TNB’s Noble Brand Supplied 76% as Maharashtra Provided Half

TNB’s FY 2025-26 revenue remained concentrated despite a portfolio spanning pipes, irrigation systems and polypropylene sheets. Noble generated Rs 149.7963 crore, or 75.61% of revenue from operations, while Maharashtra contributed Rs 99.1561 crore, or 50.05%, showing dependence on one brand and one state market.

How concentrated is TNB’s Noble brand revenue?

TNB’s Noble brand supplied more than three quarters of FY 2025-26 revenue from operations. Noble generated Rs 149.7963 crore out of TNB’s total Rs 198.1273 crore, compared with Rs 24.4082 crore from Balaji (Wellpack) and Rs 23.8050 crore from Tirupati. The remaining Rs 11.77 lakh, or 0.06%, was other operating revenue including scrap, dies, mixer-making charges and duty drawback.

Noble’s revenue share moved within a narrow range over the three reported financial years. It accounted for 78.67% of revenue from operations in FY 2023-24, declined to 73.20% in FY 2024-25 and rose to 75.61% in FY 2025-26. Tirupati increased its share from 8.92% in FY 2023-24 to 12.02% in FY 2025-26, while Balaji (Wellpack) moved from 12.36% to 12.32% over the same period.

Why does the Noble brand account for most sales?

The Noble brand accounts for most TNB sales because the disclosed product table associates it with the company’s pipe offerings, including high-density polyethylene, or HDPE, pipes and fittings. These products include PE-80 and PE-100 grades for water supply and sewerage, with pressure ratings from 2.5 to 16 kilograms per square centimetre and standards including IS 4984:2016 and IS 14333:2022.

TNB also lists polypropylene and polypropylene homopolymer pipes, double-wall corrugated pipes, sprinklers, drip irrigation systems and industrial sheets, but its other named brands were each about one-sixth of Noble’s FY 2025-26 revenue. Tirupati recorded Rs 23.8050 crore and Balaji (Wellpack) recorded Rs 24.4082 crore, versus Noble’s Rs 149.7963 crore. Balaji (Wellpack) includes corrugated polypropylene sheets for packaging, construction and advertising applications, with thicknesses from 2 millimetres to 10 millimetres.

The revenue concentration would continue if Noble maintains a similar share of sales and the Tirupati and Balaji (Wellpack) brands do not increase faster than Noble. TNB’s revenue from operations rose from Rs 175.6524 crore in FY 2024-25 to Rs 198.1273 crore in FY 2025-26, but remained below Rs 207.8556 crore in FY 2023-24. TNB reported a three-year revenue compound annual growth rate of negative 1.59% as of March 31, 2026.

How dependent is TNB on Maharashtra revenue?

TNB depended on Maharashtra for half of FY 2025-26 revenue from operations. Maharashtra generated Rs 99.1561 crore, or 50.05%, while Gujarat, the second-largest disclosed state market, generated Rs 36.6784 crore, or 18.51%. The two states therefore accounted for Rs 135.8345 crore, or 68.56%, of TNB’s FY 2025-26 revenue from operations.

Maharashtra’s share fell in each of the three reported financial years, but its FY 2025-26 sales increased from the preceding year. Revenue from Maharashtra was Rs 126.1799 crore, or 60.71%, in FY 2023-24, Rs 93.1361 crore, or 53.02%, in FY 2024-25, and Rs 99.1561 crore, or 50.05%, in FY 2025-26. The latest amount remained Rs 27.0238 crore below the FY 2023-24 level.

Has TNB’s dealer network reduced geographic concentration?

TNB’s dealer network had not removed geographic concentration by FY 2025-26. TNB disclosed more than 325 dealers and distributors across Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, Tamil Nadu, Andhra Pradesh and the Telangana region, yet Maharashtra alone accounted for 50.05% of revenue. TNB also identifies limited geographical diversification or reach as a weakness in its SWOT analysis.

Several states outside Maharashtra expanded in FY 2025-26, altering the mix without displacing the leading state. Madhya Pradesh revenue rose to Rs 11.2186 crore from Rs 5.1750 crore in FY 2024-25, Karnataka rose to Rs 8.8551 crore from Rs 4.5681 crore, and Rajasthan rose to Rs 7.1415 crore from Rs 3.5038 crore. Uttar Pradesh declined to Rs 14.9453 crore from Rs 15.3475 crore, although it remained TNB’s third-largest disclosed state market at 7.54% of revenue.

TNB’s revenue was also almost entirely domestic in FY 2025-26. India accounted for Rs 197.7503 crore, or 99.81%, of revenue from operations, while sales outside India were Rs 37.70 lakh, or 0.19%. Overseas revenue was Rs 113.02 lakh, or 0.64%, in FY 2024-25; FY 2025-26 sales comprised Rs 21.57 lakh in Sri Lanka, Rs 9.37 lakh in the United Arab Emirates and Rs 6.76 lakh in Oman.

What disclosed plans could alter TNB’s revenue mix?

TNB has disclosed dealer expansion and new manufacturing capacity plans that are intended to broaden its geographic reach and product range. Its stated strategy is to appoint more dealers and distributors, enter cities where its products are not currently sold, and increase the frequency and quantity of purchases through distributors. The plan would need to generate sales outside Maharashtra or in additional product lines to change the FY 2025-26 revenue mix.

TNB is developing a new Silvassa manufacturing facility on 10,111 square metres of leased land under a 10-year lease from October 11, 2024 to October 10, 2034. The board approved Rs 5 crore for construction and development, with Phase 1 targeted on or before October 31, 2026 and Phase 2 on or before March 31, 2027. Planned output includes polypropylene corrugated sheets, polypropylene honeycomb panels, blow-mould drums and double-wall corrugated pipes.

The proposed facility is to be developed in two phases across 4,360.5 square metres of the leased plot. TNB reported that construction permission had been received and construction was ongoing as of the red herring prospectus date, while plant and machinery orders were to be placed from initial public offering proceeds. The company had incurred Rs 40 lakh from internal accruals against Rs 367.76 lakh proposed to be funded from internal accruals.

Conclusion

TNB’s product catalogue covers several polymer, irrigation and sheet applications, but FY 2025-26 sales were concentrated in the Noble brand at 75.61% and Maharashtra at 50.05%. Noble’s share remained above 73% in all three reported financial years, while Maharashtra’s share declined from 60.71% in FY 2023-24 as sales increased in states including Madhya Pradesh, Karnataka and Rajasthan.

The next disclosures to watch are revenue contributions from Tirupati and Balaji (Wellpack), sales outside Maharashtra and progress on the Silvassa facility. TNB has set October 31, 2026 for Phase 1 and March 31, 2027 for Phase 2 operationalisation, but the reported plans do not establish what revenue each new product or geography will generate.