Overview
Updated 1 days agoShree TNB Polymers Limited is a polymer manufacturing company specializing in high-performance piping systems and advanced plastic solutions. The company offers a diversified product portfolio including HDPE pipes, PP/PPH pipes, and various industrial sheets, catering to sectors like infrastructure, agriculture, and industrial applications.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,06,000 |
| bNII (min) | 10 | 20,000 | ₹10,60,000 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 11 Nov, 09:34 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE |
| Segment | SME |
| Sector | Plastic Products |
| Price band | ₹50–53 |
| Final issue price | ₹53.00 |
| Face value | ₹10 per share |
| Lot size | 2,000 shares |
| Minimum investment | ₹1,06,000 |
| Issue size | ₹31.00 Cr |
| Market cap at upper band | ₹113 Cr |
| P/E at upper band | 11.4x |
| Registrar | MUFG INTIME INDIA PRIVATE LIMITED |
| Lead managers | CORPORATE MAKERS CAPITAL LIMITED |
| NSE symbol | SHREETNB |
| ISIN | INE935K01018 |
Shareholder quota and promoter holding
Company & business
Originally incorporated in 2007, Shree TNB Polymers Limited is a polymer manufacturing company based in Silvassa, Dadra & Nagar Haveli. The company specializes in producing a wide range of products including HDPE pipes, PP/PPH pipes, Double Wall Corrugated (DWC) pipes, sprinkler pipes, drip irrigation systems, and various industrial sheets. The company operates on a B2B and B2C basis, serving diverse sectors such as agriculture, infrastructure, and industrial applications. With over 25 years of experience in the polymer segment, the company maintains robust manufacturing facilities and a strong distribution network across several Indian states. The company is committed to quality, adhering to various BIS and ISO standards for its product range.
Objects of the issue — how the money will be used
- Capital Expenditure for purchase of machineries (₹15.86 Cr)
- Capital Expenditure for the purchase and installation of Solar panel/ Roof top (₹2.6 Cr)
- Part finances the capital expenditure for construction/ installation of Pre-Engineered Building (PEB) structure for new manufacturing facility (₹1.32 Cr)
- Repayment of certain borrowings (₹5.62 Cr)
- General Corporate Purposes
Key strengths
- Strong promoter-driven business with deep market understanding and relationships.
- Diversified product portfolio catering to multiple industrial applications.
- Cordial relationship with the customers/ dealers/ distributors and established manufacturing facilities.
- Quality Products with Certifications.
Key risks
- Outstanding litigation proceedings involving the Company and Promoters.
- Manufacturing facilities and warehouses are located on leased premises.
- Revenues are significantly dependent on a few customers.
- Experienced negative cash flows in certain financial years.
- Delays in payment of statutory dues.
- Significant indebtedness.
- Delayed compliance with certain statutory filings with the Registrar of Companies.
- Absence of formal agreements for business acquisitions.
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
Decoded from the RHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 207.86 | -- | 5.03 | 105.03 | 34.21 | -- |
| FY25 | 175.65 | -- | 5.77 | 127.38 | 48.55 | -- |
| FY26 | 198.13 | -- | 7.13 | 145.26 | 55.68 | 44.56 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Shree TNB Polymers this issue | 198.1 | 4.65 | 11.4x | 13.69 | 36.29 |
| Captain Pipes Limited | 77.7 | 0.19 | 40.4 | 7.15 | 2.78 |
| Texmo Pipes and Products Limited | 352.6 | 3.86 | 15.7 | 5.13 | 77.19 |
| Malpani Pipes and Fittings Limited | 163.0 | 8.38 | 7.7 | 17.65 | 51.67 |
This issue is priced at 11.4x P/E against a peer median of 15.7x: a discount of 27%. A measurement, not a verdict.
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Phychem TechnologiesPHYCHEM · BSE · SME · Plastic Products+8.9%7 Sep Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.