BLS Polymers Limited
What they do: The company earns revenue by compounding polymer materials into product grades for industrial uses, trading polymers, and operating as an IOCL Del Credere Associate and Consignment Stockist.
By IPO Milega Research · Published
BLS Polymers recorded FY2026 revenue of ₹3,494.283 million and net profit of ₹269.921 million.
- GMP (unofficial)
- +23.3%
- Grey market premium
- Opens
- 27 Oct
- In 4 days
- Min. investment
- N/A
- One lot
GMP is an unofficial grey market indication. GMP updated 22 Oct, 21:05 IST.
- Price band
- ₹142-150
- Lot size
- N/A
- Min. investment
- N/A
- Issue size
- Approx 255.00 Crores
- Open27 Oct 2026
- Close29 Oct 2026
- Allotment30 Oct 2026
- Listing3 Nov 2026
Overview
₹₹185 (+23.3%)
GMP trend
Unofficial grey market quotes, times in IST
Where the money goes
- To the company
- ₹255 Cr
- Fresh issue
- To selling shareholders
- ₹0 Cr
- No offer for sale
- Financing the capital expenditure requirement towards expansion of our Manufacturing Facility by increasing the manufacturing capacity of certain of the existing products₹77.56 Cr46%
- Funding working capital requirements of the Company₹89.5 Cr54%
- General Corporate PurposesNot stated
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials6.0
- Performance6.0
- Flexibility7.0
- Timing5.0
- Risk4.0
Revenue and profit have increased across the reported years, with FY2026 revenue of ₹349.43 crore and PAT of ₹27.0 crore. Product-development capability and planned capacity expansion support growth potential, while customer and product concentration, weak recent operating cash flow, material debt and execution risks constrain it. Without valuation details, the fundamentals support only modest potential.
Strengths4
- Manufactures over 127 custom polymer-compound grades across six product categories.
- Operates an 11-machine facility with in-house quality testing aligned to ASTM, ISO and BIS standards and ISO 9001:2015 certification.
- Serves customers across 23 states and union territories and export markets.
- FY2026 EBITDA margin was 13.33%.
Concerns5
- Wire and cable compounds contributed 80.93%–81.59% of annual revenue in Fiscals 2024–2026, while the top 10 customers contributed 61.34%–66.81%; sales lack firm long-term agreements.
- Operating cash flow was negative ₹407.69 lakhs in the June 2026 quarter. Debt was ₹8,235.55 lakhs at August 31, 2026, including ₹7,636.78 lakhs of current borrowings and floating-rate exposure.
- Polymer resin price volatility, uncertain demand, inventory management and intense competition may pressure margins and sales.
- Expansion into export markets and planned capacity growth carry funding, delay, cost-overrun, market-entry and regulatory risks; capital commitments pending execution were USD 343,000.
- Missing or incorrect corporate records and past Companies Act non-compliances may result in penalties; 46 shareholders holding 3,32,851 shares are untraceable, and related-party transactions may create conflicts.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum15,0001 lots, 100 shares
- Retail Maximum1,95,00013 lots, 1300 shares
- S-HNI Minimum2,10,00014 lots, 1400 shares
- S-HNI Maximum9,90,00066 lots, 6600 shares
- B-HNI Minimum10,05,00067 lots, 6700 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 100 | 15,000 |
| Retail Maximum | 13 | 1300 | 1,95,000 |
| S-HNI Minimum | 14 | 1400 | 2,10,000 |
| S-HNI Maximum | 66 | 6600 | 9,90,000 |
| B-HNI Minimum | 67 | 6700 | 10,05,000 |
Timing
5.0/10The expansion plan and sector assessment offer a strategic context for the issue. There is no clear indication of current demand conditions, industry-cycle positioning or pricing attractiveness to support a stronger timing score.
- Time to market
- The issue is being pursued alongside planning for a proposed expansion, but the available details do not show how urgently funding is needed or whether the timing captures a specific market opportunity.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Neutral
- Time to market
- 5.0
- Listing on
- BSE, NSE
Key milestones
- 27 Oct 2026IPO Opens
- 29 Oct 2026IPO Closes
- 30 Oct 2026Basis of Allotment
- 3 Nov 2026Listing Date
Financials
6.0/10- Revenue
- ₹354 Cr
- +5.3%
- Profit after tax
- ₹27.01 Cr
- +27.8%
- Net margin
- 7.6%
- +1.3 pts
- Assets
- ₹206 Cr
- +15.1%
- Return on equity
- 10.22%
- Debt to equity
- 0.54
- Current ratio
- 1.66
- Revenue CAGR
- 102.7%
- ROCE
- 9.11%
- Return on net worth
- 9.73%
- NAV per share (₹)
- 23.35
- Price to book
- 6.42
Financial performance trend
Amount ₹ in croresBLS Polymers recorded FY2026 revenue of ₹3,494.283 million and net profit of ₹269.921 million. Revenue and profit have risen across the reported years. Borrowings are material, while the IPO proceeds are intended for expansion, working capital and general corporate purposes.
Borrowings were ₹51.72 crore at March 31, 2026, equivalent to about 0.54 times reported equity. The IPO proceeds are not allocated to debt repayment. Borrowings are meaningful, with most classified as current, and merit monitoring.
Fresh issue goes to the company. OFS goes to the selling shareholders.
None indicated; no offer for sale is specified.
The issue raises capital for manufacturing facility expansion, working capital and general corporate purposes. The stated net proceeds include ₹775.607 million for expansion and ₹895 million for working capital. No OFS proceeds or existing-holder exit are indicated.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks4
- Market risks3
- Operational risks4
- Regulatory risks4
High customer and product concentration, weak recent operating cash flow, substantial current debt, governance and compliance gaps, and execution risks create material financial and operational exposure.
How the company offsets these
The customs-duty order was set aside on appeal. The Company has initiated cheque-dishonour and fraud proceedings to pursue recoveries; no material litigation is disclosed against the Company.
Financial risks4
- Negative operating cash flow, substantial debt and current borrowings, and exposure to floating interest rates.
- Revenue and customer concentration, absence of firm long-term customer agreements, resin price volatility, uncertain demand and inventory risk.
- Customer payment defaults and collection uncertainty; material creditor dues totalled ₹5,168.13 lakhs at June 30, 2026.
- Expansion funding and cost-overrun exposure; dividends are not assured, and profitability may weaken.
Market risks3
- Intense organised and unorganised competition and uncertain demand.
- Export-market entry and capacity expansion may be affected by market conditions.
- Issue price may not reflect post-listing value; an active market may not develop and listing or trading may be delayed.
Operational risks4
- Manufacturing accidents or disruption, labour disruption and rising labour costs, fraud and IT-system failure.
- Potentially inadequate insurance cover of ₹10,680.02 lakhs at June 30, 2026.
- Missing or incorrect corporate records, 46 untraceable shareholders and potential related-party conflicts.
- Capacity growth may face execution delays and cost overruns.
Regulatory risks4
- Past Companies Act non-compliances and stricter environmental and safety requirements may lead to penalties or operational constraints.
- Direct and indirect tax claims against the Company total ₹78.18 lakhs; promoter direct tax claims total ₹0.08 lakh. Customs-duty liability under appeal was nil after the appeal authority set aside the order.
- Two pending criminal cases involving an independent director relate to alleged drug-quality violations at another company.
- Company-filed cheque-dishonour cases and fraud complaints remain pending or under investigation; recovery outcomes are uncertain.
Performance
6.0/10BLS Polymers manufactures six polymer products across 127 grades for wire, cable and infrastructure applications. Its 24,220 sq. m. Goa facility, 11 production machines, in-house testing and customer qualification requirements support execution. FY2026 revenue was ₹349.43 crore, with EBITDA of ₹46.60 crore and PAT of ₹27.01 crore. Assessment is tempered by customer and supplier concentration, raw-material exposure and the absence of comparable multi-year financial data.
- Historical growth
- FY2026 revenue was ₹349.43 crore, but revenue figures for earlier financial years are not supplied, so a historical growth rate cannot be established., Not determinable from the reported figures.
- Market comparison
- No named peer companies or comparable peer financial metrics are supplied. The company operates in a fragmented polymer-compounding industry and faces competition and customer pricing pressure. Customer audits and government enlistments create qualification barriers, while wire-and-cable compounds accounted for 80.93% of FY2026 revenue.
- Future potential
- India's infrastructure and manufacturing activity may support demand for polymer compounds, but no company-specific forecast is supplied. Growth depends on wire-and-cable demand, expansion execution, diversification and access to export markets. Tariffs and local-content rules in Nigeria and Algeria are stated barriers.
- Operational consistency
- The operating history length and earlier annual revenues are not stated. Execution indicators include the operating facility, quality systems and broad customer reach. However, the top five customers generated 53.45% of FY2026 revenue, Supplier 1 represented 64.73% of purchases in the quarter ended June 30, 2026, and raw materials accounted for 78.13%–83.9% of revenue in FY2024–FY2026.
- Experience
- Management biographies, tenure and relevant operating experience are not included in the supplied information, so experience cannot be assessed.
- Track record
- Operational capabilities and FY2026 profitability are disclosed, but management-specific execution history and multi-year financial performance are not available for assessment.
Key achievements
- 01Manufactures over 127 custom polymer-compound grades across six product categories.
- 02Operates an 11-machine facility with in-house quality testing aligned to ASTM, ISO and BIS standards and ISO 9001:2015 certification.
- 03Serves customers across 23 states and union territories and export markets.
- 04FY2026 EBITDA margin was 13.33%.
Flexibility
7.0/10Serves power, telecommunications, railways, water, and oil and gas applications across 23 Indian states and union territories, with exports to eight countries. New customer additions and tailored products indicate market responsiveness. However, domestic sales remain above 90%, and telecommunications is a major end market.
Revenue, EBITDA, and profit increased across the reported fiscal years, while the debt-to-equity ratio fell from 2.05 in Fiscal 2024 to 0.56 in Fiscal 2026 and the current ratio reached 1.66. The company still plans to fund significant working capital and expansion needs through IPO proceeds, internal accruals, or borrowings.
The company manufactures 127 grades and can modify formulations and existing equipment for customer requirements. In-house product development, testing, and semi-automated production support product changes. Expansion is concentrated at its Goa facility, and several machinery orders remain pending.
BLS Polymers shows good adaptability through customer-specific formulations, a broad range of polymer grades, and expansion into pipeline coatings. Financial performance and leverage have improved, while planned capacity growth could support further expansion. Customer and product revenue concentration, low export contribution, and execution needs temper the assessment.
- Product diversification
- The portfolio covers PE, XLPE, PVC, HFFR, cable-filling, and pipe-coating compounds across wire and cable and pipeline applications. Its 127 grades provide variety, though PE products and wire and cable sales account for substantial revenue; PVC manufacturing is being phased out.
- Future adaptability
- Planned capacity additions of 52,050 MTPA for PE and XLPE, together with working capital funding, could support customer demand and export growth. Product development capabilities and new pipeline applications offer room to adapt. Potential depends on completing expansion, obtaining required approvals, and converting export and customer opportunities into orders.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.