Shree TNB Polymers IPO

Shree TNB Polymers was incorporated on March 7, 2007 to take over the running businesses of four partnership firms with effect from April 1, 2007. It manufactures polymer piping systems and plastic solutions, including HDPE pipes and fittings, PP and PPH pipes and fittings, double-wall corrugated pipes, sprinkler and drip-irrigation systems, solid industrial sheets and corrugated Wellpack sheets.

The company sells and distributes on a B2B and B2C basis to businesses, manufacturers, commercial organisations, dealers and retail customers, including farmers. The company’s products have applications in irrigation and agriculture, potable water supply schemes, sewerage and drainage systems, telecom cable protection.

The company markets piping and irrigation products under Noble brand, solid industrial sheets under Tirupati brand, and corrugated or flute-board sheets under Balaji brand (Wellpack). In FY26, Noble contributed 75.6% of revenue from operations, Tirupati 12.02%, Balaji (Wellpack) 12.3% and other operating revenue 0.06%. Compared with FY24, Noble's share declined from 78.67%, Tirupati's share increased from 8.9%, and Balaji's share remained broadly stable at 12.36% versus 12.32%.

The company operates two manufacturing facilities at Silvassa. The business overview states that the facilities span 23,028 sq. metres and have a combined installed capacity of 24,000 MT per annum. In FY26, Wellpack produced 2,306.23 MT at 57.66% utilisation, Tirupati produced 2,914.34 MT at 60.05%, and Noble Facility I produced 7,353.17 MT at 65.97%. Noble Facility II, acquired by slump sale on March 31, 2025, produced 1,930.85 MT at 45.88% of proportional capacity; its third line began commercial production on February 28, 2026. The top ten customers contributed 29.97% of FY26 sales, including 11.05% from the largest customer.

Revenue remained predominantly domestic: India contributed 99.8% in FY26 and exports accounted for 0.1%, with sales to Oman, Sri Lanka and the United Arab Emirates. Maharashtra accounted for 50.05% of FY26 revenue from operations, followed by Gujarat at 18.5%, Uttar Pradesh at 7.5% and Madhya Pradesh at 5.6%. The company disclosed a network of more than 325 dealers and distributors. Domestic purchases represented 98.82% of FY26 raw-material procurement; imports from China represented 1.18%, down from 6.19% in FY24.