Shree TNB Polymers Limited

Incorporated in March 2007, Shree TNB Polymers Limited is a polymer manufacturing enterprise specializing in high-performance piping systems, drip irrigation solutions, and specialized plastic products. The company operates across three main brand divisions: "NOBLE" (Piping Division), "TIRUPATI" (Solid Industrial Sheets Division), and "WELLPACK" (Corrugated / Flute Board Sheets Division). Its core value proposition focuses on delivering application-specific durability, chemical resistance, and engineering precision. Operating on a dual B2B and B2C business model, the company manufactures and distributes products directly to corporate enterprises, government projects, industrial buyers, and agricultural retail consumers (farmers).

The company's product portfolio caters to critical end-use sectors, including infrastructure, agriculture, urban water supply, sewerage networks, chemical processing, and industrial packaging. Key B2B client segments comprise major infrastructure and industrial corporations such as the Tata Group, Reliance Industries, Larsen & Toubro (L&T), Atul Ltd., Aarti Industries, Krishna Construction (Gujarat) LLP, Grishva Infra Project LLP, and V. L. Infraprojects Limited. Geographically, the company maintains a multi-state distribution network with over 325 active dealers across key commercial hubs including Pune, Mumbai, Chennai, Indore, Delhi, and Ahmedabad. Its market footprint spans Gujarat, Maharashtra, Rajasthan, Uttar Pradesh, Bihar, Karnataka, and Madhya Pradesh, complemented by international exports of HDPE pipes, PP sheets, and flute boards to the Middle East, Africa, and Australia under the Make in India initiative.

Manufacturing operations are conducted across two facilities located in Silvassa, Dadra and Nagar Haveli, cumulatively admeasuring 23,028 square meters with a total Central Pollution Control Board (CPCB) certified installed capacity of 24,000 MT per annum. To support future growth, the company has leased an additional 10,111 square meters of industrial land at Survey No. 579, Athal, Silvassa, for upcoming Phase-1 and Phase-2 capacity expansions. For FY26, the exact capacity utilization figures across divisions were as follows:

"WELLPACK" (Flute Board Division, Facility-I): Installed Capacity of 4,000 MT | Production of 2,306 MT (57.66% capacity utilization).

"TIRUPATI" (Solid Industrial Sheets Division, Facility-I): Installed Capacity of 4,853 MT | Production of 2,914 MT (60.05% capacity utilization).

"NOBLE" (Piping Division, Facility-I): Installed Capacity of 11,147 MT | Production of 7,353 MT (65.97% capacity utilization).

"NOBLE" (Piping Division, Facility-II): Proportionate Capacity of 4,208 MT | Production of 1,930 MT (45.88% capacity utilization following its acquisition via slump sale on March 31, 2025).

Operational capabilities are anchored by automated extrusion and moulding lines supported by Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) software integration. Quality control protocols are enforced through in-house testing laboratories located at both Silvassa facilities, equipped with Universal Testing Machines (UTM), Melt Flow Index (MFI) testers, Environmental Stress Crack Resistance (ESCR) apparatus, hydrostatic pressure test rigs, and thermal stability testers. The company holds quality and environmental certifications including ISO 9001:2015, ISO 14001:2015, and Bureau of Indian Standards (BIS) licenses across multiple categories (water supply, sewerage, emitting pipes, and sprinklers).

Based on its historical financial data, Shree TNB Polymers Limited posted total income and net profits of ₹207.97 Cr / ₹5.03 Cr in FY24, ₹175.70 Cr / ₹5.77 Cr in FY25, and ₹198.31 Cr / ₹7.13 Cr in FY26. The company experienced a top-line decline in FY25 followed by a recovery in FY26, alongside a steady net profit expansion at a 19.09% CAGR. Total borrowings increased from ₹35.82 Cr in FY24 to ₹44.56 Cr in FY26 to fund capex and working capital requirements. It boasts an average EPS of ₹4.38 and an average RoNW of 14.14% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 1.43 against a NAV of ₹36.29 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 1.28. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 22.06x (FY24), 19.23x (FY25), and 15.56x (FY26). According to the RHP, a comparison between listed peers is shown in above table.

On the Book Running Lead Manager (BRLM) front, the issue is managed by Corporate Makers Capital Limited, which has handled 15 public issues to date. Out of its last 10 managed IPOs, five listed below the issue price, while the remaining five listed at or above it. As of September 23, 2026, eight of these recent issues are currently trading below their issue price, while the remaining two are trading at or above it.

• 1 Vijay Jaysukhlal Thosani
• 2 Rasikbhai Gokalbhai Bhalodi
• 3 Deepak Kumar Qeematrai Raura
• 4 Shilpaben Rasikbhai Bhalodi
• 5 Beena Vijay Thosani
• 6 Reeta Deepak Raura
• 7 Kishan Chandulal Patel
• 8 Vipul Gokalbhai Bhalodi
• 9 Hasmukhbhai Gokalbhai Bhalodi
• 10 Jignaben Vipulbhai Bhalodi
• 11 Jalpaben Hasmukhbhai Bhalodi