BLS Polymers
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 200.25×
- Big non-institutionalbNII · above ₹10 lakh
- 592.83×
- Small non-institutionalsNII · ₹2–10 lakh
- 491.94×
- Retail individualRII · up to ₹2 lakh
- 128.36×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 34,00,000 | 68,08,57,700 | ₹10,213 Cr | 200.25× |
| Non-institutional | 25,50,000 | 1,42,59,67,100 | ₹21,390 Cr | 559.20× |
| Big non-institutionalwithin NII | 17,00,000 | 1,00,78,15,300 | ₹15,117 Cr | 592.83× |
| Small non-institutionalwithin NII | 8,50,000 | 41,81,51,800 | ₹6,272 Cr | 491.94× |
| Retail individual | 59,50,000 | 76,37,25,200 | ₹11,456 Cr | 128.36× |
| Total | 1,19,00,000 | 2,87,05,50,000 | ₹43,058 Cr | 241.22× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 29 Oct, 05:40 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 27 Oct 2026 – 29 Oct 2026
- Listing date
- 03 Nov 2026
- Face value
- ₹10 per share
- Price band
- ₹142 – ₹150
- Issue price
- ₹150 per share
- Lot size
- 100 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹255 Cr
- Fresh issue
- ₹255 Cr 1,70,00,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹930 Cr
- Promoter holding
- 98.53% → 71.53% pre-issue → post-issue
- ISIN
- INE0ZCQ01019
- CIN
- U24111DL1991PLC042745
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Unistone Capital Pvt.Ltd.
- Registered office
- 604, Indra Prakash, 21, Barakhamba Road, New Delhi – 110 001, Delhi, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 34,00,000 | 28.57% | 28.57% |
| Anchor investor · within QIB | 51,00,000 | — | 42.86% |
| NII (HNI) | 25,50,000 | 21.43% | 21.43% |
| bNII > ₹10L · within NII | 17,00,000 | — | 14.29% |
| sNII < ₹10L · within NII | 8,50,000 | — | 7.14% |
| Retail (RII) | 59,50,000 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Total issue | 1,19,00,000 | — | 100.00% |
Net offer to the public of 1,19,00,000 shares, out of a total issue of 1,19,00,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 100 shares per lot, in multiples, at ₹150
| Application | Lots | 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 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.00 | 6.60 |
| P/E (×) | 25.00 | 22.73 |
| Price to book (×) | 7.12 | — |
| Market cap | — | ₹930 Cr |
Key performance indicators
- Return on net worth
- 28.45%
- ROCE
- 30.00%
- Debt / equity
- 0.56
- PAT margin
- 7.73%
- EBITDA margin
- 13.33%
- NAV per share
- ₹21.08
- Price to book
- 7.12
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 | FY25 |
|---|---|---|
| Profit and loss | ||
| Total income | 354.41 | 336.7 |
| Revenue from operations | 349.43 | 328.44 |
| Other income | 4.98 | 8.26 |
| Total expenses | 318.43 | 308.43 |
| Operating profit | 35.98 | 28.27 |
| Operating margin | 10.15% | 8.40% |
| Profit before tax | 35.99 | 28.27 |
| Profit after tax | 27.01 | 21.14 |
| PAT margin | 7.62% | 6.28% |
| Balance sheet | ||
| Total assets | 206.13 | 179.14 |
| Current assets | 177.32 | 157.35 |
| Current liabilities | 106.78 | 109.13 |
| Total liabilities | 111.2 | 111.2 |
| Net worth | 94.93 | 67.94 |
| Current ratio | 1.66× | 1.44× |
| Return on equity | 28.45% | 31.12% |
| Cash flow | ||
| Operating cash flow | 38.06 | 25.13 |
| Investing cash flow | -6.36 | 0.58 |
| Financing cash flow | -31.05 | -25.72 |
| Net cash flow | 0.66 | -0.01 |
Objects of the issue
1 Financing Capital Expenditure for Expansion of Manufacturing Facility ₹77.56 Cr
The company intends to utilize a portion of the Net Proceeds to finance capital expenditure towards expanding its existing Manufacturing Facility at Goa by increasing the manufacturing capacity of PE and XLPE compounds by lakhs of MTPA, covering civil works, utilities, and plant & machinery.
2 Funding Working Capital Requirements ₹89.50 Cr
The company proposes to deploy a portion of the Net Proceeds to meet its working capital requirements, including inventories, trade receivables, and other current assets, to support business operations and execute future domestic and international orders across Fiscals 2027 and 2028.
3 General Corporate Purposes —
The company intends to utilize the balance Net Proceeds for general corporate purposes, including meeting ordinary course business requirements such as marketing, salaries, rent, administration expenses, maintenance, payment to creditors, and advisory services, subject to a cap of 25% of Gross Proceeds.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About BLS Polymers
BLS Polymers Limited is a manufacturer of multiple grades of custom formulated polymer compounds. Its compounds are used for sheathing, jacketing and insulation of wires and cables, and for coating underground oil, gas and water pipelines. The company's customers are primarily wire and cable manufacturers and pipeline-coating companies in India, with a smaller share overseas. It sells predominantly to private customers, mostly through direct sales, and a significant majority of its revenue comes from repeat customers. The company operates nine facilities: one manufacturing facility and one warehouse in Goa, two warehouses in New Delhi, and one godown in Bhiwandi. Its operations span 23 states and union territories, and it exported to Bangladesh, Egypt, Oman, Saudi Arabia, Turkey, United Arab Emirates, United States of America and Zambia. Its promoters have been associated with the company since incorporation, and Karan Aggarwal has been associated since September 13, 2016. Revenue from operations was ₹ 34,942.83 lakhs in Fiscal 2026, ₹ 32,843.59 lakhs in Fiscal 2025 and ₹ 29,635.83 lakhs in Fiscal 2024, and profit after tax was ₹ 2,700.94 lakhs in Fiscal 2026. The company earns revenue by manufacturing and selling these polymer compounds to its industrial customers.
Management
Karan Aggarwal
MD
Dinesh Sharma
Director
Vinod Aggarwal
Director
Manoj Joshi
Director
Shivani Mishra
Director
Arun Kumar Verma
Director
Arvind Kumar Agarwal
CFO
Neha Kumar Sunit
Director of Operations
Joydeep Guha
COO
Shameendra Vittala Hegde
Director of Operations
Sameer Ramesh Kadam
VP of Sales
Strengths
As stated in the offer document
Enlisted with Prominent Government Agencies with Pre-Approved Product Portfolio
The company has enlisted its products with a Maharatna CPSE power transmission company, a Navratna CPSE engineering consultancy company, a Miniratna CPSE telecommunication company, and the Government of Gujarat, serving as a significant barrier to entry for new players in the polymer compound industry.
Diversified Industry Applications with Differentiated Product Portfolio
The company manufactures 127 grades across 6 product segments (PE, XLPE, PVC, CFC, HFFR, Pipe Coating), with wire & cable and pipe coating products generating revenues of ₹28,279.63 lakhs and ₹6,663.20 lakhs respectively in Fiscal 2026, representing 80.93% and 19.07% of total revenue.
Long-Standing Relationships with Customers
The company has served more than 190 customers across power cables, telecommunication, and infrastructure industries, with ~93.92% repeat customers year-on-year; revenue from repeat customers constituted 96.51% of revenue from operations in Fiscal 2026 (₹33,724.33 lakhs).
PAN-India Market Presence
The company has established a presence across 23 states/union territories in India, with 94.68% of revenue from operations generated from domestic operations as of June 30, 2026, and has also exported to countries such as Bangladesh, Egypt, Saudi Arabia, UAE, and Zambia.
Integrated Product Development Capabilities
The company has an in-house product development team of 7 employees (as of August 31, 2026) supported by third-party consultants, with a total development cost of ₹120.86 lakhs incurred for HDPE and adhesive coating compounds for 3LPE Coating, which have been enlisted with a Navratna CPSE engineering consultancy company.
Industry Tailwinds Supporting Growth
The Indian polymer compounding market grew from USD 5,967 million in 2019 to USD 9,934 million in 2025 and is expected to grow at a CAGR of ~9.0% from 2026 to 2031, reaching USD 16,507 million, driven by infrastructure development, power sector expansion, and government initiatives like the National Gas Grid and Jal Jeevan Mission.
Experienced Promoters and Senior Management Team
The company is guided by promoters with extensive polymer industry experience, including Vinod Aggarwal (35+ years) and Karan Aggarwal (14+ years), supported by senior professionals such as Executive Director Dinesh Sharma (35+ years in sales & marketing), enabling effective navigation of market challenges.
Risk factors
As stated in the offer document
High Revenue Concentration in Wire and Cable Polymer Compounds
The company derived 73.20%, 80.93%, 81.59%, and 80.49% of its revenue from wire and cable polymer compounds during the three months ended June 30, 2026, and Fiscals 2026, 2025, and 2024, respectively. Any reduction in demand for these products or a downturn in the wire and cable industry could materially and adversely affect the company's business, financial condition, and cash flows.
Dependence on Top 10 Customers
The company's top 10 customers contributed 61.34%, 66.81%, 64.44%, and 50.52% of revenue during the three months ended June 30, 2026, and Fiscals 2026, 2025, and 2024, respectively. The loss of any key customer due to order cancellations, financial difficulties, or competitive shifts could have a material adverse effect on the company's business and financial performance.
Dependence on Key Suppliers and Raw Material Price Volatility
The top 10 suppliers accounted for 88.02% of total procurement costs in the three months ended June 30, 2026, with raw material costs representing 76.62% of total revenue from operations. The company has not entered into long-term supply agreements with most suppliers, exposing it to supply disruptions, price volatility linked to crude oil markets, and inability to pass increased costs to customers.
Vendor Trade Discounts Materially Impact Profitability and May Not Be Sustainable
Trade discounts from vendors amounted to ₹389.78 lakhs, ₹1,625.90 lakhs, ₹1,675.74 lakhs, and ₹712.96 lakhs for the three months ended June 30, 2026, and Fiscals 2026, 2025, and 2024, representing 28.49%, 45.18%, 59.28%, and 73.55% of profit before tax, respectively. These discounts are discretionary and not backed by long-term contracts; their reduction or withdrawal would materially increase operating costs and adversely affect financial results.
Negative Cash Flows and Working Capital Risks
The company experienced negative cash flows from operating activities of ₹407.69 lakhs in the three months ended June 30, 2026, and has significant working capital requirements with net working capital of ₹13,574.98 lakhs as of June 30, 2026. High trade receivables (91.92% of revenue as of June 30, 2026) and inventory levels, combined with overdue export receivables in non-compliance with FEMA, pose material risks to liquidity and financial stability.
Single Manufacturing Facility Concentration Risk
The company operates from a single manufacturing facility in Goa, making it highly vulnerable to any localized disruption such as natural disasters, regulatory shutdowns, equipment failures, or labor disputes. Any significant shutdown or production problem at this facility could reduce sales, increase costs, and materially adversely affect the company's business, cash flows, and financial condition.
Corporate Records Untraceable and Regulatory Non-Compliance History
The company has been unable to trace numerous corporate records and statutory filings dating back to incorporation, including financial statements, board meeting minutes, and regulatory forms across multiple fiscal years. Additionally, several non-compliances with the Companies Act, 2013 have been identified, including failures related to dematerialization, CSR spending, and share transfer procedures, exposing the company to potential regulatory penalties and reputational damage.
Capacity Expansion Plans Subject to Cost Overruns and Implementation Delays
The company's proposed capacity expansion is dependent on timely regulatory approvals, availability of funding from IPO proceeds, and vendor performance, with only 13.89% (₹481.31 lakhs) of planned plant and machinery orders placed as of the prospectus date. Any delays, cost overruns, or failure to raise adequate capital could impair the company's growth plans and adversely affect its financial condition and results of operations.
No Formal Customer Agreements and High Dependence on Repeat Orders
The company does not enter into long-term agreements with customers and relies on purchase orders, with 90.84% of revenue in the three months ended June 30, 2026 derived from repeat customers. The absence of formal contracts exposes the company to order cancellations, payment defaults, and revenue unpredictability, which could materially affect its financial condition and cash flows.
Geopolitical and Export Market Concentration Risks
The company's export operations are concentrated in the Middle East, particularly Saudi Arabia, and have been impacted by the West Asia conflict, resulting in supply chain disruptions, higher raw material costs, and reduced order volumes. Additionally, the company lacks a formal foreign currency hedging policy, exposing it to exchange rate fluctuations on both imported raw materials and exported finished goods, which could adversely affect profitability and financial stability.
Company Analysis
from RHPBLS Polymers Limited manufactures custom formulated polymer compounds for the wires and cables and industrial pipeline coatings sectors, serving the telecommunication, power, railway, water distribution, and oil and gas distribution industries.
BLS Polymers Limited is a manufacturer of multiple grades of custom formulated polymer compounds. Its compounds are used for sheathing, jacketing and insulation of wires and cables, and for coating underground oil, gas and water pipelines. The company's customers are primarily wire and cable manufacturers and pipeline-coating companies in India, with a smaller share overseas. It sells predominantly to private customers, mostly through direct sales, and a significant majority of its revenue comes from repeat customers. The company operates nine facilities: one manufacturing facility and one warehouse in Goa, two warehouses in New Delhi, and one godown in Bhiwandi. Its operations span 23 states and union territories, and it exported to Bangladesh, Egypt, Oman, Saudi Arabia, Turkey, United Arab Emirates, United States of America and Zambia. Its promoters have been associated with the company since incorporation, and Karan Aggarwal has been associated since September 13, 2016. Revenue from operations was ₹ 34,942.83 lakhs in Fiscal 2026, ₹ 32,843.59 lakhs in Fiscal 2025 and ₹ 29,635.83 lakhs in Fiscal 2024, and profit after tax was ₹ 2,700.94 lakhs in Fiscal 2026. The company earns revenue by manufacturing and selling these polymer compounds to its industrial customers.
Objects of the Issue
- Funding capex for expansion of the Manufacturing Facility by increasing manufacturing capacity of certain existing products 7,756.07 lakhs p.6
- Working capital requirements 8,950.00 lakhs p.6
- General corporate purposes p.6
Issue Structure
- Total Issue
- Up to 1,70,00,000 Equity Shares of face value of ₹ 10 each aggregating up to ₹ [•] lakhs
- Fresh Issue
- Up to 1,70,00,000 Equity Shares of face value of ₹ 10 each aggregating up to ₹ [•] lakhs
- Offer for Sale
- Not Applicable
- Face Value
- ₹ 10
Business Model
The company manufactures custom formulated polymer compounds and sells them mainly to wire and cable manufacturers and pipeline-coating companies. It sells predominantly to private customers through direct sales, and a significant majority of revenue comes from repeat customers. Wire and cable polymer compounds accounted for 73.20% of revenue in the three months ended June 30, 2026. Top ten customers contributed 61.34% of revenue in that period.
Business Segments
SWOT Analysis
- • Government agency enlistment with pre-approved product portfolio(p.2)
- • Diversified industry applications and differentiated product portfolio(p.2)
- • Repeat customer base with long-standing relationships(p.1)
- • PAN-India presence across 23 states/union territories(p.2)
- • Integrated product development capabilities(p.2)
- • Promoter experience in the polymer industry(p.3)
- • High revenue concentration in wire and cable polymer compounds(p.8)
- • Dependence on top 10 customers(p.8)
- • Limited presence and experience in new regions(p.8)
- • Capacity expansion subject to delays and cost overruns(p.8)
- • Negative operating cash flows in recent periods(p.8)
- • Untraceable or incorrect corporate records and filings(p.8)
- • Past non-compliances with Companies Act, 2013(p.8)
- • Add fresh production capacity and broaden global footprint(p.2)
- • Develop new product categories for wider end-applications(p.2)
- • Deeper penetration of existing international markets and entry into new geographies(p.2)
- • Increase business from existing domestic customers(p.2)
- • Industry growth drivers cited in CRISIL report(p.3)
- • Volatility in polymer resin selling prices (input-price risk)(p.8)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vinod Aggarwal | Promoter | 16.16 | — |
| Sushil Aggarwal | Promoter | 14.19 | — |
| Madhukar Aggarwal | Promoter | 10.28 | — |
| Diwakar Aggarwal | Promoter | 16.07 | — |
| Karan Aggarwal | Promoter and Managing Director | 9.95 | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| BLS Polymers Limited THIS ISSUE | 5.99 | 21.08 | 22.73, computed at the offer price | 7.12, computed at the offer price | 28.45% |
| 144.10 | 1,155.40 | 46.25 | 3.66 | 13.24% | |
| 19.50 | 97.93 | 12.97 | 1.95 | 19.92% | |
| 14.12 | 172.78 | 14.53 | 0.70 | 8.17% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.