BLS PolymersIPO Review — Financials, Valuation & Peers
A data-only look at the BLS Polymers IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 301.5 | 7.52 | 21.05 | 46.83 | 168.49 | 93.77 | — |
| FY 2025 | 336.7 | 21.14 | 39.66 | 67.94 | 179.14 | 73.92 | — |
| FY 2026 | 354.41 | 27.01 | 46.6 | 94.93 | 206.13 | 51.72 | — |
| Jun 2026 (interim) | 107.81 | 10.23 | 16.21 | 105.17 | 231.34 | 62.91 | 6 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 25x
- P/E (post-issue)
- 22.73x
- RoNW
- 9.73%
- RoE
- 10.22%
- RoCE
- 9.11%
- Debt / Equity
- 0.61
- EPS (pre-issue)
- ₹6
- EPS (post-issue)
- ₹6.6
- EBITDA Margin
- 15.15%
- PAT Margin
- 9.56%
- P/BV
- 6.42x
- NAV / share
- ₹23.35
- Market Cap
- ₹930.48 Cr
As of 30 Jun 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| BLS Polymers | 5.99 | 21.08 | — | 28.45% | — | Consolidated |
| Ddev Plastiks Industries Ltd. | 19.5 | 97.93 | 12.97x | 19.92% | 1.95x | Consolidated |
| Kingfa Science & Technology (india) Ltd. | 144.1 | 1,155.4 | 46.25x | 13.24% | 3.66x | Consolidated |
| Plastiblends India Ltd. | 14.12 | 172.78 | 14.53x | 8.17% | 0.7x | Consolidated |
Peer group as disclosed in the offer document, figures as of 30 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal, Karan Aggarwal</p>
- Holding (pre-issue)
- 98.53%
- Holding (post-issue)
- 71.53%
- Dilution
- 27%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. BLS Polymers operates at an EBITDA margin of 15.15% and a net (PAT) margin of 9.56% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 9.11% and a return on equity (RoE) of 10.22%. At the upper band, the post-issue market capitalisation works out to about ₹930.48 crore. These are offer-document figures for the latest reported period (as of 30 Jun 2026); they describe the business as disclosed, not how the stock will trade.
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.
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.
Frequently asked questions
- Who are the promoters of BLS Polymers and what is their holding?
- The promoters are <p>Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal, Karan Aggarwal</p>. Promoter holding is 98.53% before the issue and 71.53% after listing.
- What is the P/E ratio of the BLS Polymers IPO?
- At the upper price band, the BLS Polymers IPO is valued at 25× pre-issue earnings and 22.73× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the BLS Polymers IPO?
- The net proceeds go primarily toward funding working capital requirements of the company, among 3 disclosed objects.