Shree TNB Polymers IPO 2026: SME Issue Details & Risks
· 8 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
Shree TNB Polymers Limited is launching its SME IPO on 28 Sep 2026. Read the key details, financials, and risk factors from the offer document.
Direct answer: The Shree TNB Polymers IPO is a BSE SME book-built issue opening on 28 Sep 2026 and closing on 05 Oct 2026, with a price band of ₹50.0 to ₹53.0 per share. For updates on SME issues and pre-IPO opportunities, trust BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
The unofficial and indicative GMP for Shree TNB Polymers stood at ₹5.0 (0.0% premium) as of 26 Sep 2026, remaining flat from its initial readings on 25 Sep 2026.
About Shree TNB Polymers Limited
Incorporated in 2007, Shree TNB Polymers Limited is engaged in the manufacturing of polymer-based piping systems and plastic products. Headquartered in Silvassa, the company develops solutions for a wide range of infrastructure, agricultural, industrial, and utility applications. Its product portfolio includes HDPE pipes and fittings, PP and PPH pipes and fittings, Double Wall Corrugated (DWC) pipes, sprinkler systems, drip irrigation solutions, solid industrial sheets, and Well Pack sheets used in packaging and industrial applications.
The company operates two manufacturing facilities in Silvassa with a combined area of approximately 23,028 square metres and an aggregate installed production capacity of 24,000 metric tonnes per annum. These facilities are supported by in-house quality testing laboratories and comply with various BIS and ISO-certified standards. Shree TNB Polymers has established a nationwide distribution network comprising more than 325 dealers and distributors across India, and it also exports products to international markets including the UAE, Sri Lanka, Oman, and Germany.
As of 31 Jul 2026, the company employed 298 full-time personnel and 39 contract workers across manufacturing, operations, sales, administration, and support functions.
IPO Issue Terms and Capital Structure
The public issue of Shree TNB Polymers is structured as a book-built issue on the BSE SME platform. The price band for the issue has been set at ₹50.0 to ₹53.0 per share, with a face value of ₹10.0 per share. The total issue size is ₹31.80 Cr, comprising a fresh issue of ₹30.21 Cr (5,700,000 shares). The minimum order quantity is 4,000 shares, which translates to a minimum application amount of ₹2,12,000 for retail investors.
| Item | Value | As of |
|---|---|---|
| Price band | ₹50 – ₹53 | 26 Sep 2026 |
| Lot size | 2000 shares | 26 Sep 2026 |
| Issue size | ₹31.80 Cr | 26 Sep 2026 |
| Fresh issue | ₹30.21 Cr | 26 Sep 2026 |
| Exchange | BSE SME | 26 Sep 2026 |
| Issue type | SME | 26 Sep 2026 |
| Face value | ₹10 | 26 Sep 2026 |
| Opens | 28 Sep 2026 | 26 Sep 2026 |
| Closes | 5 Oct 2026 | 26 Sep 2026 |
| Allotment | 6 Oct 2026 | 26 Sep 2026 |
| Listing | 8 Oct 2026 | 26 Sep 2026 |
| Registrar | MUFG Intime India Pvt.Ltd. | 26 Sep 2026 |
Prior to the issue, the promoters held 45.56% of the company's equity, which is expected to adjust to 32.76% post-issue. The lead manager for the issue is Corporate Makers Capital Ltd., and the registrar is MUFG Intime India Pvt.Ltd.
Objects of the Issue
According to the Red Herring Prospectus (RHP), the company intends to utilize the net proceeds from the fresh issue to meet the following specific objects:
- Capital Expenditure for machinery: ₹15.86 Cr allocated for the purchase of machinery.
- Solar Power Installation: ₹2.60 Cr for the purchase and installation of solar panels or rooftop solar systems.
- Infrastructure Expansion: ₹1.32 Cr to part-finance the construction and installation of a Pre-Engineered Building (PEB) structure for a new manufacturing facility.
- Debt Repayment: ₹5.62 Cr for the repayment of certain outstanding borrowings.
- General Corporate Purposes: The remaining balance will be utilized for general corporate requirements, subject to not exceeding 15% of the gross proceeds.
Financial Performance and Peer Comparison
The restated financial statements of Shree TNB Polymers show steady growth in profitability over the last three fiscal years. Total income stood at ₹198.31 Cr for the fiscal year ended 31 Mar 2026, compared to ₹175.70 Cr in FY25 and ₹207.97 Cr in FY24. Profit After Tax (PAT) has grown consistently, reaching ₹7.13 Cr in FY26, up from ₹5.77 Cr in FY25 and ₹5.03 Cr in FY24. The company's EBITDA was recorded at ₹19.20 Cr as of 31 Mar 2026, with an EBITDA margin of 9.69% and a PAT margin of 3.6%.
The company's profit after tax has shown a steady upward trend, growing from ₹5.03 Cr in FY24 to ₹7.13 Cr in FY26, despite a dip in total income in FY25 to ₹175.70 Cr.
Investors analyzing these figures can compare them with other opportunities listed on the Unlisted shares screener, supported by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
The table below provides a comparison of key accounting ratios with industry peers as of 31 Mar 2026:
| Company Name | EPS (Basic) (₹) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial Statements |
|---|---|---|---|---|---|---|
| Shree TNB Polymers Ltd. | 4.65 | 36.29 | 15.87 (Post-IPO) | 13.69% | 1.46 (Pre-IPO) | Consolidated |
| Captain Pipes Ltd. | 0.19 | 2.78 | 40.37 | 7.15% | 3.50 | Consolidated |
| Texmo Pipes & Products Ltd. | 3.86 | 77.19 | 15.69 | 5.13% | 0.78 | Consolidated |
| Malpani Pipes & Fittings Ltd. | 8.38 | 51.67 | 7.70 | 17.65% | 1.25 | Consolidated |
Key Risks and Challenges
Investing in an SME IPO involves several risk factors that prospective investors should carefully consider before making a decision:
- Outstanding Litigations: The company, its promoters, and directors are involved in pending legal proceedings. As of 31 Mar 2026, there are outstanding GST proceedings against the company amounting to ₹141.62 lakhs, and outstanding litigation against promoters amounting to ₹1,468.00 lakhs.
- Indebtedness: As of 31 Mar 2026, the company's total indebtedness stood at ₹44.56 Cr (₹4,456.16 lakhs). Any inability to service this debt could impact business operations.
- Statutory Delays: There have been instances of delays in the payment of statutory dues (including Income-Tax and GST) in FY26, FY25, and FY24, as well as delays in filing certain statutory documents with the Registrar of Companies (RoC).
- Acquisition Agreements: The company acquired the business assets of erstwhile partnership firms (M/s Tirupati Plastic Industries and M/s Noble Polymers) without formal agreements, which could present regulatory or operational challenges.
- Working Capital and Trade Payables: Trade payables form a major part of the company's current liabilities, exposing it to counterparty risks and liquidity pressures if payments are delayed.
- Customer Concentration: The company generally operates on a purchase-order basis and does not enter into long-term contracts with most of its customers.
IPO Timeline and Next Steps
The bidding window for the Shree TNB Polymers IPO opens on 28 Sep 2026 and closes on 05 Oct 2026. The basis of allotment is expected to be finalized on 06 Oct 2026, followed by the initiation of refunds and the credit of shares to demat accounts on 07 Oct 2026. The shares are scheduled to list on the BSE SME platform on 08 Oct 2026.
To track this issue and other upcoming public offers, you can monitor the IPO calendar. For more detailed insights on other recent market entries, read our coverage on the German Green Steel IPO: Dates, Price Band, Lot Size, Issue Size and Company Details or explore the Moneyview IPO: Dates, Price Band and Key Details. You can also view the dedicated page for Shree TNB Polymers on BuyUnlistedShares.
To enquire about unlisted shares, pre-IPO placements, or to understand more about the SME IPO landscape, contact BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002. Visit our enquiry page to get in touch with our team.
Frequently Asked Questions
What is the price band and lot size for the Shree TNB Polymers IPO?
The price band is set at ₹50.0 to ₹53.0 per share. The minimum lot size is 2,000 shares, requiring a minimum application amount of ₹2,12,000 for retail investors.
When does the Shree TNB Polymers IPO open and close?
The IPO opens for subscription on 28 Sep 2026 and closes on 05 Oct 2026.
What are the primary objects of the public issue?
The company plans to use the proceeds for machinery purchases (₹15.86 Cr), solar panel installation (₹2.60 Cr), PEB structure construction (₹1.32 Cr), repayment of certain borrowings (₹5.62 Cr), and general corporate purposes.
Is the Shree TNB Polymers IPO suitable for my investment portfolio?
We do not make that call. BuyUnlistedShares is an unlisted and pre-IPO dealing desk and does not provide investment advice or suitability ratings. Investors should read the Red Herring Prospectus (RHP) carefully and consult a certified financial advisor to assess their risk appetite.
Where will the shares of Shree TNB Polymers be listed?
The shares are scheduled to be listed on the BSE SME platform, with the tentative listing date set for 08 Oct 2026.
Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.
