1. IPO Snapshot
| Particular | Details |
|---|
| Company name | BLS Polymers Limited |
| IPO type | 100% book-built issue; fresh issue only |
| Fresh issue | Up to 1,70,00,000 equity shares of face value ₹10 each |
| Offer for Sale (OFS) | Not applicable |
| Total issue size | ₹241.40 crore at ₹142 (floor price) to ₹255.00 crore at ₹150 (cap price) |
| Face value | ₹10 per equity share |
| Price band | ₹142–₹150 per equity share |
| Lot size | 100 equity shares; bids in multiples of 100 |
| Opening / closing | October 27–29, 2026 |
| Anchor bidding | October 26, 2026 |
| Allotment / refund / share credit | October 30 / November 2 / November 2, 2026 (tentative) |
| Tentative listing date | November 3, 2026 |
| Listing exchange | NSE and BSE; NSE is the designated stock exchange |
| Registrar | KFin Technologies Limited |
| Book running lead manager | Unistone Capital Private Limited |
2. IPO Details
| Particular | At Floor Price ₹142 | At Cap Price ₹150 |
|---|
| Pre-Issue Shares | 4,50,31,834 | 4,50,31,834 |
| Fresh Issue Shares | 1,70,00,000 | 1,70,00,000 |
| Fresh Issue Value (₹ crore) | 241.40 | 255.00 |
| Post-Issue Shares | 6,20,31,834 | 6,20,31,834 |
| Post-Issue Market Capitalisation (₹ crore) | 880.05 | 930.48 |
3. Issue Reservation
| Category | Reservation / Allocation |
|---|
| QIB | Not more than 50% of the issue |
| NII | Not less than 15% of the issue |
| Retail (RII) | Not less than 35% of the issue |
| Anchor investors | Up to 60% of the QIB portion may be allocated to anchor investors, as described in the RHP |
4. IPO Lot Size
| Application category | Lots | Shares | Amount at ₹142 per share | Amount at ₹150 per share |
|---|
| Retail minimum | 1 | 100 | ₹14,200 | ₹15,000 |
| Retail maximum | 13 | 1,300 | ₹1,84,600 | ₹1,95,000 |
| S-HNI minimum | 14 | 1,400 | ₹1,98,800 | ₹2,10,000 |
| S-HNI maximum | 66 | 6,600 | ₹9,37,200 | ₹9,90,000 |
| B-HNI minimum | 67 | 6,700 | ₹9,51,400 | ₹10,05,000 |
5. About the Company
BLS Polymers Limited was incorporated as a public limited company on January 16, 1991, under the Companies Act, 1956. Its registered office is at 604, Indra Prakash, 21, Barakhamba Road, New Delhi – 110 001, Delhi, India, while its corporate office is at 3rd Floor, Vijaya Building, Barakhamba Road, New Delhi – 110 001, Delhi, India.
The company manufactures multiple grades of custom-formulated polymer compounds for industries such as telecommunications, power, railways, water, and oil and gas distribution. Its product portfolio includes polyethylene compounds such as HDPE, MDPE and LLDPE, XLPE, halogen-free flame-retardant compounds (HFFR), PVC, cable filling compounds, and adhesive coating compounds.
These compounds are used for insulation, sheathing and jacketing of wires and cables, as well as coating underground pipelines. Depending on the application, they provide characteristics such as mechanical strength, chemical resistance, fire resistance, moisture resistance and electrical insulation.
According to the supplied detail text, BLS Polymers operates a manufacturing facility in Goa, serves more than 190 customers, and exports to countries including Bangladesh, Egypt, Saudi Arabia, the UAE, the USA and Zambia.
6. Restated Financial Information
| Particulars (₹ lakh unless noted) | 3 months ended 30 Jun 2026 | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from operations | 10,702.55 | 34,942.83 | 32,843.59 | 29,635.83 |
| EBITDA | 1,621.19 | 4,659.55 | 3,966.31 | 2,104.91 |
| Growth in EBITDA | — | 17.48% | 88.43% | 17.44% |
| EBITDA margin | 15.15% | 13.33% | 12.08% | 7.10% |
| Profit after tax | 1,022.97 | 2,700.94 | 2,113.60 | 752.20 |
| Growth in PAT | — | 27.79% | 180.99% | 20.36% |
| EPS (₹) | 2.27 | 5.99 | 4.69 | 1.67 |
| PAT margin | 9.56% | 7.73% | 6.44% | 2.54% |
| Return on equity | 10.22% | 33.17% | 36.83% | 17.48% |
| Debt-to-equity ratio | 0.61 | 0.56 | 1.11 | 2.05 |
| ROCE | 9.11% | 29.51% | 25.46% | 12.84% |
| Current ratio | 1.67 | 1.66 | 1.44 | 1.26 |
| NAV / book value (₹) | 23.35 | 21.08 | 15.09 | 10.40 |
| Return on net worth | 9.73% | 28.45% | 31.11% | 16.06% |
| Return on total assets | 4.42% | 13.10% | 11.80% | 4.46% |
| Operational KPI | Unit | 3 months ended 30 Jun 2026 | FY2026 | FY2025 | FY2024 |
|---|
| Cost / metric tonne | ₹ | 1,13,065.39 | 84,958.50 | 85,529.64 | 89,284.79 |
| Total purchase quantity | Metric tonnes | 7,261.78 | 34,499.03 | 30,712.30 | 28,416.66 |
| Revenue / customer | ₹ lakh | 100.02 | 183.91 | 197.85 | 169.35 |
7. IPO Valuation
| Metric | Disclosed value |
|---|
| Face value | ₹10 per share |
| Price band | ₹142–₹150 per share |
| Floor price / face value | 14.20x |
| Cap price / face value | 15.00x |
| P/E at floor price | 23.71x based on diluted EPS for FY2026 |
| P/E at cap price | 25.04x based on diluted EPS for FY2026 |
| Post-issue market capitalisation at floor price | ₹880.05 crore |
| Post-issue market capitalisation at cap price | ₹930.48 crore |
| FY2026 diluted EPS | ₹5.99 |
| NAV per share as of 31 March 2026 | ₹21.08 |
| Weighted average RoNW | 27.27% |
8. Peer Comparison
| Company | Face value (₹) | Revenue from operations (₹ lakh) | Basic EPS (₹) | Diluted EPS (₹) | P/E (diluted EPS) | RoNW | NAV/share (₹) |
|---|
| BLS Polymers Limited | 10 | 34,942.83 | 5.99 | 5.99 | [●] in RHP peer table | 28.45% | 21.08 |
| Kingfa Science & Technology (India) Limited | 10 | 1,99,555.15 | 144.10 | 144.10 | 46.25 | 13.24% | 1,155.40 |
| DDev Plastiks Industries Limited | 1 | 2,94,787.27 | 19.50 | 19.50 | 12.97 | 19.92% | 97.93 |
| Plastiblends India Limited | 5 | 78,865.80 | 14.12 | 14.12 | 14.53 | 8.17% | 172.78 |
11. Shareholding and Capital Structure
| Shareholder category | Pre-Issue Shares | Pre-Issue Holding (%) | Post-Issue Shares at ₹142 | Holding (%) at ₹142 | Post-Issue Shares at ₹150 | Holding (%) at ₹150 |
|---|
| Promoters (A) | 3,00,15,221 | 66.65 | 3,00,15,221 | 48.39 | 3,00,15,221 | 48.39 |
| Promoter Group (B) | 1,43,55,462 | 31.88 | 1,43,55,462 | 23.14 | 1,43,55,462 | 23.14 |
| Additional Top 10 Shareholders (C) | 3,46,300 | 0.77 | 3,46,300 | 0.01 | 3,46,300 | 0.01 |
| Other Public Shareholders (D) | 3,14,85,041 | 0.70 | 1,73,14,851 | 27.91 | 1,73,14,851 | 27.91 |
| Total (E = A+B+C+D) | 4,50,31,834 | 100.00 | 6,20,31,834 | 100.00 | 6,20,31,834 | 100.00 |
12. Key Risks Highlighted in the RHP
| Editorial category | RHP disclosure in simple language | Potential impact described neutrally |
|---|
| Business / product concentration | For the three months ended June 30, 2026, and FY2026, FY2025 and FY2024, 73.20%, 80.93%, 81.59% and 80.49% of revenue, respectively, came from wire and cable polymer compounds. | A decline in demand for wire and cable compounds or related industries could affect revenue, operating results and cash flows. |
| Customer concentration | The RHP highlights dependence on top customers. The advertisement's risk summary shows top-ten-customer concentration of 61.34%, 66.81%, 64.44% and 50.52% for the three months ended June 30, 2026, and FY2026, FY2025 and FY2024, respectively. | Loss of major customers, changes in purchasing or pricing, disputes, or reduced orders could affect sales and capacity utilisation. |
| Supplier / raw material exposure | The company uses polymer raw materials and other additives in manufacturing. The RHP discusses risks associated with their supply, cost and availability. | Changes in input prices or supply disruptions could pressure margins and operating continuity. |
| Expansion / execution | The RHP identifies risks associated with expanding operations, establishing distributors and customers in new regions, and proposed capacity expansion, including possible delays and cost overruns. | Delays, cost increases or lower-than-expected demand may affect planned capacity additions and returns from expenditure. |
| Financial / cash flow | The RHP discusses negative cash flows from operating and investing activities in certain periods and their potential effect on financial condition. | Cash-flow variability can affect working-capital availability, investments and the ability to meet obligations. |
| Legal / regulatory / corporate records | The RHP discloses risks concerning corporate records and filings, regulatory compliance, and certain proceedings or matters described in its risk and litigation sections. | Adverse developments or non-compliance may lead to costs, penalties, disputes or reputational consequences. |
| Capacity / utilisation estimates | The RHP notes that capacity, utilisation and future production estimates rely on assumptions and estimates. | Actual output or utilisation may differ from expectations and could affect revenue or cost absorption. |
| Market / selling price | The RHP notes that average selling prices of polymer resins may fluctuate due to market conditions and that this may affect financial condition and cash flows. | Price movements may affect product pricing, margins, working capital and results. |
| IPO / post-listing market | The RHP states that there has been no formal market for the equity shares and that the issue price should not be taken as indicative of the post-listing market price. Active or sustained trading is not assured. | The share price may fluctuate after listing, and liquidity may not be assured. |
13. Litigation and Contingent Liabilities
Contingent liabilities
| Particulars | As of June 30, 2026 (₹ lakh) | FY2026 (₹ lakh) | FY2025 (₹ lakh) | FY2024 (₹ lakh) |
|---|
| Bank guarantees – IOCL | 800.00 | 800.00 | 800.00 | 800.00 |
| Bank guarantees – others | 215.44 | 93.76 | 93.54 | 122.34 |
| GST appeal – Goa and Delhi (2018–19) | 54.83 | 54.83 | 54.83 | — |
| Undisputed income tax demand | — | — | 2.36 | 2.36 |
| Customs duty liability under appeal | — | — | 5.31 | 5.31 |
| Disputed income tax demand for AY 2023–24 | 23.35 | 23.35 | 24.10 | — |
| Financial guarantee / letter of comfort for a related party | — | — | 900.00 | — |
| Total contingent liabilities | 1,093.62 | 971.94 | 1,880.14 | 930.01 |
| Net worth (₹ lakh) | 10,517.41 | 9,493.40 | 6,794.19 | 4,682.72 |
| Contingent liabilities as a percentage of net worth | 10.40% | 10.24% | 27.67% | 19.86% |
Outstanding litigation disclosed in the RHP
| Matter / party | Amount involved | Court / authority | Status disclosed in the RHP |
|---|
| Parmeshwar Enterprises, through proprietor R. P. Patel | ₹8.03 lakh | Patiala House Court, New Delhi | Three cheque-dishonour complaints; non-bailable warrants issued on April 1, 2026; listed for hearing on February 5, 2027. |
| NEC Wire and Cables Private Limited and others | ₹19.91 lakh | Patiala House Court, New Delhi | Cheque-dishonour complaint; the company had received the cheque amount; listed for hearing on January 13, 2027. |
| We Star Polymers | Cheque amount ₹3.67 lakh; payment demanded ₹5.43 lakh | Patiala House Court, New Delhi | Cheque-dishonour complaint; a fresh bailable warrant was issued on May 6, 2026; listed for hearing on March 2, 2027. |
| Shiv Priya Cables Private Limited and others | ₹7.82 lakh per cheque; eight cheques disclosed | Patiala House Court, New Delhi | Four complaints; matters pending adjudication, with non-bailable warrants issued in two matters. |
| Saffron Cable Industries Private Limited and others | ₹11.48 lakh | Patiala House Court, New Delhi | Cheque-dishonour complaint; process issued on April 30, 2026; listed for hearing on December 5, 2026. |
| Vandana Industries Limited and others | ₹11.12 lakh per cheque; two cheques disclosed | Patiala House Courts, New Delhi | The company appealed against an acquittal order dated November 17, 2025. |
14. Registrar
| Field | Details |
|---|
| Name | KFin Technologies Limited |
| Address | 301, The Centrium, 3rd Floor, 57, Lal Bahadur Shastri Road, Nav Pada, Kurla (West), Kurla, Mumbai – 400 070, Maharashtra, India |
| Email | blsploymers.ipo@kfintech.com |
| Telephone | +91 406 716 2222 / 1800 309 4001 |
| Website | www.kfintech.com |
| Investor grievance email | einward.ris@kfintech.com |
| Contact person | Williams R |
| SEBI registration number | INR000000221 |
15. Lead Manager
16. Company Contact Details
| Field | Details |
|---|
| Registered office | 604, Indra Prakash, 21, Barakhamba Road, New Delhi – 110 001, Delhi, India |
| Registered office telephone | +91 114 352 6312 |
| Corporate office | 3rd Floor, Vijaya Building, Barakhamba Road, New Delhi – 110 001, Delhi, India |
| Corporate office telephone | +91 112 331 0658 |
| Email | corporate@blspolymers.com |
| Website | www.blspolymers.com |
| Company Secretary / Compliance Officer | Neha Kumar Sunit |
| CIN | U24111DL1991PLC042745 |
