Shree TNB Polymers IPO
Shree TNB Polymers IPO is a SME issue of ₹31.2 Cr (Fresh capital only). The price band is ₹50–53 per share with a lot of 2,000 shares (₹1,06,000 minimum). Bidding runs 28 Sep – 5 Oct, allotment is on 6 Oct 2026 and listing on 8 Oct 2026 on BSE SME. The issue has been subscribed 1.91x overall. It listed at ₹60 (+13.21% over the issue price) and trades at ₹53.50 (+0.94%).
IPO details
| Detail | Value |
|---|---|
| Price band | ₹50–53 |
| Lot size | 2,000 shares |
| Minimum investment | ₹1,06,000 |
| Issue size | ₹31.2 Cr |
| Issue type | Fresh capital only |
| Face value | ₹10 per share |
| Listing on | BSE SME |
| Issue price | ₹53 |
Subscription status
| Category | Subscribed |
|---|---|
| Qualified institutions (QIB) | 1.70x |
| Non-institutional (NII) | 2.47x |
| Retail | 1.72x |
| Employees | 0.00x |
| Shareholders | 0.00x |
Updated 08 Oct 2026, 06:30 PM IST
IPO dates
| Event | Date |
|---|---|
| Bidding opens | 28 Sep 2026 |
| Bidding closes | 5 Oct 2026 |
| Allotment | 6 Oct 2026 |
| Refunds | 7 Oct 2026 |
| Shares credited to demat | 7 Oct 2026 |
| Listing | 8 Oct 2026 |
Lot size and application amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2,000 | ₹1,06,000 |
| Retail (Max) | 1 | 2,000 | ₹1,06,000 |
| HNI (Min) | 2 | 4,000 | ₹2,12,000 |
About Shree TNB Polymers
Shree TNB Polymers Limited was incorporated on 7 March 2007 and is based at Silvassa. It makes plastic piping systems and related plastic products. 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.
Shree TNB Polymers financials
| ₹ crore | 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 |
Key ratios
| Ratio | Value |
|---|---|
| P/E Ratio | 15.87 |
| EPS (₹) | 3.34 |
| RoE | 13.69% |
| RoCE | 16.02% |
| RoNW | 13.95% |
| PAT Margin | 3.60% |
| EBITDA Margin | 9.69% |
| Debt / Equity | 0.80 |
| NAV (₹) | 36.29 |
Strengths
- Profit 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.
- EBITDA improved from Rs 15.22 crore in FY2024 to Rs 19.20 crore in FY2026.
- The issue is priced at about 15.87 times earnings on an EPS of Rs 3.34.
- Demand is supported by government spending on irrigation, drinking water supply and sewerage, all of which use these pipes.
- The product range is wide, covering HDPE, PP and DWC pipes, drip and sprinkler systems and industrial sheets.
- It has meaningful capacity of 24,000 tonnes a year across two plants, with in-house testing and BIS certification.
- Most of the issue goes into capacity, with Rs 15.86 crore for machinery and Rs 2.60 crore for rooftop solar.
- Net worth has grown from Rs 34.21 crore in FY2024 to Rs 55.68 crore in FY2026.
Risks
- Promoter 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.
- Sales 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.
- The profit margin is thin at 3.60%, and RoNW is only 13.95%.
- The raw material is polymer, whose price follows crude oil, and plastic pipe is a highly competitive product.
- A large part of demand comes from government water and irrigation schemes, where orders are tender driven and payments are slow.
- Both plants are at Silvassa, so there is single location risk.
- Total borrowing for FY2026 is left blank in the financial table, so the latest debt figure cannot be read from the published data. The debt to equity ratio is given as 0.80, against borrowing of Rs 38.50 crore in FY2025.
- This is an SME issue. One lot is 2,000 shares, which is about Rs 1.06 lakh at the upper band of Rs 53, and SME shares usually trade in low volume after listing.
Allotment status
Registrar: MUFG Intime India Private Limited. Check Shree TNB Polymers IPO allotment status.
FAQs
What is the price band of Shree TNB Polymers IPO?
₹50–53 per share.
What is the lot size of Shree TNB Polymers IPO?
2,000 shares, which costs ₹1,06,000 at the upper price band.
What is the GMP of Shree TNB Polymers IPO?
₹4 (+7.55%) as of 08 Oct 2026, 08:24 AM IST. GMP is unofficial and not a prediction of the listing price.
When does Shree TNB Polymers IPO open and close?
It opens on 28 Sep 2026 and closes on 5 Oct 2026.
When is the allotment date of Shree TNB Polymers IPO?
6 Oct 2026.
When will Shree TNB Polymers IPO list?
8 Oct 2026 on BSE SME.
How many times was Shree TNB Polymers IPO subscribed?
1.91x overall.