Shree TNB Polymers Limited IPO

01At a glance

Shree TNB Polymers IPO date, price band and lot size

What the company does: makes polymer piping systems, drip irrigation and sprinkler products, solid industrial sheets and corrugated flute boards at two plants in Silvassa, under the brands Noble, Tirupati and Balaji (Wellpack) (RHP p.228, RHP p.229).

Who pays it: dealers, distributors, contractors and farmers, on a mix of business-to-business and retail terms; the top ten customers were 29.97% of FY26 revenue and the largest 11.05% (RHP p.250).

Why it is raising money: ₹1,586.00 lakh for machinery, ₹562.00 lakh to repay borrowings, ₹259.84 lakh for a solar roof and ₹132.24 lakh towards a new building, with general corporate purposes left blank (RHP p.139).

How fast it has grown: revenue fell from ₹20,785.56 lakh in FY24 to ₹19,812.73 lakh in FY26, about 2.4% a year, while profit after tax rose from ₹503.05 lakh to ₹713.46 lakh, about 19.1% a year (our arithmetic, RHP p.65).

The one thing to understand: this is a plant business of nineteen years whose sales have not grown over the three years shown, while profit has, on a wider margin. Trade receivables rose from ₹3,545.53 lakh to ₹5,125.02 lakh over the same period and borrowings from ₹3,581.98 lakh to ₹4,456.16 lakh (RHP p.63, RHP p.32).

02The business, in plain words

What Shree TNB Polymers does

The company extrudes polymer into three families of product. Noble is pipes and fittings: HDPE, polypropylene and double-wall corrugated pipe for water supply, sewerage, ducting and culverts, plus drip and sprinkler irrigation. Tirupati is solid industrial sheet used to line chemical tanks and to machine parts. Balaji (Wellpack) is corrugated polypropylene flute board for packaging, floor protection and signage (RHP p.229, RHP p.230).

A contractor, dealer or farmer needs pipe, sheet or irrigation line → orders against a purchase order → the company extrudes it from bought-in polymer at Silvassa → the company keeps what is left after resin, power, labour and interest.

The company was incorporated in March 2007 to take over four partnership firms, Tirupati Plastic Industries, Noble Polymers, Shreeji Plastic Industries and Balaji Polymers, with effect from April 1, 2007 (RHP p.227, RHP p.87). Commercial production began in 2001 under the erstwhile partnership Noble Polymers (RHP p.237). The plants sit on 23,028 square metres at Silvassa, and a further 10,111 square metres was taken on a ten-year lease from October 2024 for the proposed new facility (RHP p.235, RHP p.237). There are no long-term supply agreements for raw material and no long-term contracts with customers (RHP p.261, RHP p.30).

Earnings equation: Profit = kilogrammes sold × (realisation − resin and conversion cost) − employee cost − interest. In FY26 material consumed was ₹11,887.71 lakh and stock in trade purchased ₹1,612.12 lakh against revenue of ₹19,812.73 lakh, with employee cost ₹1,376.96 lakh and finance cost ₹604.07 lakh (RHP p.65).

03Where the money comes from

Source: RHP p.234.

Pipes and irrigation were 75.61% of FY26 revenue (RHP p.234). By state, Maharashtra was 50.05%, Gujarat 18.51%, Uttar Pradesh 7.54% and Madhya Pradesh 5.66%; exports were 0.19% (RHP p.234, RHP p.235).

Shree TNB Polymers customers: how concentrated the revenue is

Source: RHP p.29, RHP p.250.

Revenue does not depend on a few customers: the top ten were under a third of sales in each year shown. One caution on the document itself: the risk factor at RHP p.29 states that the top ten customers contributed 61.28% of FY26 revenue, while the table at RHP p.250 gives 29.97%, and 61.28% is the figure the prospectus gives for the top ten suppliers' share of purchases at RHP p.43. The two customer tables in the prospectus agree with each other; that sentence in the risk factor does not agree with them.

04The growth record

Shree TNB Polymers financials: revenue, profit and margins

Source: RHP p.65, RHP p.164.

Net worth was ₹3,420.71 lakh, ₹4,854.57 lakh and ₹5,568.03 lakh; borrowings ₹3,581.98 lakh, ₹3,850.48 lakh and ₹4,456.16 lakh; return on net worth 15.87%, 13.95% and 13.69%; return on capital employed 17.06%, 15.25% and 16.02% (RHP p.63, RHP p.164).

Our arithmetic over the two years from FY24 to FY26: revenue fell about 2.4% a year, EBITDA rose about 12.3% a year and profit after tax about 19.1% a year; EBITDA margin widened 237 basis points and PAT margin 118 basis points (RHP p.65, RHP p.164). The prospectus itself prints a revenue CAGR of (1.59)% and an EBITDA CAGR of 8.05%, computed with a three-year divisor over the same two-year span (RHP p.164, RHP p.231).

Basic and diluted earnings per share were ₹3.75, ₹4.29 and ₹4.65 (RHP p.65).

05What the growth is made of

Revenue did not grow: it fell from ₹20,785.56 lakh in FY24 to ₹17,565.24 lakh in FY25 and recovered to ₹19,812.73 lakh in FY26, still below FY24 (RHP p.65). The fall and the recovery both sit in the pipes brand, Noble, which went ₹16,351.03 lakh, ₹12,856.88 lakh, ₹14,979.63 lakh, while sheets rose steadily and flute board drifted down (RHP p.234). Maharashtra, the largest state, went from ₹12,617.99 lakh to ₹9,313.61 lakh to ₹9,915.61 lakh (RHP p.235).

Profit rose while revenue fell. Between FY24 and FY26 material consumed dropped from ₹13,112.10 lakh to ₹11,887.71 lakh, faster than revenue, and EBITDA margin widened from 7.32% to 9.69% (RHP p.65, RHP p.164). The prospectus discloses production in kilogrammes by machine but not realisation per kilogramme, so the margin gain cannot be separated into resin price, product mix and selling price. Production across the three divisions at Facility-I was 1,25,73,741 kg in FY26 against 1,27,73,849 kg in FY25, on the same installed capacity (our arithmetic, RHP p.258, RHP p.259, RHP p.260).

06Earnings quality

The item that needs explaining is working capital. Receivables rose ₹1,579.49 lakh between March 2024 and March 2026 while revenue fell, and inventories rose ₹853.05 lakh over the same two years (our arithmetic, RHP p.63). Operating cash flow after working capital and tax was still positive in each year, at ₹698.97 lakh, ₹433.51 lakh and ₹883.35 lakh, because trade payables rose ₹857.50 lakh alongside (RHP p.66, RHP p.63). The gap has been funded with short-term borrowing, which went from ₹2,554.57 lakh to ₹3,542.65 lakh (RHP p.63).

07The balance sheet

At March 2026, long-term borrowings were ₹913.51 lakh and short-term borrowings ₹3,542.65 lakh, a total indebtedness the prospectus states as ₹4,456.16 lakh (RHP p.63, RHP p.32). Cash and cash equivalents were ₹7.17 lakh (RHP p.63). Trade payables were ₹3,527.56 lakh, of which ₹144.29 lakh was owed to micro and small enterprises (RHP p.63). Deferred tax liability was ₹372.60 lakh and long-term provisions ₹104.11 lakh (RHP p.63). Contingent liabilities were ₹10.21 lakh, and the prospectus records no guarantees given and no capital commitments provided for (RHP p.68). Property, plant and equipment stood at ₹4,857.31 lakh with ₹157.20 lakh of capital work in progress (RHP p.63).

After the issue: at the upper band the fresh issue raises ₹3,180.00 lakh before expenses, against net worth of ₹5,568.03 lakh, and ₹562.00 lakh of it repays borrowings, which would leave indebtedness of about ₹3,894.16 lakh on the March 2026 figure (our arithmetic, RHP p.63, RHP p.139, RHP p.85).

08What the money is for

Shree TNB Polymers IPO objects: what the money is for

Source: RHP p.139.

The machinery is for a new facility on the 10,111 square metre leased plot at Athal, Silvassa, of which 4,360.5 square metres is to be developed in the first two phases; the board has approved ₹500.00 lakh for the construction and development, of which ₹132.24 lakh comes from the issue (RHP p.141, RHP p.237).

The quotations are dated September 15 and 16, 2026 and include a polypropylene honeycomb panel extrusion line from Suzhou Jwell Machinery at USD 6,52,120, converted at the RBI reference rate of ₹95.7910 on September 18, 2026, and two blow-moulding machines from Jagmohan Pla-Mach at ₹263.00 lakh and ₹72.00 lakh, of which ₹71.00 lakh comes from the issue (RHP p.143, RHP p.144, RHP p.145). Orders have not been placed for all of the machinery (RHP p.141).

General corporate purposes are capped at 15% of gross proceeds or ₹10 crore, whichever is lower (RHP p.140).

Into the business the whole issue: 60,00,000 new shares, ₹3,180.00 lakh at the upper band before expenses (our arithmetic, RHP p.85). To selling shareholders nothing: there is no offer for sale (RHP p.85).

09Who is selling

Shree TNB Polymers IPO offer for sale: who is selling

No one. The issue is 60,00,000 new shares issued by the company, of which up to 3,00,000 are reserved for the market maker, leaving a net issue of 57,00,000 shares (RHP p.85). The prospectus states that the company is not considering any pre-IPO placement (RHP p.104).

10Promoters

The prospectus names eleven promoters: Vijay Jaysukhlal Thosani, Rasikbhai Gokalbhai Bhalodi, Deepak Kumar Qeematrai Raura, Shilpaben Rasikbhai Bhalodi, Beena Vijay Thosani, Reeta Deepak Raura, Kishan Chandulal Patel, Vipul Gokalbhai Bhalodi, Hasmukhbhai Gokalbhai Bhalodi, Jignaben Vipulbhai Bhalodi and Jalpaben Hasmukhbhai Bhalodi (RHP p.1).

The prospectus gives the experience of Vijay Jaysukhlal Thosani as 25 years and more, of Deepak Kumar Qeematrai Raura as 40 years and more and of Rasikbhai Gokalbhai Bhalodi as 12 years and more, with the rest between 7 and 11 years (RHP p.233). Rasikbhai Gokalbhai Bhalodi is Managing Director, Vijay Jaysukhlal Thosani is Chairman and Whole Time Director and Deepak Kumar Qeematrai Raura is Whole Time Director (RHP p.64).

Promoter economics: the eleven promoters together hold 47,55,514 shares, 30.99% of the capital before the issue (RHP p.112). Holdings were built through the 2007 takeover allotments at ₹10, transfers between 2017 and 2019 at ₹22 and ₹23 a share, the rights issue of March 2025 at ₹67 and the bonus of February 2026 at nil (RHP p.113).

The average cost of acquisition disclosed in the risk factors runs from ₹19.50 a share for Deepak Kumar Qeematrai Raura to ₹25.16 for Rasikbhai Gokalbhai Bhalodi (RHP p.42). Managerial remuneration to the three executive promoters was ₹25.80 lakh in FY24, ₹25.80 lakh in FY25 and ₹46.50 lakh in FY26 (our arithmetic, RHP p.375). No promoter shares are pledged or otherwise encumbered (RHP p.111).

The promoters and promoter group have given guarantees for the company's debt facilities (RHP p.45).

11Who already owns it

Shree TNB Polymers promoter holding before and after the IPO

The company had 92 shareholders at the date of the prospectus (RHP p.297). The promoters held 30.99% before the issue and would hold 22.28% after it; with the promoter group the figures are 45.56% and 32.76% (RHP p.112). All 35 holders of 1% or more are individuals; the largest is Bharatkumar Damjibhai Kaneria at 4.92%, then Hetalben Dineshbhai Tank at 4.29% and Narayan Kumar Gilani at 4.17% (RHP p.107). No fund, institution or company holds 1% or more before the issue (RHP p.107). The paid-up capital is 1,53,44,997 shares of ₹10 before the issue and 2,13,44,997 after it (RHP p.85).

12What changed just before the IPO

• A rights issue of 12,78,750 shares at ₹67 in March 2025 widened the shareholder base and the securities premium (RHP p.103, RHP p.104).
• The business unit of Noble Polytec, a partnership in which the son of Vijay Jaysukhlal Thosani is a partner, was acquired by slump sale on March 31, 2025 for ₹581.00 lakh; it is now Manufacturing Facility-II (RHP p.375, RHP p.260).
• A bonus of one share for every two held, 51,14,991 shares, was allotted on February 27, 2026 by capitalising ₹511.50 lakh of securities premium (RHP p.88, RHP p.104).
• Authorised capital was raised twice, to ₹1,800.00 lakh in September 2025 and to ₹2,500.00 lakh in February 2026 (RHP p.86).
• Managerial remuneration to the three executive promoters rose from ₹25.80 lakh in FY25 to ₹46.50 lakh in FY26 (our arithmetic, RHP p.375).
• A chief financial officer was appointed in March 2025 and a company secretary in July 2025, after the previous company secretary resigned in April 2025 (RHP p.374).
• Chandulal Patel resigned as a non-executive director in September 2025 (RHP p.374).
• The statutory auditor, P. M. Bagrecha & Co., has not changed in the last three years (RHP p.78).

13Capacity and expansion

Source: RHP p.258, RHP p.259, RHP p.260. Facility-II was acquired by slump sale on March 31, 2025, and its third line began commercial production on February 28, 2026, so its FY26 utilisation is computed on a proportionate capacity of 42,08,333 kg (RHP p.260). Capacity is certified by Rock Consultant & Valuer, Chartered Engineer, on the assumption that each facility runs 300 days a year (RHP p.261). Utilisation in the piping division at Facility-I was 86.51% in FY24, before the FY25 fall in sales (RHP p.260). The issue-funded machinery goes to the third facility; the prospectus does not state the capacity in kilogrammes that the new machinery will add.

14Market size and industry structure

Shree TNB Polymers industry: market size and growth

As claimed: the industry chapter is prepared by Infomerics Analytics and Research Private Limited (RHP p.177). The prospectus lists the Infomerics industry report dated March 30, 2026 among its documents for inspection and does not say whether the company commissioned or paid for it (RHP p.542).

The Infomerics report estimates the Indian plastic tubes, pipes, fittings and sheets market at USD 9.70 billion in 2026 (RHP p.196), and describes the industry as growing on infrastructure spending, piped water supply, sanitation and irrigation demand (RHP p.177, RHP p.262). It records exports of polypropylene tubes, pipes and hoses rising 56.45% in CY25 to USD 6.43 million (RHP p.262).

The chapter's opening pages on the world and Indian economy size nothing this company makes (RHP p.177 to p.190). The prospectus does not print a rupee market size for the segments this company supplies.

The part that is addressable: polymer pipes, fittings, irrigation components and industrial and corrugated sheet, sold mainly in Maharashtra, Gujarat, Uttar Pradesh and Madhya Pradesh (RHP p.235). The chapter does not split its USD figure, which takes in PVC as well, by material, product or state (RHP p.191, RHP p.196), so the company's polyethylene and polypropylene lines are not sized.

What the company is today: ₹19,812.73 lakh of FY26 revenue from two plants at Silvassa (RHP p.65, RHP p.258). The market figure is in US dollars, and because the industry chapter gives no rupee size for these segments, the company's share of its market cannot be worked out from the document.

Size over time: the report prints no year-by-year market series. The Infomerics report projects USD 23.14 billion by 2035, a CAGR of 10.14% from 2026 (RHP p.196, RHP p.197). The history it gives is in tonnes: India's polymer production rose from 12,143.62 thousand tonnes in FY2021 to 13,367.15 thousand tonnes in FY2025 (RHP p.198), while production of PVC, polystyrene, polycarbonate and other plastic sheets fell about 10.2% from 2019-20 to 2024-25, to 1,08,896.3 tonnes (our arithmetic, RHP p.203).

Segments: the report divides pipes by material (PVC, polyethylene, polypropylene), by application (water supply, sewage, irrigation, conduits, industrial, rainwater harvesting), by end user and by channel (RHP p.191, RHP p.192), and treats sheets separately (RHP p.199). The company sits in polyethylene and polypropylene pipe for water, sewerage, ducting and irrigation, plus solid and flute-board sheet (RHP p.229, RHP p.230). No segment is sized on its own.

What drives demand: the chapter names the Jal Jeevan Mission, AMRUT 2.0 and the Smart Cities Mission (RHP p.209, RHP p.214); micro-irrigation under the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), where central assistance covers up to 55% of the cost for small and marginal farmers (RHP p.213); and replacement of ageing metal pipelines, construction and industrial use of HDPE and PPH pipe (RHP p.210). For protective sheet it names construction, manufacturing and e-commerce (RHP p.202).

Structure: the chapter calls the industry highly competitive and fragmented, with many small and mid-sized makers beside several national players (RHP p.216), consolidating as BIS and environmental rules tighten (RHP p.218). The barriers to entry it lists are the capital cost of extrusion lines, certification for tenders, raw material procurement, dealer networks and skilled labour (RHP p.218). It names Jain Irrigation Systems, which it calls the largest plastic pipe maker in India, and Sangir Plastics (RHP p.219), and profiles Captain Pipes, Malpani Pipes and Fittings and Texmo Pipes and Products (RHP p.222 to p.225). It gives no market shares.

Inputs and trade: the chapter puts raw material at 60 to 70% of production cost (RHP p.216); the company's material consumed was 60.0% of FY26 revenue, a different base (our arithmetic, RHP p.65). The December 2025 wholesale price index read 115.2 for PVC, 128 for polypropylene and 133.8 for polyethylene, prices the chapter ties to crude oil (RHP p.199). In CY25 India imported USD 620.72 million of polyethylene plates and sheets against exports of USD 199.85 million, but ran surpluses in polypropylene sheet and rigid polyethylene pipe (RHP p.203 to p.205, RHP p.208). Exports were 0.19% of the company's FY26 revenue (RHP p.235).

Rules: the chapter states that BIS certification is mandatory for categories including IS 4984 for HDPE pipe and IS 13488 and IS 14151 for drip and sprinkler parts, and is required for tenders under the Jal Jeevan Mission and PMKSY (RHP p.214). Makers also carry extended producer responsibility under the Plastic Waste Management Rules (RHP p.214) and must meet pollution control board rules (RHP p.213). The company holds BIS licences under five standards, including IS 4984 and IS 14333, and follows ISO 9001 and ISO 14001 (RHP p.220).

What the chapter says can go wrong: volatile polymer prices; tension involving the United States, Israel and Iran that could raise crude, freight and insurance costs; compliance costs; price pressure from unorganised makers that limits passing on cost increases; delays in government projects that make orders uneven; and logistics and skilled-labour gaps (RHP p.210, RHP p.211). It adds that scheme-led demand may moderate as the networks get built (RHP p.209).

15Competitive position

Shree TNB Polymers competitors

Source: RHP p.163, RHP p.166. The prospectus names the same three as its significant competitors (RHP p.261). What the company offers against them, on its own account, is a range that spans pipes, irrigation, solid sheet and flute board from one site, BIS and ISO certifications including IS 4984, IS 14333, IS 16098, ISO 9001 and ISO 14001, and an in-house testing laboratory (RHP p.234, RHP p.236). It has no long-term supply agreements for raw material and no long-term customer contracts, and it competes with unorganised makers as well as the listed ones (RHP p.261, RHP p.233).

16Peers the company named

Shree TNB Polymers listed peers

Peers named in the offer document: Captain Pipes Limited, Malpani Pipes and Fittings Limited and Texmo Pipes and Products Limited (RHP p.163).

Source: RHP p.163; the peer prices are closing prices of September 21, 2026 and the peer ratios are computed on audited FY26 figures (RHP p.163). The prospectus prints the industry P/E as a highest of 40.37, a lowest of 7.70 and an average of 24.04 (RHP p.162). Texmo is about 1.8 times this company's revenue, Malpani about 0.8 times and Captain Pipes about 0.4 times (our arithmetic, RHP p.163). All three are pipe makers, and none of them is a comparison for the sheet and flute-board half of the business.

17Valuation at the issue price

Shree TNB Polymers IPO valuation and P/E

At the upper band of ₹53, with the full 60,00,000 new shares added to the 1,53,44,997 shares outstanding (our arithmetic, RHP p.85):

Source: RHP p.162, RHP p.163, RHP p.65. At the lower band of ₹50 the market capitalisation is ₹10,672.50 lakh (our arithmetic, RHP p.85). Enterprise value on the shares after the issue, with March 2026 borrowings of ₹4,456.16 lakh and cash of ₹7.17 lakh, is ₹15,761.84 lakh, 8.2 times FY26 EBITDA of ₹1,920.48 lakh (our arithmetic, RHP p.32, RHP p.63, RHP p.164). Adding the gross proceeds to March 2026 net worth gives a book value of about ₹8,748.03 lakh, or ₹40.98 a share, which the upper band is 1.3 times (our arithmetic, RHP p.63).

The three peers the prospectus names traded at 40.37, 15.69 and 7.70 times earnings on September 21, 2026, a median of 15.69 times (RHP p.163). At the upper band the issue is priced at 15.9 times FY26 profit on the enlarged share count and 11.4 times FY26 earnings per share on the prospectus's own pre-issue basis.

18Risks, in plain words

Shree TNB Polymers IPO risks

Business: revenue has not grown, falling from ₹20,785.56 lakh in FY24 to ₹19,812.73 lakh in FY26 (RHP p.65) → the issue-funded machinery adds capacity to a business whose four existing divisions ran at 45.88% to 65.97% utilisation in FY26 → the piping division at Facility-I ran at 86.51% in FY24 and 65.97% in FY26 (RHP p.258, RHP p.260).

Customers: the company works on purchase orders and has no long-term customer agreements (RHP p.41) → orders can stop without notice → the top ten customers were 29.97% of FY26 revenue and the largest 11.05% (RHP p.250).

Suppliers and raw material: the top ten suppliers were 61.28% of FY26 purchases and the largest 14.28% (RHP p.43, RHP p.249) → resin prices move with crude and currency, and there are no long-term supply agreements (RHP p.261) → material consumed was ₹11,887.71 lakh against revenue of ₹19,812.73 lakh in FY26 (RHP p.65).

Geography: Maharashtra was 50.05% and Gujarat 18.51% of FY26 revenue, and both plants are at Silvassa (RHP p.235, RHP p.258) → one state, and one site, carry most of the business → Maharashtra revenue fell from ₹12,617.99 lakh in FY24 to ₹9,915.61 lakh in FY26 (RHP p.235).

Financial: total indebtedness was ₹4,456.16 lakh at March 2026 against net worth of ₹5,568.03 lakh (RHP p.32, RHP p.63) → interest took ₹604.07 lakh in FY26 → only ₹562.00 lakh of the issue repays debt (RHP p.65, RHP p.139).

Working capital: receivables rose from ₹3,545.53 lakh to ₹5,125.02 lakh between March 2024 and March 2026 while revenue fell (RHP p.63) → cash is tied up in dealers and contractors → receivables were 94 days of FY26 revenue against 62 days in FY24 (our arithmetic, RHP p.63).

Regulation and statutory filings: the prospectus lists delays in GST returns, TDS returns and provident fund payments across FY21 to FY26, and 57 instances of delayed filings with the Registrar of Companies going back to 2009 (RHP p.31, RHP p.33, RHP p.36) → penalties may follow → indirect tax matters of ₹132.30 lakh are outstanding (RHP p.405).

Legal, the business takeover: the prospectus records the absence of a formal agreement for the business acquisition of Tirupati Plastic Industries (RHP p.37) → title to the taken-over business rests on the 2007 allotment record → 50,40,000 shares were issued for that takeover (RHP p.89).

Issue-specific: the market-maker reservation is 3,00,000 of the 60,00,000 shares, and the underwriter, Asnani Stock Broker Private Limited, also acts as the market maker (RHP p.78, RHP p.82). An individual investor must apply for at least two lots of 2,000 shares, ₹2,12,000 at the upper band (our arithmetic, BSE issue page for SHREETNB).

19Litigation and regulatory matters

Cases against Shree TNB Polymers and its promoters

There are no criminal proceedings against the company, its promoters, directors or key managerial personnel, and no actions by statutory or regulatory authorities against any of them (RHP p.399, RHP p.402, RHP p.404). The amounts in the solar-roof suit and in the share-purchase suit are claimed by one side and disputed, not demanded or paid. Rasikbhai Gokalbhai Bhalodi has also filed a suit in the other direction against the same parties, seeking transfer of a 70% shareholding against ₹456.00 lakh already paid (RHP p.403). The company has also filed two complaints under Section 138 of the Negotiable Instruments Act over dishonoured cheques (RHP p.400).

20Related-party transactions

Source: RHP p.374, RHP p.375. Prime Industries is a partnership in which a brother of Rasikbhai Gokalbhai Bhalodi is a partner; Noble Polytec and Noble Agrotech are partnerships involving a son of Vijay Jaysukhlal Thosani; Shree Computer World is a partnership involving the wife of Deepak Kumar Qeematrai Raura, as the prospectus states those relationships (RHP p.374). The largest single related-party item is not in the table: the ₹581.00 lakh acquisition of the Noble Polytec business unit in FY25, which became Manufacturing Facility-II (RHP p.375, RHP p.260). At March 2026 the company owed Prime Industries ₹49.73 lakh (RHP p.376).

21What the offer document does not say

Realisation per kilogramme, and therefore the split of the FY26 margin gain between resin cost, product mix and selling price, is not disclosed. The rupee size of the Indian market for the segments the company sells into is not given in the industry chapter. The capacity in kilogrammes that the issue-funded machinery will add is not stated. The valuation basis for the ₹581.00 lakh Noble Polytec slump sale is not set out. The amount for general corporate purposes, the issue expenses and the issue price itself are left blank. Customer retention and order-book figures are not disclosed.

22Five questions for management

1. What was realisation per kilogramme in each of FY24, FY25 and FY26 for pipes, sheets and flute board, and how much of the 237 basis point EBITDA margin gain came from resin cost rather than price?
2. Why did receivables rise from ₹3,545.53 lakh to ₹5,125.02 lakh while revenue fell, and how much of the March 2026 balance was more than 180 days old?
3. On what valuation was the Noble Polytec business unit acquired for ₹581.00 lakh on March 31, 2025, and who valued it?
4. What capacity in kilogrammes will the ₹1,586.00 lakh of new machinery add, and at what utilisation does it cover its own depreciation?
5. Why does the risk factor at page 29 state the top ten customers at 61.28% of FY26 revenue when the tables at pages 29 and 250 both give 29.97%?

1Sources and cited facts

This study was read from 1 document the company filed. The 117 figures it cites are listed under the document each came from, with the page and the sentence as printed.