Shree TNB Polymers
- Shree TNB Polymers is coming out with an initial public offering (IPO) of 60,00,000 shares in a price band of Rs 47-52 per equity share.
- The issue will open for subscription on September 25, 2026 and will close on September 29, 2026.
- The shares will be listed on SME Platform of BSE.
- The face value of the share is Rs 10 and is priced 4.70 times of its face value on the lower side and 5.20 times on the higher side.
- Book running lead manager to the issue is Corporate Makers Capital.
- Compliance officer for the issue is Niyati Vishal Shah.
Profile of the company
Shree TNB Polymers is polymer manufacturing company specializing in piping systems and plastic solutions. The company primarily offers product portfolio comprising HDPE pipes & fittings, PP (Polypropylene) and PPH (Polypropylene Homopolymer) pipes & fittings, Double Wall Corrugated (DWC) pipes, sprinkler pipes, drip irrigation systems, solid industrial sheets and Well pack sheets for packaging and industrial applications. With a strong focus on engineering excellence, durability, and application-specific performance, TNB Polymers delivers reliable and scalable solutions across infrastructure, agriculture and industrial sectors.
The company’s products are designed to meet the evolving demands of critical applications such as irrigation and agriculture, potable water supply schemes, sewerage and drainage systems, telecom cable protection, construction, and industrial usage. Its HDPE piping systems are widely used in borewell and underground water extraction, as well as in specialized applications including seawater intake systems, desalination plants, and dredging operations- highlighting the company’s capability to operate in both conventional and high-performance environments.
In addition to piping systems, TNB Polymers has established a strong presence in value-added polymer segments. Its Well pack sheets are extensively used for signage, packaging, construction floor protection, industrial partitions and advertising boards, while solid industrial sheets are utilized in chemical tanks, scrubber linings, CNC (Computer Numerical Control) machining, industrial fabrication, and automotive components. The company’s DWC pipes are widely deployed in underground sewerage networks, drainage systems, culverts, cable ducts, and highway infrastructure projects, positioning TNB as a comprehensive polymer solutions provider.
Proceed is being used for:
- Capital expenditure for purchase of machineries
- Capital expenditure for the purchase and installation of solar panel/ roof top
- Part finances the capital expenditure for construction/ installation of Pre-Engineered Building (PEB) structure for new manufacturing facility
- Repayment of certain borrowings
- Meeting out the general corporate purposes
Industry overview
The Plastic Pipes & Fittings Industry is a critical component of the global building materials and infrastructure sector, offering efficient solutions for fluid transportation across residential, commercial, agricultural, and industrial applications. This industry encompasses a wide array of piping systems and fittings manufactured primarily from synthetic polymers such as Polyvinyl Chloride (PVC), High-Density Polyethylene (HDPE), Polypropylene (PP), and other engineering-grade plastics. These materials are chosen for their versatility, lightweight nature, corrosion resistance, ease of installation, and long service life compared to traditional materials like metal or concrete.
The Indian Plastic tubes, Pipe & Fittings & Sheets market is estimated at $9.70 billion in 2026 and is projected to grow $23.14 billion in 2035 exhibiting a CAGR of 10.14% during the forecast period. Polymer production in India has demonstrated a resilient yet moderately cyclical trend over the period from FY 2021 to FY 2025. Production increased from 12,143.62 (‘000 MT) in FY 2021 to 12,470.65 (‘000 MT) in FY 2022, reflecting recovery in industrial activity and demand following the pandemic. This was followed by a decline to 11,486.62 (‘000 MT) in FY 2023, likely due to normalization of demand, inventory corrections, and global supply chain adjustments.
India’s plastic pipes and fittings industry is expected to witness sustained growth over the medium to long term, driven by strong linkages with infrastructure development, agriculture, real estate, and industrial expansion, supported by continued policy impetus. Government initiatives focused on infrastructure development and water management are expected to remain key growth enablers. Programs such as Jal Jeevan Mission, AMRUT 2.0, and the Smart Cities Mission are anticipated to drive investments in water supply and sanitation infrastructure, while the Pradhan Mantri Krishi Sinchai Yojana (PMKSY) is likely to support demand through increased adoption of micro-irrigation systems.
Pros and strengths
Diversified product portfolio catering to multiple industrial applications: The company offers a diversified product portfolio comprising HDPE pipes & fittings, PP (Polypropylene) and PPH (Polypropylene Homopolymer) pipes & fittings, Double Wall Corrugated (DWC) pipes, sprinkler pipes, drip irrigation systems, solid industrial sheets and Well pack sheets for packaging and industrial applications. It deals in a wide range of products, which enables it to cater widespread customer base across India and also expand its reach in international locations. It has necessary resources, experience and network to launch additional products in future and to cater to wider range of products related to its industry as per requirements of the customers.
Cordial relationship with the customers/ dealers/ distributors: Offering quality products at attractive prices is a key aspect of maintaining and expanding its relationships with its customers/ dealers/ distributors. It has adopted several initiatives designed to improve its cost efficiency such as strategic vendor relationship for the procurement of raw materials, local sourcing to mitigate transportation costs, focus on engineering, reduce customer response time, an emphasis on increasing customer support through after-sales services etc. These endeavors, including the optimization of in-house processes, are fundamental to its commitment to delivering projects while upholding cost-effectiveness. It continues to invest in operational excellence throughout the organization without any compromise on the quality.
Quality products with certifications: The company’s manufacturing and quality systems are supported by robust certifications and compliance standards including BIS (Bureau of Indian Standard) and ISO (Indian Standard Organisation) viz. IS 4984 (Water Supply), IS 14333 (Sewerage), IS 16098- Part-2 & IS 16205- Part 24 (DWC Pipes), ISO 9001 and ISO 14001. Further strengthening its position in the irrigation segment, the Company adheres to IS 13488:2008 for emitting pipes (drip irrigation), IS 12786:2024 for lateral pipes, and IS 17425:2020 for sprinkler pipes. These certifications reflect Company’s commitment to quality assurance, regulatory compliance, and consistent product reliability across applications.
Risks and concerns
Significant dependence on top ten customers: Its revenues have been significantly dependent on top ten customers. For the period ended on March 31, 2026, March 31, 2025 and March 31, 2024, its revenue from operations from its top 10 customers contributed to 61.28%, 29.11% and 27.04% respectively of its revenues from operations. Its reliance on a limited number of customers for its business exposes it to risks, that may include, but are not limited to, reductions, delays or cancellation of orders from its significant customers, a failure to negotiate favourable terms with its key customers or the loss of these customers, all of which would have a material adverse effect on the business, financial condition, results of operations, cash flows and future prospects of the company.
Dependence on limited number of suppliers and absence of long-term supply agreements: Its top 10 suppliers for the year ended March 31, 2026, March 31, 2025 and March 31, 2024 constitute 61.28%, 64.73% and 63.72% respectively of total purchase of the company during the respective period. Volatility in the supply and pricing of its raw materials, or failure by suppliers to meet their obligations, may have an adverse effect on its business, cash flows, financial condition and results of operations. Additionally, the company does not have any long-term agreements with suppliers for supply of raw materials. Its inability to obtain raw material in a timely manner, in sufficient quantities could adversely affect its operations, financial condition and/or profitability.
Revenue concentration in noble brand: The company derives significant portion of its revenue from its Noble brand. The company’s Noble brand contributed 75.61%, 75.61%, and 78.67% of Revenue from Operations for the years ended March 31, 2026, March 31, 2025, and March 31, 2024, respectively. An inability to adapt to evolving consumer preferences and demand for particular products or ensure product quality may adversely impact demand for its products and consequently its business, results of operations, financial condition and cash flows.
Outlook
Shree TNB Polymers is engaged in manufacturing an array of polymer sheets, piping systems, and flute board. The company primarily offers product portfolio comprising HDPE pipes & fittings, PP (Polypropylene) and PPH (Polypropylene Homopolymer) pipes & fittings, Double Wall Corrugated (DWC) pipes, sprinkler pipes, drip irrigation systems, solid industrial sheets and Well pack sheets for packaging and industrial applications. On the concern side, it operates in a highly competitive industry with a number of other manufacturers that deals in competing products. As a result, to remain competitive in the market it must continuously strive to reduce its manufacturing and distribution costs and improve its operating efficiencies and expand its products offering. If it fails to do so, it may have an adverse effect on its market share and results of operations.
The company is coming out with a maiden IPO of 60,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 47-52 per equity share. The aggregate size of the offer is around Rs 28.20 crore to Rs 31.20 crore based on lower and upper price band respectively. On performance front, total income increased from Rs 17,570.47 lakh for the year ended March 31, 2025, to Rs 19,831.41 lakh for the year ended March 31, 2026, representing an increase of 12.87%. Net profit after tax increased from Rs 577.10 lakh for the year ended March 31, 2025, to Rs 713.46 lakh for the year ended March 31, 2026, representing an increase of 23.63%.
Meanwhile, it plans to increase sales of its products by increasing the number of dealers/ distributors who stock & sale its products. It plans to expand the sale of its products into cities where its products are not currently sold as well as consolidating its position in areas where it already has a strong presence. Its strategy is to focus on increasing the width and depth of its distribution network by increasing the number of distributors and the frequency and quantity of its products purchased by end users through its dealers/ distributors. Its salespersons meet with prospective distributors who do not currently stock/ sale its products to encourage them to do so. Its salespersons also meet with distributors in areas where it does not have a distributor to encourage them to stock its products.
