Minerva Capital Research Solutions

Shree TNB Polymers

ListedListed 8 Oct 2026BSE SMENSE: SHREETNBCheck allotment
Current price₹ 55.35+4.43% since issue
Listing day+13.21%
Issue price
₹ 53
Issue size
₹ 31.2 Cr.
Min. investment
₹ 1,06,000
Listing price
₹ 60
Subscribed
1.91x
Lot size
2,000 shares
P/E
15.87
RoNW
13.95%
RoCE
16.02%
Debt / Equity
0.80
PAT margin
3.60%
EBITDA margin
9.69%
RoE
13.69%
EPS
₹ 3.34
NAV
₹ 36.29
Promoter stake
32.76%

About

Shree TNB Polymers Limited was incorporated on 7 March 2007 and is based at Silvassa. It makes plastic piping systems and related plastic products. Its pipes go into irrigation and agriculture, drinking water supply schemes, sewerage and drainage, telecom cable protection, construction and industry. The range covers HDPE pipes and fittings, polypropylene and polypropylene homopolymer pipes and fittings, double wall corrugated pipes used mainly for sewerage, sprinkler pipes, drip irrigation systems, solid industrial sheets and well pack sheets for packaging. It runs two manufacturing facilities at Silvassa spread over 23,028 square metres, with a combined installed capacity of 24,000 tonnes a year, supported by in-house testing laboratories and BIS and ISO certification across several Indian Standards. As on 31 March 2026 it had 318 full time employees.

Timeline

  1. Opens
    28 Sep
    done
  2. Closes
    5 Oct
    done
  3. Allotment
    6 Oct
    done
  4. Refunds
    7 Oct
    done
  5. Demat credit
    7 Oct
    done
  6. Listing
    8 Oct
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 4 on 7 Oct 2026
Lowest
₹ 0 on 23 Sep 2026
First quoted
₹ 0 on 23 Sep 2026

Subscription

How many times each investor group bid for its share, as of 08 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)12,000₹ 1,06,000
Retail (Max)12,000₹ 1,06,000
HNI (Min)24,000₹ 2,12,000

Company overview

Financials

Financials by year
Assets145.26127.38105.03
Total Income198.31175.7207.97
Profit After Tax7.135.775.03
EBITDA19.215.4715.22
NET Worth55.6848.5534.21
Reserves and Surplus40.3438.3225.26
Total Borrowing—38.535.82

Strengths

  • Profit has grown every year, from Rs 5.03 crore in FY2024 to Rs 5.77 crore in FY2025 and Rs 7.13 crore in FY2026.
  • EBITDA improved from Rs 15.22 crore in FY2024 to Rs 19.20 crore in FY2026.
  • The issue is priced at about 15.87 times earnings on an EPS of Rs 3.34.
  • Demand is supported by government spending on irrigation, drinking water supply and sewerage, all of which use these pipes.
  • The product range is wide, covering HDPE, PP and DWC pipes, drip and sprinkler systems and industrial sheets.
  • It has meaningful capacity of 24,000 tonnes a year across two plants, with in-house testing and BIS certification.
  • Most of the issue goes into capacity, with Rs 15.86 crore for machinery and Rs 2.60 crore for rooftop solar.
  • Net worth has grown from Rs 34.21 crore in FY2024 to Rs 55.68 crore in FY2026.

Risks

  • Promoter holding is already below half at 45.56% before the issue and falls to 32.76% after it. The promoter group is spread across eleven people and ends up with under a third of the company.
  • Sales are not growing steadily. Total income was Rs 207.97 crore in FY2024, fell to Rs 175.70 crore in FY2025 and recovered to Rs 198.31 crore in FY2026.
  • The profit margin is thin at 3.60%, and RoNW is only 13.95%.
  • The raw material is polymer, whose price follows crude oil, and plastic pipe is a highly competitive product.
  • A large part of demand comes from government water and irrigation schemes, where orders are tender driven and payments are slow.
  • Both plants are at Silvassa, so there is single location risk.
  • Total borrowing for FY2026 is left blank in the financial table, so the latest debt figure cannot be read from the published data. The debt to equity ratio is given as 0.80, against borrowing of Rs 38.50 crore in FY2025.
  • This is an SME issue. One lot is 2,000 shares, which is about Rs 1.06 lakh at the upper band of Rs 53, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Capital Expenditure for purchase of machinery15.86
Capital Expenditure for the purchase and installation of Solar panel/ Roof top2.6
Part finances the capital expenditure for construction/ installation of Pre-Engineered Building (PEB) structure for new manufacturing facility1.32
Repayment of certain borrowings5.62
General Corporate Purpose—

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
Promoter holding45.56%→32.76%before → after the issue · down 12.8 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
MUFG Intime India Private Limited
Lead managers
Corporate Makers Capital Ltd.
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.