BLS Polymers IPO
- Price band
- ₹142 – ₹150
- Issue size
- ₹255 Cr
- Min. investment
- ₹15,000
- 100 shares
- GMP
- ₹30
- +20.00%
- Subscribed
- —
- Bidding dates
- 27 – 29 Oct 2026
IPO timeline
- Opens27 OctTue
- Closes29 OctThu
- Allotment30 OctFri
- Refunds2 NovMon
- Demat credit2 NovMon
- Listing3 NovTue
Issue details
- Price band
- ₹142 – ₹150 per share
- Issue size
- ₹255 Cr
- Fresh issue
- ₹255 Cr · 1.7 Cr shares
- Offer for sale
- None
- Issue type
- Fresh capital only
- Face value
- ₹10 per share
- Lot size
- 100 shares
- Minimum investment
- ₹15,000
- Listing on
- BSE, NSE
- Exchange code
- —
Lot size and investment
| 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 |
| B-HNI (Min) | 67 | 6,700 | ₹10,05,000 |
Reservation
- QIB
- Not more than 50% of the Issue
- Retail
- Not less than 35% of the Issue
- NII
- Not less than 15% of the Issue
Grey market premium (GMP)
- Current GMP
- ₹30
- +20.00%
- Estimated listing price
- ₹180
- Issue price ₹150
- Highest
- ₹30
- 20 Oct
- Lowest
- ₹18
- 19 Oct
GMP by day (₹ per share)
Day-wise GMP table
| Date | GMP | Premium | Est. listing |
|---|---|---|---|
| 21 Oct 2026 | ₹30 | +20.00% | ₹180 |
| 20 Oct 2026 | ₹30 | +20.00% | ₹180 |
| 19 Oct 2026 | ₹18 | +12.00% | ₹168 |
- Subject to sauda
- ₹2,300 retail · ₹32,200 HNI
GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.
Subscription status
Subscription figures will appear here once bidding opens on 27 Oct 2026.
Financials
- P/E (pre-issue)
- 16.51
- P/E (post-issue)
- 22.74
- 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
Pre-issue P/E uses the shares outstanding before the IPO; post-issue P/E includes the new shares. Calculated by Be IPO Ready at the issue price on profit for the period ended 30 Jun 2026, annualised.
| Period ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 231.34 | 206.13 | 179.14 | 168.49 |
| Total Income | 107.81 | 354.41 | 336.70 | 301.50 |
| Profit After Tax | 10.23 | 27.01 | 21.14 | 7.52 |
| EBITDA | 16.21 | 46.60 | 39.66 | 21.05 |
| NET Worth | 105.17 | 94.93 | 67.94 | 46.83 |
| Reserves and Surplus | 60.14 | 49.90 | 58.34 | 37.23 |
| Total Borrowing | 62.91 | 51.72 | 73.92 | 93.77 |
About BLS Polymers
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.
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.
Objects of the issue
- Financing the capital expenditure requirement towards expansion of our Manufacturing Facility by increasing the manufacturing capacity of certain of the existing products₹77.56 Cr
- Funding working capital requirements of the Company₹89.5 Cr
- General Corporate Purposes
Promoters and shareholding
Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal and Karan Aggarwal
- Promoter holding, pre-issue
- 98.53%
- Promoter holding, post-issue
- 71.53%
Registrar, lead managers and documents
Lead manager
Company contact
604, Indra Prakash, 21, Barakhamba Road, Delhi, New Delhi, 110001
+91 114 352 6312
corporate@blspolymers.comDocuments
BLS Polymers IPO: common questions
1.When does the BLS Polymers IPO open and close?
The BLS Polymers IPO opens on 27 Oct 2026 and closes on 29 Oct 2026.
2.What is the price band of the BLS Polymers IPO?
The price band is ₹142 – ₹150 per share, with a lot size of 100 shares and a minimum investment of ₹15,000.
3.What is the size of the BLS Polymers IPO?
The issue size is ₹255 Cr (Fresh capital only).
4.What is the GMP of the BLS Polymers IPO?
The last reported grey market premium is ₹30 per share as of 21 Oct 2026, 10:12 AM IST. GMP is unofficial and changes frequently.
5.When is the BLS Polymers IPO allotment?
The basis of allotment is expected on 30 Oct 2026. Allotment status can be checked with the registrar, KFin Technologies Limited.
6.When will the BLS Polymers IPO list?
The shares are expected to list on 3 Nov 2026 on BSE, NSE.
7.Who is the lead manager of the BLS Polymers IPO?
The book running lead manager is Unistone Capital, and the registrar is KFin Technologies Limited.
8.What will the money raised in the BLS Polymers IPO be used for?
As stated in the offer document, the proceeds are for: Financing the capital expenditure requirement towards expansion of our Manufacturing Facility by increasing the manufacturing capacity of certain of the existing products; Funding working capital requirements of the Company; General Corporate Purposes.
9.How can my company launch an IPO like BLS Polymers?
Start with an IPO readiness assessment: eligibility for the Main Board, audited financials, governance, conversion to a public limited company and an indicative valuation. Be IPO Ready advises promoters through each step, from readiness to listing day.
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