BLS Polymers IPO
IPO Details
Bidding Dates
To be announced
Minimum Investment
₹15,000/1 lot (100 shares)
Price Range
₹142 to ₹150
Maximum Investment
₹1,95,000/13 lots (1,300 shares)
Retail Discount
N.A.
Issue Size
₹255 Cr
Investor category and sub category
Qualified Institutional Buyers (QIB) | Retail Individual Investors (RII) | Non-institutional Investors (NII)About BLS Polymers
BLS Polymers manufactures specialised plastic compounds used to insulate electrical cables and protect industrial pipelines from moisture, chemicals, and corrosion. Its products serve industries such as telecommunications, power, railways, water distribution, and oil and gas.
The company manufactures over 127 grades of polymer compounds, including PE, XLPE, and PVC. These materials help improve cable insulation, fire resistance, and pipeline durability.
Revenue grew by approximately 6.4% from ₹328.44 crore in FY 2024–25 to ₹349.43 crore in FY 2025–26.
The company earns nearly 80% of its revenue from its wires and cables business. It exports to countries including Bangladesh, Egypt, Oman, Saudi Arabia, Turkey, the UAE, the US, and Zambia. The company reported 138 repeat customers and 52 new customers during the year, which indicates that it has an established customer base.
Industry Outlook
- India’s polymer compounding market is projected to grow at a CAGR of around 9% from 2026 to 2031, reaching USD 16,507 million. It currently accounts for a 13% share in the global market.
- As per CRISIL, the market grew from USD 5,967 million in 2019 to USD 9,934 million in 2025.
- The automotive industry accounts for approximately 40% of the market. Growth in demand is being driven by rising demand for lightweight materials and the shift towards electric vehicles.
- Investments in power transmission, rural electrification, telecommunications, renewable energy, and pipeline networks are supporting demand for polymer compounds used in cables and protective coatings.
- Initiatives such as Make in India, the Production Linked Incentive (PLI) schemes, and the Smart Cities Mission are encouraging domestic manufacturing and infrastructure investment.
- Growing demand for durable, lightweight, fire-resistant, and high-performance materials is creating opportunities for specialised polymer compounds.
BLS Polymers IPO Objectives
- The company plans to spend ₹77.56 crore to expand its manufacturing facility and increase production capacity for some existing products. Of this amount, ₹11.79 crore had already been spent as of August 31, 2026. The remaining funds are expected to be used in FY27 and FY28.
- Around ₹89.50 crore is earmarked for day-to-day business expenses, such as purchasing raw materials and managing other operating costs. The company plans to use ₹39 crore in FY27 and ₹50.50 crore in FY28.
- A portion of the IPO proceeds will be used for general business needs. The amount allocated for this purpose cannot exceed 25% of the gross IPO proceeds, as specified in the prospectus.
Financial Performance of BLS Polymers
Financial Metric | FY 2023–24 | FY 2024–25 | FY 2025–26 | Q1 FY 2026–27 |
Revenue Growth (%) | NA | 10.82% | 6.39% | NA |
EBITDA Margin (%) | 7.10% | 12.08% | 13.33% | 15.15% |
EBITDA Growth (%) | 17.44% | 88.43% | 17.48% | NA |
PAT Margin (%) | 2.54% | 6.44% | 7.73% | 9.56% |
Debt-to-Equity Ratio | 2.05 | 1.11 | 0.56 | 0.61 |
Source: RHP filed with SEBI.
BLS Polymers Peer Comparison
Financial Metric | BLS Polymers | Kingfa Science & Technology (India) | Ddev Plastiks Industries | Plastiblends India |
EBITDA Margin (%) | 13.33% | 14.13% | 10.86% | 8.38% |
EBITDA Growth (%) | 17.48% | 20.30% | 11.61% | 7.56% |
PAT Margin (%) | 7.73% | 9.28% | 6.85% | 4.65% |
PAT Growth (%) | 27.79% | 21.20% | 8.80% | 9.71% |
Return on Equity (ROE) (%) | 33.17% | 17.41% | 21.84% | 8.37% |
Strengths and Opportunities for BLS Polymers IPO
With around three decades of business experience, the company has built relationships with customers across telecommunications, power, railways, water distribution, and oil and gas industries.
Its products are enlisted with a Maharatna power transmission CPSE, a Navratna engineering consultancy CPSE, a Miniratna telecommunications CPSE and the Government of Gujarat. Obtaining such approvals requires rigorous product testing and technical evaluation, which may make market entry difficult for new competitors.
The company manufactures 6 product categories across 127 grades, including PE, XLPE, PVC, HFFR, cable filling and pipe coating compounds. This enables it to cater to varied applications and customer requirements.
Repeat customers accounted for 72.63% of its 190 customers in FY 2025–26, supporting business continuity and repeat-order opportunities.
The company supplied products across 23 states and union territories during the 3 months ended June 30, 2026, and the preceding three financial years. Domestic operations contributed 94.68% of revenue in Q1 FY27.
Its 7-member product development team works on customised polymer formulations and products with specialised properties, including flame retardance and anti-tracking capabilities.
Its presence across wire and cable materials and industrial pipeline coatings allows it to serve different applications and potentially expand business with existing customers.
Risks and Threats for BLS Polymers IPO
Wire and cable polymer compounds contributed 80.93% of revenue in FY26, making the company vulnerable to a slowdown in this segment.
top 10 customers accounted for 66.81% of FY26 revenue. Losing one or more major customers could adversely affect sales and profitability.
The company reported negative cash flows from operating activities during Q1 FY27 and the preceding 3 financial years, raising concerns about its ability to generate sufficient cash internally.
Polymer resins are derived from petrochemical feedstocks, making costs vulnerable to crude oil price fluctuations, geopolitical events and supply chain disruptions. These changes could affect margins and selling prices.
Entering new regions and building distributor networks may involve higher costs and uncertain demand, potentially affecting growth.
Certain corporate records and filings are untraceable or incorrect, and the company has reported past non-compliance with provisions of the Companies Act, 2013. These issues could lead to regulatory action or penalties.
46 shareholders holding 3,32,851 equity shares remain untraceable or unresponsive, creating additional administrative and compliance concerns.
BLS Polymers IPO Reservation
Investor Category | Shares Offered |
QIB | Not more than 50% of the Net Issue |
Retail | Not less than 35% of the Net Issue |
NII | Not less than 15% of the Net Issue |
BLS Polymers IPO Promoter Holding
The promoters of the company are Sushil Aggarwal, Vinod Aggarwal, Madhukar Aggarwal, Karan Aggarwal, and Diwakar Aggarwal.
Particulars | Pre-IPO | Post-IPO |
Promoter Holding | 98.53% | 71.53% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
BLS Polymers IPO Registrar and Lead Managers
BLS Polymers IPO Lead Managers
Unistone Capital Pvt.Ltd.
Registrar for BLS Polymers IPO
Name: Kfin Technologies Ltd.
Phone: 040-79615565
Email ID: blsploymers.ipo@kfintech.com
How To Check the Allotment Status of the BLS Polymers 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.
How To Apply for BLS Polymers 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 BLS Polymers 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.
Contact Details of BLS Polymers IPO
Address: 604, Indra Prakash, 21, Barakhamba Road, Delhi, New Delhi, 110001
Phone: +91 114 352 6312
Email ID: corporate@blspolymers.com
- How to Apply in IPO
- How to Check IPO Allotment Status
Login to Angel One App / Website & click on IPO
Select desired IPO & tap on "Apply"
Enter UPI ID, set quantity/price & submit
Accept mandate on the UPI app to complete the process
BLS Polymers IPO FAQs
Where will the BLS Polymers IPO be listed?
The shares of the company are proposed to be listed on the BSE and NSE.
What could be the listing gains for the BLS Polymers IPO?
The listing gains for the GNI Infrastructure IPO cannot be determined before the shares are listed on the stock exchange, as they depend on market conditions and investor demand.
How can I read the financial statements of BLS Polymers IPO?
You can review the company's financial statements in the DRHP by downloading it here.
How to increase your chances of getting a BLS Polymers IPO allotment?
1. Multiple Submissions: Use different Demat accounts to make multiple applications.
2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.
Who is the registrar for the BLS Polymers IPO?
The registrar is Kfin Technologies Ltd. They are responsible for allotment and investor grievance handling.
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