BLS Polymers Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹142 - ₹150
- Lot size
- 100 shares
- Issue amount
- ₹255 cr
- Total subscription
- 241.22×
- Opens
- 27 Oct 2026
- Closes
- 29 Oct 2026
- Allotment
- 30 Oct 2026
- Listing
- 3 Nov 2026
Offer at a glance
Issue overview
- Issue size
- 1,70,00,000 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹14,200
- Fresh issue
- ₹255 cr
- Offer for sale
- ₹0 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹15,000
- Issue type
- Bookbuilding IPO
- Shares before issue
- 4,50,31,834
- Shares after issue
- 6,20,31,834
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 100 | ₹15,000 |
| sHNI | 14 | 1,400 | ₹2,10,000 |
| bHNI | 67 | 6,700 | ₹10,05,000 |
Share reservation
Subscription & GMP
Subscription by category
Reported 29 Oct 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 59,500 | 57,23,392 |
| HNIs(10L +) | 1,214 | 1,46,685 |
| HNIs (2-10L) | 607 | 2,81,018 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 51 | 10,212.87 |
| RETAIL | 89.25 | 11,455.97 |
| HNIs 2+ | 12.75 | 6,272.32 |
| HNIs 10+ | 25.5 | 15,117.23 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| EPS | 2.27 | 5.99 | 4.69 | 1.67 |
| ROE | 10.22 | 33.17 | 36.83 | 17.48 |
| ROCE | 9.11 | 29.51 | 25.46 | 12.84 |
| RONW | 9.73 | 28.45 | 31.11 | 16.06 |
| PRE IPO(PE) | 0 | 25.04 | 0 | 0 |
| POST IPO(PE) | 22.74 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| BLS Polymers Limited | 25.04 | 0 | 10.00 | 21.08 | 28.45 | 5.99 |
| Kingfa Science & Technology (India) Limited | 46.25 | 0 | 10.00 | 1,155.40 | 13.24 | 144.10 |
| DDev Plastiks Industries Limited | 12.97 | 0 | 1.00 | 97.93 | 19.92 | 19.50 |
| Plastiblends India Limited | 14.53 | 0 | 5.00 | 172.78 | 8.17 | 14.12 |
Company information
Company profile
BLS Polymers is a leading company that manufactures specially designed polymer compounds used in important sectors like telecom, power, railways, water systems, and oil & gas. Its product range includes materials like HDPE, MDPE, LLDPE, XLPE, HFFR compounds, PVC, cable filling compounds, and adhesive coating compounds. The company has built a strong presence across 24 states and union territories in India and served 113 repeat customers along with 53 new customers in FY2025. It also sells its products in international markets such as Bangladesh, Egypt, UAE, USA, and Saudi Arabia, with most of its revenue (over 91%) coming from domestic sales and the remaining from exports.
Strengths
- Government Agency Approvals: The company’s products are enlisted with major government-backed organizations, including power transmission, engineering consultancy and telecommunication companies, as well as the Government of Gujarat. These approvals demonstrate technical capability and create entry barriers for new competitors.
- Diversified Product Portfolio: The company manufactures six products across 127 grades, serving industries such as railways and telecommunications. In FY2025, wire and cable products contributed 81.59% of revenue, while pipe coating products contributed 18.41%.
- Long-Standing Customer Relationships: With three decades of experience, the company served 166 customers in FY2025. Repeat customers contributed 93.04% of revenue from operations, reflecting strong customer relationships.
Risk factors
- High Dependence on Wire & Cable Products: Wire and cable polymer compounds contributed 81.59%, 80.49% and 94.32% of revenue in FY2025, FY2024 and FY2023, respectively. A decline in demand could negatively affect the company’s business and financial performance.
- Customer Concentration Risk: The top 10 customers contributed 64.44%, 50.52% and 51.02% of revenue in FY2025, FY2024 and FY2023, respectively. Losing major customers could adversely affect the company’s business and financial condition.
- Lack of Long-Term Customer Agreements: The company relies on purchase orders instead of long-term customer contracts. Order cancellations or delayed payments could negatively affect its business, cash flow and financial performance.
Promoters
Vinod Aggarwal
Sushil Aggarwal
Madhukar Aggarwal
Diwakar Aggarwal
Karan Aggarwal
Registrar & documents
Lead manager
Unistone Capital Private Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
604, Indra Prakash, 21, Barakhamba Road, New Delhi, Delhi, 110001
+911143526312
[email protected]Company website ↗Understanding BLSPOLY IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.