BLS Polymers IPO

The BLS Polymers mainboard IPO runs from 27 Oct 2026 to 29 Oct 2026, offered at a price band of ₹142–150 per share, and is set to list on NSE and BSE. The company is looking to raise ₹255 crore through the offer. Retail investors bid in lots of 100 shares, a minimum application of ₹15,000.

Issue structure

The IPO is structured entirely as a fresh issue of ₹255 crore, so the full proceeds flow to the company to fund its stated objects of the issue.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward funding working capital requirements of the company (₹89.5 crore), alongside financing the capital expenditure requirement towards expansion of our manufacturing facility by increasing the manufacturing capacity of certain of the existing products (₹77.56 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, BLS Polymers reported revenue of ₹107.81 crore and a net profit of ₹10.23 crore. Revenue declined from ₹301.5 crore in FY2024 to ₹107.81 crore in FY2026 (-64.0%). Net worth stood at ₹105.17 crore at the end of FY2026. At the upper band, that puts the issue at roughly 25.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 22.73× post-issue earnings and 6.42× book value, against a return on net worth of 9.73% and a debt-to-equity ratio of 0.61. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Ddev Plastiks Industries Ltd. and Kingfa Science & Technology (india) Ltd., with a median peer P/E of about 14.5×. The issue's own post-issue P/E works out to 22.73×.

Promoters

The promoters of the company are <p>Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal, Karan Aggarwal</p>. Promoter holding stands at 98.53% before the issue and comes down to 71.53% after listing.

Grey market premium (GMP)

In the unofficial grey market, BLS Polymers shares are quoted at a premium of ₹25 implying an expected listing around ₹175, about +16.7% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

What to weigh

When evaluating the BLS Polymers IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About BLS Polymers

BLS Polymers specializes in the development and manufacturing of customized polymer compounds for essential infrastructure industries, including telecommunications, power, railways, water management, and oil and gas distribution. Product Portfolio: The company offers a broad range of polymer-based materials, including high-density polyethylene (HDPE), medium-density polyethylene (MDPE), linear low-density polyethylene (LLDPE), cross-linked polyethylene (XLPE), halogen-free flame-retardant (HFFR) compounds, polyvinyl chloride (PVC), cable filling compounds (CFC), and adhesive coating compounds. Domestic Reach and Customer Base: BLS Polymers has developed an extensive distribution network spanning 24 Indian states and union territories. During Fiscal 2025, the company catered to 113 repeat customers and added 53 new customers to its portfolio. Geographical Market Presence: The company serves both domestic and international markets, exporting its products to countries such as Bangladesh, Egypt, Oman, Saudi Arabia, Turkey, the United Arab Emirates, the United States of America, and Zambia. In Fiscal 2025, domestic sales accounted for 91.57% of total revenue, while exports contributed the remaining 8.43%. Manufacturing Infrastructure: BLS Polymers operates a manufacturing facility in Goa covering approximately 24,220 square feet. The facility is equipped with advanced machinery to support its polymer compound manufacturing operations. Competitive Advantages Approved supplier status with established government agencies, supported by a portfolio of pre-approved products. A diversified product range serving multiple industries and infrastructure applications. Established customer relationships built through long-term business associations. A broad pan-India distribution network covering 24 states and union territories. Integrated product development capabilities that support customized polymer solutions.