Biopol Chemicals is coming out with an IPO worth ₹31.26 crore. This is a book-built issue, and the entire IPO consists of fresh shares. The company is offering about 0.29 crore new shares, and all the money raised will go to the company.
The Biopol Chemicals IPO will open on February 6, 2026, and will close on February 10, 2026. The allotment of shares is likely to be completed on February 11, 2026, and the shares are expected to list on the NSE SME platform on February 13, 2026.
The price band for the IPO has been fixed at ₹102 to ₹108 per share. One lot consists of 1,200 shares.
For retail investors, the minimum investment is 2 lots (2,400 shares), which comes to ₹2,59,200 at the upper price of the band.
For HNI investors, the minimum application is 3 lots (3,600 shares), requiring an investment of ₹3,88,800.
Smart Horizon Capital Advisors Pvt. Ltd. is managing the IPO as the book-running lead manager, while Bigshare Services Pvt. Ltd. is handling the share allotment and related work as the registrar.
Shreni Shares Ltd. will act as the market maker for the issue.
Biopol Chemicals IPO Objectives
- The Company proposes to utilise ₹1,226.47 lakh from the Net Proceeds towards the acquisition of 30,687 sq. ft. of industrial land at Vatva Industrial Estate, Gujarat, for setting up a new manufacturing facility. This expansion is aimed at catering to the rising demand for its specialty chemical products and supporting long-term growth.
- An amount of ₹1,110.00 lakh is proposed to be used for the repayment or prepayment, in full or in part, of existing secured and unsecured borrowings. This will help reduce finance costs, improve the Company’s debt-equity position, and strengthen its balance sheet.
- The remaining Net Proceeds will be utilised for general corporate purposes, including working capital requirements and business expansion initiatives. The amount allocated to this purpose will not exceed 15% of the gross proceeds or ₹1,000 lakh, whichever is lower, in accordance with regulatory norms.
About Biopol Chemicals Limited
Biopol Chemicals Limited, incorporated in 2023, is an Indian specialty chemicals company engaged in the manufacturing and distribution of silicone-based, emulsifier-based, biochemical and polyelectrolyte products.
The company operates on a B2B business model, supplying specialty chemical solutions to institutional clients across textiles, home care, agriculture and industrial chemicals industries. Its diversified product portfolio comprises 66 specialty chemical products, including textile softeners and emulsions, silicone fluids and cleaning chemicals, agricultural surfactants and silicone adjuvants, and industrial release agents.
Biopol Chemicals operates four establishments across Gujarat and West Bengal, including a manufacturing unit in West Bengal with an installed capacity of 18,25,000 litres per annum. As of December 31, 2025, the company had 24 employees supporting its operations.
Industry Outlook
- India’s chemical industry, covering over 80,000 commercial products, was valued at around ₹21,50,750 crore (US$ 250 billion) in 2024 and is expected to reach US$ 300 billion by 2025. Long-term growth remains strong, with the market projected to expand to US$ 1 trillion by 2040, driven by rising demand across specialty chemicals, agrochemicals and petrochemicals.
- India is the 6th largest chemical producer globally and 3rd in Asia, contributing nearly 7% to India’s GDP. The country accounts for 16–18% of global dyestuffs production and holds a ~15% global share in colourants. During FY25, exports of chemicals and allied products reached ₹9,28,119 crore (US$ 108.59 billion).
- Growth in industries such as textiles, personal care, home care, agriculture and food processing is boosting demand for specialty chemicals. India’s specialty chemicals market is expected to grow at a CAGR of ~12%, reaching US$ 64 billion by 2025, supported by both domestic consumption and exports.
How To Apply for the Biopol Chemicals IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Biopol Chemicals IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Biopol Chemicals IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Biopol Chemicals Limited
Registered Address: D-211, 2nd Floor, Block-D, Sumel Business Park-6 Near Dudheshwar Circle, Dudheshwar Tavdipura, Ahmedabad, Gujarat, 380004
Phone: +91- 9147076778
Email: investors@biopolchemicals.com
Biopol Chemicals IPO Reservation
| Investor Category | % of Shares Offered |
| Market Maker | 5.22% |
| QIB | 23.71% |
| NII (HNI) – Total | 37.81% |
| └ bNII (> ₹10 lakh) | 25.21% |
| └ sNII (< ₹10 lakh) | 12.60% |
| Retail Individual Investors (RII) | 33.25% |
| Total | 100.00% |
Biopol Chemicals IPO Lot Size Details
| Application Category | Lots | Shares | Amount (₹) |
| Retail (Individual) – Minimum | 2 | 2,400 | ₹2,59,200 |
| Retail (Individual) – Maximum | 2 | 2,400 | ₹2,59,200 |
| S-HNI – Minimum | 3 | 3,600 | ₹3,88,800 |
| S-HNI – Maximum | 7 | 8,400 | ₹9,07,200 |
| B-HNI – Minimum | 8 | 9,600 | ₹10,36,800 |
Biopol Chemicals IPO Promoter Holding
The promoters of the company include Mr. Santanu Sarkar and Mr. Vedant Sarkar.
| Share Holding Pre-Issue | 89.88% |
| Share Holding Post Issue | 65.81% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Biopol Chemicals IPO
| Metric | Value |
| EBITDA Margin (%) | 18.41% |
| PAT Margin (%) | 12.29% |
| Return on Equity (%) | 36.32% |
| Return on Capital Employed (%) | 26.32% |
| Debt to Equity Ratio (Times) | 0.76 |
Biopol Chemicals IPO Registrar and Lead Managers
Biopol Chemicals IPO Lead Managers
- Smart Horizon Capital Advisors Pvt.Ltd.
Registrar for Biopol Chemicals IPO
Bigshare Services Pvt.Ltd.
Phone No.: +91-22-6263 8200
Email ID: ipo@bigshareonline.com
Financial Performance of Biopol Chemicals Limited
| Metric | Dec 31, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
| Revenue from Operations (₹ Lakhs) | 4,884.44 | 4,912.84 | 2,546.97 | 1,932.43 |
| EBITDA (₹ Lakhs) | 899.27 | 653.39 | 442.71 | 155.72 |
| Profit After Tax (PAT) (₹ Lakhs) | 600.48 | 433.01 | 296.23 | 52.59 |
| EBITDA Margin (%) | 18.41% | 13.30% | 17.38% | 8.06% |
| PAT Margin (%) | 12.29% | 8.81% | 11.63% | 2.72% |
Biopol Chemicals Peer Comparison
| Particulars | Biopol Chemicals | Rossari Biotech Ltd | Fineotex Chemical Ltd | Indian Emulsifiers Ltd |
| Revenue from Operations | ₹4,912.84 | ₹2,08,029.40 | ₹53,333.28 | ₹10,122.62 |
| EBITDA | ₹653.39 | ₹26,606.00 | ₹12,722.59 | ₹1,961.87 |
| EBITDA Margin (%) | 13.30% | 12.79% | 23.85% | 19.38% |
| Profit After Tax (PAT) | ₹433.01 | ₹13,637.80 | ₹10,920.82 | ₹1,329.90 |
| Return on Equity (ROE) (%) | 38.10% | 12.21% | 18.32% | 24.08% |
Strengths and Opportunities of Biopol Chemicals Limited
- As of January 16, 2026, the company had a confirmed order book of ₹1,330.85 lakh, excluding taxes, with an execution cycle of 1–3 months. Orders span multiple product categories including silicones, emulsifiers, biochemicals and polyelectrolytes, across domestic and export markets, reflecting healthy demand and revenue visibility.
- The order book is diversified across regions, with West Bengal contributing ₹1,180.07 lakh and Bangladesh contributing ₹150.78 lakh. Silicones form the largest share at ₹832.09 lakh, followed by emulsifiers, biochemicals and polyelectrolytes, indicating a balanced product mix.
- The company operates a manufacturing unit in West Bengal with an installed capacity of 18,25,000 litres per annum. The facility is equipped with reactors, mixers, homogenizers and blenders, enabling efficient in-house production of a wide range of specialty chemical products.
- The manufacturing facility is accredited with ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018, reflecting strong quality, environmental and safety standards. Additionally, 42 products are certified under ZDHC Level 3, the highest level of certification in the industry, underscoring product consistency and regulatory compliance.
- The company has a strong operational footprint in West Bengal and Gujarat, which together contributed 87.85% (FY26 YTD), 86.06% (FY25), 78.75% (FY24) and 70.43% (FY23) of total revenues. This dual-state presence supports better logistics, proximity to customers and scalability.
Risks and Threats of Biopol Chemicals Limited
- A significant portion of the company’s revenue is derived from the textile sector, contributing 62.71% (9M FY26), 84.60% (FY25), 78.43% (FY24) and 74.81% (FY23) of total revenue. Any slowdown in the textile industry, changes in fashion cycles, regulatory restrictions or reduction in government incentives could materially impact demand, revenues and profitability.
- The company’s revenues are largely concentrated in West Bengal, Gujarat and Bangladesh, which together accounted for over 83% of revenues across FY23–FY26 (YTD). Any adverse regional developments, policy changes, supply chain disruptions or trade restrictions—especially relating to Bangladesh exports—could negatively affect business performance.
- Raw material procurement is highly concentrated, with the top supplier contributing up to 58.93% of purchases and the top 10 suppliers accounting for over 94% of total purchases across periods. Disruption in supply, pricing volatility or quality issues could adversely impact production schedules, margins and customer commitments.
- A substantial portion of revenue is derived from a limited number of customers. The top 1 customer contributed up to 36.48%, while the top 10 customers accounted for up to 87.37% of revenues. Loss of key customers or reduced order volumes could materially impact revenues and cash flows.
- Distributor-based sales contributed 67.58% of revenues in 9M FY26, and certain distributor relationships are not governed by long-term contracts. Termination of distributor relationships or renegotiation of unfavourable terms could affect sales volumes and pricing stability.
