Shree TNB Polymers IPO

Shree TNB Polymers IPO is a book-built issue comprising a fresh issue of up to 60,00,000 equity shares, with no Offer for Sale (OFS) component. The issue size and issue price are to be finalised through the book-building process.

The IPO will open for subscription on Friday, September 25, 2026, and close on Tuesday, September 29, 2026, with anchor investor bidding scheduled for Thursday, September 24, 2026. The equity shares are proposed to be listed on the SME Platform of BSE Limited (BSE SME), with BSE Limited as the designated stock exchange.

The face value of the equity shares is ₹10 each. The price band ranges from ₹47 to ₹52 per share, while the bid lot consists of 2,000 equity shares, with bids thereafter in multiples of 4,000 shares.

Corporate Makers Capital Limited is the Book Running Lead Manager to the issue, while MUFG Intime India Private Limited is the registrar to the offer.

About Shree TNB Polymers Limited

Incorporated in 2007 as Shree TNB Polymers Limited, the company was established to take over the running businesses of Tirupati Plastic Industries, Noble Polymers, Shreeji Plastic Industries and Balaji Polymers. Shree TNB Polymers Limited is a polymer manufacturing company specialising in high-performance piping systems and plastic solutions. Its product portfolio includes HDPE pipes and fittings, PP and PPH pipes and fittings, Double Wall Corrugated (DWC) pipes, sprinkler pipes, drip irrigation systems, solid industrial sheets and Well Pack sheets. 

The company's products cater to infrastructure, agriculture and industrial applications, including irrigation, potable water supply, sewerage and drainage, telecom cable protection, construction and industrial usage.

The company operates manufacturing facilities in Silvassa, Dadra and Nagar Haveli, with its facilities cumulatively spread across approximately 23,028 sq. m. and having a combined installed capacity of 24,000 MT per annum across its product range. Its products are marketed under the “Noble” brand for the piping division, “Tirupati” for solid industrial sheets, and “Wellpack” for corrugated/flute board sheets. 

The company operates on both a B2B and B2C basis, serving businesses, manufacturers, commercial organisations and retail customers such as farmers. It has a distribution network of more than 325 dealers across key commercial hubs, with its market presence spanning Gujarat, Maharashtra, Rajasthan, Uttar Pradesh, Bihar, Karnataka and Madhya Pradesh.

Industry Outlook

• The Indian plastic tubes, pipes, fittings and sheets market is estimated at USD 9.70 billion in 2026 and is projected to reach USD 23.14 billion by 2035, implying a CAGR of 10.14% during 2026–2035. The company identifies agriculture, infrastructure and urban development as key demand drivers.
• Infrastructure and water-management spending is expected to remain a major growth driver. Government programmes such as the Jal Jeevan Mission (JJM), AMRUT 2.0 and Smart Cities Mission are supporting demand for plastic pipes used in water supply, sanitation, sewerage and drainage infrastructure.
• Agriculture and micro-irrigation represent another structural demand driver. The company has identified increasing adoption of drip and sprinkler irrigation under PMKSY as a key growth driver, with demand for LDPE, HDPE and LLDPE pipes, laterals and fittings expected to strengthen over the medium to long term.
• Urbanisation is expected to support sustained demand. The estimates of India's urban population could reach 600 million by 2030, while rural tap-water connectivity initiatives are expected to drive continued installation of water-distribution networks.
• Industrial applications are expanding beyond conventional plumbing and irrigation. The increased acceptance of HDPE and PPH pipes in chemical, pharmaceutical, textile and food-processing industries is being used for applications such as process water, effluent handling and compressed-air systems.
• The industry is shifting toward higher-performance polymer products. Innovations such as UV-resistant materials, antimicrobial additives and cross-linked polyethylene are expanding the application base across agriculture, potable water, healthcare, industrial piping and gas distribution.
• Industry formalisation is expected to continue. Growing emphasis on BIS certification, quality standards, branded products and institutional procurement is shifting competition beyond pricing toward product quality, regulatory compliance, distribution reach, technology and brand reputation.

Shree TNB Polymers IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

• Towards the capital expenditure required for the purchase of new machinery.
• Towards the purchase and installation of solar panels/rooftop solar at the new manufacturing facility, aimed at reducing electricity costs and improving energy efficiency.
• Towards part-financing theconstruction/installation of a Pre-Engineered Building (PEB) for the new manufacturing facility.
• Towards general corporate expenses.

Financial Performance of Shree TNB Polymers Limited

Shree TNB Polymers Limited Peer Details Comparison

Strengths and Opportunities of Shree TNB Polymers IPO

1. Promoters have 7–40+ years of experience across procurement, production, sales and operations, providing established industry knowledge.
2. Products span HDPE/PP/PPH pipes & fittings, DWC pipes, drip and sprinkler irrigation systems, polymer sheets and corrugated boards, reducing dependence on a single product category.
3. The company highlights long-standing customer relationships, repeat orders and a combination of dealer networks + direct customer engagement.
4. Products are supported by ISO 9001, ISO 14001 and multiple BIS standards, including certifications for water supply, sewerage, DWC pipes and irrigation products.
5. Products cater to water infrastructure, irrigation, agriculture, industrial, chemical, telecom and construction applications, providing demand diversification.
6. Rising government expenditure on water infrastructure, sanitation, sewerage and irrigation provides a structural demand opportunity for plastic piping products.
7. Growing preference for corrosion-resistant, lightweight and low-maintenance plastic pipes creates substitution opportunities against conventional GI/metal pipes.
8. India's PVC tubes, pipes and hoses exports grew 5.75% to USD 89.58 million in CY25, indicating continued international demand for Indian manufacturers.

Risks and Threats of Shree TNB Polymers IPO

1. Top 10 customers contributed 61.28% of revenue in FY26, up sharply from 29.11% in FY25. The loss, reduction or delay of orders from key customers could materially affect revenue and cash flows.
2. The company does not have long-term supply agreements with raw-material suppliers. Its top 10 suppliers accounted for 61.28% of total purchases in FY26, exposing it to supply disruptions and price fluctuations.
3. Material consumed accounted for 60.0% of total income in FY26, making profitability sensitive to PVC, HDPE, PP and other polymer-price movements.
4. Investing cash flow was –₹922.78 lakh in FY26 and –₹998.04 lakh in FY25, while net change in cash was negative in FY25 and FY24.
5. The company is subject to BIS, environmental, safety and other regulatory requirements; changes in regulations or failure to maintain required approvals could affect operations.
6. The company operates in a competitive industry with both organised and unorganised players. Increased competitor productivity or aggressive pricing could pressure market share and margins.
7. PVC, HDPE and PP prices are influenced by crude oil, global supply-demand conditions and geopolitical developments, potentially creating margin volatility.
8. The business involves movement of bulky pipes and sheets, making transportation and distribution costs an important factor in competitiveness.

Shree TNB Polymers IPO Reservation

Shree TNB Polymers IPO Promoter Holding

The promoters of the company are 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 and Jalpaben Hasmukhbhai Bhalodi.

Shree TNB Polymers IPO Prospectus

• Shree TNB Polymers IPO RHP

Shree TNB Polymers IPO Registrar and Lead Managers

Shree TNB Polymers IPO Lead Managers

• Corporate Makers Capital Limited

Registrar for Shree TNB Polymers IPO

MUFG Intime India Private Limited

• Contact Number: +918108114949
• Email Address: shreetnb.smeipo@in.mpms.mufg.com

How To Apply for Shree TNB Polymers IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Shree TNB Polymers IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

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Contact Details of Shree TNB Polymers IPO 

Registered Office:Sr. No. 132/1/1/4, Behind Prince Pipes, Athal Road, Silvassa, Dadra & Nagar Haveli, India- 396230

Phone: +91- 9662602584

E-mail:cs@shreetnbpolymers.in