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BLS Polymers IPO: price band, dates, financials, valuation and risks
BLS Polymers Limited, a Goa-based maker of custom polymer compounds used to insulate and sheath wires and cables and to coat pipelines, is raising ₹255 cr at a price band of ₹142 to ₹150 through a fresh issue only, with no Offer for Sale.
Last updated 5 Nov 2026. Sources: RHP and broker notes.
IPO means initial public offering. RHP is the Red Herring Prospectus, the offer document filed before the issue opens. UPI is the Unified Payments Interface. BSE is BSE Limited and NSE is the National Stock Exchange of India. FY26 means the financial year ended 31 March 2026. EBITDA is earnings before interest, tax, depreciation and amortisation.
Key dates
| Anchor investor bidding | Mon, 26 Oct 2026 |
|---|---|
| Issue opens | Tue, 27 Oct 2026 |
| Issue closes | Thu, 29 Oct 2026 (UPI mandate confirmation cut-off 5:00 pm) |
| Basis of allotment | Fri, 30 Oct 2026 (expected) |
| Refunds and credit of shares to demat accounts | On or about Mon, 2 Nov 2026 (expected) |
| Listing | Tue, 3 Nov 2026 on BSE and NSE |
Issue details and application size
| Price band | ₹142 to ₹150 per share (face value ₹10) |
|---|---|
| Lot size | 100 shares |
| Minimum application at upper band | 100 × ₹150 = ₹15,000 |
| Total issue size | ₹255 cr (1,70,00,000 shares at the upper band) |
| Fresh issue | ₹255 cr (1,70,00,000 shares); all proceeds go to the company |
| Offer for Sale and sellers | None. There is no Offer for Sale |
| Anchor portion | Up to 60% of the institutional portion; 51,00,000 shares (₹76.5 cr at the upper band) were allotted to anchors |
| Quota of the offer | Qualified institutional buyers up to 50%, non-institutional investors at least 15%, retail investors at least 35%. There is no employee reservation |
| Book running lead manager | Unistone Capital Private Limited (sole manager) |
| Registrar | KFin Technologies Limited |
About the company
BLS Polymers Limited was incorporated on 16 January 1991 at New Delhi as a public limited company, and its registered office is in New Delhi. It is part of the BLS group, and its promoter group includes BLS International Services Limited.
The company makes custom-formulated polymer compounds in six product families and 127 grades: polyethylene compounds, cross-linked polyethylene (XLPE), PVC, halogen-free flame-retardant compounds, cable-filling compounds and adhesive and HDPE compounds for coating oil, gas and water pipelines. It has a single plant at Verna, Goa, with installed capacity of 35,251 tonnes a year (66% used in FY26). Wire and cable compounds were 80.93% of FY26 revenue and pipeline coating 19.07%; 94.54% of sales were in India and 5.46% were exports. It served over 190 customers in FY26, about 91% of them repeat customers, and the RHP does not name them.
Financial snapshot (year ended 31 March 2026)
| Revenue from operations | ₹349 cr |
|---|---|
| Profit after tax | ₹27.0 cr (restated, standalone) |
| EBITDA margin | 13.3% (EBITDA excluding other income, divided by revenue from operations) |
| Debt to equity | 0.56 times at 31 March 2026 (0.61 times at 30 June 2026) |
FY26 means the financial year ended 31 March 2026. Revenue was ₹296 cr in FY24 and ₹328 cr in FY25, and profit after tax was ₹7.5 cr and ₹21.1 cr; the EBITDA margin rose from 7.1% in FY24 to 13.3% in FY26 and debt to equity fell from 2.05 to 0.56. In the April to June 2026 quarter revenue was ₹107 cr and profit after tax ₹10.2 cr. Return on net worth was 28.45% in FY26.
Valuation versus peers
At the upper band of ₹150 the market capitalisation is about ₹930 cr (6,20,31,834 shares after the issue). On the FY26 earnings per share of ₹5.99 before the issue, the price to earnings ratio is about 25.0 times; on post-issue shares and FY26 profit after tax of ₹27.0 cr it is about 34.5 times. The median price to earnings ratio of the three listed peers in the RHP is 14.53 times (Kingfa Science and Technology (India) 46.25, DDev Plastiks Industries 12.97 and Plastiblends India 14.53 times; average 24.58 times). The RHP leaves BLS’s own multiple blank, so the ratios for BLS are calculated here, and the peers are 6 to 8 times larger by revenue.
Strengths
Many of its products are pre-approved with government and public sector agencies, including a Maharatna power transmission company, a Navratna engineering consultancy, a Miniratna telecom company and the Government of Gujarat. The portfolio of 127 grades serves telecom, power, railways, water and oil and gas customers across 23 states and union territories, with exports to about eight countries. Repeat customers are about 91% of the base, and the plant is ISO 9001:2015 certified with in-house product development and quality control. Earnings have improved sharply, with the EBITDA margin up from 7.1% to 13.3% and debt to equity down from 2.05 to 0.56 over FY24 to FY26. Brokers also note the backing of the BLS group and demand from infrastructure and power-sector spending.
Key risks
Revenue is concentrated: wire and cable compounds gave 80.93% of FY26 revenue and the top 10 customers 66.81%, with no firm purchase commitments. All output comes from one plant in Goa. Raw material (resin) prices swing, the company has no long-term supply agreements and it has import and currency exposure. Working capital is heavy, with receivables of about ₹95 cr and inventory of about ₹72 cr at 30 June 2026 against equity of about ₹105 cr, and operating cash flow was negative in the April to June 2026 quarter. The RHP also discloses untraceable corporate filings, past Companies Act non-compliances, 3,32,851 shares with untraceable holders and an auditor emphasis on overdue foreign receivables. Revenue growth slowed to 6.4% in FY26 while profit rose 27.8%, so the sustainability of the margin gain matters.
Use of proceeds
The company receives the full ₹255 cr fresh issue. Of this, ₹77.56 cr is for capital expenditure to expand capacity of certain existing products at the Goa plant (including ₹11.79 cr already spent, which will be recouped), and ₹89.50 cr is for working capital (₹39.00 cr in FY27 and ₹50.50 cr in FY28). The balance is for general corporate purposes, capped at 25% of gross proceeds.
Anchor investors
The company raised ₹76.50 cr from anchor investors on 26 Oct 2026 by allotting 51,00,000 shares at ₹150 per share, the upper end of the price band. Seven allotments went to six investor groups: Nakshatra Bharat Vantage Fund (two schemes, ₹16.53 cr and ₹10.25 cr), Vikasa India EIF I Fund (₹14.69 cr), Venus Investments (Venus Stellar Fund, ₹10.01 cr), Radiant Global Fund (₹10.01 cr), Pine Oak Global Fund (₹10.00 cr) and Innovative Vision Fund (₹5.00 cr). No conventional mutual fund scheme is named among them; the category-wise split between foreign portfolio investors, funds and others has not been published, and this section will be refreshed when it is. Under the SEBI rules, half of the anchor shares are locked in for 30 days and the rest for 90 days from the date of allotment, so with allotment expected on 30 Oct 2026 the lock-ins would end around 29 Nov 2026 and 28 Jan 2027 (expected dates).
Frequently asked questions
What is the BLS Polymers IPO price band and lot size?
The price band is ₹142 to ₹150 per share and one lot is 100 shares, so the minimum application at the upper band is ₹15,000.
Is the BLS Polymers IPO a fresh issue or an Offer for Sale?
It is a 100% fresh issue of 1,70,00,000 shares worth ₹255 cr. The company receives all the money and there is no Offer for Sale.
When does the BLS Polymers IPO open, close and list?
Anchor bidding was on 26 Oct 2026 and the issue is open from 27 to 29 Oct 2026. Allotment is expected on 30 Oct 2026 and listing on BSE and NSE on 3 Nov 2026.
Who is the lead manager and registrar?
Unistone Capital Private Limited is the sole book running lead manager. The registrar is KFin Technologies Limited.
What is the valuation compared with peers?
At the upper band the market capitalisation is about ₹930 cr, or about 25.0 times FY26 earnings per share before the issue (about 34.5 times profit after tax on post-issue shares). The median of the three listed peers in the RHP is 14.53 times.
How much will the promoters hold after the IPO?
The promoters hold 66.65% before the issue (98.53% with the promoter group). After the fresh issue they would hold about 48.39% (about 71.53% with the promoter group), calculated from the RHP share counts.
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