BLS Polymers IPO

Bidding closedMainboardMaterialsBSE · NSE

Price band: ₹142 – ₹150
Issue size: ₹255 Cr
Lot size: 100 sh
Bidding: 27 – 29 Oct
Grey market: ₹44

Market data to 30 Oct 2026. Company figures are as filed, sourced 22 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

At ₹150 the ₹255 Cr all-fresh issue prices BLS Polymers at about 25 times FY26 earnings of ₹5.99 a share, so the question is whether the profit growth behind that multiple - ₹7.52 Cr to ₹27.01 Cr in two years - comes from the compounding business the company describes, when its own restated notes show manufactured sales shrinking each year and resin trading supplying all of the revenue growth.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

63Balanced

IPOVista score

A trade-off in both directions

90% of the scoring model was backed by disclosed data for BLS Polymers, giving high confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

Priced above its peer group
The upper band asks a 72.1% premium to the median P/E of the listed peers named in the prospectus.
Grey market data is unofficial
GMP is an unregulated, unverifiable over-the-counter quote. It is shown as a sentiment indicator and carries no settlement guarantee.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 1991 · New Delhi, Delhi · 175 employees · part of BLS Group

BLS Polymers makes custom-formulated polymer compounds - the plastic that insulates, sheathes and jackets wire and cable, and the HDPE and adhesive layers of the three-layer polyethylene coating laid on underground oil, gas and water pipelines. Its range covers polyethylene compounds (HDPE, MDPE, LLDPE), cross-linked polyethylene (XLPE), halogen-free flame-retardant compounds, cable filling compounds, adhesive coating compounds and PVC, which it is phasing out; the RHP counts 6 products in 127 grades. Everything is made at one plant in Goa, near Mormugao port, on about 24,220 sq. mt. with an installed capacity of 35,251 tonnes a year, which ran at 66.00% utilisation in FY26. Customers are mainly cable makers and pipe-coating companies, overwhelmingly private: government customers were ₹103.71 lakh of FY26 revenue and nothing in the June 2026 quarter. The company also trades HDPE and LLDPE resin, and acts as a del credere associate and consignment stockist of Indian Oil Corporation for polymers. It had 175 permanent employees and 97 contract labourers at 31 August 2026, and is part of the Delhi-based BLS Group, whose listed members include BLS International Services and BLS E-Services.

Two businesses under one revenue line. The first is compounding: buying base polymers, blending in additives and fillers, and selling pellets made to a cable or coating customer's specification. The second is resale of HDPE and LLDPE resin, which the RHP describes as selling raw materials to take advantage of arbitrage opportunities. Revenue from operations rose from ₹296.36 Cr in FY24 to ₹328.44 Cr in FY25 and ₹349.43 Cr in FY26, but the restated notes show that sales of finished goods actually fell over those years - ₹254.69 Cr, ₹245.63 Cr, then ₹238.20 Cr - while traded goods went from ₹41.00 Cr to ₹85.72 Cr to ₹111.32 Cr, or 31.86% of FY26 revenue. Profit has nonetheless risen faster than revenue: profit after tax went from ₹7.52 Cr to ₹21.14 Cr to ₹27.01 Cr, and the gross margin the company discloses widened from 16.10% in FY24 to 21.87% in FY26, a period in which its disclosed raw material cost per tonne fell. Demand is concentrated in a handful of cable makers - the top ten customers supplied 66.81% of FY26 revenue - and domestic, with exports at 5.46% of FY26 revenue.

What makes it hard to copy

Approvals rather than scale: to supply compounds for power, telecom and pipeline projects the products, processes and operating procedures must be tested and enlisted by the buyer or regulator, and the company has enlistments with a Maharatna power transmission CPSE, a Navratna engineering consultancy CPSE, a Miniratna telecom CPSE and the Government of Gujarat - the Navratna enlistment for its 3LPE coating compounds took from January 2020 to October 2024 to obtain.

Where the revenue comes from

Share of revenue by business line, latest full year

Wire and Cables80.9%
Industrial Pipelines19.1%

Hover or focus a segment for its share and what it covers.

Where it operates

Manufacturing plants1
Goa (about 24,220 sq. mt., 35,251 MTPA installed capacity)
Warehouses and godowns4
Goa · Burari, New Delhi · Shahdara, East Delhi · Bhiwandi, Maharashtra (godown)
Registered and corporate offices2
Indra Prakash Building, Barakhamba Road, New Delhi · Vijaya Building, Barakhamba Road, New Delhi

5.5% of revenue is earned outside India.

Markets served

IndiaBangladeshEgyptOmanSaudi ArabiaTurkeyUnited Arab EmiratesUnited StatesZambia

Who runs it

Karan AggarwalChairman and Managing Director · since 2025Promoter. With the company since 13 September 2016; appointed chairman and managing director for five years from 20 May 2025. Oversees manufacturing, product development and exports.
Dinesh SharmaExecutive DirectorJoined the company in 1991 as senior manager, marketing.
Vinod AggarwalNon-Executive Director · since 2025Promoter. A director since incorporation; non-executive director with effect from 7 April 2025. Over 35 years in the polymer industry.
Manoj JoshiIndependent Director · since 2026Associated with the company since 22 January 2026. Also an independent director of BLS International Services and BLS E-Services, both promoter group companies.
Shivani MishraIndependent Director
Arun Kumar VermaIndependent Director
Arvind Kumar AgarwalChief Financial Officer
Neha Kumar SunitCompany Secretary and Compliance Officer

The company on paper

Legal name: BLS Polymers Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 16 Jan 1991
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U24111DL1991PLC042745
Parent group: BLS Group
Sector: Materials · Polymer compounds for wire and cable insulation and pipeline coating
Employees: 175
Registered office: 604, Indra Prakash, 21, Barakhamba Road, New Delhi 110001, Delhi
Statutory auditorWho signed the restated financial information: Nangia & Co. LLP, Chartered Accountants
Promoters: Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal, Karan Aggarwal
Promoter holding, pre-issue: 66.7%
Website: blspolymers.com

The numbers

Financial performance

Revenue has compounded at 8.6% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

Profit against cash generated

Profit after tax and net cash from operating activities, in ₹ crore. The figure under each period is cash generated per ₹100 of profit.

Profit after tax
Operating cash flow

Above 100% the business collects more cash than it books as profit. Persistently below it, growth is being funded out of working capital.

The price

Valuation

At the upper band this issue asks a 72.1% premium to the median P/E of the listed peers its own prospectus names.

P/E at the band, post-issue

23.7× – 25.0×

Always post-issue, so issues stay comparable with each other

Median P/E of its named peers

14.5×

3 listed companies the prospectus names itself

What you pay

Earnings and sales behind one share, and the multiple the band asks for them.

EPS, pre-issue (FY26): ₹5.99
EPS, post-issueNot disclosed, so computed from FY26 profit after tax and the disclosed share count — this is the figure the multiple above is built on: ₹6.00
Price / sales: —
Net asset value per shareBook value behind one share — a floor, not a target: ₹21.08

What it earns on what it has

Returns and margins on FY26. These are the figures that say whether the multiple above is deserved.

Return on net worthAs disclosed in the prospectus, on its own formula — Indian issuers define RoNW on average net worth, not closing.: 28.4%
Return on capital employed: 29.5%
EBITDA margin: 13.3%
Net margin: 7.7%

What it owes

Gearing at the latest balance-sheet date.

Debt to equityAs disclosed in the prospectus. Issuers divide by total equity, which includes non-controlling interests — a wider base than the net worth used for RoNW.: 0.56×

Valuation against listed peers

Asking P/E against operating margin. All marks are the same size — market capitalisation is not disclosed for every company here, and sizing only some of them would read as a measurement.

BLS Polymers
Listed peers

Peer companies are those named in the issuer’s own prospectus. A higher position means better margins; further right means a more expensive multiple. Market capitalisation, where disclosed, is in the tooltip and the table. These figures are the prospectus’s, not today’s. A P/E is a price divided by earnings and the price half moves every day, so this comparison is as it stood on 12 Oct 2026 and is not refreshed. It is dated rather than chased on purpose: no reachable source publishes a current earnings figure per scrip, and putting a live price over a stale one would be a worse number than an openly old one.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹255 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: —
Total issue size: ₹255 Cr
Shares offered in the OFS: None — this is a fresh issue only
Pre-issue shares outstanding: 4,50,31,834
Employee discount: —

Who the shares are reserved for

Share of the net offer set aside for each investor category

Select a category to see who bids in it and how allotment works there.

Percentages are of the net offer, which excludes any employee or shareholder reservation.

Use of proceeds

Stated objects of the fresh issue, largest first

General corporate purposes, capped at 25% of the gross proceeds — amount not quantified in the prospectus

Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.

100% of the quantified proceeds is earmarked for growth; the rest repairs the balance sheet or is unallocated.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription241.22×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

What issues at this level of demand have done

This issue’s book stands at 241.22×, which puts it in the 200×+ band of 2026's 28 settled issues.

Median listing day: +52.2%
Opened below issue: 4%
Median today: +44.8%

That is what those 28 issues did, not a forecast of what this one will do — and the book is not final until bidding closes. How every band finished →

Anchor book

Anchor investors commit one working day before the issue opens and are locked in for 30 and 90 days. Who turns up here is the first real signal of institutional appetite.

Raised from anchors: ₹76.50 Cr
Anchor investors: 7
50% lock-in ends: 29 Nov 2026
Remaining lock-in ends: 28 Jan 2027

Lock-in dates are counted from the allotment date under SEBI’s 30- and 90-day anchor rule, not quoted from a filing.

Notable participants

Nakshatra Stressed Assets FundVikasa India EIF I FundVenus Investments VCCRadiant Global FundPine Oak Global FundInnovative Vision Fund

Grey market premium

Premium quoted over the ₹150 cut-off price. Unofficial and unregulated — sentiment, not a forecast.

Unofficial

The grey market is an informal, unregulated market with no clearing house and no obligation to settle. A premium here does not guarantee a listing gain, and quotes can move sharply — this one ranged ₹19 to ₹44, a spread of ₹25, across the period shown.

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 100
At cut-off price: ₹150.00
Amount blocked: ₹15,000

One lot is 100 shares at ₹15,000. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~0.8%

chance of one lot, per application

Retail subscription: 128.36×
Applicants per share available: 128.4× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What the grey market implies

Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.

₹194.00

implied listing price, 29.3% over the cut-off

Cut-off price: ₹150.00
Grey market premium: ₹44.00
If allotted 100 shares: ₹4,400

Grey-market premiums have historically moved sharply in the days before listing and have been wrong in both directions. Treat this figure as a measure of current enthusiasm, nothing more.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Profit has compounded on modest revenue growth: profit after tax rose from ₹7.52 Cr in FY24 to ₹21.14 Cr in FY25 and ₹27.01 Cr in FY26 while revenue from operations went from ₹296.36 Cr to ₹349.43 Cr, and the year delivered a 13.33% EBITDA margin in FY26 against 7.10% in FY24.
The balance sheet has de-levered: total borrowings fell from ₹93.77 Cr at March 2024 to ₹51.72 Cr at March 2026, and the disclosed debt to equity ratio, which includes lease liabilities, from 2.05 to 0.56.
Operating cash flow was positive in each full year and grew - ₹2.65 Cr in FY24, ₹25.13 Cr in FY25 and ₹38.06 Cr in FY26 in the restated cash flow statement.
Products are enlisted with a Maharatna power transmission CPSE, a Navratna engineering consultancy CPSE, a Miniratna telecom CPSE and the Government of Gujarat, approvals the RHP says took years to obtain and act as a barrier to entry.
The pipeline-coating line is diversifying the mix: industrial pipelines went from 18.41% of revenue in FY25 to 19.07% in FY26 and 26.80% in the June 2026 quarter, and oil and gas distribution customers appeared for the first time in FY26.
The whole issue is fresh capital - there is no offer for sale - and ₹77.56 Cr of it is earmarked for new capacity at Goa and ₹89.50 Cr for working capital.
On the RHP's own peer table the P/E of roughly 23.7 to 25.0 times at the band sits inside the 12.97 to 46.25 times range of the three named peers, whose disclosed average is 24.59 times.

What to weigh against it

Manufactured sales are falling. Finished goods revenue was ₹254.69 Cr in FY24, ₹245.63 Cr in FY25 and ₹238.20 Cr in FY26; all of the growth in revenue from operations came from traded HDPE and LLDPE resin, which rose from ₹41.00 Cr to ₹111.32 Cr, or from 13.83% to 31.86% of revenue. The RHP itself says trading revenue has been consistently increasing against operating revenue.
Customer concentration rose sharply over the period: the top ten customers supplied 50.52% of revenue in FY24, 64.44% in FY25 and 66.81% in FY26, and the top five 53.45% in FY26. None is named.
Working capital turned against the company in the June 2026 quarter: trade receivables rose from ₹72.71 Cr to ₹95.15 Cr in three months, operating cash flow was minus ₹6.64 Cr, and borrowings rose from ₹51.72 Cr to ₹62.91 Cr.
One plant carries all production. The Goa facility ran at 66.00% of its 35,251-tonne installed capacity in FY26, and PVC - 4,957 tonnes of that capacity - ran at 11.79% because the company is phasing it out; ₹77.56 Cr of the proceeds nonetheless go to more capacity.
Raw materials are crude-linked polymers, much of them imported through Mormugao, and the RHP records that a fall in average selling prices or polymer resin prices could hurt results; the disclosed raw material cost per tonne moved from ₹84,958.50 in FY26 to ₹1,13,065.39 in the June 2026 quarter.
The company discloses that certain of its corporate records and filings are untraceable or incorrect, that there have been past non-compliances with the Companies Act, 2013, and that 46 shareholders holding 3,32,851 shares cannot be traced.
The registered office, the corporate office and two Delhi warehouses are leased from promoters, and the auditor's report carries an emphasis of matter in every period on long-outstanding receivables - from FY25 on, foreign-currency receivables held beyond the nine months allowed for export realisation under FEMA (₹50.50 lakh at 30 June 2026).

Easy to miss in the prospectus

The P/E, price-to-book and issue size here are computed, not disclosed. The RHP leaves the issue amount, the P/E at the band and post-issue capital as placeholders; this record multiplies the exchange's band of ₹142 to ₹150 by the 1,70,00,000 fresh shares (₹241.40 Cr to ₹255.00 Cr) and divides it by the disclosed FY26 basic EPS of ₹5.99 and NAV of ₹21.08.
Post-issue shares, post-issue EPS and market capitalisation are left blank because the RHP prints them as placeholders. If every one of the 1,70,00,000 fresh shares is allotted, post-issue capital would be 6,20,31,834 shares, about ₹930 Cr at ₹150 - an assumption of full subscription, not a filed figure.
The RHP's risk factor on cash flow is headed as negative operating cash flow in the June 2026 quarter and all of the last three financial years, but its own table shows positive operating cash flow in FY24, FY25 and FY26, and the figures in that table (₹268.35 lakh, ₹2,485.26 lakh, ₹3,533.47 lakh) differ from the restated cash flow statement (₹264.76 lakh, ₹2,513.06 lakh, ₹3,806.13 lakh). This record uses the restated statement.
Return on net worth of 28.45% is the issuer's figure on CLOSING net worth, as its own note says. On average equity the company discloses a separate return on equity of 33.17% for FY26.
The disclosed debt to equity of 0.56 for FY26 counts lease liabilities as debt; borrowings alone over net worth give about 0.54.
EBITDA is defined by the issuer net of other income, which was ₹4.98 Cr in FY26 and ₹8.26 Cr in FY25 - a meaningful share of pre-tax profit of ₹35.99 Cr and ₹28.27 Cr.
The two product tables disagree for the June 2026 quarter: one gives polyethylene compounds as ₹7,265.30 lakh or 67.88% of revenue, the product description gives ₹9,106.96 lakh or 85.09%. Full-year figures agree.
Headcount is stated twice: about 122 permanent employees and 94 contract labourers at 30 June 2026 in the risk factors, and 175 permanent employees and 97 contract labourers at 31 August 2026 in the business section, which is the figure used.
The abridged prospectus refers to the RHP as dated 16 October 2026; the RHP filed with SEBI is dated 17 October 2026 on its cover.
Equity share capital rose from ₹960.17 lakh to ₹4,503.19 lakh during FY26 through a bonus issue, so per-share figures for earlier years are restated for it. The promoters' weighted average cost of acquisition is disclosed at ₹2.13 a share for three of them, ₹6.91 for Diwakar Aggarwal and ₹14.93 for Karan Aggarwal.
The abridged prospectus states that the statutory auditors expressed no qualification, reservation, adverse remark or matter of emphasis on the financial statements; the RHP's own risk factor 21 sets out an emphasis of matter for each of the four periods. The RHP is the fuller document.
The industry outlook and market figures in the RHP come from a CRISIL Intelligence report that the company commissioned and paid for exclusively for this issue.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Unistone Capital Private Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Reconciled to BLS Polymers's own prospectus and to exchange disclosures. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 27 Oct 2026
Closes: 29 Oct 2026
Allotment: 30 Oct 2026
Lists: 3 Nov 2026
Revenue (FY26): ₹349 Cr
Profit (FY26): ₹27.01 Cr

Timeline

Refunds · today

2 Nov 2026

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.