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BLS Polymers Ltd IPO
BLS Polymers Ltd
₹14,200 /100 sharesMinimum investment
IPO listing details
Listed on
3 Nov '26
Issue price
₹150.00
Listing price
₹248.00
Listing gains
₹98.00 (65.33%)
Exchange
--
IPO details
Minimum investment
₹14,200
Price range
₹142 - ₹150
Lot size
100
Issue size
255 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers200.25x
Non-Institutional Investor558.05x
Retail Individual Investor123.68x
Total238.64x
As of 29 Oct'26, 04:55 PM
Schedule
27 Oct 2026
IPO open date
29 Oct 2026
IPO close date
30 Oct 2026
Allotment date
30 Oct 2026
Funds unblock or debit
3 Nov 2026
Tentative listing date
About
Founded in
1991
MD/CEO
Mr Karan Aggarwal
Parent organisation
BLS Polymers Ltd
BLS Polymers Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
BLS Polymers has enlisted several products with government agencies and public sector enterprises, including a Maharatna CPSE power transmission company, a Navratna CPSE engineering consultancy company, a Miniratna CPSE telecommunications company, and the Government of Gujarat. These approvals cover products used in wire and cable manufacturing, oil and gas pipelines, and water pipelines.
As of August 31, 2026, the company manufactured six product categories across 127 grades, including PE, XLPE, PVC, CFC, HFFR, and pipe coating compounds. These products cater to applications in power cables, telecommunications, railway signalling, and oil, gas, and water distribution pipelines.
As of August 31, 2026, BLS Polymers has an in-house product development team of seven employees. The team has developed pipe coating adhesives for underground oil, gas, and water pipelines, and the products have received certification from Bureau Veritas for compliance with standards including ISO 21809-1:2018 and DIN 30670:2012.
The company sold its products in 23 states and Union Territories during the three months ended June 30, 2026, and the preceding three financial years. Its domestic operations accounted for 94.68% of revenue from operations during the three months ended June 30, 2026.
The company has shown a consistent increase in revenue from operations and profit after tax (PAT) in FY24, FY25, and FY26. Revenue from operations increased from Rs 296.36 crore in FY24 to Rs 328.43 crore in FY25 to Rs 349.43 crore in FY26, while PAT increased from Rs 7.52 crore to Rs 21.14 crore and Rs 27.01 crore over the same period.
The company derives a significant portion of its revenue from the sale of wire and cable polymer compounds, which contributed Rs 78.34 crore (73.20%) in the three months ended June 30, 2026, Rs 282.80 crore (80.93%) in FY26, Rs 267.98 crore (81.59%) in FY25, and Rs 238.53 crore (80.49%) in FY24. A reduction in demand for these products, a downturn in the wire and cable industry, or an inability to diversify its product portfolio and retain customers could adversely affect the company’s revenue, profitability, financial condition, and cash flows.
The company derives a significant portion of its revenue from its top 10 customers, who contributed Rs 65.65 crore (61.34%) in the three months ended June 30, 2026, Rs 233.47 crore (66.81%) in FY26, Rs 211.67 crore (64.44%) in FY25, and Rs 149.74 crore (50.52%) in FY24. Any loss of these customers, reduction or cancellation of orders, or inability to maintain existing order volumes and pricing terms could adversely affect the company’s revenue, financial condition, results of operations, and cash flows.
The company reported negative cash flows from operating activities of Rs 4.08 crore in the three months ended June 30, 2026, and negative cash flows from investing activities of Rs 5.79 crore during the same period. Negative investing cash flows were also reported in FY26, FY24, and the three months ended June 30, 2026, primarily due to additions to property, plant and equipment, including plant and machinery to increase production capacity. The company also reported negative cash flows from financing activities of Rs 31.05 crore in FY26, Rs 25.72 crore in FY25, and Rs 2.24 crore in FY24, mainly due to repayments of unsecured loans from a group company and working capital demand loans, as well as higher interest payments on bank borrowings in FY24. Sustained or significant negative cash flows in the future could adversely affect the company’s financial condition, operations, and growth plans.
The company derives a significant portion of its revenue from repeat orders, which contributed Rs 97.23 crore (90.84%) in the three months ended June 30, 2026, Rs 337.24 crore (96.51%) in FY26, Rs 305.57 crore (93.04%) in FY25, and Rs 241.98 crore (81.65%) in FY24. Its ability to retain repeat orders depends on maintaining product quality, competitive pricing, and timely deliveries. Failure to meet customer requirements, urgent demand, or quality expectations, disputes, termination of existing arrangements, or deterioration in customers’ financial conditions could reduce repeat orders and adversely affect the company’s revenue, profitability, financial condition, and cash flows. Acquiring new customers also involves additional marketing and onboarding expenses.
The company depends on a limited number of suppliers for key raw materials, including LLDPE resin, HDPE resin, and recycled HDPE, which accounted for 76.62% of revenue from operations in the three months ended June 30, 2026, 78.13% in FY26, 80.85% in FY25, and 83.90% in FY24. Its top 10 suppliers accounted for 88.02% of total procurement costs during the three months ended June 30, 2026, 93.52% in FY26, 83.52% in FY25, and 75.34% in FY24. The company has not entered into long-term supply agreements with most suppliers, leaving it exposed to supply interruptions, delays, shortages, quality issues, and suppliers serving competitors. Raw material price increases due to market pressures, supply chain disruptions, or government restrictions may also reduce profit margins if the company cannot pass higher costs on to customers. Advance payments to international suppliers further expose the company to the risk of non-delivery or inadequate supplies.
The company operates a single manufacturing facility in Goa, spread across approx. 24,220 sq. m. A disruption or shutdown at this facility due to natural disasters, social unrest, regulatory action, equipment breakdowns, industrial accidents, labour disputes, power or water shortages, or interruptions in raw material supplies could affect production and delay customer orders. The facility was temporarily shut down for about 21 days during the COVID-19 lockdown in 2020. Although no other material operational disruptions were reported during the three months ended June 30, 2026, or FY26, FY25, and FY24, any future shutdown could reduce sales, increase costs associated with alternative production arrangements, and adversely affect the company’s business, cash flows, results of operations, and financial condition.
The company had contingent liabilities of Rs 10.94 crore as of June 30, 2026. If a significant portion of these liabilities materialise, or if adverse developments in ongoing matters require additional provisions, the company’s expenses, liabilities, cash flows, and financial condition could be adversely affected.
The company had trade receivables of Rs 95.15 crore as of June 30, 2026, indicating a significant amount of funds outstanding from its customers. Any delay or failure in recovering these receivables could adversely affect the company’s cash flows, working capital position, and financial condition.
The company had consolidated outstanding borrowings of Rs 82.35 crore as of August 31, 2026. The company’s indebtedness and related financing obligations could increase its financial costs and affect its cash flows and financial condition.
Application details
For BLS Polymers IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹142 - ₹150 | Upto ₹2 Lakhs | 100 |
| High Networth Individual | ₹142 - ₹150 | ₹2 - ₹5 Lakhs | 100 |
About
Objective of BLS Polymers IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Financing the capital expenditure requirement towards expansion of the Manufacturing Facility by increasing the manufacturing capacity of certain of its existing products |
77.56 |
|
Funding working capital requirements of the company |
89.50 |
|
General corporate purposes |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of BLS Polymers IPO
|
Book Running Lead Manager |
Unistone Capital Private Limited |
|
Registrar to the Issue |
KFin Technologies Limited |
Key Performance Indicators (KPIs) of BLS Polymers Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROE (%) |
10.22 |
|
ROCE (%) |
9.11 |
|
EBITDA Margin (%) |
15.15 |
|
Debt/Equity Ratio |
0.61 |
|
PAT Margin (%) |
9.56 |
|
EPS (Pre-IPO) (₹) |
6.00 |
|
Return on Net Worth (RoNW) (%) |
9.73 |
BLS Polymers IPO Contact Details
|
Company Name |
BLS Polymers Limited |
|
Registered Office |
604, Indra Prakash, 21, Barakhamba Road, New Delhi – 110 001, Delhi, India |
|
Phone |
+91 114 352 6312 |
|
|
www.blspolymers.com |
|
Website |
BLS Polymers IPO Registrar Contact Details
|
Company Name |
KFin Technologies Limited |
|
Phone |
+91 40 6716 2222 / 18003094001 |
|
|
|
|
Website |