BSE List Price : ₹60.00

Subscription

Category	Times
QIBs	1.7x
HNIs	3.33x
Retail	1.72x
Total : 2.06x

IPO Market Lot(s) Distribution

Application	Lot Size	Shares	Amount
Retail Minimum	2	4,000	₹208,000
Retail Maximum	2	4,000	₹208,000
S - HNI Minimum	3	6,000	₹312,000
S - HNI Maximum	9	18,000	₹936,000
B - HNI Minimum	10	20,000	₹1,040,000

About the Company

Shree TNB Polymers Limited was incorporated in 2007 and is based in Silvassa, Dadra and Nagar Haveli. The company is engaged in the manufacturing of polymer-based piping systems, irrigation products and industrial plastic solutions.

The company serves applications across potable water supply, irrigation and agriculture, sewerage and drainage, telecom cable protection, construction and industrial applications.

Manufacturing Capacity: The company operates two manufacturing facilities in Silvassa, spread across approximately 23,028 sq. metres, with a combined installed capacity of 24,000 MT per annum. It also has in-house quality testing laboratories and BIS/ISO certifications.

Distribution Network: As of March 31, 2026, the company had a network of 325+ dealers/distributors across India and exported products to UAE, Sri Lanka, Oman and Germany.

Brands: Its products are marketed under brands including NOBLE, TIRUPATI and WELLPACK.

Products & Services

HDPE Pipes & Fittings: Pipes and fittings used for water supply, irrigation, borewell and infrastructure applications.

PP & PPH Pipes & Fittings: Polypropylene-based piping solutions for industrial and other applications.

DWC Pipes: Double Wall Corrugated pipes used mainly for drainage, sewerage, cable protection and infrastructure.

Irrigation Products: Sprinkler pipes and drip irrigation systems for agricultural applications.

Industrial Sheets: Solid industrial sheets used for industrial fabrication and chemical-related applications.

Well Pack Sheets: Corrugated/flute board sheets used for packaging and industrial applications.

Company Financial Report

_{Amount ₹ in Crores}

Period Ended	Revenue	Expense	PAT	Assets
2024	₹207.97	₹201.48	₹5.03	₹105.03
2025	₹175.70	₹168.85	₹5.77	₹127.38
2026	₹198.31	₹188.15	₹7.13	₹145.26

Company Promoter

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

Know before investing

• • Strengths

  Strong Industry Experience: The company has an established presence in the polymer manufacturing segment, supported by promoters with long-standing industry experience.

  Diversified Product Portfolio: Products serve multiple applications including water infrastructure, agriculture, irrigation, telecom, construction and industrial sectors.

  Manufacturing Infrastructure: Two Silvassa facilities provide a combined installed capacity of 24,000 MT per annum, supported by in-house quality testing facilities.

  Wide Dealer Network: A network of 325+ dealers/distributors provides access to customers across multiple Indian markets.

  Quality Certifications: The company has BIS and ISO certifications applicable to its products and manufacturing processes.

  Multiple End-Use Markets: Its products are used across water management, irrigation, infrastructure, telecom and industrial applications, reducing dependence on a single application area.

• • Risks

  Customer Concentration: The top 10 customers contributed 61.28% of revenue in FY26, increasing from 29.11% in FY25. Loss or reduction of orders from key customers could affect revenue and cash flows.

  Supplier Concentration: The top 10 suppliers accounted for 61.28% of total purchases in FY26, while the company does not have long-term supply agreements with raw-material suppliers.

  Raw Material Price Risk: Material consumed represented approximately 60.0% of total income in FY26. Changes in prices of PVC, HDPE, PP and other polymer inputs can affect margins.

  Cash Flow Risk: Investing cash flow was negative at 922.78 lakh in FY26 and 998.04 lakh in FY25, reflecting significant investment requirements.

  Regulatory Risk: The business is subject to BIS, environmental, safety and other regulatory requirements. Changes in regulations or failure to maintain approvals could affect operations.

  Competition: The company operates in a competitive polymer products industry with both organised and unorganised players, which may create pricing and margin pressure.

  Commodity & Geopolitical Risk: PVC, HDPE and PP prices are influenced by crude oil prices, global supply-demand conditions and geopolitical developments.

  Leased Premises: Some manufacturing facilities and warehouses are located on leased premises, creating risks related to lease renewal, relocation and rental terms.

Objects of the Issue & Utilisation of proceeds

The IPO comprises 60,00,000 equity shares. The stated objects of the issue are focused mainly on capacity expansion, renewable energy installation, a new manufacturing facility and debt repayment.

Capital Expenditure – Machinery: 15.86 crore for purchase of machinery.

Solar Panel / Rooftop: 2.59 crore for purchase and installation of solar panels/rooftop solar infrastructure.

New Manufacturing Facility – PEB Structure: 1.32 crore towards part-financing the construction/installation of a Pre-Engineered Building (PEB) structure for the new manufacturing facility.

Repayment of Borrowings: 5.62 crore towards repayment of certain borrowings.

General Corporate Purposes: The balance amount is proposed to be used for permitted general corporate purposes.

Company Address

Shree TNB Polymers Ltd.
Sr. No. 132/1/1/4,
Behind Prince Pipes
Athalroad
Silvassa, Dadra and Nagar Haveli and Daman and Diu, 396230
Phone: +91- 9662602584
Email: cs@shreetnbpolymers.in
Website: https://www.shreetnbpolymers.in/

IPO Registrar

MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: smeipo@in.mpms.mufg.com
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html