Shree TNB Polymers (C)
What they do: The business model relies on significant capital investment in machinery, supported by secured loans, to drive production and revenue growth.
By IPO Milega Research · Published
The company shows a moderate financial position with a stable revenue trend and a positive profit margin.
- GMP (unofficial)
- +0%
- ₹0 a share
- Opens
- 28 Sept
- Closes 5 Oct
- Min. investment
- ₹2,08,000
- 4000 shares
GMP is an unofficial grey market indication.
- Price band
- ₹52
- Lot size
- 4000 shares
- Min. investment
- ₹2,08,000
- Issue size
- N/A
- Open28 Sept 2026
- Close5 Oct 2026
- Allotment6 Oct 2026
- Listing8 Oct 2026
Overview
₹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 Grey Market Premium (GMP) of 52 suggests a positive market sentiment towards the IPO, indicating potential gains upon listing. This is supported by the company's strategic market positioning, diversified product portfolio, and planned expansions, despite existing financial and operational risks.
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 a strategic distributor selection process.
Concerns5
- High debt of ₹4,456.16 Lakhs could lead to asset forfeiture.
- Significant customer concentration with top 10 customers contributing 61.28% of revenues.
- Negative cash flows in previous years impacting future operations.
- Operational disruptions like supply chain interruptions and labor unrest.
- Delays in statutory filings may lead to penalties.
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 to leverage the SME platform, which is designed to support smaller companies in raising capital. The full underwriting of the issue suggests a favorable market environment and confidence from underwriters. However, the lack of specific pricing and financial details in the text limits a comprehensive assessment of market conditions. Overall, the timing appears favorable given the structured approach and regulatory compliance.
- Time to market
- The IPO is well-timed within the regulatory framework for SME listings, with full underwriting and a structured allocation strategy. This indicates a readiness to enter the market and capitalize on available opportunities. The strategic use of the SME platform suggests an understanding of market dynamics and investor appetite for smaller, growth-oriented companies.
- 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
- 28 Sept 2026IPO Opens
- 5 Oct 2026IPO Closes
- 6 Oct 2026Basis of Allotment
- 7 Oct 2026Refunds Initiated
- 7 Oct 2026Credit to Demat Account
- 8 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
- 1.5
- Current ratio
- 1.2
- 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 a moderate financial position 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 risks1
- Regulatory risks1
The company faces significant financial and operational risks, including high debt, customer concentration, and operational disruptions.
How the company offsets these
Diversifying customer base and improving cash flow management could mitigate risks.
Financial risks3
- High debt of ₹4,456.16 Lakhs could lead to asset forfeiture.
- Negative cash flows in previous years impacting future operations.
- Ongoing litigation involving ₹1,468.00 Lakhs could affect reputation and finances.
Market risks1
- Significant customer concentration with top 10 customers contributing 61.28% of revenues.
Operational risks1
- Operational disruptions like supply chain interruptions and labor unrest.
Regulatory risks1
- Delays in statutory filings may lead to penalties.
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 stable revenue growth with a diverse product portfolio. However, it faces risks such as limited geographical diversification and dependency on key customers. Opportunities include infrastructure growth and strategic acquisitions.
- Historical growth
- The company has shown a fluctuating revenue pattern with a slight decline in 2025 but 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 distributor selection provides a competitive edge.
- Future potential
- The company is expected to benefit from infrastructure growth and strategic acquisitions.
- Operational consistency
- The company has been operational for 19 years, showing moderate revenue stability with some fluctuations.
- Experience
- The management team has significant experience in the polymer industry, with key directors having long tenures.
- Track record
- The management has maintained stable operations and growth, though with some revenue fluctuations.
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 a strategic distributor selection process.
Flexibility
8.0/10The company has a strong market presence with over 325 dealers across key regions in India and a growing footprint in international markets. Its diversified product portfolio caters to multiple sectors, enhancing its adaptability to market demands.
The company shows stable financial performance with a consistent EBITDA margin improvement and a healthy current ratio. However, its revenue growth has been slightly negative, indicating room for improvement.
The company has automated production processes and is expanding its manufacturing capacity, which enhances its operational agility. Its strategic location and infrastructure support efficient operations.
Shree TNB Polymers Limited demonstrates strong flexibility and adaptability through its diversified product portfolio, strategic expansion plans, and robust financial performance. The company has a comprehensive product range catering to various sectors, a strong distribution network, and plans for capacity expansion, which positions it well for future growth.
- Product diversification
- The company offers a wide range of polymer products, including HDPE pipes, PP pipes, DWC pipes, and various industrial sheets, catering to infrastructure, agriculture, and industrial sectors.
- Future adaptability
- The company plans to expand its manufacturing capacity and product range, supported by investments in new machinery and solar energy, 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.