Shree TNB Polymers IPO

Shree TNB Polymers Limitedshreetnbpolymers.in

ListedSMEMaterialsBSE SME

Price band: ₹50 – ₹53
Issue size: ₹31.80 Cr
Lot size: 2000 sh
Bidding: 28 Sep – 5 Oct
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Shree TNB Polymers manufactures plastic piping systems and polymer sheets at Silvassa, Dadra and Nagar Haveli; the record describes it as selling under three brands — NOBLE, TIRUPATI and WELLPACK — through more than 325 dealers across seven states, with 298 employees. Revenue from operations fell from Rs 207.86 crore in FY24 to Rs 175.65 crore in FY25, a fall of 15.50%, then rose to Rs 198.13 crore in FY26, a rise of 12.80% that left it 4.68% below the FY24 figure; profit after tax across the same three years was Rs 5.03 crore, Rs 5.77 crore and Rs 7.13 crore. The Rs 31.80 crore issue was entirely fresh — the record carries no offer for sale — and equals 57.11% of FY26 net worth of Rs 55.68 crore. It was subscribed 1.98 times overall, listed at Rs 60 against a band top of Rs 53, and last traded at Rs 53.64 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

50Mixed

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for Shree TNB Polymers, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2007 · Silvassa, Dadra and Nagar Haveli · 298 employees

Shree TNB Polymers manufactures plastic piping systems and polymer sheets at facilities in Silvassa, Dadra and Nagar Haveli. Its range covers HDPE pipes and fittings, PP and PPH pipes and fittings, double-wall corrugated (DWC) pipes, sprinkler and drip-irrigation pipes, solid industrial sheets and corrugated "well pack" sheets. The pipes go into borewell and underground water extraction, potable water supply schemes, sewerage and drainage networks, telecom cable ducts and highway projects; the sheets are used for signage, packaging, construction floor protection, chemical tank and scrubber linings, and CNC machining. The company sells under three brands — NOBLE for piping, TIRUPATI for industrial sheets and WELLPACK for corrugated sheets — through more than 325 dealers across Gujarat, Maharashtra, Rajasthan, Uttar Pradesh, Bihar, Karnataka and Madhya Pradesh, and also manufactures pipes and sheets on order for infrastructure contractors.

Revenue is almost entirely the sale of manufactured pipes and sheets: revenue from operations was Rs 198.13 crore in FY26, against Rs 175.65 crore in FY25 and Rs 207.86 crore in FY24. The business is raw-material heavy — cost of material consumed was 60.00% of total income in FY26 (61.81% in FY25, 63.08% in FY24) — so polymer resin prices largely set the margin, and the FY26 EBITDA margin was 9.69%. Installed capacity is 24,000 MT a year across 23,028 sq m; the WELLPACK corrugated-sheet lines ran at 57.66% utilisation in FY26, leaving volume headroom but also fixed-cost drag. Borrowings of Rs 44.56 crore against Rs 55.68 crore net worth cost Rs 6.04 crore in finance charges in FY26.

The company on paper

Legal name: Shree TNB Polymers Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 7 Mar 2007
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U25209DN2007PLC000242
Sector: Materials · Plastic piping systems and polymer sheets for irrigation, water supply and industrial use
Employees: 298
Registered office: Silvassa, Dadra and Nagar Haveli
Promoters: Vijay Jaysukhlal Thosani, Rasikbhai Gokalbhai Bhalodi, Deepak Kumar Qeematrai 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 holding, pre-issue: 45.6%
Promoter holding, post-issue: 32.8%
Website: shreetnbpolymers.in

The numbers

Financial performance

Revenue has compounded at −2.4% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹31.80 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹31.80 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 3,00,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 12.8% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 5. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription1.98×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹53.00
Listed at: ₹60.00
Listing gain: up 13.2%
Since listing: down 11.1%
Against the issue price: up 0.7%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 4,000
At cut-off price: ₹53.00
Amount blocked: ₹2,12,000

One lot is 2000 shares at ₹1,06,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,12,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~58%

chance of one lot, per application

Retail subscription: 1.72×
Applicants per share available: 1.7× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹60.00

listed at, 13.2% against the issue price

Issue price: ₹53.00
Premium said: —
If allotted 2000 shares: ₹14,000

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Profit after tax rose in both of the moves the record carries: Rs 5.03 crore in FY24, Rs 5.77 crore in FY25 (a rise of 14.71%) and Rs 7.13 crore in FY26 (a rise of 23.57%).
EBITDA was Rs 15.22 crore in FY24, Rs 15.47 crore in FY25 and Rs 19.20 crore in FY26. Set against revenue from operations of Rs 207.86 crore, Rs 175.65 crore and Rs 198.13 crore, that is a margin of 7.32%, 8.81% and 9.69% — higher in each of the two moves on record.
The record's business-model note puts cost of material consumed at 63.08% of total income in FY24, 61.81% in FY25 and 60.00% in FY26, lower in each of the two moves it carries.
Net worth was Rs 34.21 crore in FY24, Rs 48.55 crore in FY25 and Rs 55.68 crore in FY26. The FY26 increase of Rs 7.13 crore is the same size as that year's profit after tax of Rs 7.13 crore; the FY25 increase of Rs 14.34 crore was larger than that year's profit after tax of Rs 5.77 crore.

What to weigh against it

Revenue from operations of Rs 198.13 crore in FY26 sits 4.68% below the Rs 207.86 crore of FY24, with Rs 175.65 crore in FY25 between them — a fall of 15.50% followed by a rise of 12.80%.
Borrowings were Rs 35.82 crore in FY24, Rs 38.50 crore in FY25 and Rs 44.56 crore in FY26, higher in each of the two moves on record. Against net worth of Rs 34.21 crore, Rs 48.55 crore and Rs 55.68 crore, borrowings were 1.05x, 0.79x and 0.80x net worth over those three years.
Finance charges were Rs 6.04 crore in FY26, which is 31.46% of that year's EBITDA of Rs 19.20 crore and 84.71% of its profit after tax of Rs 7.13 crore.
The issue was subscribed 1.98 times overall on the one subscription row the record holds, dated 5 October 2026 (QIB 1.70x, NII 2.98x, retail 1.72x). It listed at Rs 60 against a band top of Rs 53 and last traded at Rs 53.64 on 23 October 2026, which is 10.60% below the Rs 60 listing price and 1.21% above the Rs 53 band top.

Easy to miss in the prospectus

offerObjects is an empty array, so the record does not state what the Rs 31.80 crore of fresh proceeds was raised for.
valuation and allocation are null and cashFlowOpsCr is null in all three financial years, so per-share earnings, the category split of the issue and operating cash generation cannot be checked against this record.
Promoter holding is recorded as 45.56% before the issue and 32.76% after, a fall of 12.80 percentage points; the record carries no anchor book and no lock-in dates (anchor, anchorLockIn30 and anchorLockIn90 are null).

Straight from the filing

Read it yourself

No official copy of the offer document has been linked here yet.

The paperwork

Who is running the issue

Lead managers: Corporate Makers Capital Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited

How these figures were checked

Built from 7 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

Red Herring Prospectus dated September 21, 2026 (company investor page PDF) - primary source for ISIN, CIN, business description, capacity, restated financials, KPIs, promoters, market maker and issue structure · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 28 Sep 2026
Closes: 5 Oct 2026
Allotment: 6 Oct 2026
Lists: 8 Oct 2026
Revenue (FY26): ₹198 Cr
Profit (FY26): ₹7.13 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.