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BLS Polymers IPO

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BLS Polymers logo
LISTEDMAINBOARDEquity

BLS Polymers

Price band
₹142 – ₹150
Lot size
100 shares
Min investment
₹15,000
Issue size
₹255 Cr

About the company

BLS Polymers makes polymer compounds that are used to insulate and protect wires, cables and underground pipelines. Its range includes HDPE, MDPE, LLDPE, XLPE, PVC and HFFR compounds, cable filling compounds and adhesive coating compounds. These products go to power, telecommunications, railways, water, and oil and gas customers. The company also develops customised compounds when a customer asks for a specific grade. It runs one manufacturing facility in Goa, spread over about 24,220 sq. metres, with 11 machines. The plant has an in-house laboratory, a quality control team and ISO 9001:2015 certification. The site is close to Mormugao Port, which helps with importing raw materials and exporting finished goods. The company serves more than 190 customers, and more than 100 of them have been with it for over three years. It exports to countries such as Bangladesh, Egypt, Saudi Arabia, the UAE, the USA and Zambia. It is also enlisted with government agencies for a pre-approved product range. The issue is a fresh issue of Rs 255 crore with no offer for sale, so all the money goes to the company. Unistone Capital is the book running lead manager and KFin Technologies is the registrar.

BLS Polymers makes specialised polymer compounds for wires, cables and underground pipelines at its plant in Goa. It reported total income of Rs 354.41 crore and profit after tax of Rs 27.01 crore in FY2026, and sells to more than 190 customers in India and abroad.

IPO details

Issue price
₹150
Price band
₹142 – ₹150
Face value
₹10
Lot size
100
Min investment
₹15,000
Issue size
₹255 Cr
Sale type
Fresh capital only
Listing on
BSE, NSE
BSE scrip code
8056
NSE symbol
BLSPOLY.NS

Lot size & investment by category

APPLICATIONLOTSSHARESAMOUNT
Retail (Min)1100₹15,000
Retail (Max)131,300₹1,95,000
S-HNI (Min)141,400₹2,10,000
B-HNI (Min)676,700₹10,05,000

Investor reservation

CATEGORYRESERVED
QIB51,00,000 shares

Objects of the issue

1Financing the capital expenditure requirement towards expansion of our Manufacturing Facility by increasing the manufacturing capacity of certain of the existing products77.56
2Funding working capital requirements of the Company89.50
3General Corporate Purposes

Financials

Rs. Crore • restated
METRIC30 Jun 202631 Mar 202631 Mar 202531 Mar 2024
Assets231.34206.13179.14168.49
Total Income107.81354.41336.70301.50
Profit After Tax10.2327.0121.147.52
EBITDA16.2146.6039.6621.05
NET Worth105.1794.9367.9446.83
Reserves and Surplus60.1449.9058.3437.23
Total Borrowing62.9151.7273.9293.77

Key performance indicators

P/E Ratio
22.73
EPS (₹)
6.60
RoE
10.22%
RoCE
9.11%
RoNW
9.73%
PAT Margin
9.56%
EBITDA Margin
15.15%
Debt / Equity
0.61
NAV (₹)
23.35

✓ Strengths

• Total income rose from Rs 301.50 crore in FY2024 to Rs 336.70 crore in FY2025 and Rs 354.41 crore in FY2026. The growth was 11.68% in FY2025 and 5.26% in FY2026.
• Profit after tax rose from Rs 7.52 crore in FY2024 to Rs 21.14 crore in FY2025 and Rs 27.01 crore in FY2026, a rise of 27.77% in the latest year.
• EBITDA rose from Rs 21.05 crore in FY2024 to Rs 46.60 crore in FY2026. That is about 13.15% of FY2026 total income, up from about 6.98% in FY2024.
• For the period ended 30 June 2026 the company reported total income of Rs 107.81 crore and profit after tax of Rs 10.23 crore.
• Net worth rose from Rs 46.83 crore at 31 March 2024 to Rs 94.93 crore at 31 March 2026, while total borrowing fell from Rs 93.77 crore to Rs 51.72 crore over the same two years.
• The company serves more than 190 customers, more than 100 of them for over three years, and exports to countries such as Bangladesh, Egypt, Saudi Arabia, the UAE, the USA and Zambia.
• The whole issue of Rs 255 crore is fresh capital. Rs 77.56 crore is for expanding plant capacity and Rs 89.50 crore is for working capital. At the upper band of Rs 150 the source lists a P/E of 25 on pre-issue EPS of Rs 6.00.

⚠ Risks

• The source lists a post-issue EPS of Rs 6.60, which is higher than the pre-issue EPS of Rs 6.00 even though the share count rises. On about 6.20 crore post-issue shares (market cap Rs 930.48 crore at Rs 150), FY2026 profit of Rs 27.01 crore gives EPS of about Rs 4.35 and a P/E of about 34. The listed P/E of 22.73 should be read with care.
• Reserves and surplus fell from Rs 58.34 crore at 31 March 2025 to Rs 49.90 crore at 31 March 2026, although the company earned Rs 27.01 crore in FY2026. The restated table does not explain the shift, so the offer document needs checking.
• Sales growth is slowing. Total income grew 11.68% in FY2025 and only 5.26% in FY2026, so the 27.77% rise in FY2026 profit came mainly from better margins and not from higher sales.
• The named uses of money add up to Rs 167.06 crore of the Rs 255 crore issue. The balance of Rs 87.94 crore is general corporate purposes with no break-up in the source.
• Working capital takes Rs 89.50 crore, or about 35.10% of the issue, which shows the business ties up a lot of cash in stock and receivables.
• Total borrowing rose to Rs 62.91 crore at 30 June 2026 from Rs 51.72 crore at 31 March 2026, against net worth of Rs 105.17 crore.
• All production is at one facility in Goa with 11 machines, so a stoppage or a problem at that site would hit the whole business.
• The company imports raw materials, and demand comes from power, telecom, railways, water, and oil and gas. Raw material prices, currency moves and a slowdown in cable and pipeline spending can affect margins and volumes.
• Five promoters hold 98.53% before the issue and will hold 71.53% after it, so they keep control of the company.

Promoters & holding

Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal and Karan Aggarwal

Pre-issue promoter holding
98.53%
Post-issue promoter holding
71.53%

Promoters hold 98.53% before the issue and will hold 71.53% after it.

Data refreshed 09 Nov 2026, 02:00 pm IST. GMP is unofficial market sentiment, not investment advice.