Shree TNB Polymers
What they do: The business model involves manufacturing with significant investment in machinery, supported by secured loans from banks and financial institutions.
By IPO Milega Research · Published · Updated
Analysis score 6.4 -1.5 for 0.75x QIB subscription
The company shows moderate financial health with a stable revenue trend and a positive profit margin.
- GMP (unofficial)
- +0%
- ₹0 a share
- Subscribed
- 0.42x
- Total
- Retail odds
- 100%
- 1 in 1
GMP is an unofficial grey market indication.
- Price band
- ₹47-52
- Lot size
- 4000 shares
- Min. investment
- ₹2,08,000
- Issue size
- 31.20 Cr.
- Open25 Sept 2026
- Close29 Sept 2026
- Allotment30 Sept 2026
- Listing5 Oct 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 0.75x
- NII
- 0.73x
- Retail
- 0.1x
₹52 (+0.00%)
GMP trend
Unofficial grey market quotes, times in IST
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials6.0
- Performance7.0
- Flexibility8.0
- Timing7.0
- Risk4.0
The expected gains are based on the Grey Market Premium (GMP) of 57, which suggests a 9.62% potential increase on listing. This is supported by the company's strategic market timing and fully underwritten IPO, indicating confidence in the issue's success.
Strengths3
- Revenue from operations reached ₹19,812.73 lakhs in FY 2026.
- Maintained a low employee attrition rate, averaging around 3.52% over three years.
- Implemented cost-effective digital marketing strategies.
Concerns5
- High customer concentration with top 10 customers contributing 61.28% of revenue.
- Significant outstanding litigation involving promoters amounting to ₹1,468.00 Lakhs.
- Negative cash flows and high indebtedness of ₹4,456.16 Lakhs.
- Low manufacturing capacity utilization at 45.88%.
- Reliance on short-term purchase orders without long-term contracts.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum2,08,0002 lots, 4000 shares
- Retail Maximum2,08,0002 lots, 4000 shares
- S-HNI Minimum3,12,0003 lots, 6000 shares
- S-HNI Maximum9,36,0009 lots, 18,000 shares
- B-HNI Minimum10,40,00010 lots, 20,000 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 4000 | 2,08,000 |
| Retail Maximum | 2 | 4000 | 2,08,000 |
| S-HNI Minimum | 3 | 6000 | 3,12,000 |
| S-HNI Maximum | 9 | 18,000 | 9,36,000 |
| B-HNI Minimum | 10 | 20,000 | 10,40,000 |
Timing
7.0/10The IPO is strategically timed, leveraging a fully underwritten issue and compliance with SEBI regulations to ensure market confidence and investor interest. The allocation strategy is well-balanced, catering to different investor categories, which is favorable for market conditions.
- Time to market
- The IPO is well-prepared with full underwriting and a structured allocation strategy, indicating readiness and confidence in market conditions. The timing aligns with regulatory requirements and market readiness, suggesting a favorable environment for the IPO.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Favourable
- Time to market
- 8.0
- Listing on
- BSE SME
Key milestones
- 25 Sept 2026IPO Opens
- 29 Sept 2026IPO Closes
- 30 Sept 2026Basis of Allotment
- 1 Oct 2026Refunds Initiated
- 1 Oct 2026Credit to Demat Account
- 5 Oct 2026Listing Date
Financials
6.0/10- Revenue
- ₹198 Cr
- +12.9%
- Profit after tax
- ₹7.13 Cr
- +23.6%
- Net margin
- 3.6%
- +0.3 pts
- Assets
- ₹145 Cr
- +14.0%
- Return on equity
- 15%
- Debt to equity
- 1.4
- Current ratio
- 1.5
- Revenue CAGR
- 10%
- ROCE
- 16.02%
- Return on net worth
- 13.69%
- NAV per share (₹)
- 36.29
Financial performance trend
Amount ₹ in croresThe company shows moderate financial health with a stable revenue trend and a positive profit margin. However, the debt levels are significant, impacting the debt-to-equity ratio.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks3
- Market risks1
- Operational risks2
- Regulatory risks1
The company faces significant financial and operational risks, including high debt, customer concentration, and litigation, impacting its financial stability and operational continuity.
How the company offsets these
Diversifying customer base and securing long-term contracts could mitigate revenue volatility.
Financial risks3
- High indebtedness of ₹4,456.16 Lakhs.
- Negative cash flows in previous years.
- Outstanding litigation amounting to ₹1,468.00 Lakhs.
Market risks1
- High customer concentration with top 10 customers contributing 61.28% of revenue.
Operational risks2
- Low manufacturing capacity utilization at 45.88%.
- Reliance on short-term purchase orders without long-term contracts.
Regulatory risks1
- Potential disruptions in obtaining necessary licenses and permits.
Performance
7.0/10Shree TNB Polymers Limited, established in 2007, is a polymer manufacturer focusing on piping systems and plastic solutions. The company has shown steady revenue growth with a diverse product portfolio. However, it faces risks such as limited geographical diversification and dependency on key customers. Opportunities exist in infrastructure growth and strategic acquisitions.
- Historical growth
- The company has shown fluctuating revenue patterns with a slight decline in 2025 but a recovery in 2026., Moderate
- Market comparison
- The company operates in a competitive market with peers in the polymer manufacturing sector. Its focus on digital marketing and strategic acquisitions positions it well against competitors.
- Future potential
- The company is expected to benefit from infrastructure growth and strategic acquisitions.
- Operational consistency
- The company has been operational for 19 years with a stable product portfolio, but revenue fluctuations indicate moderate stability.
- Experience
- The management team has a mix of experienced directors and financial officers.
- Track record
- The management has maintained stable operations and growth despite market challenges.
Key achievements
- 01Revenue from operations reached ₹19,812.73 lakhs in FY 2026.
- 02Maintained a low employee attrition rate, averaging around 3.52% over three years.
- 03Implemented cost-effective digital marketing strategies.
Flexibility
8.0/10The company has a strong market presence across multiple regions in India and is expanding its distribution network. Its diversified product portfolio caters to various sectors, enhancing its adaptability to market changes.
The company shows stable financial performance with consistent revenue and EBITDA margins. However, it has a high dependency on top suppliers and customers, which could impact financial stability.
The company has automated production processes and is expanding its manufacturing capacity, which enhances its operational agility. It is also investing in new technologies and infrastructure to improve efficiency.
Shree TNB Polymers Limited demonstrates strong flexibility and adaptability through its diversified product portfolio, strategic expansion plans, and robust financial performance. The company is well-positioned to adapt to market demands and operational challenges.
- Product diversification
- The company offers a wide range of polymer products, including HDPE pipes, PP and PPH pipes, DWC pipes, and various industrial sheets, catering to infrastructure, agriculture, and industrial sectors.
- Future adaptability
- The company is investing in new manufacturing facilities and solar energy to reduce costs and enhance sustainability, indicating strong potential for future adaptability.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.