BLS Polymers Ltd. IPO

BLS Polymers Ltd. manufactures specialised polymer compounds used in wires, cables and underground pipelines. Its products include HDPE, MDPE, LLDPE, XLPE, PVC, HFFR, cable filling compounds and adhesive coating compounds, catering to industries such as power, telecommunications, railways, water, and oil and gas.

The company operates a manufacturing facility in Goa, spread across approximately 24,220 sq. metres and equipped with 11 machines. It has an in-house laboratory, a quality control team and ISO 9001:2015 certification. The company also develops customised products to meet specific customer requirements.

BLS Polymers serves more than 190 customers and exports its products to countries including Bangladesh, Egypt, Saudi Arabia, the UAE, the USA and Zambia.

Its proximity to Mormugao Port supports the import of raw materials and export of finished products.

Competitive Strengths

  • Government Approvals: Enlisted with prominent government agencies with a pre-approved product portfolio.
  • Diversified Product Portfolio: Caters to multiple industries with specialised polymer compounds.
  • Established Customer Relationships: More than 100 customers have been associated with the company for over three years.
  • Wide Market Presence: Serves customers across India and international markets.
  • Product Development Capabilities: Develops customised polymer compounds to meet specific industry and customer requirements.

Company Financials (Restated Consolidated)

BLS Polymers Ltd.’s revenue increased by 5% and profit after tax (PAT) rose by 28% between the financial year ending with March 31, 2026 and March 31, 2025.

Period Ended30 Jun 202631 Mar 202631 Mar 202531 Mar 2024
Assets231.34206.13179.14168.49
Total Income107.81354.41336.70301.50
Profit After Tax10.2327.0121.147.52
EBITDA16.2146.6039.6621.05
NET Worth105.1794.9367.9446.83
Reserves and Surplus60.1449.9058.3437.23
Total Borrowing62.9151.7273.9293.77
Amount in ₹ Crore

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IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

#Issue ObjectsEst Amt (₹ Cr.)
1Financing the capital expenditure requirement towards expansion of our Manufacturing Facility by increasing the manufacturing capacity of certain of the existing products77.56
2Funding working capital requirements of the Company89.50
3General Corporate Purposes 
 Total167.06

Key Performance Indicator (KPI)

KPIJun 30, 2026Mar 31, 2026
ROE10.22%33.17%
ROCE9.11%29.51%
Debt/Equity0.610.56
RoNW9.73%28.45%
PAT Margin9.56%7.73%
EBITDA Margin15.15%13.33%
NAV23.3521.08
P/B (x)6.427.12

IPO Valuation

Valuation MetricPre IPOPost IPO
EPS (₹)6.006.60
P/E (x)2522.73

BLS Polymers IPO Details

IPO Date27 to 29 Oct, 2026
Listing DateTue, Nov 3, 2026
Face Value₹10 per share
Price Band₹142 to ₹150
Lot Size100 Shares
Sale TypeFresh capital only
Issue TypeBookbuilding IPO
Listing AtBSE, NSE
Total Issue Size1,70,00,000 shares
(agg. up to ₹255 Cr)
Fresh Issue1,70,00,000 shares
(agg. up to ₹255 Cr)
Share Holding Pre Issue4,50,31,834 shares
Share Holding Post Issue6,20,31,834 shares

BLS Polymers IPO Promoter Holding

The promoters of the company are Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal and Karan Aggarwal.

Share Holding Pre Issue98.53%
Share Holding Post Issue71.53%

SHARIAH SCREENING for - BLS Polymers Ltd. IPO

BUSINESS SCREEN

FINANCIAL RATIOS

As per our analysis and Based on the information we have, this is the output.
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