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BLS Polymers IPOLISTED
BLS Polymers Limited manufactures customised polymer compounds for wires, cables and industrial pipelines, offering 127 grades across six product categories.
Listing price
₹248
+65.33%
Current price
—
Not available
Issue price
₹150
Upper band
Listed on
03 Nov 26
BLSPOLYMERS
- Open27 Oct
- Close29 Oct
- Allotment30 Oct
- Refund2 Nov
- Demat2 Nov
- Listing3 Nov
Listed at
₹248
+65.33% on 03 Nov 26
Overview
Price band
₹142-150
Lot size
100 shares
Face value
₹10 / share
Issue type
Book Built Issue
Min. investment
₹15,000
Listing at
NSE, BSE
Issue Size : 1,70,00,000 shares worth ₹255 Cr
- Fresh Issue : 1,70,00,000 shares worth ₹255 Cr
IPO Share Reservation
Total
100%
Lot size & investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 100 | ₹15,000 |
| Retail (Max) | 13 | 1,300 | ₹1,95,000 |
| S-HNI (Min) | 14 | 1,400 | ₹2,10,000 |
| S-HNI (Max) | 66 | 6,600 | ₹9,90,000 |
| B-HNI (Min) | 67 | 6,700 | ₹10,05,000 |
Listing performance
Listing gain
+65.33%
Gain per retail lot
₹9,800
Latest vs issue
—
GMP was
₹68 (+45.33%)
Latest price shows here when a live quote is available (NSE main-board stocks).
Live GMP
GMP
₹68+45.33%
Exp. listing
₹218
Retail profit
₹6,800100 shares
HNI profit
₹95,2001,400 shares
Latest GMP
₹68
All-time high
₹68
All-time low
₹37
Subscription
- QIB200.25xQIB200.25xQualified Institutional BuyersShares offered 34,00,000Shares applied 68,08,57,700Bid amount ₹10,213 Cr
- NII (HNI)559.20xNII (HNI)559.20xNon-Institutional InvestorsShares offered 25,50,000Shares applied 1,42,59,69,900Bid amount ₹21,390 Cr
- S-HNI491.95xS-HNI491.95xSmall HNI · ₹2L – ₹10LShares offered 8,50,000Shares applied 41,81,54,600Bid amount ₹6,272 Cr
- B-HNI592.83xB-HNI592.83xBig HNI · above ₹10LShares offered 17,00,000Shares applied 1,00,78,15,300Bid amount ₹15,117 Cr
- Retail128.36xRetail128.36xRetail Individual InvestorsShares offered 59,50,000Shares applied 76,37,31,100Bid amount ₹11,456 Cr
- Total241.22xTotal241.22xAll categories combinedShares offered 1,19,00,000Shares applied 2,87,05,58,700Bid amount ₹43,058 Cr
Financials
| Period(₹ Cr) | Revenue | Expense | PAT | Assets | Borrowing |
|---|---|---|---|---|---|
| Mar 2024 | 301.5 | 291.81 | 7.52 | 168.49 | 93.77 |
| Mar 2025 | 336.7 | 308.43 | 21.14 | 179.14 | 73.92 |
| Mar 2026 | 354.41 | 318.43 | 27.01 | 206.13 | 51.72 |
| Jun 2026 | 107.81 | 94.13 | 10.23 | 231.34 | 62.91 |
KPI & Valuation
Key performance indicators
- ROE
- 10.22%
- PAT Margin
- 9.56%
- ROCE
- 9.11%
- EBITDA Margin
- 15.15%
- Debt to Equity Ratio
- 0.61
- Price to Book Value
- 6.42
- RoNW
- 9.73%
As of 30 Jun 2026
Valuation
- EPS Pre IPO
- ₹6
- EPS Post IPO
- ₹6.6
- P/E Pre IPO
- 25
- P/E Post IPO
- 22.73
Peer comparison
| Company | Face value | P/E |
|---|---|---|
| Kingfa Science & Technology (India) Limited | ₹10 | 46.25 |
| DDev Plastiks Industries Limited | ₹1 | 12.97 |
| Plastiblends India Limited | ₹5 | 14.53 |
Strengths & risks
Strengths
- Established Presence with over 30 years of industry experience.
- Diversified Products offering 6 product categories across 127 grades.
- Repeat Customers with approximately 90.84% repeat customers by count over the last three financial years.
- Government Approvals from prominent public-sector enterprises and the Government of Gujarat.
- Manufacturing Capacity of approximately 35,251 tonnes annually.
Risks
- Customer Concentration as the top 10 customers contributed 66.81% of FY2026 revenue.
- Industry Dependence with 80.93% of FY2026 revenue from wire and cable compounds.
- Intense Competition from organised and unorganised players.
- Raw Material Price Fluctuations may affect profitability.
- Limited Exports contributing around 6% of FY2026 revenue.
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Financing the capital expenditure requirement towards expansion of our Manufacturing Facility by increasing the manufacturing capacity of certain of the existing products. | 77.56 |
| Funding working capital requirements of the Company. | 89.5 |
| General corporate purposes. | - |
Promoter Holdings
Company Promoter(s)
- Vinod Aggarwal
- Sushil Aggarwal
- Madhukar Aggarwal
- Diwakar Aggarwal
- Karan Aggarwal
Registrar & contacts
Registrar
Kfin Technologies Ltd.
Company
BLS Polymers Ltd.
- 604, Indra Prakash, 21, Barakhamba Road Delhi, New Delhi, 110001
- +91 114 352 6312
- corporate@blspolymers.com
- https://blspolymers.com/
Documents
Lead managers
About BLS Polymers
BLS Polymers Limited is a New Delhi-based manufacturer of customised polymer compounds used in wires, cables and industrial pipeline applications. Incorporated in January 1991, the company supplies specialised materials to industries including power, telecommunications, railways, water distribution, and oil and gas.
The company manufactures 127 grades of polymer compounds across six major product categories:
- Polyethylene (PE) Compounds: Includes 43 grades of HDPE, MDPE and LLDPE compounds used for insulation and sheathing of telecommunications, power and railway signalling cables.
- Cross-Linked Polyethylene (XLPE): Produces seven grades used in power cables and control and instrumentation cables.
- Polyvinyl Chloride (PVC): Offers 60 grades for household wiring, industrial cables and fire-resistant applications.
- Halogen-Free Flame Retardant (HFFR): Manufactures 12 grades used in solar cables, fire-survival cables and power cables.
- Cable Filling Compounds (CFC): Produces one grade used for moisture protection in telecommunications and power cables.
- Pipe Coating Compounds: Manufactures four grades of HDPE and adhesive compounds used to protect underground oil, gas and water pipelines against corrosion and external damage.
The company operates a facility in Goa spanning 24,220 sq. metres, equipped with 11 machines and an annual installed capacity of 35,251 metric tonnes in FY2026. It also maintains in-house R&D and quality-control facilities to develop customised formulations.
In FY2026, Wire and Cables contributed 80.93% of revenue from operations, while Industrial Pipelines accounted for 19.07%.
BLS Polymers served more than 325 customers during FY2024–FY2026 and exports to countries including Bangladesh, Egypt, Oman, Saudi Arabia, the UAE and Turkey. Exports accounted for approximately 5.5% of FY2026 revenue.
As of August 31, 2026, the company had 175 permanent employees and 97 contract labourers.