD 9.70 billion in 2026, with projections of USD 23.14 billion by 2035. That implies a CAGR of 10.14%. Globally, plastic pipes and fittings should grow at a slower 6.46% CAGR, from USD 58.31 billion in 2026 to USD 102.43 billion by 2035.

Government programmes drive much of this demand. The Jal Jeevan Mission, AMRUT 2.0, and the Smart Cities Mission fund piped water, sewerage, and stormwater drainage networks in urban and rural India. India's urban population is expected to reach 600 million by 2030. The Pradhan Mantri Krishi Sinchayee Yojana, through its Per Drop More Crop component, is lifting demand for drip and sprinkler laterals, pipes, and fittings. Ageing galvanised iron and cast-iron pipelines are being replaced with HDPE, CPVC, and PPR systems. Industrial users are shifting too. Chemical, pharmaceutical, textile, and food processing plants are adopting HDPE and PPH pipes for process water and effluent handling because of their chemical resistance.

About Shree TNB Polymers Limited

Shree TNB Polymers was incorporated on March 7, 2007. It took over the running businesses of four partnership firms, including M/s Tirupati Plastic Industries and M/s Noble Polymers, from April 1, 2007. In 2017, Rasikbhai Gokalbhai Bhalodi and Kishan Chandulal Patel joined as stakeholders. Rasikbhai Gokalbhai Bhalodi is now the Managing Director, and Vijay Jaysukhlal Thosani is the Chairman and Whole Time Director.

The product range covers HDPE, PP, and PPH pipes and fittings, DWC pipes, sprinkler pipes, drip irrigation systems, solid industrial sheets, and Wellpack sheets. Its HDPE pipes serve borewells, seawater intake systems, and desalination plants. Two manufacturing facilities operate at Athal and Masat in Silvassa, Dadra and Nagar Haveli, supported by an in-house quality testing laboratory. A third facility is proposed on a leased 10,111 square metre plot at Village Athal.

Strengths of Shree TNB Polymers

• More than 325 dealers and distributors serve key commercial hubs including Pune, Mumbai, Chennai, Indore, Delhi, and Ahmedabad.
• Manufacturing facilities in Silvassa span 23,028 square metres with a combined installed capacity of 24,000 MT per annum.
• Three brands cover distinct product segments, with Noble piping contributing 75.61% of FY 26 revenue from operations and Tirupati and Balaji (Wellpack) sheets contributing the rest.

Risks of Shree TNB Polymers

• Maharashtra alone accounted for 50.05% of FY 26 revenue from operations, which leaves earnings exposed to any slowdown in that single state.
• The top 10 suppliers made up 61.28% of FY 26 purchases without any long-term supply agreements, so polymer price swings or supply delays could squeeze margins and disrupt production.
• Net cash used in investing activities exceeded net cash from operating activities in both FY 25 and FY 26, which increases reliance on borrowings to fund expansion.
• Manufacturing Facility-II and the proposed new facility at Village Athal are on leased land, so non-renewal of these leases could halt production or delay the planned expansion.

Anchor Investor Bidding Date

Friday, September 25, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
MUFG Intime India Private Limited
Registrar Phone: +91 8108114949
Email: shreetnb.smeipo@in.mpms.mufg.com

Book Running Lead Manager
Corporate Makers Capital Limited

Shree TNB Polymers Contact Details
Sr. No. 132/1/1/4, Behind Prince Pipes, Athal Road, Silvassa,
Dadra & Nagar Haveli, India 396230.
Email: cs@shreetnbpolymers.in
Phone: +91- 9662602584

Shree TNB Polymers Business Model

The company earns its revenue through the manufacture and sale of polymer pipes, fittings, irrigation systems, and plastic sheets on a B2B and B2C basis. Buyers range from infrastructure contractors and industrial manufacturers to retail customers such as farmers, served directly and through more than 325 dealers and distributors. The Company also manufactures HDPE pipes and solid industrial sheets for other companies.

Shree TNB Polymers Growth Trajectory

Shree TNB Polymers Limited's Total Income for FY26 was ₹198.31 crore, whereas in FY25 and FY24 it was ₹175.70 crore and ₹207.97 crore, respectively. The Profit After Tax for FY26 was ₹7.13 crore, whereas in FY25 and FY24 it was ₹5.77 crore and ₹5.03 crore, respectively.

Their EBITDA for FY26 was ₹19.2 crore, whereas in FY25 and FY24 it was ₹15.47 crore and ₹15.22 crore, respectively.

Shree TNB Polymers Market Position

The Company sells through more than 325 dealers, with a presence in commercial hubs including Pune, Mumbai, Chennai, Indore, Delhi, and Ahmedabad. Maharashtra is its largest market at 50.05% of FY 26 revenue from operations, followed by Gujarat at 18.51% and Uttar Pradesh at 7.54%. Customers and dealers named in the RHP include Krishna Construction (Gujarat) LLP, Grishva Infra Project LLP, V. L. Infraprojects Limited, and Mangukiya Brothers Project Private Limited.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹198.31 crore, ₹7.13 crore, and ₹19.2 crore, respectively.

How to apply for Shree TNB Polymers IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.