Shree TNB Polymers Limited is a Silvassa-based polymer manufacturer offering HDPE, PP/PPH and DWC pipes & fittings, sprinkler and drip irrigation systems, and industrial and Well Pack sheets for infrastructure, agriculture and industrial applications.
The Company’s products serve irrigation, water supply, drainage, telecom, construction and industrial applications, with brands including NOBLE, TIRUPATI and BALAJI (WELLPACK).
TNB Polymers follows a B2B and B2C business model, supplying polymer products directly to businesses, manufacturers, commercial organisations and retail customers, including farmers. With 25+ years of experience, it serves both rural and urban markets.
The Company operates manufacturing facilities in Silvassa, covering approximately 23,028 sq. metres, with a combined capacity of 24,000 MT per annum. It is supported by an in-house quality testing laboratory, BIS/ISO certifications and a 325+ dealer network across key markets in India.
As at July 31, 2026, the Company had 298 full-time employees and 39 contract labourers, supporting its manufacturing, administration, sales and other operational activities.
Shree TNB Polymers IPO – Details
| IPO Opening Date | 25 September 2026 |
| IPO Closing Date | 29 September 2026 |
| Issue Type | Book Building IPO |
| Issue Size | Total Issue: 60,00,000 Shares Worth ₹31.20 Crore Fresh Issue: 60,00,000 Shares Worth ₹31.20 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹47 – ₹52 per share |
| Market Lot | 2000 Shares |
| Min Order | 2000 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | MUFG Intime India Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Shree TNB Polymers IPO – Date Schedule
| IPO Open Date | 25 September 2026 |
| IPO Close Date | 29 September 2026 |
| Basis of Allotment | 30 September 2026 |
| Initiation of Refund | 01 October 2026 |
| Credit of Shares to Demat | 01 October 2026 |
| IPO Listing Date | 05 October 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 29, 2026 |
Shree TNB Polymers IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 4,000 | ₹2,08,000 |
| Retail (Max) | 2 | 4,000 | ₹2,08,000 |
| S-HNI (Min) | 3 | 6,000 | ₹3,12,000 |
| S-HNI (Max) | 9 | 18,000 | ₹9,36,000 |
| B-HNI (Min) | 10 | 20,000 | ₹10,40,000 |
Competitive Strength
- Strong promoter-driven business with deep market understanding and relationships. Established presence in the polymers/trading/manufacturing segment with long-standing industry experience.
- Diversified product portfolio catering to multiple industrial applications.
- Cordial relationship with the customers/ dealers/ distributors and established manufacturing facilities.
- Quality Products with Certifications.
Company Promoters
- 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
- Jalpaben Hasmukhbhai Bhalodi
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹207.97 Cr | ₹201.48 Cr | ₹5.03 Cr | ₹35.82 Cr |
| 31 March 2025 | ₹175.70 Cr | ₹168.85 Cr | ₹5.77 Cr | ₹38.50 Cr |
| 31 March 2026 | ₹198.31 Cr | ₹188.15 Cr | ₹7.13 Cr | – |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 13.69% |
| ROCE | 16.02% |
| Debt/Equity | 0.80 |
| RoNW | 13.95% |
| PAT Margin | 3.60% |
| EBITDA Margin | 9.69% |
| NAV | 36.29 |
| Price to Book Value | 1.10 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 4.65 | 3.34 |
| P/E (x) | 11.18 | 15.57 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Capital Expenditure for purchase of machinery. | ₹15.86 |
| Capital Expenditure for the purchase and installation of Solar panel/ Roof top. | ₹2.60 |
| Part finances the capital expenditure for construction/ installation of Pre-Engineered Building (PEB) structure for new manufacturing facility. | ₹1.32 |
| Repayment of certain borrowings. | ₹5.62 |
| General Corporate Purposes. |
✅Strengths
- Diversified Products across pipes, fittings, irrigation and industrial sheets.
- 25+ Years Experience in the polymer industry.
- Strong Dealer Network with 325+ dealers.
- BIS & ISO Certifications supporting product quality.
- Multiple Applications across infrastructure, agriculture and industry.
⚠️Risks
- Raw Material Dependence on third-party suppliers.
- Regional Concentration in key markets.
- High Competition in the polymer industry.
- Customer Dependence may impact revenues.
- Receivables Risk can affect cash flows.
Shree TNB Polymers IPO Promoter Holding
| Pre-Issue Share Holding | 45.56% |
| Post Issue Share Holding | 32.76% |
Shree TNB Polymers IPO Prospectus
Company Contact Information
| Shree TNB Polymers Limited Sr. No. 132/1/1/4, Behind Prince Pipes, Athalroad Silvassa, Dadra and Nagar Haveli, Daman and Diu, 396230 Phone: +91- 9662602584 Email: cs@shreetnbpolymers.in Website: https://www.shreetnbpolymers.in/ |
Shree TNB Polymers IPO Registrar
| MUFG Intime India Pvt. Ltd. Phone: +918108114949 Email: shreetnb.smeipo@in.mpms.mufg.com Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Shree TNB Polymers IPO Lead Manager(s)
| 1. Corporate Makers Capital Limited |
Shree TNB Polymers IPO FAQ
| What is the Shree TNB Polymers IPO? Shree TNB Polymers IPO is an SME IPO. The issue is priced at ₹47 – ₹52 per equity share. The IPO is to be listed on BSE SME. |
| When will Shree TNB Polymers IPO open? The IPO is to open on 25 September 2026 for QIB, NII and Retail Investors. |
| What is Shree TNB Polymers IPO Investors’ Portion? The Investors portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Shree TNB Polymers IPO Size? Shree TNB Polymers IPO size is ₹31.20 Crore. |
| What are the Shree TNB Polymers IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 4000 Shares for ₹2,08,000, while the maximum bid is 4000 Shares for ₹2,08,000. |
| What is the Shree TNB Polymers IPO Allotment Date? Shree TNB Polymers IPO allotment date is 30 September 2026. |
| What is the Shree TNB Polymers IPO Listing Date? Shree TNB Polymers IPO listing date is 05 October 2026. The IPO is to be listed on the BSE SME. |
