Shree TNB Polymers
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.70×
- Big non-institutionalbNII · above ₹10 lakh
- 3.02×
- Small non-institutionalsNII · ₹2–10 lakh
- 3.87×
- Retail individualRII · up to ₹2 lakh
- 1.67×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 15 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 Oct 2026 | ₹4 | — | ₹6,100 | ₹57 | ₹8,000 |
| 07 Oct 2026 | ₹4 | — | ₹6,100 | ₹57 | ₹8,000 |
| 06 Oct 2026 | ₹0 | — | ₹0 | ₹53 | ₹0 |
| 05 Oct 2026 | ₹0 | — | ₹0 | ₹53 | ₹0 |
| 04 Oct 2026 | ₹0 | — | ₹0 | ₹53 | ₹0 |
| 03 Oct 2026 | ₹0 | — | ₹0 | ₹53 | ₹0 |
| 02 Oct 2026 | ₹0 | — | ₹0 | ₹53 | ₹0 |
| 01 Oct 2026 | ₹0 | — | ₹0 | ₹53 | ₹0 |
| 30 Sep 2026 | ₹0 | — | ₹0 | ₹53 | ₹0 |
| 29 Sep 2026 | ₹0 | — | ₹0 | ₹53 | ₹0 |
| 28 Sep 2026 | ₹0 | — | ₹0 | ₹53 | ₹0 |
| 27 Sep 2026 | ₹0 | — | ₹0 | ₹53 | ₹0 |
| 26 Sep 2026 | ₹0 | — | ₹0 | ₹53 | ₹0 |
| 25 Sep 2026 | ₹0 | — | ₹0 | ₹53 | ₹0 |
| 24 Sep 2026 | ₹8 | — | ₹12,200 | ₹60 | ₹16,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 11,40,000 | 19,42,000 | ₹10.29 Cr | 1.70× |
| Non-institutional | 8,58,000 | 25,56,000 | ₹13.55 Cr | 2.98× |
| Big non-institutionalwithin NII | 5,76,000 | 14,40,000 | ₹7.63 Cr | 2.50× |
| Small non-institutionalwithin NII | 2,82,000 | 11,16,000 | ₹5.91 Cr | 3.96× |
| Retail individual | 19,96,000 | 34,24,000 | ₹18.15 Cr | 1.72× |
| Total | 39,94,000 | 79,22,000 | ₹41.99 Cr | 1.98× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 05 Oct, 05:12 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 28 Sep 2026 – 05 Oct 2026
- Listing date
- 06 Oct 2026
- Face value
- ₹10 per share
- Price band
- ₹50 – ₹53
- Lot size
- 2,000 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹31.20 Cr
- Fresh issue
- ₹30.21 Cr 57,00,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹113 Cr
- Promoter holding
- 45.56% → 32.76% pre-issue → post-issue
- ISIN
- INE935K01018
- CIN
- U25209DN2007PLC000242
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Corporate Makers Capital Ltd.
- Registered office
- Sr. No. 132/1/1/4, Behind Prince Pipes, Athal Road, Silvassa, Dadra & Nagar Haveli, India- 396230
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 11,40,000 | 28.54% | 26.55% |
| Anchor investor · within QIB | 17,06,000 | — | 39.73% |
| NII (HNI) | 8,58,000 | 21.48% | 19.98% |
| bNII > ₹10L · within NII | 5,76,000 | — | 13.41% |
| sNII < ₹10L · within NII | 2,82,000 | — | 6.57% |
| Retail (RII) | 19,96,000 | 49.97% | 46.48% |
| Employee | 0 | — | 0.00% |
| Market maker | 3,00,000 | — | 6.99% |
| Total issue | 42,94,000 | — | 100.00% |
Net offer to the public of 39,94,000 shares, out of a total issue of 42,94,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 2,000 shares per lot, in multiples, at ₹53
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,06,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,12,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,54,000 |
| B-HNI (min) | 10 | 20,000 | ₹10,60,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹53 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.65 | 3.34 |
| P/E (×) | 11.40 | 15.87 |
| Price to book (×) | 1.46 | — |
| Market cap | — | ₹113 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 13.95%
- ROCE
- 17.00%
- Debt / equity
- 0.80
- PAT margin
- 3.60%
- EBITDA margin
- 9.69%
- NAV per share
- ₹36.29
- Price to book
- 1.46
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 198.31 | 175.7 | 207.97 |
| Revenue from operations | 198.13 | 175.65 | 207.86 |
| Other income | 0.19 | 0.05 | 0.11 |
| Total expenses | 188.15 | 168.85 | 201.48 |
| Operating profit | 10.16 | 6.85 | 6.49 |
| Operating margin | 5.12% | 3.90% | 3.12% |
| Profit before tax | 10.16 | 7.21 | 6.64 |
| Profit after tax | 7.13 | 5.77 | 5.03 |
| PAT margin | 3.60% | 3.28% | 2.42% |
| Balance sheet | |||
| Total assets | 145.26 | 127.38 | 105.03 |
| Current assets | 92.21 | 79.74 | 64.62 |
| Current liabilities | 75.68 | 67.8 | 56.72 |
| Total liabilities | 89.58 | 78.83 | 70.82 |
| Net worth | 55.68 | 48.55 | 34.21 |
| Current ratio | 1.22× | 1.18× | 1.14× |
| Return on equity | 12.81% | 11.88% | 14.70% |
| Cash flow | |||
| Operating cash flow | 8.83 | 4.34 | 6.99 |
| Investing cash flow | -9.23 | -9.98 | -1.71 |
| Financing cash flow | 0.4 | 5.6 | -5.39 |
| Net cash flow | 0.01 | -0.04 | -0.11 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Capital Expenditure for Purchase of Machinery ₹15.86 Cr
The company intends to deploy funds from net proceeds towards capital expenditure for purchasing advanced machinery to expand manufacturing capabilities, enhance product quality, increase production capacity, and improve market competitiveness.
2 Capital Expenditure for Purchase and Installation of Solar Panel / Roof Top ₹2.60 Cr
The company proposes to allocate a portion of net proceeds towards installation of solar panels/rooftop at its new manufacturing facility, aimed at reducing electricity costs, promoting sustainability, and improving long-term operational efficiency.
3 Part Finance of Capital Expenditure for Construction/Installation of Pre-Engineered Building (PEB) Structure for New Manufacturing Facility ₹1.32 Cr
The company intends to part-finance the construction and installation of a Pre-Engineered Building (PEB) structure for a new manufacturing facility at Silvassa, Dadra & Nagar Haveli, to enhance production presence and existing capacity in India.
4 Repayment of Certain Borrowings ₹5.62 Cr
The company proposes to utilize a portion of net proceeds towards partial repayment or pre-payment of certain outstanding borrowings availed from lenders, in order to reduce debt obligations and improve leverage capacity for future growth.
5 General Corporate Purposes —
The company intends to deploy the balance of net proceeds towards general corporate purposes including meeting operating expenses, strengthening business development and marketing capabilities, and addressing unforeseen business exigencies, subject to a cap of the lower of 15% of gross proceeds or Rs. 10 crores.
1 of 5 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Shree TNB Polymers
Shree TNB Polymers Limited, incorporated on March 7, 2007, operates manufacturing facilities in Silvassa, Dadra and Nagar Haveli, producing polymeric products under three main brand divisions: Wellpack (corrugated/flute board sheets), Tirupati (solid industrial sheets), and Noble (piping products). The company derives revenues from sales to manufacturing facilities, government bodies, and end consumers through a network of over 325 dealers across India. For FY 2025-26, total revenue from operations was ₹19,812.73 Lakhs, with operations concentrated in Maharashtra (50.05%), Gujarat (18.51%), Uttar Pradesh (7.54%), and Madhya Pradesh (5.66%). The company acquired business assets from erstwhile partnership firms through Deeds of Assignment and operates manufacturing facilities on both leased and owned premises.
Management
Rasikbhai Gokalbhai Bhalodi
MD
Vijay Jaysukhlal Thosani
COO
Deepak Kumar Qeematrai Raura
CFO
Amit Jagdish Joshi
CFO
Jayesh Vinubhai Thummar
Director
Amit Kantilal Bhalodia
Director
Minal Ruchit Buch
Director
Niyati Vishal Shah
Director of Operations
Gulab Chandra Sinha
Director of Operations
Shivaji Phate
Director
Kishan Chandulal Patel
Director
Strengths
As stated in the offer document
Strong Promoter-Driven Business with Deep Market Understanding
The company is led by promoters with extensive experience ranging from 7 to 40+ years, including Mr. Deepak Kumar Raura (40+ years) and Mr. Vijay Thosani (25+ years), supported by a professional management team skilled in procurement, sales, and production.
Diversified Product Portfolio Catering to Multiple Industrial Applications
The company offers a wide range of products including HDPE pipes, PP/PPH pipes, DWC pipes, drip irrigation systems, solid industrial sheets, and Wellpack sheets, with revenues of ₹19,812.73 lakhs in FY 2025-26 across brands 'Noble', 'Tirupati', and 'Balaji (Wellpack)'.
Cordial Relationships with Customers, Dealers, and Established Manufacturing Facilities
The company maintains a network of 325+ dealers across Gujarat, Maharashtra, Rajasthan, and other states, with manufacturing facilities spread over 23,028 sq. meters at Silvassa, enabling cost advantages and strong quality control.
Quality Products with Certifications
The company holds robust certifications including ISO 9001:2015, ISO 14001:2015, BIS standards (IS 4984, IS 14333, IS 16098, IS 13488:2008, IS 17425:2020), and is approved as a vendor by Gujarat Water Supply Board, Maharashtra Jeevan Pradhikaran, and other government bodies.
Risk factors
As stated in the offer document
Customer Concentration Risk
The company's top 10 customers contributed 61.28%, 29.11%, and 27.04% of revenues from operations for the periods ended March 31, 2026, 2025, and 2024 respectively. The absence of long-term agreements with customers exposes the company to risks of order cancellations, payment defaults, and loss of key customers, which could materially impact financial performance.
High Indebtedness and Debt Servicing Risk
As of March 31, 2026, the company's total secured indebtedness stands at ₹4,456.16 Lakhs, with lenders holding charge over movable properties. Any failure to service debt obligations could trigger cross-default provisions, acceleration of repayment, and potential forfeiture of assets, adversely affecting business operations and financial condition.
Raw Material Supply and Price Volatility Risk
The company has no long-term agreements with suppliers, with the top 10 suppliers accounting for 61.28%, 64.73%, and 63.72% of total purchases for FY2026, FY2025, and FY2024 respectively. Disruptions in supply, price volatility, or supplier failures could hamper production schedules and adversely affect business results and cash flows.
Outstanding Litigation and Legal Proceedings
The company, its promoters, and directors are involved in multiple legal proceedings including civil litigations and tax proceedings, with amounts involved totaling approximately ₹2,017.58 Lakhs against the company and promoters. An adverse outcome in any of these proceedings could materially impact the company's reputation, financial condition, and results of operations.
Manufacturing Facility Concentration and Operational Disruption Risk
The company's manufacturing operations are concentrated in Silvassa, Dadra and Nagar Haveli, making them susceptible to local disruptions, natural disasters, labour unrest, or utility failures. Any prolonged shutdown of manufacturing facilities could severely impact earnings, results of operations, and the company's ability to meet customer commitments.
Negative Cash Flows and Working Capital Risk
The company has reported negative cash flows from investing activities of ₹922.78 Lakhs, ₹998.04 Lakhs, and ₹170.63 Lakhs for FY2026, FY2025, and FY2024 respectively, along with high trade receivables of ₹5,125.02 Lakhs as of March 31, 2026. Inability to manage working capital requirements or collect receivables in a timely manner could adversely affect liquidity and financial condition.
Regulatory Compliance and Statutory Filing Delays
The company has a history of delays in statutory filings with the Registrar of Companies (60+ instances) and delayed payments of GST, TDS, and Provident Fund obligations across multiple financial years. Regulatory authorities may impose penalties or initiate actions for past non-compliances, which could adversely affect the company's financial position and reputation.
Leased Premises Risk for Manufacturing and Warehousing
The company's Manufacturing Facility-II and over 39 warehouses across multiple states are on short-term leases (typically 11-month tenures), with no guarantee of renewal on commercially reasonable terms. Failure to renew or relocate could cause significant operational disruptions and additional relocation costs, adversely impacting business continuity.
Geographical Revenue Concentration Risk
Maharashtra alone contributed approximately 50.05% of the company's revenue from operations for FY2026, creating significant exposure to regional economic, regulatory, or competitive developments. Any adverse conditions in key operating regions could disproportionately impact the company's revenues and financial performance.
Under-Utilization of Manufacturing Capacities
Capacity utilization across the company's divisions ranged from approximately 45.88% to 65.97% in FY2026, indicating significant under-utilization of existing and newly acquired manufacturing facilities. Prolonged under-utilization, particularly following planned capacity expansion funded by IPO proceeds, could result in operational inefficiencies and materially impact financial performance.
Company Analysis
from RHPShree TNB Polymers Limited manufactures polymeric products including corrugated sheets, solid industrial sheets, and pipes for packaging, industrial, and infrastructure applications across India.
Shree TNB Polymers Limited, incorporated on March 7, 2007, operates manufacturing facilities in Silvassa, Dadra and Nagar Haveli, producing polymeric products under three main brand divisions: Wellpack (corrugated/flute board sheets), Tirupati (solid industrial sheets), and Noble (piping products). The company derives revenues from sales to manufacturing facilities, government bodies, and end consumers through a network of over 325 dealers across India. For FY 2025-26, total revenue from operations was ₹19,812.73 Lakhs, with operations concentrated in Maharashtra (50.05%), Gujarat (18.51%), Uttar Pradesh (7.54%), and Madhya Pradesh (5.66%). The company acquired business assets from erstwhile partnership firms through Deeds of Assignment and operates manufacturing facilities on both leased and owned premises.
Objects of the Issue
- Capital expenditure for manufacturing facility at Survey No. 579, Village Athal, U.T. of Dadra and Nagar Haveli and Daman and Diu p.46
- Funding capital expenditure for existing manufacturing facility at Survey No. 579, Village Athal, Dadra and Nagar Haveli and Daman and Diu p.55
- General corporate purposes p.61
- Capital Expenditure for purchase of machineries ₹1,586.00 lakhs p.139
- Capital Expenditure for the purchase and installation of Solar panel/ Roof top ₹259.84 lakhs p.139
- Part finances the capital expenditure for construction/ installation of Pre-Engineered Building (PEB) structure for new manufacturing facility ₹132.24 lakhs p.139
- Repayment of certain borrowings ₹562.00 lakhs p.139
- General Corporate Purposes p.139
- Funding capex for the new manufacturing facility at Silvassa - construction and development of building, civil work and utilities such as electrical, utilities, plumbing and firefighting works for manufacturing PP Corrugated Sheet, PP Honeycomb Panel, Blow Moulding drums, DWC Pipes etc. ₹132.23 lakhs (proposed to be funded from Net Proceeds out of total approved amount of ₹500.00 lakhs) p.237
Issue Structure
- Total Issue
- Up to 60,00,000 Equity Shares at an Issue price of ₹[●] per Equity Share aggregating to ₹[●] Lakhs
- Fresh Issue
- Up to 60,00,000 Equity Shares of Paid up Value of ₹10/- each at an Issue Price of ₹[●] per Equity Share including Share Premium of ₹[●] per Equity Share aggregating to ₹[●] Lakhs
- Offer for Sale
- Nil
- Price Band
- Floor Price ₹47 per equity share and Cap Price ₹52 per equity share
- Lot Size
- Bid Lot: 2,000 Equity Shares and in multiples of 4,000 Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company manufactures polymeric products using multiple manufacturing lines and machines. Revenue is generated through sales of corrugated sheets (Wellpack brand), solid industrial sheets (Tirupati brand), and piping products (Noble brand) to business customers and dealers/distributors. The company extends credit typically ranging from 49 to 86 days to dealers. Raw materials are procured on a purchase order basis without long-term supply agreements, with top 10 suppliers accounting for 61.28% of total purchases as of March 31, 2026.
Business Segments
SWOT Analysis
- • Skilled workforce and operational experience(p.52)
- • Established customer relationships and payment history(p.52)
- • Quality control and brand reputation(p.54)
- • No historical IT security breaches(p.55)
- • No past insurance claim denials(p.56)
- • Diversified product portfolio across piping systems, sheets, and irrigation solutions(p.228)
- • Strong quality certifications and regulatory compliance enabling government tender participation(p.236)
- • Established dealer and distributor network across key Indian markets(p.228)
- • Experienced promoter team with deep industry knowledge spanning multiple decades(p.233)
- • Own manufacturing facilities providing quality control and cost advantages(p.235)
- • Well-equipped in-house quality testing laboratory for compliance verification(p.227)
- • Expanding capacity with new manufacturing facility under development(p.237)
- • Comprehensive quality certifications across product lines(p.263)
- • Strong multi-state vendor approvals for critical products(p.265)
- • Established dealer and direct customer distribution network(p.267)
- • Strong inventory buffer to mitigate supply disruptions(p.273)
- • Diversified manufacturing capabilities across polymer segments(p.273)
- • Low employee attrition supporting operational continuity(p.271)
- • Operational flexibility to manage variable workloads through structured labour management(p.268)
- • Multiple tax and business registrations across states(p.410)
- • ISO 9001:2015 and ISO 14001:2015 certifications for quality and environmental management(p.423)
- • Vendor approvals from major state water boards and government bodies(p.426)
- • Multiple BIS licenses for various pipe and irrigation products(p.427)
- • Strong financial position meeting SME listing criteria(p.433)
- • Dependence on few customers(p.29)
- • Leased manufacturing and warehouse facilities(p.26)
- • Negative cash flows in past periods(p.30)
- • Delays in statutory compliance filings(p.33)
- • High debt levels(p.32)
- • Outstanding litigation involving promoters(p.26)
- • Under-utilization of manufacturing capacity(p.38)
- • High trade payables with average 83 days(p.37)
- • High dependence on customer creditworthiness(p.52)
- • Significant working capital requirements and high receivables(p.54)
- • Restrictive covenants from lenders limiting operational flexibility(p.52)
- • Promoter concentration limiting minority shareholder influence(p.53)
- • Capital expenditure plans yet to be executed(p.55)
- • No alternate funding sources for expansion(p.57)
- • Limited geographical diversification with concentrated revenue in Maharashtra and Gujarat(p.234)
- • Significant dependency on top customer, with largest customer representing 11.05% of revenue(p.250)
- • High reliance on imported raw materials creating currency and supply chain vulnerability(p.234)
- • Limited vertical integration affecting cost optimization(p.234)
- • Declining revenue CAGR indicating market challenges or competitive pressure(p.231)
- • Sub-optimal capacity utilization across manufacturing lines(p.260)
- • Significant dependence on working capital facilities from single bank(p.298)
- • High concentration of debt obligations requiring personal guarantees from promoters(p.332)
- • Material dependence on third-party logistics for operations(p.269)
- • Concentration of warehouse assets in rented properties with renewal risk(p.269)
- • Qualified documentation gaps for certain promoter qualifications(p.329)
- • GST compliance issues with multiple pending assessments(p.406)
- • Pending direct tax assessments against promoter(p.407)
- • Multiple pending regulatory approvals not yet received(p.430)
- • High leverage with debt of ₹4,456.16 Lakhs against equity of ₹5,568.03 Lakhs(p.434)
- • Interest burden of ₹537.34 Lakhs in FY 2025-26(p.434)
- • Growth through capital expansion and modernization(p.54)
- • Expansion of production facilities(p.55)
- • Market opportunity through organized sector positioning(p.53)
- • Rapid growth trajectory in Indian plastic pipes and fittings market driven by government schemes(p.196)
- • Large-scale government infrastructure projects creating sustained demand for piping systems(p.262)
- • Expansion into underserved Tier-II and Tier-III markets with growing dealer network(p.236)
- • Rising demand for specialized industrial piping solutions and high-performance products(p.210)
- • Shift toward organized sector and branded products creating competitive advantage opportunities(p.234)
- • Growing adoption of micro-irrigation systems under government subsidies driving agricultural demand(p.209)
- • Strong market demand exceeding current production capacity(p.267)
- • Expansion into growing irrigation segment with specialized certifications(p.263)
- • Growth through digital marketing and online channels(p.269)
- • Recent business integration to expand product portfolio(p.296)
- • Dual B2B and B2C revenue model with growth in retail segment(p.267)
- • Migration potential to main board after meeting criteria(p.451)
- • Market expansion through government infrastructure projects(p.427)
- • Product line diversification with multiple BIS standards(p.429)
- • Geographic expansion opportunity across multiple states(p.417)
- • Volatility in raw material supply and pricing(p.43)
- • Geographic concentration in manufacturing(p.44)
- • Revenue dependency on limited geographic markets(p.43)
- • Highly competitive industry(p.48)
- • Foreign exchange exposure(p.48)
- • Dependence on third-party distribution network(p.47)
- • Regulatory and licensing risks(p.41)
- • Intense competition from organized and unorganized market players(p.53)
- • Competitors with greater resources and flexibility(p.53)
- • Risk of product defects and negative publicity(p.54)
- • Dependence on regulatory approvals and licenses(p.56)
- • Technology obsolescence risk requiring significant investment(p.54)
- • Vulnerability to global economic and political conditions(p.59)
- • Dependence on Indian economic growth(p.59)
- • India infrastructure limitations(p.59)
- • Volatile polymer raw material prices directly impacting production costs and margins(p.210)
- • Geopolitical tensions disrupting global supply chains and increasing input costs(p.210)
- • Intense competition from unorganized players engaging in price undercutting(p.211)
- • Regulatory compliance burdens including environmental and waste management standards(p.210)
- • Competition from large multinational players with superior resources and product ranges(p.261)
- • Infrastructure project delays and approval bottlenecks reducing demand visibility(p.211)
- • High exposure to fluctuating raw material prices from imported feedstocks(p.275)
- • Dependence on third-party transportation creates supply chain vulnerability(p.273)
- • Regulatory compliance burden across multiple jurisdictions and product categories(p.283)
- • Environmental regulations and Extended Producer Responsibility obligations(p.293)
- • Exposure to commodity price volatility affecting plastic resin inputs(p.267)
- • Ongoing GST litigation with potential additional demands(p.406)
- • Regulatory compliance risk with pending approvals(p.430)
- • Dependence on water-based approvals for manufacturing operations(p.430)
- • SME platform liquidity and trading constraints(p.453)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vijay Jaysukhlal Thosani | Promoter | — | — |
| Rasikbhai Gokalbhai Bhalodi | Promoter | — | — |
| Deepak Kumar Qeematrai Raura | Promoter | — | — |
| Shilpaben Rasikbhai Bhalodi | Promoter | — | — |
| Beena Vijay Thosani | Promoter | — | — |
| Reeta Deepak Raura | Promoter | — | — |
| Kishan Chandulal Patel | Promoter | — | — |
| Vipul Gokalbhai Bhalodi | Promoter | — | — |
| Hasmukhbhai Gokalbhai Bhalodi | Promoter | — | — |
| Jignaben Vipulbhai Bhalodi | Promoter | — | — |
| Jalpaben Hasmukhbhai Bhalodi | Promoter | — | — |
| Vijay Jaysukhlal Thosani | Promoter | 3.42% | 2.46% |
| Rasikbhai Gokalbhai Bhalodi | Promoter | 2.11% | 1.51% |
| Reeta Deepak Raura | Promoter | 4.05% | 2.91% |
| Deepak Kumar Qeematrai Raura | Promoter | 0.30% | 0.22% |
| Beena Vijay Thosani | Promoter | 2.44% | 1.76% |
| Vijay Jaysukhlal Thosani | Promoter | 0.11% | 0.09% |
| Ila Yogesh Bajaria | Promoter | 0.10% | 0.07% |
| Malay Rasikbhai Bhalodi | Promoter | 2.02% | 1.45% |
| Twinsa Rasikbhai Bhalodi | Promoter | 0.74% | 0.53% |
| Maan Hasmukhbhai Bhalodi | Promoter | 1.22% | 0.87% |
| Daksh Deepak Raura | Promoter | 0.75% | 0.54% |
| Chandani Kishan Patel | Promoter | 0.43% | 0.31% |
| Chandulal Hansraj Patel | Promoter | 2.85% | 2.05% |
| Rashmiben Chandulal Patel | Promoter | 1.50% | 1.08% |
| Vishwa Vatsal Kalariya | Promoter | 0.74% | 0.53% |
| Vruti Vipulbhai Bhalodi | Promoter | 0.74% | 0.53% |
| Amit Amrutbhai Dhasandiya | Promoter | 0.15% | 0.10% |
| Kaushik Amrutlal Dhasandiya | Promoter | 0.15% | 0.10% |
| Rasikbhai Gokalbhai Bhalodi | Promoter | — | — |
| Kishan Chandulal Patel | Promoter | — | — |
| Vijay Jaysukhlal Thosani | Promoter | — | — |
| Deepak Kumar Qeematrai Raura | Promoter | — | — |
| Shilpaben Rasikbhai Bhalodi | Promoter | — | — |
| Beena Vijay Thosani | Promoter | — | — |
| Reeta Deepak Raura | Promoter | — | — |
| Vipul Gokalbhai Bhalodi | Promoter | — | — |
| Hasmukhbhai Gokalbhai Bhalodi | Promoter | — | — |
| Jignaben Vipul Bhalodi | Promoter | — | — |
| Jalpaben Hasmukhbhai Bhalodi | Promoter | — | — |
| Vijay Jaysukhlal Thosani | Promoter | 3.42% | — |
| Rasikbhai Gokalbhai Bhalodi | Promoter | 2.11% | — |
| Deepak Kumar Qeematrai Raura | Promoter | 0.30% | — |
| Shilpaben Rasikbhai Bhalodi | Promoter | 2.58% | — |
| Beena Vijay Thosani | Promoter | 2.44% | — |
| Reeta Deepak Raura | Promoter | 4.05% | — |
| Kishan Chandulal Patel | Promoter | 2.29% | — |
| Vipul Gokalbhai Bhalodi | Promoter | 3.59% | — |
| Hasmukhbhai Gokalbhai Bhalodi | Promoter | 2.74% | — |
| Jignaben Vipulbhai Bhalodi | Promoter | 3.92% | — |
| Jalpaben Hasmukhbhai Bhalodi | Promoter | 3.55% | — |
| Rasikbhai Gokalbhai Bhalodi | Promoter | 2.11% | — |
| Deepak Kumar Qeematrai Raura | Promoter | 0.30% | — |
| Vijay Jaysukhlal Thosani | Promoter | 3.42% | — |
| Shilpaben Rasikbhai Bhalodi | Promoter Group | 2.58% | — |
| Beena Vijay Thosani | Promoter Group | 2.44% | — |
| Kishan Chandulal Patel | Promoter | 2.29% | — |
| Amit Kantilal Bhalodia | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Shree TNB Polymers Ltd. THIS ISSUE | 4.65 | 36.29 | 15.87, computed at the offer price | 1.46, computed at the offer price | 13.69% |
| 0.19 | 2.78 | 40.37 | 3.50 | 7.15% | |
| 3.86 | 77.19 | 15.69 | 0.78 | 5.13% | |
| 8.38 | 51.67 | 7.70 | 1.25 | 17.65% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.