Shree TNB Polymers IPO Analysis & Review

Quick Answers

What is the Shree TNB Polymers IPO GMP today? The Shree TNB Polymers IPO GMP is ₹0 as of 28/9/2026, 11:10:19 pm. The IPO price band is ₹50 - ₹53. GMP represents an unofficial grey-market indication and does not guarantee the listing price.

When does Shree TNB Polymers IPO open? The Shree TNB Polymers IPO opens on 2026-09-28 and closes on 2026-10-05.

What is the Shree TNB Polymers IPO subscription status? The overall subscription is 0.29x.

Key IPO Information

ViewIPO AI Analysis Score

The Shree TNB Polymers IPO scored 55/100 (High Risk) in our deep analysis.

Frequently Asked Questions

What is the main business of Shree TNB Polymers?

Shree TNB Polymers Limited manufactures, sells and distributes piping systems and plastic solutions, including HDPE pipes, PP/PPH pipes, DWC pipes, sprinkler pipes, drip irrigation systems, solid industrial sheets and Well Pack sheets under the brands NOBLE, TIRUPATI and WELLPACK.

What is the size of the IPO and the price band?

The IPO size is ₹31.80 crore with a price band of ₹50‑₹53 per share.

How have the company's revenues and profits trended over the last three years?

Revenue was ₹208 crore in FY24, ₹176 crore in FY25 and ₹198 crore in FY26, while net profit increased from ₹5.03 crore in FY24 to ₹5.77 crore in FY25 and ₹7.13 crore in FY26.

What are the key risks highlighted in the prospectus?

Key risks include high customer concentration (top 10 customers ~30% of revenue), geographic concentration (Maharashtra >50% of revenue), dependence on the NOBLE brand (~75% of revenue), negative cash flows from investing activities, outstanding debt of ₹44.56 crore and ongoing tax/material proceedings.

What is the intended use of the IPO proceeds?

Proceeds will be used for capital expenditure on machinery (₹15.86 crore), solar panel/roof‑top installation (₹2.60 crore), construction of a Pre‑Engineered Building structure (₹1.32 crore), repayment of certain borrowings (₹5.62 crore) and general corporate purposes.

What certifications and quality standards does the company hold?

The company is ISO 9001:2015 and ISO 14001:2015 certified, and its manufacturing complies with BIS standards such as IS 4984 for water supply, IS 14333 for sewerage, IS 16098‑Part 2 and IS 16205‑Part 24 for DWC pipes, and IS 13488, IS 12786 and IS 17425 for drip, lateral and sprinkler pipes.

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Shree TNB PolymersNSE SME / BSE SME:

Analyzed by ViewIPO Financial Research Team
Polymer ManufacturingIndiaFiled 2026-09-28Listing 2026-10-08Size ₹31.54Cr
Lot Size 2000
Live GMP
(0%)
Live Subscription
0.29x Total
Check Allotment
Status Link

Is Shree TNB Polymers IPO Good? Quick Verdict

Shree TNB Polymers IPO scored 55/100 (High Risk) in our deep analysis. The strongest pillar is Governance at 65/100, while Financial is the primary concern at 45/100. Shree TNB Polymers shows improving profitability and moderate leverage, but faces significant customer and geographic concentration risks along with brand reliance and ongoing tax proceedings, warranting a cautious outlook.

IPO Score
55/100
High Risk

Quick Verdict

Consistent growth in net profit, rising from ₹5.03 crore in FY24 to ₹7.13 crore in FY26.
Moderate leverage with debt-to-equity ratio of 0.80 and healthy ROE of 13.69%.
High revenue concentration: top 10 customers contributed ~30% of sales and Maharashtra alone accounted for over 50% of revenue in FY26.
Dependence on the 'NOBLE' brand (~75% of revenue) and ongoing tax/material proceedings pose operational and legal risks.

Company Snapshot

Revenue (TTM)
₹198Cr↑ 12.5% YoY
Profitability
PositiveNet Income ₹7.13Cr
Gross Margin
— 
Market Cap
—Pending Data
IPO Size
₹31.54Cr 
Industry
Polymer Manufacturing 
P/E Ratio
—Pending Data
Return on Equity
13.69%Profitability
Debt to Equity
0.8xLeverage
EPS
₹4.65Earnings Per Share
NAV
₹36.29Net Asset Value
RoNW
13.69%Return on Net Worth

Risk Breakdown

Governance
65
Moderate
Financial
45
Expensive
Valuation
50
Expensive
Competition
55
Expensive
Dilution
60
Moderate
Promoter / Mgmt
60
Moderate

AI Summary

Shree TNB Polymers Limited is a polymer manufacturing company producing piping systems and plastic solutions under the NOBLE, TIRUPATI and WELLPACK brands. Over FY24‑FY26 the company reported fluctuating revenues between ₹176‑208 crore while net profit rose steadily to ₹7.13 crore in FY26. The firm maintains a moderate debt‑to‑equity ratio of 0.80 and returns ratios of ROE 13.69% and ROCE 16.02%, but its revenue is highly concentrated with the top 10 customers contributing about 30% of sales and Maharashtra accounting for roughly half of turnover. The IPO aims to raise ₹31.80 crore for capacity expansion, solar power, debt repayment and general corporate purposes.

Overall Verdict: Shree TNB Polymers shows improving profitability and moderate leverage, but faces significant customer and geographic concentration risks along with brand reliance and ongoing tax proceedings, warranting a cautious outlook.

Key Highlights

  • •Manufactures HDPE, PP/PPH, DWC, sprinkler, drip irrigation pipes and industrial sheets under brands NOBLE, TIRUPATI, WELLPACK.
  • •ISO 9001:2015 and ISO 14001:2015 certified with BIS compliance for various pipe standards.
  • •Manufacturing facility in Silvassa (Dadra & Nagar Haveli) with 23,028 sqm area and 24,000 MT annual capacity.
  • •Network of over 325 dealers/distributors across Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, Tamil Nadu, Andhra Pradesh and Telangana.
  • •Revenue grew from ₹208 crore in FY24 to ₹198 crore in FY26 (fluctuating), while net profit increased steadily to ₹7.13 crore in FY26.
  • •Top 10 customers contributed approximately 30% of FY26 revenue; Maharashtra alone contributed ~50%.
  • •IPO size ₹31.80 crore, price band ₹50‑₹53, proceeds earmarked for capex, solar panel, PEB structure, debt repayment and general corporate purposes.

Financial Performance

Revenue (Annual)

↑ +12.5% YoY

INR in Crores

Net Income (Annual)

↑ +23.6% YoY

INR in Crores

EBITDA vs PAT

EBITDA YoY

INR in Crores

EBITDA
PAT

IPO Timeline

IPO Opens2026-09-28
IPO Closes2026-10-05
Basis of Allotment2026-10-06
Refunds & Demat2026-10-07
Listing Date2026-10-08

Valuation Analysis

IPO Price₹50 - ₹53
Estimated Fair Value
Pending Data
Valuation Premium
Pending
vs Fair Value

IPO DNA

Growth
50
Governance
65
Profitability
45
Valuation
50
Competition
55
Execution
60

Pros vs Cons

Pros

  • Steady increase in net profit from ₹5.03 crore (FY24) to ₹7.13 crore (FY26).
  • Moderate debt level with debt-to-equity ratio of 0.80.
  • ROE of 13.69% and ROCE of 16.02% indicate efficient use of capital.
  • Diversified product portfolio serving infrastructure, agriculture, packaging and industrial sectors.
  • Established dealer network of over 325 across multiple states.

Cons

  • High customer concentration – top 10 customers accounted for ~30% of FY26 revenue.
  • Geographic concentration – Maharashtra contributed ~50% of FY26 revenue.
  • Heavy reliance on the 'NOBLE' brand (~75% of FY26 revenue).
  • Negative cash flows from investing activities due to ongoing capital expenditures.
  • Outstanding financial indebtedness of ₹44.56 crore and pending tax/material proceedings.

Financial Health

Revenue Growth
FY24‑FY26: -4.8% (208 → 198 Cr) (Weak)
Debt Level
Debt-to-equity 0.80 (Good)

Institutional Signals

Anchor Investors
Undisclosed
VC Backing Tier
None
Strategic Partners
None

Shree TNB Polymers IPO Reddit Pulse & Sentiment

Real-time Reddit discussions & retail sentiment

No Public Data Available

We couldn't find any significant public discussions or retail sentiment threads for this IPO at the moment.

Disclaimer: These are raw community discussions aggregated from public forums. The AI summary and Reddit comments do not constitute financial advice. Always conduct your own independent research.

Shree TNB Polymers IPO — Frequently Asked Questions

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IPO Terminology Explained

Confused by terms like GMP, Kostak, or Subject to Sauda? Read our detailed guides in the IPO Glossary to understand the terminology before you invest.

Grey Market Premium (GMP)Subject to SaudaASBAOffer for Sale (OFS)
View Full Glossary

Source Citation: All financial data and risk metrics are derived from the official prospectus filed with the regulator (SEBI DRHP/RHP). ViewIPO algorithms process this public data for informational purposes. Not financial advice.

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Frequently Asked Questions about Shree TNB Polymers

What is the expected listing price of Shree TNB Polymers?

The expected listing price depends on the live Grey Market Premium. Check the live GMP and expected listing price for Shree TNB Polymers on our Live GMP Tracker.