Shree TNB Polymers SME IPO
Shree TNB Polymers IPO — date, price band, GMP & allotment 2026
Shree TNB Polymers Limited is a Silvassa-based maker of HDPE, PP and PPH pipes and fittings, double wall corrugated pipes, sprinkler and drip irrigation systems and industrial sheets. It runs two plants with 24,000 MT a year of capacity, serving irrigation, water supply, sewerage, telecom and construction.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 25 September.
- Open 25 Sep 2026
- Close 29 Sep 2026
- Allotment 30 Sep 2026
- Refund/credit 01 Oct 2026
- Listing 05 Oct 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 25 to 29 Sep, 2026 |
|---|---|
| Price Band | ₹47 – ₹52 |
| Face Value | ₹10 |
| Lot Size | 2000 Shares |
| Issue Size | ₹31.2 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE SME |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 2,08,000 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 2000 shares at the ₹52 cut-off. The SME retail application is a fixed 2 lots; HNI starts at 3.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 2 | 4,000 | ₹2,08,000 |
| Retail (max) | 2 | 4,000 | ₹2,08,000 |
| HNI (min) | 3 | 6,000 | ₹3,12,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 8
- 01Profit has grown every year, from Rs 5.03 crore in FY2024 to Rs 5.77 crore in FY2025 and Rs 7.13 crore in FY2026.
- 02EBITDA improved from Rs 15.22 crore in FY2024 to Rs 19.20 crore in FY2026.
- 03The issue is priced at about 15.57 times earnings on an EPS of Rs 3.34.
- 04Demand is supported by government spending on irrigation, drinking water supply and sewerage, all of which use these pipes.
- 05The product range is wide, covering HDPE, PP and DWC pipes, drip and sprinkler systems and industrial sheets.
- 06It has meaningful capacity of 24,000 tonnes a year across two plants, with in-house testing and BIS certification.
- 07Most of the issue goes into capacity, with Rs 15.86 crore for machinery and Rs 2.60 crore for rooftop solar.
- 08Net worth has grown from Rs 34.21 crore in FY2024 to Rs 55.68 crore in FY2026.
Risks · 8
- 01Promoter holding is already below half at 45.56% before the issue and falls to 32.76% after it. The promoter group is spread across eleven people and ends up with under a third of the company.
- 02Sales are not growing steadily. Total income was Rs 207.97 crore in FY2024, fell to Rs 175.70 crore in FY2025 and recovered to Rs 198.31 crore in FY2026.
- 03The profit margin is thin at 3.60%, and RoNW is only 13.95%.
- 04The raw material is polymer, whose price follows crude oil, and plastic pipe is a highly competitive product.
- 05A large part of demand comes from government water and irrigation schemes, where orders are tender driven and payments are slow.
- 06Both plants are at Silvassa, so there is single location risk.
- 07Total borrowing for FY2026 is not stated in the data available to us, so the latest debt position cannot be checked from here.
- 08This is an SME issue. One lot is 2,000 shares, which is about Rs 1.04 lakh at the upper band of Rs 52, and SME shares usually trade in low volume after listing.
Three years of numbers
All figures in ₹ crore, as reported in the Shree TNB Polymers offer document.
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 145.26 | 127.38 | 105.03 |
| Total Income | 198.31 | 175.70 | 207.97 |
| Profit After Tax | 7.13 | 5.77 | 5.03 |
| EBITDA | 19.20 | 15.47 | 15.22 |
| NET Worth | 55.68 | 48.55 | 34.21 |
| Reserves and Surplus | 40.34 | 38.32 | 25.26 |
| Total Borrowing | 38.50 | 35.82 |
See how this IPO compares — view listing performance of all SME IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Shree TNB Polymers RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Shree TNB Polymers IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹4.65 | ₹3.34 |
| P/E Ratio (x) | 11.18 | 15.57 |
| Market Cap at Offer Price (₹ Cr) | ₹79.73 | ₹110.99 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹52 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹25.40 Cr of the issue is earmarked to named objects.
About the company
Its pipes go into irrigation and agriculture, drinking water supply schemes, sewerage and drainage, telecom cable protection, construction and industry. The range covers HDPE pipes and fittings, polypropylene and polypropylene homopolymer pipes and fittings, double wall corrugated pipes used mainly for sewerage, sprinkler pipes, drip irrigation systems, solid industrial sheets and well pack sheets for packaging.
It runs two manufacturing facilities at Silvassa spread over 23,028 square metres, with a combined installed capacity of 24,000 tonnes a year, supported by in-house testing laboratories and BIS and ISO certification across several Indian Standards. As on 31 March 2026 it had 318 full time employees.
Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.
+91- 9662602584
The bankers & the filings
Who is running the book, and the documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Corporate Makers Capital Ltd.
10 issues handledBest listing: Kwick Forensic Solutions (+66.7%). Weakest: Fly-Hi Maritime Travels (-20.0%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Shree TNB Polymers?
The current Grey Market Premium is ₹0.
What is the Shree TNB Polymers IPO price band?
₹47 to ₹52, on a face value of ₹10.
When is the allotment?
The basis of allotment is 30 September 2026, with listing on 5 October 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Decide with the filings, not the noise.
IPO Guru tracks GMP, subscription and allotment for every SME and Mainboard issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
