BLS POLYMERS IPO
BLS POLYMERS is a MAINBOARD IPO with a current status of OPEN. The price band is 142 - 150. The issue opens on 27 OCT and closes on 29 OCT. The listing date is 03 NOV.
Price Band
142 - 150
Unofficial GMP
₹44
Lot Size
100 shares
Minimum Investment
₹15,000
BLS POLYMERS IPO GMP
The latest available GMP is ₹44. Grey Market Premium is unofficial, may change frequently and does not guarantee the listing price, listing gains or investment returns.
Estimated Listing Price
₹194.00
Estimated Gain
+29.3%
BLS POLYMERS IPO GMP History
40
26 OCT
44
27 OCT
44
28 OCT
BLS POLYMERS IPO Details
- IPO Type
- MAINBOARD
- Status
- OPEN
- Price Band
- 142 - 150
- Issue Size
- ₹255.00 Cr
- Issue Type
- Book Build Issue
- Fresh Issue
- ₹255.00 Cr
- Face Value
- 10 Per Equity Share
- Lot Size
- 100
- Minimum Investment
- 15,000
- Exchange
- BSE , NSE
- Registrar
- Kfin Technologies Ltd.
- Lead Managers
- Unistone Capital Pvt.Ltd.
BLS POLYMERS IPO Dates
- Open Date
- 27 OCT
- Close Date
- 29 OCT
- Allotment Date
- 30 OCT
- Refund Date
- 02 NOV
- Demat Credit Date
- 02 NOV
- Listing Date
- 03 NOV
BLS POLYMERS IPO Subscription
- QIB
- 12.05x
- NII / HNI
- 27.42x
- Retail
- 13.41x
- Employee
- --
- Total Subscription
- 16.02x
BLS POLYMERS IPO Financials
Revenue
FY2026
₹349.00 Cr
+6.40% vs FY2025
PAT
FY2026
₹27.01 Cr
+27.77% vs FY2025
Total Assets
FY2026
₹206.00 Cr
+15.08% vs FY2025
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | 296 | 328 | 349 |
| Net Profit | 7.52 | 21.14 | 27.01 |
| Total Assets | 168 | 179 | 206 |
BLS POLYMERS IPO Valuation
- Market Cap (Post IPO)
- ₹930.48 Cr.
- EPS
- 6.00
- P/E Ratio
- 25
- Price to Book Value
- 6.42
- ROE
- Jun 30, 2026 Mar 31, 2026 ROE 10.22%
- ROCE
- 9.11%
- RONW
- 9.73%
- Debt / Equity
- 0.61%
- PAT Margin
- 9.56%
- EBITDA Margin
- 15.15%
BLS POLYMERS Peer Comparison
| Peer | Revenue | PAT | EPS | P/E | ROE | RONW | Debt / Equity |
|---|---|---|---|---|---|---|---|
| KINGFA SCIENCE & TECHNOLOGY (INDIA) Ltd. | 1,995.55 | 185.26 | 144.10 | 46.25x | -- | 13.24% | 0.01x |
| DDEV PLASTIKS INDUSTRIES Ltd. | 2,947.87 | 201.82 | 19.50 | 12.97x | -- | 19.92% | 0.06x |
| PLASTIBLENDA INDIA Ltd. | 788.66 | 36.69 | 14.12 | 14.53x | -- | 8.17% | 0.05x |
BLS POLYMERS IPO Market Lot
| Category | Lots | Shares | Investment |
|---|---|---|---|
| Retail Minimum | 1 | 100 | ₹15,000 |
| Retail Maximum | 13 | 1,300 | ₹1,95,000 |
| Small HNI | 14 | 1,400 | ₹2,10,000 |
| Big HNI | 67 | 6,700 | ₹10,05,000 |
BLS POLYMERS IPO Reservation
- QIB
- 50.00%
- NII / HNI
- 15.00%
- Retail
- 35.00%
BLS POLYMERS Promoter Holding and Anchor Allocation
- Pre-IPO Promoter Holding
- 98.53%
- Post-IPO Promoter Holding
- 71.53%
BLS POLYMERS Company Overview
1. **Company Name:** BLS Polymers Limited 2. **Registered Office:** 604, Indra Prakash, 21, Barakhamba Road, New Delhi – 110001, Delhi, India. 3. **Corporate Office:** 3rd Floor, Vijaya Building, Barakhamba Road, New Delhi – 110001, Delhi, India. 4. **Telephone:** +91 11 4352 6312 (registered office); +91 11 2331 0658 (corporate office). 5. **Email:** corporate@blspolymers.com 6. **Website:** https://www.blspolymers.com 7. **CIN:** U24111DL1991PLC042745 8. **Incorporation Date:** 16 January 1991. 9. **Industry:** Polymer Compounding and Specialty Polymer Materials. 10. **Manufacturing Facility:** Goa, India. 11. **Promoters:** Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal and Karan Aggarwal. 12. **Company Secretary and Compliance Officer:** Neha Kumar Sunit. 13. **Book Running Lead Manager:** Unistone Capital Private Limited. 14. **IPO Registrar:** KFin Technologies Limited. 15. **Proposed Listing:** BSE Limited and National Stock Exchange of India Limited.
BLS POLYMERS Business Model
1. **Polymer Compounding:** Manufactures customised polymer formulations by blending polymers with additives and other materials to achieve required physical, electrical and processing properties. 2. **HDPE Compounds:** High-density polyethylene compounds are used in cable applications and selected industrial and pipeline products. 3. **MDPE Compounds:** Medium-density polyethylene compounds are used in wire and cable applications and protective pipeline systems. 4. **LLDPE Compounds:** Linear low-density polyethylene compounds support selected cable and industrial applications requiring specific flexibility and performance characteristics. 5. **XLPE Compounds:** Cross-linkable polyethylene compounds are used in electrical cable insulation applications that require suitable thermal and electrical performance. 6. **PVC Compounds:** Polyvinyl chloride compounds are used in cable insulation and sheathing applications. 7. **HFFR Compounds:** Halogen-free flame-retardant compounds are designed for applications where reduced halogen content and fire-performance characteristics are important. 8. **Cable-Filling Compounds:** Cable-filling materials help fill internal cable spaces and provide protection against moisture or other environmental factors, depending on the product specification. 9. **Adhesive Coating Compounds:** Supplies adhesive compounds used in protective coating systems, including three-layer polyethylene (3LPE) pipeline coating applications. 10. **Telecommunications:** Supplies materials used by cable manufacturers serving telecommunications and data-network infrastructure. 11. **Power Infrastructure:** Provides polymer compounds used in the manufacture of power cables and associated electrical infrastructure products. 12. **Railways:** Serves cable applications associated with railway infrastructure and related electrical systems. 13. **Water Distribution:** Supplies compounds used in protective coatings and other polymer applications associated with water pipelines. 14. **Oil and Gas Pipelines:** Provides materials for pipeline coating applications intended to protect pipelines against corrosion and external damage. 15. **Customised Product Development:** Develops formulations to meet specific customer requirements, including performance, processing and application needs. 16. **Customer Approvals:** Certain products must meet customer qualification requirements or obtain approval from relevant agencies before they can be used in specific applications. 17. **Manufacturing and Quality Control:** Produces polymer compounds at its manufacturing facility, with quality processes intended to maintain product consistency and meet customer specifications. 18. **Domestic Sales:** Generates most of its revenue from customers in India, serving industrial and infrastructure-related end markets. 19. **Exports:** Also exports polymer compounds to selected international markets. 20. **Revenue Model:** Earns revenue mainly through sales of manufactured polymer compounds, with sales volumes, product mix and average selling prices influencing performance. 21. **Raw Material Procurement:** Depends on polymer resins and additives, whose availability and prices can be influenced by crude-oil prices, petrochemical markets, imports and supplier terms. 22. **Capacity Expansion:** Plans to expand its existing Goa manufacturing facility to increase production capacity for selected products.
BLS POLYMERS Objects of the Issue
1. **IPO Type:** The public issue is a fresh issue of up to 1,70,00,000 equity shares. 2. **Total Issue Size:** The issue is estimated at ₹241.40 crore at ₹142 per share and ₹255 crore at ₹150 per share. 3. **Manufacturing Facility Expansion:** Approximately ₹77.56 crore is proposed to fund capital expenditure for expanding the existing manufacturing facility in Goa. 4. **Increase in Production Capacity:** The expansion is intended to increase the manufacturing capacity of selected existing polymer compounds. 5. **Support for Growing Demand:** Additional capacity may help the company respond to demand from wire and cable manufacturers and infrastructure-related customers. 6. **Working Capital Requirements:** Approximately ₹89.50 crore is proposed to fund the company's working-capital needs. 7. **Raw Material Purchases:** Working capital can support the purchase of polymer resins, additives and other manufacturing inputs. 8. **Operating Expenses:** The allocation is intended to support operating requirements associated with production, inventory and customer deliveries. 9. **Customer Credit Periods:** Additional working capital may help manage the timing difference between manufacturing expenditure and collection of customer payments. 10. **General Corporate Purposes:** The remaining permitted proceeds are intended for general corporate purposes, within the limits specified in the offer documents. 11. **Capital for the Company:** As the issue is a fresh issue rather than an OFS, the proceeds are intended to accrue to the company, after applicable issue expenses. 12. **Investor Consideration:** The IPO's main stated uses are capacity expansion and working capital. Investors should monitor whether the expansion is completed on time, whether capacity is utilised effectively and whether the working-capital investment improves cash generation.
BLS POLYMERS Strengths
1. **Established Industry Experience:** The company has operated in polymer compounding since 1991, providing a long history of manufacturing experience. 2. **Specialised Product Portfolio:** It manufactures multiple grades of polymer compounds tailored to different cable and infrastructure applications. 3. **Exposure to Essential Industries:** Its products serve telecommunications, power, railways, water distribution and oil and gas infrastructure. 4. **Established Customer Relationships:** Long-standing relationships with wire and cable manufacturers can support repeat business and customer retention. 5. **Custom Formulation Capability:** The ability to develop products according to customer specifications may help differentiate the company from suppliers offering only standard formulations. 6. **Revenue Growth:** Total income increased from approximately ₹301.50 crore in FY2024 to ₹354.41 crore in FY2026. 7. **Improving Profitability:** PAT rose from approximately ₹7.52 crore in FY2024 to ₹27.01 crore in FY2026. 8. **Recent Quarterly Performance:** The company reported PAT of approximately ₹10.23 crore for the three months ended 30 June 2026. 9. **Manufacturing Capacity:** Installed capacity of more than 42,000 metric tonnes per annum, as described in the industry information cited in its prospectus, provides an established manufacturing base. 10. **Port Proximity:** The Goa manufacturing facility's proximity to Mormugao Port can support import logistics for raw materials and export shipments. 11. **Quality Certification:** ISO 9001:2015 certification at the manufacturing facility supports its quality-management framework. 12. **Infrastructure Demand:** Growth in power transmission, telecommunications, railway networks and pipeline infrastructure can support demand for suitable polymer compounds. 13. **Specialty Product Opportunities:** Products such as XLPE, HFFR and adhesive coating compounds provide exposure to specialised applications beyond basic polymer products. 14. **Capacity Expansion Opportunity:** The proposed investment in the Goa facility could allow the company to increase output and respond to additional customer demand if execution and utilisation are successful. 15. **Fresh-Issue Funding:** The IPO raises new capital for the company rather than solely enabling existing shareholders to sell their shares. 16. **Potential Operating Leverage:** If production volumes rise while fixed costs are managed effectively, the company may benefit from improved utilisation of manufacturing assets.
BLS POLYMERS Risks
1. **Product Concentration:** Wire and cable polymer compounds contributed 80.93% of revenue in FY2026 and 73.20% in the quarter ended 30 June 2026. A decline in this product category could materially affect the business. 2. **Customer Concentration:** The top 10 customers contributed 66.81% of revenue in FY2026. Losing one or more major customers could reduce sales and profitability. 3. **Dependence on a Major Customer:** The largest customer contributed approximately 31.74% of revenue in FY2026, creating significant exposure to changes in that customer's purchases. 4. **Raw Material Price Volatility:** Polymer resins and additives are exposed to petrochemical and crude-oil market fluctuations. Higher input prices may pressure margins. 5. **Supplier Concentration:** The top five suppliers accounted for approximately 77.85% of purchases in FY2025, increasing exposure to supplier disruption or changes in supply terms. 6. **Single Manufacturing Location:** Manufacturing is concentrated at the Goa facility. A fire, equipment failure, natural disaster, labour disruption or prolonged shutdown could affect production and deliveries. 7. **Working-Capital Requirements:** The business needs funds for raw materials, inventory and customer credit periods. Higher working-capital needs may increase reliance on external finance. 8. **Cash-Flow Volatility:** Operating cash flow can differ significantly from reported profit because of inventory, receivables, supplier payments and other working-capital movements. 9. **Receivables and Recovery Risk:** Delayed customer payments can affect liquidity. The prospectus also discloses customer recovery matters, making collection practices relevant to investors. 10. **Capacity Expansion Risk:** The proposed Goa facility expansion may face construction delays, cost overruns, equipment procurement issues or lower-than-expected capacity utilisation. 11. **International Expansion Risk:** Entry into markets such as Tunisia, Algeria, Nigeria and Oman may involve unfamiliar regulatory requirements, customer qualification processes and higher market-entry costs. 12. **Competitive Pressure:** Polymer compound manufacturers compete on price, quality, product performance, customer approvals and delivery reliability. 13. **Average Selling Price Risk:** Changes in market conditions, raw material costs and competitor pricing may reduce average selling prices or compress margins. 14. **Customer Qualification Risk:** Products used in specialised cable and pipeline applications may require customer or agency approvals. Delays or failure to obtain approvals can affect sales opportunities. 15. **End-Market Exposure:** Weakness in telecommunications, power, railway or pipeline investment may reduce demand for the company's compounds. 16. **Import and Logistics Exposure:** Imported raw materials can be affected by currency movements, freight costs, port disruptions and changes in international supply conditions. 17. **Export Concentration:** Export sales are a relatively small part of overall revenue, but dependence on a limited set of overseas markets can create regional and customer risks. 18. **Regulatory and Compliance Risk:** The RHP discloses instances of non-compliance with certain provisions of the Companies Act, 2013, and historical corporate records requiring attention. Investors should review the detailed disclosures and any potential consequences. 19. **Profitability Sustainability:** Recent profit growth may not continue at the same rate if raw material prices rise, customer demand weakens or discretionary supplier discounts and favourable commercial terms change. 20. **Valuation Risk:** At the upper price band of ₹150, the issue is priced at approximately 25.04 times FY2026 diluted earnings per share, compared with an industry peer-group average P/E of approximately 21.46 times as disclosed in the price-band advertisement. 21. **Promoter Shareholding:** The promoter group is expected to retain a substantial shareholding after the issue. Investors should consider the implications for public float, governance and shareholder influence. 22. **Investment Risk:** The IPO share price may fall below the issue price after listing. Investors should review the final RHP, financial statements, risk factors, valuation and their own risk tolerance before applying.
BLS POLYMERS Frequently Asked Questions
What is the BLS POLYMERS IPO price band?
The BLS POLYMERS IPO price band is 142 - 150.
What is the latest BLS POLYMERS IPO GMP?
The latest available BLS POLYMERS IPO GMP in the IPOWEB database is ₹44. GMP is unofficial and does not guarantee a listing gain.
When does the BLS POLYMERS IPO open and close?
The BLS POLYMERS IPO opens on 27 OCT and closes on 29 OCT.
When is the BLS POLYMERS IPO allotment date?
The BLS POLYMERS IPO allotment date is 30 OCT.
When is the BLS POLYMERS IPO listing date?
The BLS POLYMERS IPO listing date is 03 NOV.
What is the BLS POLYMERS IPO subscription?
The latest total subscription available for the BLS POLYMERS IPO is 16.02x.