Minimum Investment
About Company
Company Name: BLS Polymers Limited
Industry / Sector: Specialty Chemicals / Polymer Compounds
Founded Year: January 1991
Promoters: Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal, Karan Aggarwal
BLS Polymers Limited is a New Delhi-headquartered manufacturer of custom-formulated polymer compounds, incorporated in January 1991. The company operates a manufacturing facility in Goa with an installed capacity of 35,251 MTPA and produces polymer compounds used in the sheathing, jacketing, and insulation of wires and cables, as well as protective coating for underground oil, gas, and water pipelines. Its product portfolio includes HDPE, MDPE, LLDPE, XLPE, HFFR, PVC, cable filling compounds, and adhesive coating compounds. The company serves over 190 customers across the power, telecommunications, railways, and infrastructure industries, with operations spanning 23 states and Union Territories in India and exports to 13 countries. It is part of the BLS Group, which has business interests across textiles, education, polymers, visa and consular services, banking business correspondent services, and e-governance. The company is a mainboard IPO aiming to expand its manufacturing capacity and strengthen its working capital position.
IPO Basic Details
| Company Name | BLS Polymers Limited |
| IPO Type | Mainboard IPO |
| Price Band | ₹142 – ₹150 |
| Lot Size | 100 Shares |
| Total Issue Size | 1,70,00,000 Equity Shares (₹255.00 Cr) |
IPO Strengths & Risks
Strengths
- Over two decades of experience in the polymer compounding industry (incorporated 1991)
- In-house product development capabilities for application-specific polymer compositions
- Secured product enlistments with a Maharatna power transmission company
- Repeat customers contributed 96.5% of revenue from operations in FY26
- Diversified customer base of over 190 customers across power, telecom, railways, and infrastructure
- Exports to 13 countries including the US, Germany, Saudi Arabia, UAE, and Bangladesh
- Capacity expansion plans for PE and XLPE compounds by 52,050 MTPA using IPO proceeds
- Strong return ratios with ROE exceeding 30%
Risks
- Customer and supplier concentration risks flagged by brokerages
- Raw material price volatility affecting margins
- Reliance on a single manufacturing facility in Goa
- High working capital intensity inherent in the polymer compounds business
- Susceptibility to cyclicality in end-user industries (power, telecom, construction)
- Trading revenue share increased to 32% of FY26 revenue from 14% in FY24, while manufactured sales declined
IPO Important Dates
| IPO Open Date | 27 Oct 2026 |
| IPO Close Date | 29 Oct 2026 |
| Basis of Allotment | 30 Oct 2026 |
| Refund Initiation | 02 Nov 2026 |
| Demat Credit Date | 02 Nov 2026 |
| Listing Date | 03 Nov 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | - |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – -
- Debt repayment – -
- General corporate purposes – -
Investor Reservation
| QIB Quota | Not more than 50% of the Net Issue (85,00,000 shares) |
| Retail Quota | Not less than 35% of the Net Issue (59,50,000 shares) |
| HNI Quota | - |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 100 | ₹15,000 (at upper band) |
| Retail Maximum | 13 Lots | 1,300 | ₹1,95,000 (at upper band) |
| S-HNI Minimum | 14 Lots | 1,400 | ₹2,10,000 (at upper band) |
| S-HNI Maximum | 66 Lots | 6,600 | ₹9,90,000 (at upper band) |
| B-HNI Minimum | 67 Lots | 6,700 | ₹10,05,000 (at upper band) |
Key Performance Indicators (KPI)
| ROE | >30% (FY26) |
| ROCE | Not Available |
| RoNW | - |
| PAT Margin | 7.73% (FY26) |
| EBITDA Margin | 13.33% (FY26) |
| EPS | ₹6.00 (FY26, pre-IPO), ₹20.17 (TTM) |
| NAV per share | - |
| Debt to Equity | Not Available |
| P/E Ratio | ~25x-34.45x (FY26, based on pre-IPO/post-IPO share count) |
| Industry P/E | - |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| Q1 FY2027 (Jun 30, 2026) | Not Available | ₹107.03 Cr | ₹10.23 Cr | Not Available | Not Available | Not Available |
| FY2026 (Mar 31, 2026) | ₹206.13 Cr | ₹354.41 Cr | ₹27.01 Cr | ₹46.88 Cr | Not Available | Not Available |
| FY2025 (Mar 31, 2025) | Not Available | ₹336.70 Cr | ₹21.14 Cr | ₹40.03 Cr | Not Available | Not Available |
| FY2024 (Mar 31, 2024) | Not Available | ₹301.50 Cr | ₹7.52 Cr | ₹21.55 Cr | Not Available | Not Available |
Grey Market Premium
| GMP Price | ₹44 (as of 28 Oct 2026, 07:46 AM) |
| Kostak Rate | Not Available |
| Subject to Sauda | Not Available |
| Last Updated | 28 Oct 2026 |
| Estimated Listing Price | ₹194 (approx. 29.3% premium over upper price band) |
IPO Subscription Data
| Total Subscription | 31.01x (Day 2, 28 Oct 2026, 4:44 PM) |
| QIB (Ex Anchor) | 12.18x |
| HNI Subscription | 64.60x |
| Retail Subscription | 27.36x |
| Anchor | - |
IPO Intermediaries
Registrar: KFin Technologies Limited
Registrar Website: https://www.kfintech.com
IPO Lead Manager(s)
Company Information
Address: 604, Indra Prakash, 21, Barakhamba Road, New Delhi – 110 001, Delhi, India
Website: https://www.blspolymers.com
Email: corporate@blspolymers.com
Phone: +91 114 352 6312
IPO Documents
Frequently Asked Questions (FAQ)
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