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.
BLS Polymers IPO – Details
| IPO Opening Date | 27 October 2026 |
| IPO Closing Date | 29 October 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 1,70,00,000 Shares Worth ₹255.00 Crore Fresh Issue: 1,70,00,000 Shares Worth ₹255.00 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹142 – ₹150 per share |
| Market Lot | 100 Shares |
| Min Order | 100 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
BLS Polymers IPO – Date Schedule
| IPO Open Date | 27 October 2026 |
| IPO Close Date | 29 October 2026 |
| Basis of Allotment | 30 October 2026 |
| Initiation of Refund | 02 November 2026 |
| Credit of Shares to Demat Account | 02 November 2026 |
| IPO Listing Date | 03 November 2026 |
| Cut-off time for UPI mandate confirmation | 7 PM on October 29, 2026 |
BLS Polymers IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 100 | ₹15,000 |
| Retail (Max) | 13 | 1300 | ₹1,95,000 |
| S-HNI (Min) | 14 | 1400 | ₹2,10,000 |
| S-HNI (Max) | 66 | 6600 | ₹9,90,000 |
| B-HNI (Min) | 67 | 6700 | ₹10,05,000 |
Competitive Strength
- Enlisted with prominent government agencies with pre-approved product portfolio.
- Diversified industry applications and differentiated product portfolio.
- Long-standing relationships with its customers.
- PAN-India market presence.
- Integrated quality control infrastructure.
Company Promoters
- Vinod Aggarwal
- Sushil Aggarwal
- Madhukar Aggarwal
- Diwakar Aggarwal
- Karan Aggarwal
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹301.50 Cr | ₹291.81 Cr | ₹7.52 Cr | ₹93.77 Cr |
| 31 March 2025 | ₹336.70 Cr | ₹308.43 Cr | ₹21.14 Cr | ₹73.92 Cr |
| 31 March 2026 | ₹354.41 Cr | ₹318.43 Cr | ₹27.01 Cr | ₹51.72 Cr |
| 30 June 2026 | ₹107.81 Cr | ₹94.13 Cr | ₹10.23 Cr | ₹62.91 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) | Values (June 30, 2026) |
|---|---|---|
| ROE | 33.17% | 10.22% |
| ROCE | 29.51% | 9.11% |
| Debt/Equity | 0.56 | 0.61 |
| RoNW | 28.45% | 9.73% |
| PAT Margin | 7.73% | 9.56% |
| EBITDA Margin | 13.33% | 15.15% |
| NAV | 21.08 | 23.35 |
| Price to Book Value | 7.12 | 6.42 |
| Pre IPO | Post IPO | |
| EPS (₹) | 6.00 | 6.60 |
| P/E (x) | 25.00 | 22.73 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| 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. | ₹89.50 |
| General corporate purposes. |
BLS Polymers IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Kingfa Science & Technology (India) Limited | 46.25 |
| 2 | 1 | DDev Plastiks Industries Limited | 12.97 |
| 3 | 5 | Plastiblends India Limited | 14.53 |
✅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.
BLS Polymers IPO Promoter Holding
| Pre Issue Share Holding | 98.53% |
| Post Issue Share Holding | 71.53% |
BLS Polymers IPO Prospectus
Company Contact Information
| BLS Polymers Ltd. 604, Indra Prakash, 21, Barakhamba Road Delhi, New Delhi, 110001 Phone: +91 114 352 6312 Email: corporate@blspolymers.com Website: https://blspolymers.com/ |
BLS Polymers IPO Registrar
| Kfin Technologies Ltd. Phone: 040-79615565 Email: blsploymers.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
BLS Polymers IPO Lead Manager(s)
| 1. Unistone Capital Private Limited |
BLS Polymers IPO FAQs
| What is the BLS Polymers IPO? BLS Polymers IPO is a main-board IPO. The issue is priced at ₹142 to ₹150 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the BLS Polymers IPO open? The IPO is to open on 27 October 2026 for QIB, NII, and Retail Investors. |
| What is BLS Polymers IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the BLS Polymers IPO Size? BLS Polymers IPO size is ₹255.00 Crore. |
| What are the BLS Polymers IPO Minimum and maximum lot sizes for Retail? The minimum bid is 100 Shares with ₹15,000, while the maximum bid is 1300 Shares with ₹1,95,000. |
| What is the BLS Polymers IPO Allotment Date? BLS Polymers IPO allotment date is 30 October 2026. |
| What is the BLS Polymers IPO Listing Date? BLS Polymers IPO listing date is 03 November 2026. The IPO is to be listed on the BSE and the NSE. |
