Shree TNB Polymers Ltd IPO

Shree TNB Polymers

• Shree TNB Polymers is coming out with an initial public offering (IPO) of 60,00,000 shares in a price band of Rs 47-52 per equity share.
• The issue will open for subscription on September 25, 2026 and will close on September 29, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 4.70 times of its face value on the lower side and 5.20 times on the higher side.
• Book running lead manager to the issue is Corporate Makers Capital.
• Compliance officer for the issue is Niyati Vishal Shah.

Profile of the company

Shree TNB Polymers is polymer manufacturing company specializing in piping systems and plastic solutions. The company primarily offers product portfolio comprising HDPE pipes & fittings, PP (Polypropylene) and PPH (Polypropylene Homopolymer) pipes & fittings, Double Wall Corrugated (DWC) pipes, sprinkler pipes, drip irrigation systems, solid industrial sheets and Well pack sheets for packaging and industrial applications. With a strong focus on engineering excellence, durability, and application-specific performance, TNB Polymers delivers reliable and scalable solutions across infrastructure, agriculture and industrial sectors.

The company’s products are designed to meet the evolving demands of critical applications such as irrigation and agriculture, potable water supply schemes, sewerage and drainage systems, telecom cable protection, construction, and industrial usage. Its HDPE piping systems are widely used in borewell and underground water extraction, as well as in specialized applications including seawater intake systems, desalination plants, and dredging operations- highlighting the company’s capability to operate in both conventional and high-performance environments.

In addition to piping systems, TNB Polymers has established a strong presence in value-added polymer segments. Its Well pack sheets are extensively used for signage, packaging, construction floor protection, industrial partitions and advertising boards, while solid industrial sheets are utilized in chemical tanks, scrubber linings, CNC (Computer Numerical Control) machining, industrial fabrication, and automotive components. The company’s DWC pipes are widely deployed in underground sewerage networks, drainage systems, culverts, cable ducts, and highway infrastructure projects, positioning TNB as a comprehensive polymer solutions provider.

Proceed is being used for:

• Capital expenditure for purchase of machineries
• Capital expenditure for the purchase and installation of solar panel/ roof top
• Part finances the capital expenditure for construction/ installation of Pre-Engineered Building (PEB) structure for new manufacturing facility
• Repayment of certain borrowings
• Meeting out the general corporate purposes

Industry overview

The Plastic Pipes & Fittings Industry is a critical component of the global building materials and infrastructure sector, offering efficient solutions for fluid transportation across residential, commercial, agricultural, and industrial applications. This industry encompasses a wide array of piping systems and fittings manufactured primarily from synthetic polymers such as Polyvinyl Chloride (PVC), High-Density Polyethylene (HDPE), Polypropylene (PP), and other engineering-grade plastics. These materials are chosen for their versatility, lightweight nature, corrosion resistance, ease of installation, and long service life compared to traditional materials like metal or concrete.

The Indian Plastic tubes, Pipe & Fittings & Sheets market is estimated at $9.70 billion in 2026 and is projected to grow $23.14 billion in 2035 exhibiting a CAGR of 10.14% during the forecast period. Polymer production in India has demonstrated a resilient yet moderately cyclical trend over the period from FY 2021 to FY 2025. Production increased from 12,143.62 (‘000 MT) in FY 2021 to 12,470.65 (‘000 MT) in FY 2022, reflecting recovery in industrial activity and demand following the pandemic. This was followed by a decline to 11,486.62 (‘000 MT) in FY 2023, likely due to normalization of demand, inventory corrections, and global supply chain adjustments.

India’s plastic pipes and fittings industry is expected to witness sustained growth over the medium to long term, driven by strong linkages with infrastructure development, agriculture, real estate, and industrial expansion, supported by continued policy impetus. Government initiatives focused on infrastructure development and water management are expected to remain key growth enablers. Programs such as Jal Jeevan Mission, AMRUT 2.0, and the Smart Cities Mission are anticipated to drive investments in water supply and sanitation infrastructure, while the Pradhan Mantri Krishi Sinchai Yojana (PMKSY) is likely to support demand through increased adoption of micro-irrigation systems.

Pros and strengths

Diversified product portfolio catering to multiple industrial applications: The company offers a diversified product portfolio comprising HDPE pipes & fittings, PP (Polypropylene) and PPH (Polypropylene Homopolymer) pipes & fittings, Double Wall Corrugated (DWC) pipes, sprinkler pipes, drip irrigation systems, solid industrial sheets and Well pack sheets for packaging and industrial applications. It deals in a wide range of products, which enables it to cater widespread customer base across India and also expand its reach in international locations. It has necessary resources, experience and network to launch additional products in future and to cater to wider range of products related to its industry as per requirements of the customers.

Cordial relationship with the customers/ dealers/ distributors: Offering quality products at attractive prices is a key aspect of maintaining and expanding its relationships with its customers/ dealers/ distributors. It has adopted several initiatives designed to improve its cost efficiency such as strategic vendor relationship for the procurement of raw materials, local sourcing to mitigate transportation costs, focus on engineering, reduce customer response time, an emphasis on increasing customer support through after-sales services etc. These endeavors, including the optimization of in-house processes, are fundamental to its commitment to delivering projects while upholding cost-effectiveness. It continues to invest in operational excellence throughout the organization without any compromise on the quality.

Quality products with certifications: The company’s manufacturing and quality systems are supported by robust certifications and compliance standards including BIS (Bureau of Indian Standard) and ISO (Indian Standard Organisation) viz. IS 4984 (Water Supply), IS 14333 (Sewerage), IS 16098- Part-2 & IS 16205- Part 24 (DWC Pipes), ISO 9001 and ISO 14001. Further strengthening its position in the irrigation segment, the Company adheres to IS 13488:2008 for emitting pipes (drip irrigation), IS 12786:2024 for lateral pipes, and IS 17425:2020 for sprinkler pipes. These certifications reflect Company’s commitment to quality assurance, regulatory compliance, and consistent product reliability across applications.

Risks and concerns

Significant dependence on top ten customers: Its revenues have been significantly dependent on top ten customers. For the period ended on March 31, 2026, March 31, 2025 and March 31, 2024, its revenue from operations from its top 10 customers contributed to 61.28%, 29.11% and 27.04% respectively of its revenues from operations. Its reliance on a limited number of customers for its business exposes it to risks, that may include, but are not limited to, reductions, delays or cancellation of orders from its significant customers, a failure to negotiate favourable terms with its key customers or the loss of these customers, all of which would have a material adverse effect on the business, financial condition, results of operations, cash flows and future prospects of the company.

Dependence on limited number of suppliers and absence of long-term supply agreements: Its top 10 suppliers for the year ended March 31, 2026, March 31, 2025 and March 31, 2024 constitute 61.28%, 64.73% and 63.72% respectively of total purchase of the company during the respective period. Volatility in the supply and pricing of its raw materials, or failure by suppliers to meet their obligations, may have an adverse effect on its business, cash flows, financial condition and results of operations. Additionally, the company does not have any long-term agreements with suppliers for supply of raw materials. Its inability to obtain raw material in a timely manner, in sufficient quantities could adversely affect its operations, financial condition and/or profitability. 

Revenue concentration in noble brand: The company derives significant portion of its revenue from its Noble brand. The company’s Noble brand contributed 75.61%, 75.61%, and 78.67% of Revenue from Operations for the years ended March 31, 2026, March 31, 2025, and March 31, 2024, respectively. An inability to adapt to evolving consumer preferences and demand for particular products or ensure product quality may adversely impact demand for its products and consequently its business, results of operations, financial condition and cash flows.

Outlook

Shree TNB Polymers is engaged in manufacturing an array of polymer sheets, piping systems, and flute board. The company primarily offers product portfolio comprising HDPE pipes & fittings, PP (Polypropylene) and PPH (Polypropylene Homopolymer) pipes & fittings, Double Wall Corrugated (DWC) pipes, sprinkler pipes, drip irrigation systems, solid industrial sheets and Well pack sheets for packaging and industrial applications. On the concern side, it operates in a highly competitive industry with a number of other manufacturers that deals in competing products. As a result, to remain competitive in the market it must continuously strive to reduce its manufacturing and distribution costs and improve its operating efficiencies and expand its products offering. If it fails to do so, it may have an adverse effect on its market share and results of operations.

The company is coming out with a maiden IPO of 60,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 47-52 per equity share. The aggregate size of the offer is around Rs 28.20 crore to Rs 31.20 crore based on lower and upper price band respectively. On performance front, total income increased from Rs 17,570.47 lakh for the year ended March 31, 2025, to Rs 19,831.41 lakh for the year ended March 31, 2026, representing an increase of 12.87%. Net profit after tax increased from Rs 577.10 lakh for the year ended March 31, 2025, to Rs 713.46 lakh for the year ended March 31, 2026, representing an increase of 23.63%.

Meanwhile, it plans to increase sales of its products by increasing the number of dealers/ distributors who stock & sale its products. It plans to expand the sale of its products into cities where its products are not currently sold as well as consolidating its position in areas where it already has a strong presence. Its strategy is to focus on increasing the width and depth of its distribution network by increasing the number of distributors and the frequency and quantity of its products purchased by end users through its dealers/ distributors. Its salespersons meet with prospective distributors who do not currently stock/ sale its products to encourage them to do so. Its salespersons also meet with distributors in areas where it does not have a distributor to encourage them to stock its products.

Fusion CX

• Fusion CX is coming out with a 100% book building; initial public offering (IPO) of 2,55,27,272 shares of face value Rs 1 each in a price band Rs 275-289 per equity share.
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on October 14, 2026 and will close on October 16, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 1 and is priced 275 times of its face value on the lower side and 289 on the higher side.
• Book running lead managers to the issue are Nuvama Wealth Management, IIFL Capital Services and Motilal Oswal Investment Advisors.
• Compliance officer for the issue is Barun Singh. 

Profile of the company

Fusion CX is a customer experience (CX) service provider delivering services across multiple channels, including voice, email, chat, social media and message, in a cost-effective manner with technology playing a central role in its service delivery model, in addition to providing AI Data Infrastructure Services that include data collection, data annotation and labelling, and teleoperations services. With a human and tech philosophy at its core, Fusion CX blends deep domain expertise with a portfolio of proprietary AI tools to enable intelligent, multilingual, and omnichannel engagement at scale through a broad spectrum of generative AI-driven technologies that enhance customer engagement, operational efficiency, and digital transformation.

The company’s business process solutions and services company maintains focus on key verticals, including telecom and utilities, healthcare and life sciences, (HTT), BFSI, and retail, where it has developed deep domain specialization. It has a track record of acquiring and integrating companies in the CX space and a portion of its growth has come from such acquisitions. Its acquisitions have also contributed to the growth of its portfolio of services and customers. The company has developed a multilingual global network with 40 delivery centers and two sales offices spread across 13 countries as on June 30, 2026.

It delivers end-to-end customer experience solutions through platforms and AI-powered tools developed in-house. The company’s tailored delivery model enables measurable impact across customer satisfaction, operational efficiency, and cost optimization. It also integrates third-party AI solutions within its operations to enhance multilingual capabilities and automate customer interactions such as MindSpeech which is an AI-driven voice harmonization solution powered by sanas.ai that adjusts accents in real time to enhance multilingual communication and improve clarity in customer interactions.

Proceed is being used for: 

• Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by (i) the company; (ii) certain Subsidiaries (direct and certain step-down subsidiaries)
• Investment in its step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Private Limited, for upgrading IT tools i.e. Arya and MindVoice
• Pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes

Industry overview

CX refers to organizations’ strategies, tools, and processes to orchestrate, measure, and optimize every customer interaction across channels. It encompasses a broad spectrum of services, including voice, chat, email, and social media support, combined with analytics and automation tools. CX optimizes customer interactions across all touchpoints to enhance satisfaction, loyalty, and lifetime value, and it involves capturing, analyzing, and responding to customer feedback to improve experiences. The function has evolved into a critical pillar of enterprise strategy, particularly in sectors facing high competition or rapid digital transformation, driven by the need for organizations to differentiate themselves in an increasingly competitive and customercentric environment. While traditional BPO focuses on cost efficiency and back-office operations, CX emphasizes end-to-end engagement, personalization, and value creation, making it a more strategic and future-ready service offering.

Enterprises have increasingly shifted their perspective on CX, recognizing it as a revenue driver rather than a cost center. This transformation is driven by the realization that CX is about improving customer interactions and leveraging customer insights to drive strategic decision-making at the highest levels. By harnessing advanced analytics and AI-driven insights, enterprises can extract meaningful patterns from customer interactions, enabling them to refine product offerings, personalize engagement, and optimize pricing strategies. These insights are invaluable in boardroom discussions, influencing critical business decisions related to growth strategies, competitive positioning, and long-term value creation. As a result, CX is now playing a vital role in shaping business outcomes, fostering customer loyalty, and driving sustainable revenue growth.

Over the past few years, digital CX adoption has surged, driven by accelerated digital transformation initiatives and the need for organizations to meet evolving customer expectations. This momentum is expected to continue, with digital CX poised to be a key growth driver for the industry. Going forward, to thrive in this evolving market, CX service providers must adopt a two-pronged strategy: first, by integrating gen AI into their operational frameworks to drive efficiency and innovation, and second, by positioning themselves as strategic partners for enterprises navigating the complexities of gen AI adoption. By doing so, providers can safeguard their market relevance and solidify their role as enablers of superior customer experiences in an AI-driven era. 

Pros and strengths 

Global delivery network and multilingual service capabilities: For ease of operations, efficient service delivery across global markets and leveraging the unique strengths of a region, the company has divided its global operations into four main regions: (i) Latin America; (ii) North America; (iii) Europe and Africa; and (iv) Southeast Asia. The company’s delivery model includes a mix of onshore, nearshore, and offshore delivery centres which enable customers to receive cost-effective quality solutions. The company’s global footprint allows it to provide 24x7 customer support and manage high-volume service requests. Customers have the benefit of a mix of onshore, nearshore and offshore delivery centres which drive cost optimization. The company provides support in 28 languages including English, Hindi, French, Spanish, German, Arabic, Tagalog, Cantonese, Korean, Japanese and Mandarin as on June 30, 2026.

Technology-driven innovation and R&D capabilities: The company’s R&D efforts are focused on building technology-based solutions in the areas of automation and advanced CX management and platform-based service delivery solutions. These initiatives aim to improve operational efficiency, enable scalability, support digital service delivery across channels and improve customer engagement. The company’s Subsidiaries, Omind USA and Omind India have development centres in Kolkata and Bengaluru which serve as hubs for developing technology-based solutions. The in-house developed solutions are designed to drive innovation and enhance customer experience by leveraging artificial intelligence to streamline interactions and improve efficiency at various touchpoints.

Diversified service portfolio across multiple industry verticals: The company operates across multiple verticals, creating a balanced revenue portfolio. It has developed customised services and solutions and CX services for each industry segment. It also provides on-site billing services in India to support electricity boards. Further, its offerings also include AI Data Infrastructure services such as data annotation and image and video annotation, robot teleoperation, remote intervention, AI monitoring and incident triage.

Client-centric operations and scalable service capabilities: The company adopts a customer-focused approach that is integrated into its service delivery and operational frameworks. This enables it to adapt efficiently to evolving client requirements and market dynamics. By working closely with clients, the company develops tailored CX solutions, guided by real-time feedback and iterative improvements. Agile methodologies are applied across functions to enhance responsiveness and reduce time-to-market. Over time, the company has built end-to-end capabilities, sector-specific expertise, and scalable operations, supported in part by its strategic inorganic acquisitions.

Risks and concerns

Significant revenue dependence on key customers: A significant portion of the company’s business is attributable to top 10 customers that have contributed 49.84%, 52.17%, 45.30% and 41.04% to the revenue from operations for the three-month period ended June 30, 2026, Fiscals 2026, 2025 and 2024, respectively. Any deterioration in the financial condition of its top customers or the loss of such customers may have an adverse impact on its business.

High revenue exposure to overseas customers: The company has garnered 90.06%, 88.71%, 80.59% and 76.22% of its revenue from operations for the three-month period ended June 30, 2026, Fiscals 2026, 2025 and 2024, respectively is derived from customers based outside India with a higher dependence on revenue from operations from North America. The company’s international operations expose it to complex management, legal, tax and economic risks, and exchange rate fluctuations, which could adversely affect its business, financial condition and results of operations.

High employee costs and workforce-related risks: The company’s employee expense was 67.53%, 65.62%, 65.83% and 68.82% of its revenue from operations for the three month period ended June 30, 2026, Fiscal 2026, 2025 and 2024, respectively. If it is unable to manage the expenses of its Employees it may adversely affect its business, financial condition and results of operations. Further, due to a widespread employee base, the company is subject to the risk of employee claims and complaints.

Intense competition in the BPO and CX services industry: The BPO & CX industry is saturated with regional and global providers that compete aggressively on pricing and innovation. Larger firms with economies of scale and digital capabilities pose a significant threat to Fusion CX’s market share. A number of the company’s other international competitors with existing operations in India are expanding their operations, which has become an important element of their delivery strategy. This has resulted in increased employee attrition among Indian BPO and CX services companies and increased wage pressure to retain skilled employees and reduce such attrition. Many of its competitors have significantly greater financial, technical and marketing resources and generate greater income than the company does. It cannot assure that it will be able to retain its clients in the face of such competition. If the company loses clients as a result of competition, its market share will decline, which would have a material adverse effect on its business and profitability.

Outlook

Fusion CX is a customer experience and business process solutions provider offering multichannel customer support through voice, email, chat, social media and messaging. The company also provides AI data infrastructure services, including data collection, data annotation, image and video labelling, and robotic teleoperations. The company operates 40 delivery centres across 13 countries, enabling round-the-clock customer support across multiple time zones. On the concern side, the company faces risks arising from high customer concentration, dependence on international markets, significant employee costs and intense competition in the BPO and CX services industry. Its overseas revenue exposure subjects it to foreign exchange fluctuations and cross-border regulatory risks. High employee expenses and workforce-related claims may adversely affect profitability and operational efficiency. Further, intense competition, pricing pressures and employee attrition may impact client retention, market share and overall business performance.

The issue has been offering 2,55,27,272 shares in a price band of Rs 275-289 per equity share. The aggregate size of the offer is around Rs 702.00 crore to Rs 737.74 crore based on lower and upper price band respectively. Minimum application is to be made for 51 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 36.77% from Rs 13,292.96 million in Fiscal 2025 to Rs 18,181.38 million in Fiscal 2026, primarily driven by the acquisition of Scribe.ology LLC, Infinity Outsourcing, Panama S.A and its subsidiary and onboarding of new customers. Moreover, profit for the year increased by 128.54% from Rs 743.14 million in Fiscal 2025 to Rs 1,698.40 million in Fiscal 2026.

Meanwhile, the company aims to invest in latest technologies to deliver enhanced comprehensive, end-to-end solutions by tailoring its offerings for key industries such as telecom and other utilities, HTT, BFSI, retail and healthcare. Further, the company is committed to leverage technology as an enabler of growth and plan to make investments to expand deployment of voice bots and chatbots, advancing SaaS-based workflow automation tools, offering subscription models that enable businesses to scale efficiently while maintaining seamless omnichannel engagement and operational consistency. The company will prioritize acquisitions which will support the continued evolution of its platforms, strength its AI engineering bench, and accelerate speed to market of next gen CX tools.