Shree TNB PolymersIPO Review — Financials, Valuation & Peers
A data-only look at the Shree TNB Polymers IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 207.97 | 5.03 | 15.22 | 34.21 | 105.03 | 35.82 | — |
| FY 2025 | 175.7 | 5.77 | 15.47 | 48.55 | 127.38 | 38.5 | — |
| FY 2026 | 198.31 | 7.13 | 19.2 | 55.68 | 145.26 | — | 4.65 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 11.4x
- P/E (post-issue)
- 15.87x
- RoNW
- 13.95%
- RoE
- 13.69%
- RoCE
- 16.02%
- Debt / Equity
- 0.8
- EPS (pre-issue)
- ₹4.65
- EPS (post-issue)
- ₹3.34
- EBITDA Margin
- 9.69%
- PAT Margin
- 3.6%
- P/BV
- 1.46x
- NAV / share
- ₹36.29
- Market Cap
- ₹113.13 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Shree TNB Polymers | 4.65 | 36.29 | — | 13.69% | — | Consolidated |
| Captain Pipes Ltd. | 0.19 | 2.78 | 40.37x | 7.15% | 3.5x | Consolidated |
| Malpani Pipes & Fittings Ltd. | 8.38 | 51.67 | 7.7x | 17.65% | 1.25x | Consolidated |
| Texmo Pipes & Products Ltd. | 3.86 | 77.19 | 15.69x | 5.13% | 0.78x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Vijay Jaysukhlal Thosani, Rasikbhai Gokalbhai Bhalodi, Deepak Kumar Raura, Shilpaben Rasikbhai Bhalodi, Beena Vijay Thosani, Reeta Deepak Raura, Kishan Chandulal Patel, Vipul Gokalbhai Bhalodi, Hasmukhbhai Gokalbhai Bhalodi, Jignaben Vipulbhai Bhalodi, Jalpaben Hasmukhbhai Bhalodi</p>
- Holding (pre-issue)
- 45.56%
- Holding (post-issue)
- 32.76%
- Dilution
- 12.8%
Analysis in brief
Anchor book
The anchor round of the Shree TNB Polymers IPO drew 5 institutional investors committing a combined ₹9.04 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to GENERATIONAL CAPITAL BREAKOUT FUND I (₹2 crore), IMAP INDIA CAPITAL INVESTMENT TRUST-CATALYST NEW INDIA FUND (₹2 crore) and NEW INDIA VISION FUND (₹2 crore). Investor categories represented include Other and FII/FPI. The lock-in on half the anchor shares ends on 4 Nov 2026, with the remainder locked until 3 Jan 2027.
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Shree TNB Polymers operates at an EBITDA margin of 9.69% and a net (PAT) margin of 3.6% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 16.02% and a return on equity (RoE) of 13.69%. At the upper band, the post-issue market capitalisation works out to about ₹113.13 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward capital expenditure for purchase of machinery (₹15.86 crore), alongside repayment of certain borrowings (₹5.62 crore). In all, 6 objects are disclosed.
Financials
In FY2026, Shree TNB Polymers reported revenue of ₹198.31 crore and a net profit of ₹7.13 crore. Revenue declined from ₹207.97 crore in FY2024 to ₹198.31 crore in FY2026 (-5.0%). Net worth stood at ₹55.68 crore at the end of FY2026. At the upper band, that puts the issue at roughly 11.4× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 15.87× post-issue earnings and 1.46× book value, against a return on net worth of 13.95% and a debt-to-equity ratio of 0.8. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Captain Pipes Ltd. and Malpani Pipes & Fittings Ltd., with a median peer P/E of about 15.7×. The issue's own post-issue P/E works out to 15.87×.
Promoters
The promoters of the company are <p>Vijay Jaysukhlal Thosani, Rasikbhai Gokalbhai Bhalodi, Deepak Kumar Raura, Shilpaben Rasikbhai Bhalodi, Beena Vijay Thosani, Reeta Deepak Raura, Kishan Chandulal Patel, Vipul Gokalbhai Bhalodi, Hasmukhbhai Gokalbhai Bhalodi, Jignaben Vipulbhai Bhalodi, Jalpaben Hasmukhbhai Bhalodi</p>. Promoter holding stands at 45.56% before the issue and comes down to 32.76% after listing.
Frequently asked questions
- What is the reservation split in the Shree TNB Polymers IPO?
- Of the total shares offered, retail investors get 35.02%, QIBs 20% (plus 29.93% anchor), non-institutional investors 15.05%.
- Who are the promoters of Shree TNB Polymers and what is their holding?
- The promoters are <p>Vijay Jaysukhlal Thosani, Rasikbhai Gokalbhai Bhalodi, Deepak Kumar Raura, Shilpaben Rasikbhai Bhalodi, Beena Vijay Thosani, Reeta Deepak Raura, Kishan Chandulal Patel, Vipul Gokalbhai Bhalodi, Hasmukhbhai Gokalbhai Bhalodi, Jignaben Vipulbhai Bhalodi, Jalpaben Hasmukhbhai Bhalodi</p>. Promoter holding is 45.56% before the issue and 32.76% after listing.
- What is the P/E ratio of the Shree TNB Polymers IPO?
- At the upper price band, the Shree TNB Polymers IPO is valued at 11.4× pre-issue earnings and 15.87× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Shree TNB Polymers IPO?
- The net proceeds go primarily toward capital expenditure for purchase of machinery, among 6 disclosed objects.