Shree TNB Polymers Closed05252 (0.00%)28-5 Oct
What they do: The company primarily engages in manufacturing, utilizing secured loans for machinery and operational expansion. It relies on both short-term and long-term borrowings, secured against its assets.
By IPO Milega Research · Published
The company shows moderate financial health with a stable revenue trend and a positive profit margin.
- GMP (unofficial)
- N/A
- Grey market premium
- 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
Grey market data isn't available for this issue, so the gains estimate uses fundamentals only and ignores listing-day sentiment.
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 approximate gains potential is based on the company's moderate financial health and strategic market positioning. Despite the absence of GMP data, the company's diversified product portfolio and strategic expansion plans suggest potential for moderate gains. However, high financial and operational risks, including significant debt and customer concentration, may limit upside potential.
Strengths2
- Revenue from operations reached ₹19,812.73 lakhs in FY 2026.
- Maintained a low employee attrition rate, peaking at 4.37% in FY 2025.
Concerns5
- Ongoing litigation involving ₹1,468.00 Lakhs could impact reputation and finances.
- Reliance on top 10 customers for 61.28% of revenue increases vulnerability.
- Negative cash flows in previous years may affect future operations.
- Outstanding indebtedness of ₹4,456.16 Lakhs poses financial risk.
- Delays in statutory dues payments could 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 well-timed within a supportive regulatory framework, with a structured allocation to various investor categories, including QIBs, NIBs, and individual investors. The full underwriting by reputable firms suggests a positive market sentiment and confidence in the offering. However, the absence of specific market conditions or economic indicators in the provided text limits a comprehensive assessment.
- Time to market
- The IPO is authorized and structured in compliance with SEBI regulations, with a clear allocation strategy and full underwriting, indicating readiness and strategic timing to capture market interest.
- 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 moderate financial health with a stable revenue trend and a positive profit margin. However, the high level of debt and moderate financial ratios indicate potential liquidity concerns.
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 risks4
- Market risks2
- Operational risks1
High financial and operational risks due to litigation, customer concentration, and cash flow issues.
How the company offsets these
Diversifying customer base and improving cash flow management could mitigate risks.
Financial risks4
- Ongoing litigation involving ₹1,468.00 Lakhs could impact reputation and finances.
- Negative cash flows in previous years may affect future operations.
- Outstanding indebtedness of ₹4,456.16 Lakhs poses financial risk.
- Delays in statutory dues payments could lead to penalties.
Market risks2
- Reliance on top 10 customers for 61.28% of revenue increases vulnerability.
- Absence of long-term contracts with customers may cause sales volatility.
Operational risks1
- Low manufacturing capacity utilization at 45.88% indicates inefficiency.
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 a steady revenue growth with a PAT margin of 3.60% in FY 2026. However, it faces risks such as limited geographical diversification and dependency on key customers.
- Historical growth
- The company has shown fluctuating revenue patterns with a dip in FY 2025 but a recovery in FY 2026., Moderate
- Market comparison
- The company operates in a competitive market with both organized and unorganized sectors posing challenges. It has a moderate market position with potential for growth through diversification.
- Future potential
- The company is expected to grow moderately with strategic marketing and expansion plans.
- Operational consistency
- The company has been operational for 19 years, showing moderate revenue stability with some fluctuations in recent years.
- Experience
- The management team includes experienced directors with a focus on strategic growth.
- Track record
- The management has successfully navigated through competitive pressures and maintained operational stability.
Key achievements
- 01Revenue from operations reached ₹19,812.73 lakhs in FY 2026.
- 02Maintained a low employee attrition rate, peaking at 4.37% in FY 2025.
Flexibility
8.0/10The company has a strong market adaptability due to its diversified product portfolio catering to infrastructure, agriculture, and industrial sectors. It has a growing distribution network across key Indian states and some international presence, although limited.
The company shows financial stability with consistent revenue and profitability, as indicated by its EBITDA and PAT margins. However, it has a moderate current ratio and some dependency on key customers and suppliers.
Operational agility is demonstrated through automated production processes, strategic expansion of manufacturing facilities, and investment in solar energy to reduce operational costs.
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 range of polymer products catering to various sectors, which enhances its market adaptability. Its financial stability is supported by consistent revenue and profitability, although it faces challenges like dependency on key customers and limited geographical reach. The company's operational agility is evident in its automated production processes and strategic investments in new manufacturing facilities and solar energy to reduce costs and enhance efficiency.
- 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 diverse applications in infrastructure, agriculture, and industrial sectors.
- Future adaptability
- The company is well-positioned for future adaptability with plans to expand its manufacturing capacity, enhance its distribution network, and invest in technology and renewable energy to improve operational efficiency and reduce costs.
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.