Shree TNB Polymers IPO
Shree TNB Polymers IPO is an SME IPO raising ₹31 Cr at ₹50 – ₹53 a share. It listed on 8 Oct 2026 at ₹60, +13.2% against its issue price of ₹53, and trades at ₹54 today (+1.2% since issue). It was subscribed 1.91× in total.
Just covered — bids slightly exceed the shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Shree TNB Polymers Limited is a polymer manufacturer based in Silvassa (Dadra and Nagar Haveli) that produces HDPE pipes and fittings, PP and PPH pipes and fittings, Double Wall Corrugated (DWC) pipes, drip irrigation systems, sprinkler/rain-gun systems, solid industrial plastic sheets, and PP hollow (flute board) sheets. These products are used across agriculture (irrigation, borewell), municipal and infrastructure projects (potable water supply, sewerage, drainage, telecom ducting, highways), and industrial applications (chemical processing, acid transfer, fabrication, packaging). It sells under three brands — Noble (piping), Tirupati (industrial sheets) and Balaji/Wellpack (flute boards).
How it earns
Manufactures polymer products in-house at Silvassa and sells them on a B2B and B2C basis to contractors, industrial customers and dealers/distributors (325+), with retail reaching farmers directly.
Who buys
Key named customers/manufacturing clients: Krishna Construction (Gujarat) LLP, Grishva Infra Project LLP, V. L. Infraprojects Limited, Mangukiya Brothers Project Private Limited. Distribution via 325+ dealers/distributors across Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, Tamil Nadu, Andhra Pradesh, Telangana and other states. No customer-concentration percentage is disclosed. FY2025-26 revenue from operations: ₹19,812.73 lakhs (≈ ₹198.13 crore); India accounts for 99.81% of revenue, with Maharashtra alone at 50.05%, Gujarat 18.51%, Uttar Pradesh 7.54% and Madhya Pradesh 5.66%. Exports are minimal — ₹37.70 lakhs (≈ ₹0.38 crore), 0.19% (Oman, Sri Lanka, UAE). Order book as on 31-Aug-2026 stood at ₹3,034.16 lakhs (≈ ₹30.34 crore).
Scale
Two manufacturing facilities at Silvassa, Dadra and Nagar Haveli; combined area 23,028 sq meters; installed capacity 24,000 MT per annum; 325+ dealers/distributors; 25+ years of operations; additional 10,111 sq meters of land taken on lease in October 2024 for expansion (₹500 lakh board-approved project, phased completion by March 2027).
What it says sets it apart
- Diversified portfolio across three brands covering piping (Noble), industrial sheets (Tirupati) and flute boards (Balaji/Wellpack), serving agriculture, infrastructure and industrial customers from a single manufacturer
- In-house manufacturing at Silvassa across two facilities spanning 23,028 sq meters with a combined installed capacity of 24,000 MT per annum, avoiding dependence on job-work
- Wide certifications stack including ISO 9001:2015, ISO 14001:2015 and BIS marks under IS 4984, IS 14333, IS 16098 Part-2, IS 16205 Part-24, IS 13488, IS 12786 and IS 17425 covering water supply, sewerage, DWC, drip and sprinkler lines
- Distribution reach of 325+ dealers across Gujarat, Maharashtra, Rajasthan, MP, Tamil Nadu, AP/Telangana and other states, with stated additional land of 10,111 sq meters leased in October 2024 to expand capacity
- B2B + B2C model serving both institutional buyers and retail farmers, with an order book of ₹3,034.16 lakhs (≈ ₹30.34 crore) as of 31-Aug-2026
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs52 / stated EPS Rs4.65 (FY26 (year ended March 31, 2026) basic & diluted EPS, restated consolidated). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹198 Cr+13% | ₹7 Cr+24% | 3.6% | ₹56 Cr | ₹45 Cr |
| FY2025 | ₹176 Cr-15% | ₹6 Cr+15% | 3.3% | ₹49 Cr | ₹39 Cr |
| FY2024 | ₹208 Cr | ₹5 Cr | 2.4% | ₹34 Cr | ₹36 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Demand is spread fairly evenly across investor categories.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What happens when
Next: the UPI mandate expires on 16 Nov 2026.
What to watch
- Priced at 11.2× earnings — 29% below the median of the peers the issuer itself names.
- The register's top risk: Outstanding litigation against promoters (₹1,468L) and company (₹141.62L) (prospectus page 26).
- Its cohort's record: median −2.3% since issue price, 52.4% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track Shree TNB Polymers Limited
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.