BLS Polymers IPO
BLS Polymers shares listed on BSE and NSE on 3 November 2026 after an IPO priced at ₹142 to ₹150, an issue of ₹255 crore.
- Minimum investment
- ₹15,0001 lot of 100 shares, at the upper price
- Price band
- ₹142 to ₹150
- Lot size
- 100 shares
- Issue size
- ₹255 crore100% fresh issue
- Bidding
- 27 Oct to 29 Oct
- Listing
- 3 NovBSE, NSE
Dates
BLS Polymers IPO dates
RHP cover page and Terms of the Issue- 26 OctAnchor bidding
- 27 OctBidding opens
- 29 OctBidding closes, UPI by 5 pm
- 30 OctAllotment (expected)
- 2 NovRefunds and demat credit (expected)
- 3 NovListing
- Today6 Nov
Dates after closing are the indicative timetable in the RHP and can move by a day or two.
Read before you apply
BLS Polymers IPO review: read before you apply
Worth checking
- SeriousProfit leans on supplier discounts
Trade discounts from vendors were ₹16.26 crore in FY26, equal to 45% of profit before tax (59% in FY25, 74% in FY24). The RHP says they are discretionary and on short-term terms (Risk factor 45, p. 57).
- Cash from operations turned negative
Operating cash flow was minus ₹6.64 crore in April to June 2026 as receivables rose to ₹95 crore from ₹73 crore in March (Summary of financial statements, p. 84 to 86).
- A growing share is traded goods
Purchases of goods bought in for resale rose to ₹109 crore in FY26, about 31% of revenue, from 14% in FY24 (our calculation from the restated profit and loss).
- Top 10 customers are two-thirds of sales
Top 10 customers gave 66.8% of FY26 revenue and 61.3% in April to June 2026 (Risk factor 2).
- Gaps in old company records
Some past corporate filings are untraceable or incorrect, and there were Companies Act lapses (Risk factors 5 and 6).
- Related company in a similar business
Promoter group company Vinsul Makardi trades polymers, has no non-compete and also supplies some raw material to BLS (Risk factors 19 and 24).
Strengths
- Profit has grown fast
Profit after tax rose from ₹7.52 crore in FY24 to ₹27.01 crore in FY26, and EBITDA margin from 7.1% to 13.3%.
- Debt is coming down
Total borrowings fell from ₹93.8 crore in FY24 to ₹51.7 crore in FY26. Debt to equity went from 2.05 to 0.56.
- Approved by PSU buyers
Products are enlisted with Maharatna, Navratna and Miniratna public sector companies. One such approval took over four years to get (Our Business, p. 249).
- Customers keep coming back
About 90.8% of more than 325 customers in the last three years were repeat customers.
- All money goes to the company
There is no offer for sale. The fresh issue funds the Goa expansion and working capital.
What BLS Polymers does
BLS Polymers makes custom polymer compounds: the plastic material that wraps and insulates wires and cables for telecom, power and railways, and the coating that protects oil, gas and water pipelines from corrosion. It makes 6 products in 127 grades at a single plant in Goa.
About three-quarters of revenue comes from wire and cable compounds and the rest from pipe coating. Telecom is the largest end market. It sold in 23 states and union territories, and about 5% of revenue was exports in April to June 2026. The company was incorporated in Delhi in 1991.
Listing and subscription
BLS Polymers IPO subscription status
NSE IPO details, final figuresListing day
Our calculation: gain vs upper price- Issue price
- ₹150
- Listing price
- ₹248
- Gain at open
- +65.3%
- Day close
- ₹268.8
Subscription
- Total
- 241.22x
- Retail
- 128.36x
- Updated
- 29 Oct 2026, 5:00 pm IST
- QIB50% of offer200.25x
- NII15% of offer559.20x
- Big NII592.83x
- Small NII491.95x
- Retail35% of offer128.36x
- Total241.22x
As of 29 Oct 2026, 5:00 pm IST. Times subscribed is a fact about demand, not a sign of quality. Share of offer is from the RHP offer structure.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
BLS Polymers IPO price band, lot size and issue size
RHP, The Issue (p. 81) and Issue Structure| Price band | ₹142 to ₹150 |
| Lot size | 100 shares |
| Issue size | ₹255 crore at the upper price, 1,70,00,000 shares |
| Face value | ₹10 per share |
| Issue type | Book built, 100% fresh issue |
Who gets how much of the net offer
Up to 60% of the QIB portion can go to anchor investors. NII is split one-third for ₹2 to 10 lakh bids and two-thirds for bids above ₹10 lakh.
What the company will do with the money
RHP, Objects of the Issue (p. 121)| Object of the issue | ₹ crore |
|---|---|
| Expand the Goa plant (₹11.79 crore already spent and to be recouped) | 77.56 |
| Working capital | 89.50 |
| General corporate purposes (up to 25% of gross proceeds) |
Minimum and maximum investment
Our calculation: at ₹150 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min)Minimum application | 1 | 100 | ₹15,000 |
| Retail (max) | 13 | 1,300 | ₹1,95,000 |
| Small NII (min) | 14 | 1,400 | ₹2,10,000 |
| Small NII (max) | 66 | 6,600 | ₹9,90,000 |
| Big NII (min) | 67 | 6,700 | ₹10,05,000 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh.
Valuation calculator
Our calculation: inputs from RHP, Restated Financial Statements and Basis for Issue PriceSet to the upper end of the band, ₹150. Change it to see what you would be paying for.
- Market cap
- ₹930 cr
- P/E (FY26)
- 25.0x
- Price to book
- 8.8x
- Market cap to sales
- 2.7x
- Peer average P/E
- 24.59x
Based on FY26 EPS of ₹5.99, 6.20 crore shares, net worth of ₹105.17 crore (June 2026) and revenue of ₹349.43 crore. Shares after the IPO include the 1.70 crore new shares.
Financials
BLS Polymers financials
RHP, Summary of Financial Statements (p. 83), ₹ croreRevenue and profit
Profit vs supplier discounts
Revenue grew 8.6% a year from FY24 to FY26, while profit after tax grew about 90% a year from a low base (our calculation).
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 296.36 | 328.44+10.8% | 349.43+6.4% | 107.03 |
| Other income | 5.15 | 8.26 | 4.98 | 0.78 |
| EBITDA | 21.05 | 39.66 | 46.60 | 16.21 |
| EBITDA margin | 7.1% | 12.1% | 13.3% | 15.1% |
| Profit after tax | 7.52 | 21.14+181.1% | 27.01+27.8% | 10.23 |
| PAT margin | 2.5% | 6.4% | 7.7% | 9.6% |
| EPS (₹) | 1.67 | 4.69 | 5.99 | 2.27 |
| Net worth | 46.83 | 67.94 | 94.93 | 105.17 |
| Total assets | 168.49 | 179.14 | 206.13 | 231.34 |
| Total borrowings | 93.77 | 73.92 | 51.72 | 62.91 |
| Trade receivables | 62.69 | 73.73 | 72.71 | 95.15 |
| Cash from operations | 2.65 | 25.13 | 38.06 | -6.64 |
Q1 FY27 is April to June 2026 and is not annualised. Total borrowings add current and non-current borrowings (our calculation). EPS is adjusted for the 369-for-100 bonus issue of May 2025.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Issue Price (p. 141). Peer prices as of 12 Oct 2026.The company picked these three listed compounders as peers. All are much larger.
| Company | Revenue (₹ crore) | EPS (₹) | P/E | RoNW | NAV per share (₹) |
|---|---|---|---|---|---|
| BLS Polymers | 349.43 | 5.99 | At issue price | 28.45% | 21.08 |
| Kingfa Science and Technology (India) | 1,995.55 | 144.10 | 46.25x | 13.24% | 1,155.40 |
| DDev Plastiks Industries | 2,947.87 | 19.50 | 12.97x | 19.92% | 97.93 |
| Plastiblends India | 788.66 | 14.12 | 14.53x | 8.17% | 172.78 |
The industry average P/E of 24.59x is from the RHP (Basis for Issue Price, p. 140), based on three listed peers.
Key performance indicatorsReturn on equity, Return on capital employed, Debt to equity and more
| Metric | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Return on equity | 17.5% | 36.8% | 33.2% | 10.2%* |
| Return on capital employed | 12.8% | 25.5% | 29.5% | 9.1%* |
| Debt to equity | 2.05 | 1.11 | 0.56 | 0.61 |
| Top 10 customers, share of revenue | 50.5% | 64.4% | 66.8% | 61.3% |
| Trade discounts as share of PBT | 73.6% | 59.3% | 45.2% | 28.5% |
| Raw material bought (tonnes) | 28,417 | 30,712 | 34,499 | 7,262 |
*Not annualised.
RHP, Basis for Issue Price (p. 142) and Risk Factors
Company
About BLS Polymers
Business
RHP, Our Business (p. 248)Products include HDPE, MDPE and LLDPE compounds for cable sheathing, XLPE for high-voltage insulation, halogen free flame retardant (HFFR) and PVC compounds, cable filling compounds, and adhesive compounds for three-layer pipe coating, which it started making in 2022.
Revenue by division, FY26
- Customers FY26
- 190
- Repeat customers
- 90.8%
- Product grades
- 127
- Plants
- 1, in Goa
Key risks
RHP, Risk Factors (p. 25), 92 listed- Dependence on wire and cable demand73% to 82% of revenue in each period came from wire and cable compounds.
- Discounts may not continueA large part of recent profit came from discretionary supplier discounts on short-term terms.
- Customer concentrationThe top 10 customers gave two-thirds of FY26 revenue, with no firm long-term commitments.
- Resin price swingsPolymer resin prices move with crude oil and petrochemical cycles and can squeeze margins.
- Slow-paying customersReceivables are large and the company has filed several cheque-bounce and recovery cases against buyers.
- One plantAll manufacturing is at a single site in Goa, so any shutdown hits the whole business.
- Expansion riskThe Goa capacity expansion could face delays or cost overruns, and some equipment is yet to be ordered.
These are the 7 that matter most for a retail investor, in our reading. The RHP lists all 92.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingThe promoter group owns 98.53% before the IPO and about 71.5% after.
Promoters: Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal and Karan Aggarwal (Chairman and Managing Director). The promoter group owns 98.53% before the IPO and about 71.5% after.
| Shareholder | Before IPO | After IPO | Avg cost per share |
|---|---|---|---|
| Vinod Aggarwal | 16.16% | 11.73% | ₹2.13 |
| Diwakar Aggarwal | 16.07% | 11.67% | ₹6.91 |
| Sushil Aggarwal | 14.19% | 10.30% | ₹2.13 |
| Madhukar Aggarwal | 10.28% | 7.46% | ₹2.13 |
| Karan Aggarwal | 9.95% | 7.23% | ₹14.93 |
| Other promoter group | 31.88% | 23.14% | |
| Public (new investors) | 0% | 27.41% |
After-IPO figures are our calculation, assuming all 1.70 crore new shares are issued. The low average cost reflects a 369-for-100 bonus issue in May 2025.
RHP, Capital Structure (p. 100) and Risk Factor 66
IndustryIndia market 2025: USD 9,934 million
- India market 2025
- USD 9,934 million
- India market 2019
- USD 5,967 million
- Expected by 2031
- USD 16,507 million
- Expected growth
- About 9% a year
Figures are for the whole Indian polymer compounding market, which also serves autos, packaging and electronics, not only cables and pipes.
CRISIL report in the RHP, paid for by the company (p. 160)
LitigationCriminal cases against the company or promoters: 0 · Regulatory actions against the company: 0 · Cases filed by the company (mostly cheque bounce): 9
| Type | Cases | Amount |
|---|---|---|
| Criminal cases against the company or promoters | 0 | |
| Regulatory actions against the company | 0 | |
| Cases filed by the company (mostly cheque bounce) | 9 | Includes ₹1.89 crore claimed from one buyer |
| Direct tax (company) | 1 | ₹0.23 crore |
| Indirect tax (company) | 2 | ₹0.55 crore |
An independent director faces two drug-quality cases relating to another company where he is a director. Contingent liabilities were ₹10.94 crore in June 2026, mostly bank guarantees (p. 87).
RHP, Outstanding Litigation (p. 430)
Company detailsLegal name, registered office, CIN and website
| Legal name | BLS Polymers Limited |
| Incorporated | 16 January 1991, Delhi |
| Chairman and MD | Karan Aggarwal |
| Registered office | Barakhamba Road, New Delhi |
| Plant | Goa, about 24,220 sq m of land |
| CIN | U24111DL1991PLC042745 |
| Website | blspolymers.com |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
BLS Polymers IPO allotment status
Out from 30 Oct 2026- Open the registrar's pageKFin Technologies Limited is the registrar. Open its allotment page.
- Select BLS Polymers LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
BLS Polymers IPO FAQs
When does the BLS Polymers IPO open and close?
The BLS Polymers IPO opens on Tuesday, 27 October 2026 and closes on Thursday, 29 October 2026. Anchor bidding is on 26 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the BLS Polymers IPO price band and lot size?
The price band is ₹142 to ₹150 per share. The lot size is 100 shares, so the minimum bid is 100 shares, or ₹15,000 at the upper price.
What is the BLS Polymers IPO size?
The BLS Polymers IPO is of ₹255 crore at the upper end of the price band. It is a 100% fresh issue.
What is the BLS Polymers IPO allotment date?
Allotment is (expected) on Friday, 30 October 2026. Refunds and demat credit are expected on 2 November 2026.
What is the BLS Polymers IPO listing date?
BLS Polymers shares are due to list on BSE and NSE on Tuesday, 3 November 2026.
Who is the registrar of the BLS Polymers IPO?
KFin Technologies Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does BLS Polymers do?
BLS Polymers makes polymer compounds used to insulate and sheath wires and cables for telecom, power and railways, and to coat oil, gas and water pipelines. It has one plant in Goa.
Did the BLS Polymers IPO have anchor investors?
Yes. Anchor bidding was on 26 Oct 2026, the working day before the issue opened, and NSE has published the anchor allocation file (linked under documents). It lists each anchor investor and the shares allotted. Up to 60% of the QIB portion can go to anchor investors.
Is the BLS Polymers IPO a fresh issue or an offer for sale?
It is a 100% fresh issue of up to 1,70,00,000 shares. There is no offer for sale, so the money goes to the company.
What will BLS Polymers do with the IPO money?
₹77.56 crore is for expanding its Goa plant, ₹89.50 crore for working capital, and the rest for general corporate purposes.
What were BLS Polymers' revenue and profit in FY26?
Revenue from operations was ₹349.43 crore and profit after tax was ₹27.01 crore in FY26.
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