BLS Polymers IPO Opens 2026: Dates, Price Band & Key Facts
· 8 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
BLS Polymers Limited has announced its mainboard IPO opening on 27 Oct 2026 with a price band of ₹142 to ₹150 per share. Here are the core details from its DRHP filed with NSE.
Direct answer: The BLS Polymers IPO opens for subscription on 27 Oct 2026 and closes on 29 Oct 2026. The mainboard issue features a price band of ₹142 to ₹150 per share with a minimum application size of ₹15,000 for 100 shares. The company aims to raise ₹255 Cr entirely through a fresh issue of shares.
Source: DRHP filed with NSE.
BLS Polymers IPO Structure and Schedule
BLS Polymers Limited is conducting an initial public offering (IPO) structured as a 100% fresh issue of 1,70,00,000 equity shares with a face value of ₹10 each, aggregating to ₹255 Cr. There is no Offer for Sale (OFS) component in this issue. The equity shares are proposed to be listed on both the National Stock Exchange of India (NSE) and BSE Limited.
The issue opens on 27 Oct 2026 and closes on 29 Oct 2026. The basis of allotment is scheduled to be finalized on 30 Oct 2026, followed by the initiation of refunds and credit of demat shares on 02 Nov 2026. The final listing of equity shares on the exchanges is scheduled for 03 Nov 2026. Investors can track public issues through the IPO calendar alongside other mainboard entries like the Paras Healthcare IPO Opens: MAINBOARD Issue Details & RHP Facts (2026).
The promoter group, comprising Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal, and Karan Aggarwal, holds 98.53% of the pre-issue equity capital, which will decrease to 71.53% post-issue. Unistone Capital Pvt. Ltd. is acting as the sole Book Running Lead Manager, while Kfin Technologies Ltd. is the registrar to the issue.
Business Profile and Manufacturing Operations
According to the DRHP filed with NSE, BLS Polymers Limited specializes in the development and manufacturing of custom-formulated polymer compounds used across essential infrastructure sectors. The end-use industries for its products include telecommunications, power transmission, railways, water management, and oil and gas distribution pipeline network systems.
The company’s product portfolio includes multiple grades of polymer compounds:
- Wire and Cable Materials: High-density polyethylene (HDPE), medium-density polyethylene (MDPE), linear low-density polyethylene (LLDPE), cross-linked polyethylene (XLPE), halogen-free flame-retardant (HFFR) compounds, polyvinyl chloride (PVC), and cable filling compounds (CFC).
- Pipeline Protection Materials: Adhesive coating compounds and specialized HDPE compounds used as part of three-layer polyethylene (3LPE) coating systems to shield underground water, gas, and oil pipelines against environmental corrosion and chemical factors.
BLS Polymers operates a primary manufacturing facility located in Goa, covering approximately 24,220 square feet. Per disclosures in the offer document, the company maintains a sales and distribution footprint across 24 Indian states and union territories. In Fiscal 2025, domestic sales accounted for 91.57% of total revenue, while export sales across countries including Bangladesh, Egypt, Oman, Saudi Arabia, Turkey, UAE, USA, and Zambia contributed 8.43%. During Fiscal 2025, the company catered to 113 repeat customers and added 53 new accounts to its client base. For more details on issuer filings, visit BLS Polymers on BuyUnlistedShares.
Objects of the Offer
The gross proceeds from the fresh issue total ₹255 Cr. As per the summary of the issue document in the DRHP, the company proposes to deploy the net proceeds towards the following specific capital requirements:
- Capital Expenditure for Capacity Expansion: ₹77.56 Cr allocated towards expanding the existing Goa manufacturing facility to increase output capacity for select current polymer compound product lines.
- Working Capital Requirements: ₹89.50 Cr designated to meet incremental working capital demands arising from operational growth.
- General Corporate Purposes: The remaining balance of the net proceeds will be used for general corporate operational activities, subject to SEBI ICDR guidelines restricting general corporate usage to not more than 25% of gross proceeds.
Financial Summary and Key Performance Indicators
The financial figures derived from the restated financial statements in the DRHP filed with NSE outline the performance across recent reporting periods:
Total income moved from ₹301.50 Cr in FY24 to ₹336.70 Cr in FY25 and peaked at ₹354.41 Cr in FY26, with Q1 FY27 recording ₹107.81 Cr. Profit after tax recorded a low of ₹7.52 Cr in FY24 and a high of ₹27.01 Cr in FY26.
Key restated financial parameters across the reporting periods include:
- Q1 FY27 (3 months ended 30 Jun 2026, NOT a full year): Total Income of ₹107.81 Cr, EBITDA of ₹16.21 Cr, PAT of ₹10.23 Cr, Net Worth of ₹105.17 Cr, and Total Borrowings of ₹62.91 Cr.
- FY26 (full year ended 31 Mar 2026): Total Income of ₹354.41 Cr, EBITDA of ₹46.60 Cr, PAT of ₹27.01 Cr, Net Worth of ₹94.93 Cr, and Total Borrowings of ₹51.72 Cr.
- FY25 (full year ended 31 Mar 2025): Total Income of ₹336.70 Cr, EBITDA of ₹39.66 Cr, PAT of ₹21.14 Cr, Net Worth of ₹67.94 Cr, and Total Borrowings of ₹73.92 Cr.
- FY24 (full year ended 31 Mar 2024): Total Income of ₹301.50 Cr, EBITDA of ₹21.05 Cr, PAT of ₹7.52 Cr, Net Worth of ₹46.83 Cr, and Total Borrowings of ₹93.77 Cr.
Based on financial disclosures as of 31 Mar 2026, the company reported a Return on Net Worth (RoNW) of 28.45%, Return on Capital Employed (ROCE) of 29.51%, PAT Margin of 7.73%, EBITDA Margin of 13.33%, and a Debt-to-Equity ratio of 0.56. The Net Asset Value (NAV) per share was ₹21.08.
At the upper price band of ₹150 per share, the P/E ratio stands at 25x relative to the pre-issue EPS of ₹6, and 22.7x relative to the post-issue EPS of ₹6.6 (as of 31 Mar 2026). The Price-to-Book (P/B) ratio is 7.12x based on the NAV of ₹21.08 per share. The offer document does not state the post-issue market capitalisation. Investors evaluating capital structures across corporate segments can also inspect the Unlisted shares screener or review corporate reporting such as Arohan Financial Unlisted Shares: 2026 Financials & IPO Status.
Peer Group Comparison
The offer document presents peer group companies operating in the polymer compounding and plastic products manufacturing sector in India as of 30 Mar 2026:
| Company Name | Basic EPS (₹) | NAV (₹/share) | P/E Ratio (x) | RoNW (%) | P/BV Ratio (x) |
|---|---|---|---|---|---|
| BLS Polymers Limited (Issuer) | 5.99 | 21.08 | — | 28.45% | — |
| Kingfa Science & Technology (India) Ltd. | 144.10 | 1155.40 | 46.25x | 13.24% | 3.66x |
| Ddev Plastiks Industries Ltd. | 19.50 | 97.93 | 12.97x | 19.92% | 1.95x |
| Plastiblends India Ltd. | 14.12 | 172.78 | 14.53x | 8.17% | 0.70x |
Risk Factors Cited in the Offer Document
The DRHP outlines specific operational, commercial, and customer-related risk factors associated with BLS Polymers Limited:
- Segment Concentration: The company derived 81.59% of its operational revenue in FY25, 80.49% in FY24, and 94.32% in FY23 from polymer compounds sold specifically to the wire and cable industry.
- Customer Concentration: Top 10 customers contributed 64.44% of total revenue in FY25, compared to 50.52% in FY24 and 51.02% in FY23.
- Absence of Long-Term Supply Contracts: The company does not enter into long-term formal agreement commitments with customers, relying instead on periodic purchase orders.
- Repeat Order Dependency: In FY25, 93.04% of operational revenue was generated from repeat orders placed by existing clients.
- Regulatory Approvals and Enlistment: Supplying products to power, telecommunications, and public sector utility projects requires ongoing product enlistments and specific quality approvals from regulatory bodies and state entities.
- Raw Material Supplier Concentration: Key polymer base resins and specialized chemical inputs are sourced from a limited pool of primary suppliers.
| Item | Value | As of |
|---|---|---|
| Price band | ₹142 – ₹150 | 20 Oct 2026 |
| Lot size | 100 shares | 20 Oct 2026 |
| Minimum application | ₹15,000 | 20 Oct 2026 |
| Issue size | ₹255 Cr | 20 Oct 2026 |
| Fresh issue | ₹255 Cr | 20 Oct 2026 |
| Exchange | NSE, BSE | 20 Oct 2026 |
| Issue type | MAINBOARD | 20 Oct 2026 |
| Face value | ₹10 | 20 Oct 2026 |
| Opens | 27 Oct 2026 | 20 Oct 2026 |
| Closes | 29 Oct 2026 | 20 Oct 2026 |
| Allotment | 30 Oct 2026 | 20 Oct 2026 |
| Listing | 3 Nov 2026 | 20 Oct 2026 |
| Registrar | Kfin Technologies Ltd. | 20 Oct 2026 |
| GMP | ₹28 (unofficial, indicative) | 19 Oct 2026 |
Frequently Asked Questions
What are the opening and closing dates for the BLS Polymers IPO?
The BLS Polymers IPO opens for public subscription on 27 Oct 2026 and closes on 29 Oct 2026.
What is the price band and lot size for the BLS Polymers IPO?
The price band is fixed at ₹142 to ₹150 per share. The minimum application lot size is 100 shares, requiring a minimum retail application amount of ₹15,000 at the upper band.
What is the total issue size of the BLS Polymers IPO?
The issue size is ₹255 Cr, consisting entirely of a fresh issue of 1,70,00,000 equity shares of face value ₹10 each.
Who are the promoters of BLS Polymers Limited?
The promoters are Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal, and Karan Aggarwal. They hold 98.53% of the pre-issue share capital.
Where will the proceeds of the fresh issue be used?
Per the DRHP, net proceeds will be utilized for capital expenditure on expanding the Goa manufacturing plant (₹77.56 Cr), funding working capital requirements (₹89.50 Cr), and general corporate purposes.
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Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.
