About BLS Polymers IPO
BLS Polymers Limited, a manufacturer of custom-formulated polymer compounds for the wire, cable and pipeline industries, opens its IPO for public subscription from October 27, 2026, to October 29, 2026.
The price band of BLS Polymers is ₹142 to ₹150 per equity share of face value ₹10.
This IPO is a book-built issue of ₹255.00 crore, comprising entirely of a fresh issue of 1,70,00,000 equity shares. There is no offer for sale component, so the full amount accrues to the company rather than to selling shareholders.
Business Overview of BLS Polymers
BLS Polymers Limited was incorporated in 2003 and manufactures polymer compounds that insulate and sheath wires and cables, and coat underground pipelines, supplying power, telecom, railway, water and oil and gas customers.
Key Highlights of this IPO:
| Business Highlights | Key Details |
|---|---|
| Incorporated | 2003 |
| Business | Custom-formulated polymer compounds for wire and cable insulation and sheathing, and pipeline coating |
| Product Range | HDPE, MDPE, LLDPE, XLPE, cross-linkable and halogen-free flame-retardant (HFFR) grades, PVC compounds, cable filling compounds and adhesive coating compounds |
| End Applications | Power, telecom, railways, water distribution, oil and gas; three-layer polyethylene pipeline coatings |
| Manufacturing | Single facility in Goa, running 11 machines with an in-house laboratory |
| Customers | More than 190 |
| Export Reach | Bangladesh, Egypt, Saudi Arabia, the UAE, the United States and Zambia |
| Certifications | ISO 9001:2015 |
| Logistics | Plant located near Mormugao Port, supporting raw material imports and finished goods exports |
| Post-Issue Market Cap | ₹930.48 crore at the upper band |
BLS Polymers: IPO Date, Price, and Other Details
Here are the details of the upcoming BLS Polymers IPO:
| Particular | Detail |
|---|---|
| Issue Size | ₹255.00 crore |
| Offer Type | Book-built issue (fresh capital only) |
| Fresh Issue | ₹255.00 crore (1,70,00,000 shares) |
| Offer for Sale | Nil |
| Face Value | ₹10 per equity share |
| Price Band | ₹142 to ₹150 per share |
| IPO Open Date | October 27, 2026 |
| IPO Close Date | October 29, 2026 |
| Basis of Allotment | October 30, 2026 |
| Refunds / UPI Unblock | November 2, 2026 |
| Credit to Demat Account | November 2, 2026 |
| Listing Date | November 3, 2026 |
| Lot Size | 100 shares |
| Minimum Investment (Retail) | ₹15,000 |
| Book Running Lead Manager | Unistone Capital Pvt. Ltd. |
| Registrar | KFin Technologies Ltd. |
| Listing Exchanges | BSE, NSE |
BLS Polymers IPO Market Lot
The BLS Polymers IPO minimum market lot is 100 shares with a ₹15,000 application amount.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 100 | ₹15,000 |
| Retail (Max) | 13 | 1,300 | ₹1,95,000 |
| S-HNI (Min) | 14 | 1,400 | ₹2,10,000 |
| S-HNI (Max) | 66 | 6,600 | ₹9,90,000 |
| B-HNI (Min) | 67 | 6,700 | ₹10,05,000 |
BLS Polymers IPO Reservation: Who Can Apply?
The BLS Polymers IPO has the following investor category reservation:
| Investor Category | Portion of Offer |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% |
| Retail Individual Investors | Not less than 35% |
| Non-Institutional Investors (NII) | Not less than 15% |
Strengths and Risks of BLS Polymers IPO
Every business has its strengths and risks, and BLS Polymers is no different. Here is a brief business analysis (as per RHP) below:
Strengths
- Sharp margin improvement: EBITDA margin increased from 6.98% in FY2024 to 13.15% in FY2026. Net profit margin also rose from 2.49% to 7.62%, showing improved profitability.
- Lower debt and higher net worth: Borrowings of BLS Polymers fell from ₹93.77 crore in FY2024 to ₹51.72 crore in FY2026, while net worth more than doubled from ₹46.83 crore to ₹94.93 crore.
- No shares being sold by promoters: The entire ₹255 crore IPO is a fresh issue. The company will receive the funds, rather than existing shareholders selling their shares.
- Funds allocated for business growth: The company plans to use ₹77.56 crore for plant expansion and ₹89.50 crore for working capital to support its operations.
- Customers across multiple industries: Power, telecom, railway, water, and oil and gas customers across more than 190 accounts.
- Exports to multiple countries: The company exports to more than six countries, and its plant is located near Mormugao Port, supporting access to export routes.
Risks
- Earnings growth is margin-led, not volume-led - Total income grew 11.7% in FY2025 but only 5.3% in FY2026, while PAT more than tripled across the two years.
- Single-location manufacturing - All output comes from one facility in Goa, with no second plant to absorb volumes in a disruption.
- Valuation leaves limited room for disappointment - At 22.73 times post-issue earnings and 7.12 times book value, means that the company’s IPO is priced at a relatively high valuation.
- Borrowings have begun rising again - Debt stood at ₹62.91 crore as of 30 June 2026 against ₹51.72 crore at the FY2026 close.
- Raw material and currency exposure - Compounding margins turn on the resin-to-compound spread; resin prices track crude and petrochemical cycles, and imported feedstock adds currency risk.
- Concentrated control after listing - Promoter and promoter group holding remains 71.53% post-issue.
BLS Polymers IPO Objectives – How Will the Funds Be Used?
BLS Polymers proposes to utilise the net proceeds of the fresh issue towards:
| # | Issue Objects | Est. Amount (₹ crore) |
|---|---|---|
| 1 | Capital expenditure to expand the manufacturing facility by increasing capacity for certain existing products | 77.56 |
| 2 | Working capital requirements | 89.50 |
| 3 | General corporate purposes | Balance |
Promoter Shareholding of BLS Polymers
The promoters of BLS Polymers Limited are Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal and Karan Aggarwal.
| Category | Pre-IPO |
|---|---|
| Promoter and Promoter Group | 98.53% |
| Public | 1.47% |
| Total | 100% |
Financial Performance of BLS Polymers (Restated Consolidated, ₹ in crores)
Here's the table outlining the financial performance of BLS Polymers Limited from FY 2024 to FY 2026.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 206.13 | 179.14 | 168.49 |
| Total Income | 354.41 | 336.70 | 301.50 |
| Profit After Tax | 27.01 | 21.14 | 7.52 |
| EBITDA | 46.60 | 39.66 | 21.05 |
| Net Worth | 94.93 | 67.94 | 46.83 |
| Reserves and Surplus | 49.90 | 58.34 | 37.23 |
| Total Borrowing | 51.72 | 73.92 | 93.77 |
Key Performance Indicators of BLS Polymers
Based on the financials available in the RHP, the following key performance metrics of the BLS Polymers IPO can be considered.
| KPI | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| EBITDA Margin | 13.15% | 11.78% | 6.98% |
| PAT Margin | 7.62% | 6.28% | 2.49% |
| Return on Equity (ROE) | 33.17% | 36.83% | 17.48% |
| Return on Capital Employed (ROCE) | 29.51% | 25.46% | 12.84% |
| Return on Net Worth (RoNW) | 28.45% | 31.11% | 16.06% |
| EPS (Earning Per Share – ₹) | 5.99 | 4.69 | 1.67 |
| Net Asset Value (NAV – ₹) | 21.08 | 15.09 | 10.40 |
| Debt / Equity | 0.54 | 1.11 | 2.05 |
(Note: Return ratios, EPS and the full valuation table must be taken from the "Basis for Offer Price" section of the RHP.)
Registrar of BLS Polymers IPO
The Registrar of the BLS Polymers IPO is KFin Technologies Ltd.
Phone: 040-79615565
Allotment status: https://ipostatus.kfintech.com/
Lead Manager of BLS Polymers IPO
Unistone Capital Pvt. Ltd. is the sole book-running lead manager to the BLS Polymers IPO.
