| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 207.86 | 175.65 | 198.13 |
| Expenses | 201.48 | 168.85 | 188.15 |
| Other Income | 0.11 | 0.05 | 0.19 |
| Total Revenue | 207.97 | 175.70 | 198.31 |
| Profit Before Tax | 6.64 | 7.21 | 10.16 |
| Net Profit | 5.03 | 5.77 | 7.13 |
Shree TNB Polymers
Shree TNB Polymers IPO
₹2,00,000
0.26 xOver-subscribedBidding Dates 28 Sept, 26 -05 Oct, 26
Min Investment ₹2,00,000
Lot Size2,000
Price Range ₹50 – ₹53
Issue Size ₹31.20 Cr.
Download Doc
IPO Subscription Details
Retail Subscription Details
0.04 x
Non-Institutional Buyers (sHNI)
0.04 x
Non-Institutional Buyers (bHNI)
0.87 x
Qualified Institutional Buyers (QIB)
0.41 x
Total0.26 x
0.26 x IPO Timeline
IPO Offer Start
28 Sept,26
IPO Offer Ends
05 Oct,26
Allotment Finalisation
01 Oct,26
Refund Initiation
05 Oct,26
Listing of Shares
06 Oct,26
IPO Analysis
Strengths
The company is led by promoters with extensive experience ranging from 7 to 40+ years, including Mr. Deepak Kumar Raura (40+ years) and Mr. Vijay Thosani (25+ years), supported by a professional management team skilled in procurement, sales, and production.
The company offers a wide range of products including HDPE pipes, PP/PPH pipes, DWC pipes, drip irrigation systems, solid industrial sheets, and Wellpack sheets, with revenues of ₹19,812.73 lakhs in FY 2025-26 across brands 'Noble', 'Tirupati', and 'Balaji (Wellpack)'.
The company maintains a network of 325+ dealers across Gujarat, Maharashtra, Rajasthan, and other states, with manufacturing facilities spread over 23,028 sq. meters at Silvassa, enabling cost advantages and strong quality control.
Risks
The company's top 10 customers contributed 61.28%, 29.11%, and 27.04% of revenues from operations for the periods ended March 31, 2026, 2025, and 2024 respectively. The absence of long-term agreements with customers exposes the company to risks of order cancellations, payment defaults, and loss of key customers, which could materially impact financial performance.
As of March 31, 2026, the company's total secured indebtedness stands at ₹4,456.16 Lakhs, with lenders holding charge over movable properties. Any failure to service debt obligations could trigger cross-default provisions, acceleration of repayment, and potential forfeiture of assets, adversely affecting business operations and financial condition.
The company has no long-term agreements with suppliers, with the top 10 suppliers accounting for 61.28%, 64.73%, and 63.72% of total purchases for FY2026, FY2025, and FY2024 respectively. Disruptions in supply, price volatility, or supplier failures could hamper production schedules and adversely affect business results and cash flows.
Objectives
The company intends to deploy funds from net proceeds towards capital expenditure for purchasing advanced machinery to expand manufacturing capabilities, enhance product quality, increase production capacity, and improve market competitiveness.
The company proposes to allocate a portion of net proceeds towards installation of solar panels/rooftop at its new manufacturing facility, aimed at reducing electricity costs, promoting sustainability, and improving long-term operational efficiency.
The company intends to part-finance the construction and installation of a Pre-Engineered Building (PEB) structure for a new manufacturing facility at Silvassa, Dadra & Nagar Haveli, to enhance production presence and existing capacity in India.
The company proposes to utilize a portion of net proceeds towards partial repayment or pre-payment of certain outstanding borrowings availed from lenders, in order to reduce debt obligations and improve leverage capacity for future growth.
The company intends to deploy the balance of net proceeds towards general corporate purposes including meeting operating expenses, strengthening business development and marketing capabilities, and addressing unforeseen business exigencies, subject to a cap of the lower of 15% of gross proceeds or Rs. 10 crores.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 105.03 | 127.38 | 145.26 |
| Current Assets | 64.62 | 79.74 | 92.21 |
| Fixed Assets | 40.41 | 47.63 | 53.05 |
| Total Equity & Liabilities | 105.03 | 127.38 | 145.26 |
| Total Liabilities | 70.82 | 78.83 | 89.58 |
| Current Liabilities | 56.72 | 67.80 | 75.68 |
| Non Current Liabilities | 14.10 | 11.03 | 13.90 |
| Total Equity | 34.21 | 48.55 | 55.68 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -0.11 | -0.04 | 0.01 |
| Investing Activities | -1.71 | -9.98 | -9.23 |
| Operating Activities | 6.99 | 4.34 | 8.83 |
| Financing Activities | -5.39 | 5.60 | 0.40 |
About Shree TNB Polymers
Shree TNB Polymers Limited, incorporated in 2007 and headquartered in Silvassa, Dadra & Nagar Haveli, is an ISO 9001:2015 & 14001:2015 certified polymer manufacturing company with over 25 years of experience. The company offers a diversified product portfolio under three brands — 'Noble' (HDPE/PP/PPH pipes & fittings, DWC pipes, drip...more
Website
Managing DirectorRasikbhai Gokalbhai Bhalodi
we are part of Raise Financial Services
built with love
for indians who love to invest & trade
Market Community
Follow us on
