BLS Polymers IPO
Last GMP before listing: ₹68 to ₹70. GMP is unofficial and may differ from the actual listing result.
Updated 05 Nov 2026. Information only, not a recommendation.
About BLS Polymers
BLS Polymers, incorporated in 1991 with its registered office in New Delhi, makes custom polymer compounds used to insulate and sheathe wires and cables and to coat underground pipelines. Its range includes polyethylene (PE and XLPE), HFFR, PVC, cable filling and pipe coating adhesive compounds across more than 120 grades. Manufacturing is at a single plant in Goa, and wire and cable makers are its main customers.
| Headquarters | New Delhi, Delhi |
| Founded | 1991 |
| Key person | Karan Aggarwal, Chairman and Managing Director |
| Website | https://www.blspolymers.com |
BLS Polymers financials
All figures in ₹ Cr. Revenue from operations (not total income of 301.50 / 336.70 / 354.41) as per Groww, mStock and INDmoney; FY25 revenue is 328.44 on mStock and INDmoney, 328.43 on Groww. PAT agrees across all sources. Assets from IPO Watch and INDmoney. FY ends 31 March. Not checked against the RHP PDF directly.
| Year | Revenue | Profit after tax | Total assets |
|---|---|---|---|
| FY24 | 296.36 | 7.52 | 168.49 |
| FY25 | 328.44 | 21.14 | 179.14 |
| FY26 | 349.43 | 27.01 | 206.13 |
Key performance indicators
FY26 basis. ROE, ROCE and D/E match IPO Watch and INDmoney; EBITDA and PAT margins match three sources (PAT margin = 27.01 / 349.43). P/E 25.04x at ₹150 is from mStock and equals 150 / 5.99. NAV 21.08 is consistent with mStock's price-to-book of about 7.1x.
| Indicator | Value |
|---|---|
| ROE % | 33.17 |
| ROCE % | 29.51 |
| EBITDA margin % | 13.33 |
| PAT margin % | 7.73 |
| Debt to equity | 0.56 |
| EPS pre-IPO ₹ | 5.99 |
| NAV per share ₹ | 21.08 |
| P/E at upper band | 25.04 |
Objects of the BLS Polymers IPO
| Purpose | Estimated amount |
|---|---|
| Capital expenditure to expand the manufacturing facility (Goa) | ₹77.56 Cr |
| Funding working capital requirements | ₹89.50 Cr |
| General corporate purposes | To be decided |
Strengths and risks
Points drawn from the offer document and news reports. They are facts to read, not advice.
Strengths
- PAT grew from ₹7.52 Cr in FY24 to ₹27.01 Cr in FY26 on revenue growth from about ₹296 Cr to about ₹349 Cr.
- Borrowings fell by more than ₹40 Cr between FY24 and FY26, and debt-to-equity dropped from about 2x to about 0.56.
- Offers more than 120 compound grades in six product groups, serving power, telecom, rail signalling and oil, gas and water pipeline uses.
- Several products are enlisted with government agencies and public sector companies, and its pipe-coating adhesives carry third-party certification.
- Planned Goa expansion is meant to lift capacity from about 35,000 to about 87,000 tonnes a year.
Risks
- Wire and cable compounds make up about four-fifths of revenue, and the top ten customers about two-thirds, with the largest customer close to one-third of FY26 revenue.
- All manufacturing is at one plant in Goa.
- Raw materials are polymer resins linked to crude oil prices, and there are no long-term price agreements with suppliers.
- Operating cash flow was negative in the June 2026 quarter.
- New capacity could be under-used if demand falls short or the expansion is delayed.
Lead managers and registrar
| Lead manager(s) | Unistone Capital Private Limited |
| Registrar | KFin Technologies Limited |
| Face value | ₹10 per share |
BLS Polymers IPO: frequently asked questions
What is the issue size of the BLS Polymers IPO?
The BLS Polymers IPO is a fresh issue of ₹255 Cr.
What are the open and close dates of the BLS Polymers IPO?
Bidding opens on 27 Oct 2026 and closes on 29 Oct 2026.
What is the price band of the BLS Polymers IPO?
The price band is ₹142 – ₹150 per share.
What is the lot size and minimum investment in the BLS Polymers IPO?
One lot is 100 shares. The minimum investment at the upper price band is ₹15,000 (1 lot).
When is the BLS Polymers IPO allotment date?
Allotment is expected on 30 Oct 2026. You can check it on the registrar’s website (KFin Technologies Ltd.) or through your broker.
Where will the BLS Polymers IPO list?
The shares are proposed to list on NSE, BSE, with a listing date of 03 Nov 2026.
What is the GMP of the BLS Polymers IPO?
GMP is an unofficial grey market quote that changes every day. See the latest value, with the date, in the GMP section at the top of this page. It does not guarantee the listing price.
Sources: groww.in, ipowatch.in, www.mstock.com, www.indmoney.com, www.businesstoday.in, www.blspolymers.com.
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