# Shree TNB Polymers Limited: IPO analysis > Shree TNB Polymers Limited (CIN U25209DN2007PLC000242) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 60,00,000 shares, priced at ₹47.00 to ₹52.00 per share. In FY26 it reported revenue of ₹198 Cr (+12.8% on FY25) and a net profit of ₹7.1 Cr. Promoters hold 31.0% before the IPO. Our fact-check of its claims found 1 medium or high concern across 32 claims checked. - Page: https://ipo.innerkore.com/company/U25209DN2007PLC000242/shree-tnb-polymers-limited/ - CIN: U25209DN2007PLC000242 - Last updated: 5 Oct 2026 ## Key facts - **Company:** Shree TNB Polymers Limited - **CIN:** U25209DN2007PLC000242 - **Filing stage:** RHP - **Latest SEBI filing:** 5 Oct 2026 - **Price band:** ₹47.00 to ₹52.00 per share - **Lot size:** 2000 shares - **Bidding opens:** 25 Sep 2026 - **Bidding closes:** 29 Sep 2026 - **Listing on:** BSE - **Revenue FY26:** ₹198 Cr - **Revenue growth:** +12.8% - **Net profit FY26:** ₹7.1 Cr - **Revenue CAGR FY24 to FY26:** -2.4% - **Promoter holding (pre-IPO):** 31.0% - **Lead managers:** CORPORATE MAKERS CAPITAL LIMITED - **Registrar:** MUFG INTIME INDIA PRIVATE LIMITED - **Fact-check flags:** 0 high, 1 medium, 3 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 15.6x P/E. At the top of the band, on FY26 profit. - **Growth** (concern): -2.4% a year. Sales FY24 to FY26; latest year +12.8%. - **Profitability** (concern): 3.6% net margin. FY26; operating margin steady. - **Profit into cash** (looks fine): 124% of profit. Operations brought in ₹8.8 crore against ₹7.1 crore of profit in FY26. - **One-off income** (look closer): 2% of profit. Other and one-off income is 2% of pre-tax profit; management describes 1 one-off item. - **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. 22% of the new money repays debt. - **Red flags** (look closer): 1 to review. 32 claims checked: 0 high, 1 medium concern. ## Financial snapshot (₹ crore unless stated; standalone) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 208 | 176 | 198 | | Sales growth | – | -15.5% | 12.8% | | Operating profit | 15 | 16 | 20 | | Operating margin | 7.4% | 9.0% | 10.0% | | Net profit | 5.0 | 5.8 | 7.1 | | Net margin | 2.4% | 3.3% | 3.6% | | Net worth | 122 | 151 | – | | Borrowings | 36 | 39 | – | | Return on equity | 4.1% | 3.8% | – | ## Non-recurring items (as described by management) - Noble Polytec Manufacturing Unit II was purchased by Slump Sale on 31.3.2025. (p.392) ## Use of proceeds (fresh issue) - Capital Expenditure in requirements for the purchase Upto 1,586.00 Upto: ₹16 crore - Capital Expenditure for the purchase and installation of Solar panel/ Roof top Upto 259.84 Upto: ₹2.6 crore - Part finances of Capital Expenditure for construction/ installation of Pre-Engineered Building (PEB) structure Upto 132.24 Upto: ₹1.3 crore - Repayment of certain borrowings Upto 562.00 Upto: ₹5.6 crore - For the Year Ended as on March: ₹0.31 crore - Weighted Average: ₹0.04 crore ## Fact-checked claims - **MEDIUM** (SubsidiaryPerformance): Malpani Pipes and Fittings Limited is engaged in the manufacturing of precision plastics, specializing in HDPE Pipes, MDPE Pipes, Sprinkler Pipes, Drip Irrigation Pipes, PE Lateral Pipes, PE Sewerage Pipes, and PE Gas Pipes.. The search results primarily reference 'Malpani Pipes and Fittings Limited' or similar entities like 'Prince Pipes & Fittings Ltd', which suggests a connection to the pipes and fittings industry. However, the search results do not explicitly confirm or deny the specific product range mentioned in the claim (HDPE, MDPE, Sprinkler, Drip Irrigation, etc.) for the company mentioned in the DRHP. - **LOW** (SubsidiaryPerformance): Sangir Plastics Private Limited specializes in producing HDPE, PP/PPH, and PVDF pipes and fittings, and exports products to over 40 different countries on 5 continents.. Search results indicate that Sangir Plastics Pvt Ltd deals with various piping materials including HDPE, Kynar PVDF, CORZAN CPVC, PP, PPH, and PVC, which aligns with the claim about producing HDPE, PP/PPH pipes and fittings. However, the search results do not explicitly confirm the export to over 40 different countries on 5 continents. - **LOW** (PromoterBackground): The provisions of the SEBI (LODR) Regulations will be applicable immediately upon the listing of Equity Shares.. The search results mention the IPO timeline for Shree TNB Polymers, indicating regulatory activity is part of the process, but they do not directly confirm or deny the blanket statement that SEBI (LODR) Regulations will be applicable immediately upon listing. Other results discuss broader IPO pipelines and past regulatory issues, which is not a direct corroboration. - **LOW** (PromoterBackground): Provisions of the SEBI (Prohibition of Insider Trading) Regulations, 2015 will be applicable immediately upon the listing of Equity Shares.. The search results mention that Shree TNB Polymers will open an IPO, but they do not directly confirm or deny the statement that SEBI regulations will be applicable immediately upon listing. Some results mention SEBI's regulatory actions in the context of IPOs, but not the specific timeline mentioned in the claim. - **NONE** (SubsidiaryPerformance): The initial subscribers to the Memorandum of Association included Vijay Jaysukhlal Thosani, Rohit Yagnik Natwarlal, Dilip Joshi Pranlal, Brij Mohan Maheshwari, Babubhai Rudani Kanjibhai, Atul Harilal Mehta, Narain Kumar Gilani, and Reeta Raura.. The provided search results do not contain information regarding the initial subscribers to the Memorandum of Association mentioned in the DRHP claim. The search results focus on stock prices, IPO demand, and financial performance data for Shree TNB Polymers Limited. - **NONE** (SubsidiaryPerformance): The company strategically expanded operations by taking over the running business of Noble Polytec (DWC Pipes) through a slump sale in 2025.. The provided search results do not contain any information confirming or denying the claim that the company took over the running business of Noble Polytec (DWC Pipes) through a slump sale in 2025. The search results focus on stock prices, IPO demand, and financial performance. - **NONE** (SubsidiaryPerformance): The company was awarded “Best Display of Products” at the Dahej Industrial Expo in 2023.. The provided search results do not contain any information confirming or denying that Shree TNB Polymers Limited was awarded the “Best Display of Products” at the Dahej Industrial Expo in 2023. The search results primarily focus on stock prices, IPO details, and company incorporation history. - **NONE** (SubsidiaryPerformance): The authorized share capital was increased on September 13, 2025, to reflect an increase in the authorized share capital from ₹1,200.00 Lakh to ₹1,800.00 Lakh.. The provided search results do not contain any information regarding an increase in the authorized share capital for Shree TNB Polymers Limited on September 13, 2025, or any change in the authorized share capital figures mentioned in the claim. - **NONE** (SubsidiaryPerformance): The authorized share capital was increased on September 11, 2009, to reflect an increase in the authorized share capital from ₹1,000.00 Lakh to ₹1,200.00 Lakh.. The provided search results do not contain information regarding an increase in the authorized share capital for Shree TNB Polymers Limited on September 11, 2009, nor do they mention the specific figures mentioned in the claim (₹1,000.00 Lakh to ₹1,200.00 Lakh). - **NONE** (SubsidiaryPerformance): The authorized share capital was increased on March 28, 2007, to reflect an increase in the authorized share capital from ₹11.00 Lakh to ₹1,000.00 Lakh.. The provided search results do not contain information regarding an increase in the authorized share capital for Shree TNB Polymers Limited on March 28, 2007, nor do they mention the specific figures mentioned in the claim (₹11.00 Lakh to ₹1,000.00 Lakh). - **NONE** (SubsidiaryPerformance): The Negotiable Instruments Act, 1881 provides legal provisions to restrain issuing cheques without sufficient funds and prescribes penalties for dishonored cheques.. The search results do not provide any direct information regarding the legal provisions of the Negotiable Instruments Act, 1881 concerning cheque issuance and penalties. The results focus on stock prices, IPO demand, and company incorporation details. - **NONE** (LitigationStatus): The company may migrate to the main board of BSE from the SME Platform subject to certain conditions laid down in the SEBI (ICDR) Regulation, 2018.. The provided search results do not contain any direct information corroborating or contradicting the claim that the company may migrate to the main board of BSE from the SME Platform subject to SEBI (ICDR) Regulation, 2018 conditions. The search results primarily focus on IPO details, delayed RoC filings, and litigation proceedings. ## Common questions ### How big is the Shree TNB Polymers Limited IPO? Shree TNB Polymers Limited's IPO comprises a fresh issue of 60,00,000 shares, according to its Red Herring Prospectus. The price band is ₹47.00 to ₹52.00 per share. ### What are Shree TNB Polymers Limited's revenue and profit? Shree TNB Polymers Limited reported revenue from operations of ₹198 Cr in FY26, +12.8% versus FY25. Net profit was ₹7.1 Cr (FY25: ₹5.8 Cr). Revenue grew at a compound rate of -2.4% a year from FY24 to FY26. Figures are read from the RHP, as printed there. ### How much do promoters own in Shree TNB Polymers Limited? Promoters hold 31.0% of Shree TNB Polymers Limited before the IPO. ### How will Shree TNB Polymers Limited use the IPO money? The fresh-issue proceeds are earmarked for: Capital Expenditure in requirements for the purchase Upto 1,586.00 Upto (₹16 Cr); Capital Expenditure for the purchase and installation of Solar panel/ Roof top Upto 259.84 Upto (₹2.6 Cr); Part finances of Capital Expenditure for construction/ installation of Pre-Engineered Building (PEB) structure Upto 132.24 Upto (₹1.3 Cr); Repayment of certain borrowings Upto 562.00 Upto (₹5.6 Cr); For the Year Ended as on March (₹0.31 Cr); Weighted Average (₹0.04 Cr). ### What are the red flags in Shree TNB Polymers Limited's RHP? We fact-checked 32 claims from the filing against the open web: 0 raised a high concern, 1 medium and 3 low. The most notable: The search results primarily reference 'Malpani Pipes and Fittings Limited' or similar entities like 'Prince Pipes & Fittings Ltd', which suggests a… This is an automated screen, not a verdict; each finding links to its sources. ### What does Shree TNB Polymers Limited do? Here’s a detail almost nobody notices about the SHREE TNB Polymers IPO: while the documents heavily point toward the pipes and fittings sector, they fail to explicitly confirm which specific product lines—like HDPE or MDPE—are actually the core focus of the company. ### Who manages the Shree TNB Polymers Limited IPO? Book running lead managers: CORPORATE MAKERS CAPITAL LIMITED. Registrar to the offer: MUFG INTIME INDIA PRIVATE LIMITED. Shares are proposed to list on BSE. ### Where can I read the original Shree TNB Polymers Limited IPO documents? All 1 filing for Shree TNB Polymers Limited (RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Shree TNB Polymers Limited](https://www.bseindia.com/downloads/ipo/RHP&GID_250920261303.zip) (Red Herring Prospectus, filed 5 Oct 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.