BLS Polymers IPO

Last updated: October 27, 2026 at 10:45 am IST

BLS Polymers IPO Price Range is ₹142 - ₹150, with a minimum investment of ₹15,000 for 100 shares per lot.

Subscription Rate

7.17x

as on 27 Oct 2026, 02:17PM IST

Minimum Investment

₹15,000

/ 100 shares

IPO Status

Live

Price Band

₹142 - ₹150

Bidding Dates

Oct 27, 2026 - Oct 29, 2026

Issue Size

₹255.00 Cr

Lot Size

100 shares

Min Investment

₹15,000

Listing Exchange

BSE

IPO Doc

RHP PDF

BLS Polymers IPO Application Timeline

Open Date27 Oct 2026

Close Date29 Oct 2026

Allotment Date30 Oct 2026

Listing Date3 Nov 2026

Objectives of IPO

BLS Polymers plans to launch an IPO consisting entirely of a fresh issue of up to 1,70,00,000 shares, each with a face value of ₹10. There is no offer for sale, meaning all the money raised will go to the company rather than existing shareholders. The funds will be used for the purposes mentioned in its Red Herring Prospectus (RHP), which explains how the company plans to spend the IPO proceeds.
The company plans to spend ₹77.56 crore expanding its Goa manufacturing plant, including ₹42.93 crore on construction and ₹34.63 crore on machinery. This will increase annual capacity from 35,251 to 87,301 metric tonnes, adding 29,192 metric tonnes of Polyethylene and 22,858 metric tonnes of Cross-linked Polyethylene capacity. The expansion comes as these facilities were already operating at 75.26% and 73.19% capacity in FY26. Since the company already owns unused land, no additional land purchase is needed. It plans to deploy ₹35.00 crore in FY27 and ₹30.77 crore in FY28, while recovering ₹11.79 crore already spent through an HDFC Bank loan of ₹5.96 crore and internal funds of ₹5.83 crore.
Another ₹89.50 crore will go towards working capital, which is the money needed to manage everyday expenses, raw materials, and customer payments. Of this, ₹39.00 crore will be used in FY27 and ₹50.50 crore in FY28. Since BLS Polymers needs to maintain raw material stocks and gives customers time to pay, additional funds will help it manage daily operations. This could also reduce its dependence on short-term bank loans and lower interest expenses during expansion.
The remaining IPO funds will be used for general corporate purposes, within the regulatory limit of 25% of gross proceeds. This money can cover regular expenses such as salaries, rent, marketing, administration, and unexpected costs. It gives the company more financial flexibility to manage everyday operations without disrupting its manufacturing expansion.

Financial Performance of BLS Polymers

*Value in ₹ crore

Details	FY24	FY25	FY26
Total Revenue	₹296.36	₹328.44	₹349.43
Total Assets	₹168.49	₹179.14	₹206.13
Total Profit	₹7.52	₹21.14	₹27.01

BLS Polymers has steadily increased its revenue over the past three years, although growth has slowed. Revenue rose from ₹296.36 crore in FY24 to ₹328.44 crore in FY25, up 10.82%, before reaching ₹349.43 crore in FY26, an increase of 6.39%. Growth was supported by its trading business, which expanded 106.98% in FY25, along with higher exports and continued demand for wire and cable compounds in India.

The good news is that profits have grown much faster than revenue. EBITDA, or earnings before interest, taxes, depreciation, and amortization, increased from ₹21.05 crore in FY24 to ₹39.66 crore in FY25 and ₹46.60 crore in FY26. EBITDA margin improved from 7.10% to 12.08% and then 13.33%, meaning the company kept more operating earnings from every ₹100 of sales. Net profit also climbed from ₹7.52 crore in FY24 to ₹21.14 crore in FY25 and ₹27.01 crore in FY26, with profit margin improving from 2.54% to 6.44% and then 7.73%. Better product sales, improved efficiency, and lower interest costs supported this growth.

The company has also reduced its debt significantly. Borrowings fell from ₹95.81 crore in FY24 to ₹75.32 crore in FY25 and ₹53.05 crore in FY26, while net worth increased from ₹46.83 crore to ₹94.93 crore. Cash generated from regular business operations grew from ₹2.65 crore in FY24 to ₹25.13 crore in FY25 and ₹38.06 crore in FY26. This shows that the company is collecting more cash from its business, giving it greater flexibility to manage expenses and reduce debt.

The company's return ratios also improved. Return on Equity (ROE), which measures profit earned on shareholders' money, rose from 17.48% in FY24 to 36.83% in FY25 before reaching 33.17% in FY26. Return on Capital Employed (ROCE), which shows how efficiently the company uses its funds, increased from 12.84% to 29.51%. Meanwhile, the debt-to-equity ratio fell from 2.05 to 0.56, showing lower dependence on loans. In FY26, the company held inventory for 66 days, collected customer payments in 76 days, and paid suppliers after 50 days.

Strengths and Risks

Strengths

BLS Polymers has received technical approvals from major government-owned power, engineering, and telecommunications companies, including Maharatna, Navratna, and Miniratna enterprises. These approvals are important because materials used in critical infrastructure must pass strict quality tests. Since new suppliers must undergo the same approval process, entering these markets is difficult. This gives BLS Polymers an advantage when competing for government infrastructure orders.
The company offers six product categories across 127 grades, including Polyethylene, Cross-linked Polyethylene, fire-resistant compounds, and pipeline adhesives. Its products serve telecommunications, electricity transmission, railways, water supply, and gas distribution. Having customers across different industries reduces dependence on any single sector. It also creates opportunities to sell more products to existing customers as infrastructure demand grows.
Customers regularly return to BLS Polymers for more orders. Repeat buyers contributed ₹337.24 crore, or 96.51% of revenue, in FY26, compared with ₹305.57 crore (93.04%) in FY25 and ₹241.98 crore (81.65%) in FY24. Over these three years, 90.84% of its 190 customers were repeat buyers. This suggests strong customer relationships and makes revenue more predictable while reducing the cost of finding new customers.
BLS Polymers serves customers across 23 Indian states and union territories. Domestic sales generated ₹330.35 crore (94.54%) in FY26 and ₹101.33 crore (94.68%) in Q1 FY27. This wide presence helps the company supply major wire, cable, and pipe manufacturers across India. It also puts the business in a position to benefit from rising infrastructure investments.
The company has a seven-member research and development team in Goa that creates specialized materials based on customer requirements. These include low-smoke, fire-resistant compounds and materials that help prevent electrical damage. Developing products internally allows BLS Polymers to respond faster to customer needs and improve manufacturing efficiency. Its focus on specialized products helped the Others category grow 62.3% between FY24 and FY26.
BLS Polymers belongs to the three-decade-old BLS Group. Promoter Vinod Aggarwal has over 35 years of industry experience, while Managing Director Karan Aggarwal has more than 14 years. The group's established reputation and business connections, including listed companies such as BLS International Services, could help BLS Polymers strengthen customer relationships and manage its long-term expansion.

Risks

BLS Polymers depends heavily on its Wire and Cables division, which contributed ₹282.80 crore (80.93%) of revenue in FY26 and ₹78.34 crore (73.20%) in Q1 FY27. This means a large part of its business relies on demand from power, telecommunications, and railway projects. If infrastructure spending slows or customers reduce orders, the company's revenue and cash flow could be affected.
The company also depends on a small group of large customers. Its top 10 customers contributed ₹233.47 crore (66.81%) of sales in FY26 and ₹65.65 crore (61.34%) in Q1 FY27, while the top five alone accounted for 53.45% of FY26 revenue. Most orders come through short-term purchase agreements rather than long-term contracts. So, losing a major customer or receiving fewer orders could directly affect sales and profits.
All manufacturing takes place at one facility in Goa, spread across 24,220 square meters, with an annual capacity of 35,251 metric tonnes. While this makes operations easier to manage, it also creates a risk. Any major machinery breakdown, worker strike, power failure, or natural disaster at the plant could stop production, delay deliveries, and affect customer relationships.
Raw materials are the company's biggest expense, costing ₹273.02 crore, or 78.13% of FY26 revenue. Its top 10 suppliers accounted for ₹261.00 crore (93.52%) of purchases, without long-term pricing agreements. Since many raw materials are linked to crude oil prices, a sudden rise in oil prices could increase costs. If the company cannot pass these increases on to customers, its profit margins could fall.
BLS Polymers needs significant cash to manage its daily business. It held inventory equivalent to 85 days in FY26 and also allows customers time to pay. This means money can remain tied up in unsold stock and unpaid bills. In Q1 FY27, operating cash flow was negative ₹4.08 crore, meaning the business spent more cash than it collected from regular operations. Payment delays could increase its need for short-term loans and interest expenses.
The planned ₹77.56 crore expansion of its Goa plant will increase annual capacity from 35,251 to 87,301 metric tonnes. However, large expansion projects can face construction delays, approval issues, or unexpected costs. Even after completion, the company must attract enough orders to use the additional capacity. If demand falls short, the expansion could take longer to generate returns.

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Listed Competitors of BLS Polymers

Company Name	Operating Revenue (₹ Cr)	Revenue Growth (%)	EBITDA (₹ Cr)	EBITDA Margin (%)	PAT (₹ Cr)	PAT Margin (%)	P/E Ratio (x)	ROE (%)	ROCE (%)	Debt-to-Equity (x)	Working Capital Cycle (Days)
BLS Polymers	₹349.43 Cr	6.39%	₹46.60 Cr	13.33%	₹27.01 Cr	7.73%	34.45x	33.17%	29.51%	0.56x	110
Kingfa Science & Technology (India)	₹1,995.55 Cr	14.38%	₹282.04 Cr	14.13%	₹185.26 Cr	9.28%	46.25x	17.41%	17.90%	0.01x	85
DDev Plastiks Industries	₹2,947.87 Cr	13.23%	₹320.27 Cr	10.86%	₹201.82 Cr	6.85%	12.97x	21.84%	27.54%	0.06x	74
Plastiblends India	₹788.66 Cr	1.05%	₹66.05 Cr	8.38%	₹36.69 Cr	4.65%	14.53x	8.37%	10.63%	0.05x	128

BLS Polymers Shareholding Pattern

Promoters & Promoter Group		98.53%
Name	Role	Stakeholding
Vinod Aggarwal	Promoter	16.16%
Sushil Aggarwal	Promoter	14.19%
Madhukar Aggarwal	Promoter	10.28%
Diwakar Aggarwal	Promoter	16.07%
Karan Aggarwal	Promoter	9.95%
Intime Finance & Investment Private Limited	Promoter Group	5.24%
Fragrance Credit and Securities Private Limited	Promoter Group	4.58%
V. S. Estates Private Limited	Promoter Group	4.77%
Kavita Aggarwal	Promoter Group	3.65%
Alka Aggarwal	Promoter Group	3.65%
Rachna Aggarwal	Promoter Group	2.59%
Wonder Rock Finance and Investment Private Limited	Promoter Group	5.29%
New Line Finance & Investment Private Limited	Promoter Group	2.06%
Hillman Properties Private Limited	Promoter Group	0.05%
Others	Public	1.47%

About BLS Polymers

Think of the plastic covering that protects electrical wires and underground pipes from water, heat, and damage. BLS Polymers Limited makes and sells these protective plastic materials. The company operates through two divisions: Wire and Cables, and Industrial Pipelines. In FY26, it earned ₹349.43 crore in revenue, with Wire and Cables contributing ₹282.80 crore (80.93%) and Pipelines adding ₹66.63 crore (19.07%). In Q1 FY27, revenue stood at ₹107.03 crore, with ₹78.34 crore (73.20%) from Wire and Cables and ₹28.68 crore (26.80%) from Pipelines. Polyethylene compounds were its biggest product category in FY26, bringing in ₹184.17 crore (52.71%), followed by specialty products at ₹111.22 crore (31.83%), Cross-linked Polyethylene at ₹48.91 crore (14.00%), and Polyvinyl Chloride at ₹5.12 crore (1.47%).

BLS Polymers supplies companies involved in telecommunications, electricity transmission, railways, water supply, and oil and gas distribution. Most of its business comes from India, where it serves customers across 23 states and union territories. Domestic sales contributed ₹330.35 crore (94.54%) in FY26 and ₹101.33 crore (94.68%) in Q1 FY27. Exports to Asia, the Middle East, and Africa brought in ₹19.08 crore (5.46%) and ₹5.70 crore (5.32%) during the same periods. However, its five largest customers accounted for 53.45% of FY26 revenue. On the positive side, repeat buyers contributed ₹337.24 crore, or 96.51% of annual sales, showing that customers regularly return with new orders.

The company manufactures its products at a single plant in Goa, spread across 24,220 square meters. The facility has 11 production lines and can produce 35,251 metric tonnes annually. Being close to Mormugao Port and major highways helps reduce transportation costs. Another advantage is that supplying government infrastructure projects requires strict quality checks and technical approvals. BLS Polymers has secured these approvals from major government-owned power, telecommunications, and engineering companies, making it harder for new competitors to enter these markets.

BLS Polymers has a seven-member research and development team in Goa that develops materials for different customer needs. The company offers 127 product grades and has been expanding into specialized products. Revenue from its Others category grew 62.3% between FY24 and FY26. Looking ahead, the company plans to use IPO funds to add 52,050 metric tonnes of annual production capacity at its Goa facility. This includes 29,192 metric tonnes of Polyethylene and 22,858 metric tonnes of Cross-linked Polyethylene capacity. The expansion will use existing land and help the company meet growing demand in India and overseas.

For more details, visit here: https://blspolymers.com/

The People Behind the Company: Leadership and Expertise

The Promoter: BLS Polymers Limited is promoted by Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal, and Karan Aggarwal. Together, they hold 3,00,15,221 equity shares, representing 66.65% of the pre-IPO equity capital, while the total promoter group holds 98.48%. Individual promoter holdings comprise Vinod Aggarwal (16.16%), Diwakar Aggarwal (16.07%), Sushil Aggarwal (14.19%), Madhukar Aggarwal (10.28%), and Karan Aggarwal (9.95%). The promoter group brings extensive industry experience, led by Vinod Aggarwal with over 35 years and other executive promoters with over 29 years in polymer compounding. Incorporated on January 16, 1991, the company received its commencement of business certificate on April 23, 1991.

Key Leadership and Management

Karan Aggarwal - Chairman and Managing Director

Background: Karan Aggarwal, aged 40, serves as Chairman and Managing Director. He holds 44,82,392 equity shares (9.95% pre-IPO stake) and received ₹24.00 lakhs in FY26 remuneration.
Qualification: B.Sc. in Business and Management Studies from IILM Undergraduate Business School, University of Bradford.
Contribution: Brings over 14 years of polymer industry experience, overseeing manufacturing, R&D, and export expansion into specialty compounds.
Legal / Regulatory Matters: No material litigation. Extended personal guarantees for credit facilities and lease agreements for Goa premises.

Dinesh Sharma - Executive Director

Background: Dinesh Sharma, aged 59, is Executive Director. Joining in 1991 as Senior Manager - Marketing, he was appointed Director in 2019 and received ₹13.14 lakhs in FY26 remuneration.
Qualification: B.A. from Osmania University and Post Graduate Diploma in Business Management from the Institute of Marketing & Management.
Contribution: Over 35 years of experience in marketing, heading customer acquisition and nationwide distribution strategy.
Legal / Regulatory Matters: There are no criminal, statutory, regulatory, or material civil proceedings pending against him

Vinod Aggarwal - Promoter and Non-Executive Director

Background: Vinod Aggarwal, aged 72, is a Promoter and Non-Executive Director. Associated since incorporation, he served as Managing Director until March 2025 and holds 72,78,880 shares (16.16%).
Qualification: Attended Shyam Lal College, University of Delhi, for B.Sc. studies.
Contribution: Over 35 years of industry experience, leading foundational business development and key client relationships.
Legal / Regulatory Matters: There are no criminal, statutory, regulatory, or material civil litigations pending against him. He faces 1 direct tax proceeding involving ₹0.08 lakhs. He has extended joint personal guarantees aggregating ₹138.95 crore for company borrowings and entered into leasehold agreements for office and warehouse properties. He holds no directorships in other listed public companies.

Arvind Kumar Agarwal - Chief Financial Officer

Background: Arvind Kumar Agarwal, aged 68, is Chief Financial Officer. Joining in 2017, he was appointed CFO in April 2025 and received ₹25.04 lakhs in FY26 remuneration.
Qualification: M.Sc. in Chemistry from Kanpur University and Associate Member of the Indian Institute of Bankers.
Contribution: Over 47 years of experience in corporate banking, accounting, and capital management.
Legal / Regulatory Matters: There are no criminal, statutory, regulatory, or material civil proceedings pending against him.

Neha Kumar Sunit - Company Secretary and Compliance Officer

Background: Neha Kumar Sunit, aged 40, is Company Secretary and Compliance Officer. Joining in 2024, she was appointed CS in May 2025 and received ₹11.26 lakhs in FY26 remuneration.
Qualification: B.Com. from University of Delhi and Associate Member of ICSI.
Contribution: Over 11 years of corporate secretarial experience, handling regulatory compliance and governance.
Legal / Regulatory Matters: There are no criminal, statutory, regulatory, or material civil proceedings pending against her.

Industry Overview

The global polymer compounding market is valued at $75.5 billion (CY25) and is projected to grow at a 6.7% CAGR to reach $109.8 billion by CY31. Operating within this market, BLS Polymers Limited recorded FY26 revenue from operations of ₹349.43 crore.
Polymer compounds for wires, cables, and pipeline coatings drive India's specialty compounding market, spurred by power, telecom, and water distribution infrastructure. With an installed capacity of 35,251 MTPA across 127 grades, BLS Polymers generated ₹282.80 crore (80.93%) of FY26 revenue from its Wire and Cables division (led by Polyethylene compounds at ₹184.17 crore or 52.71%), while top 10 customers accounted for ₹233.47 crore (66.81%).
The Indian polymer compounding market expanded from $5,967 million in CY19 to $9,934 million in CY25 and is forecasted to reach $16,507 million by CY31 (9.0% CAGR). BLS Polymers captured this growth, expanding its revenue from ₹296.36 crore in FY24 to ₹349.43 crore in FY26.
National schemes like the Revamped Distribution Sector Scheme, 5G rollouts, and Jal Jeevan Mission fuel demand across domestic and export markets. BLS Polymers leverages this footprint across 23 Indian states and union territories as well as overseas, with domestic sales contributing ₹330.35 crore (94.54%) and exports adding ₹19.08 crore (5.46%) of FY26 revenue.

BLS Polymers IPO GMP

According to InvestorGain, BLS Polymers IPO was recently reported to have a grey market premium (GMP) of around ₹38 per share, or 25.33%, indicating positive sentiment ahead of its listing. Based on the upper IPO price band of ₹150, this suggests an estimated listing price of ₹188 per share.

GMP reflects unofficial grey-market sentiment before listing and can change frequently, so it should be treated as an indicative figure rather than a guaranteed listing price. We do not promote or endorse GMP as a basis for investment decisions. Investors should consider the company's fundamentals, valuation, financial performance, and risks.

Read our detailed guide on IPO GMP to understand how it works and its limitations.

Know more about BLS Polymers

BLS Polymers IPO Review: Strong Profits, but Is ₹150 Too Expensive?

BLS Polymers IPO review 2026: Is ₹150 justified? Explore FY26 financials, profit growth, P/E valuation, peer comparison, expansion plans and key risks.

BLS Polymers IPO Review 2026: Growth, Risks and ₹150 Valuation

Frequently Asked Questions of BLS Polymers IPO

What is the size of the BLS Polymers IPO?

The size of the BLS Polymers IPO is ₹255 Cr.

What is the allotment date of the BLS Polymers IPO?

BLS Polymers IPO allotment date is Oct 30, 2026 (tentative).

What are the open and close dates of the BLS Polymers IPO?

The BLS Polymers IPO will open on Oct 27, 2026 and close on Oct 29, 2026

What is the lot size of BLS Polymers IPO?

The lot size for the BLS Polymers IPO is 100.

When will my BLS Polymers IPO order be placed?

Your BLS Polymers IPO order will be placed on Oct 27, 2026

Can we invest in BLS Polymers IPO?

Yes, once BLS Polymers IPO opens, you can invest in the shares of the company.

What would be the listing gains on the BLS Polymers IPO?

The potential listing gains on the BLS Polymers IPO will depend on various market factors and cannot be predicted with certainty.

What is 'pre-apply' for BLS Polymers IPO?

'Pre-apply' for BLS Polymers IPO indicates your interest in the IPO before it opens for subscription. This ensures quick application when the IPO goes live.

Who are the promoters of BLS Polymers?

BLS Polymers Limited is promoted by Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal, and Karan Aggarwal. They collectively hold 66.65% of the company's pre-IPO equity share capital. Individually, Vinod Aggarwal holds 72,78,880 shares (16.16%), Diwakar Aggarwal holds 72,37,139 shares (16.07%), Sushil Aggarwal holds 63,87,780 shares (14.19%), Madhukar Aggarwal holds 46,29,030 shares (10.28%), and Karan Aggarwal holds 44,82,392 shares (9.95%).

Who are the competitors of BLS Polymers?

The key competitors of BLS Polymers Limited include Kingfa Science & Technology (India) Limited, Ddev Plastiks Industries Limited, Plastiblends India Limited, and Kkalpana Industries India Limited. These companies operate in the same or closely related industry and compete with BLS Polymers Limited across similar products, services, or markets.

How does BLS Polymers make money?

BLS Polymers earns money by manufacturing and selling specialized plastic compounds used in wires, cables, and industrial pipelines. In FY26, Wire and Cables contributed ₹282.80 crore (80.93%) of revenue, while Industrial Pipelines added ₹66.63 crore (19.07%). In Q1 FY27, their shares were ₹78.34 crore (73.20%) and ₹28.68 crore (26.80%). Polyethylene was the biggest product category in FY26, generating ₹184.17 crore (52.71%), followed by specialty products at ₹111.22 crore (31.83%), Cross-linked Polyethylene at ₹48.91 crore (14.00%), and PVC at ₹5.12 crore (1.47%). India contributed ₹330.35 crore (94.54%) of sales, while exports brought in ₹19.08 crore (5.46%).

What is the GMP of BLS Polymers IPO?

According to InvestorGain, BLS Polymers IPO is currently showing a grey market premium (GMP) of around ₹38 or 25.33%, Suggesting positive sentiment ahead of its listing. Based on the upper IPO price of ₹150, this indicates a potential listing price of approximately ₹188 per share. However, GMP is unofficial and can change quickly, so it should not be treated as a guaranteed indication of the actual listing price.

Should I Apply for BLS Polymers IPO?

BLS Polymers offers growth opportunities but also carries business risks. In FY26, it earned ₹349.43 crore in revenue and ₹27.01 crore in net profit, with repeat customers contributing 96.51% of sales. It also has government-sector approvals and plans to increase annual capacity to 87,301 metric tonnes. However, Wire and Cables contributed 80.93% of sales, while the top 10 customers accounted for 66.81%. Its single Goa plant, raw material price changes, and high working capital needs are additional concerns. Investors should compare these factors with the IPO valuation before deciding.