This Chemical Company Opens for Subscription Tomorrow; Check the GMP and Other Details
BLS Polymers Limited is launching its Initial Public Offering (IPO) to raise funds for capital expenditure and working capital requirements. The IPO size aggregates up to Rs. 255 crore, comprising a fully fresh issue of 1.70 crore equity shares totalling Rs. 255 crore.
BLS Polymers Limited’s IPO price band is set at Rs. 142 to Rs. 150 per share. The IPO opens for subscription on October 27, 2026, and closes on October 29, 2026. The shares will be listed on the NSE and BSE on Tuesday, November 03, 2026. Here’s everything you need to know.
GMP of BLS Polymers Limited IPO
As of October 26th, 2026, the shares of BLS Polymers Limited in the grey market were trading at a 24.67 percent premium. The shares in the Grey Market traded at Rs. 187. This gives it a premium of Rs. 37 per share over the cap price of Rs. 150.
Overview of BLS Polymers Limited
BLS Polymers Limited was incorporated on January 16, 1991, and has developed a business manufacturing specialised polymer compounds for industrial and infrastructure applications. Its registered office is in New Delhi, while its manufacturing operations are based in Goa.
The company’s product portfolio includes polyethylene (PE), cross-linked polyethylene (XLPE), polyvinyl chloride (PVC), cable filling compounds, adhesive coating compounds and masterbatches. These products are used in wire and cable insulation, protective cable sheathing, telecommunications infrastructure and pipeline coating systems.
The company supplies customers in sectors such as power, telecommunications, railways, water distribution and oil and gas. It also exports products to markets across Asia, the Middle East and Africa, including Bangladesh, Egypt, Oman, the United Arab Emirates, Saudi Arabia and Turkey. Exports contributed approximately 5.5 percent of revenue from operations in FY26.
BLS Polymers reported a net annual production capacity of approximately 35,251 metric tonnes in FY26. Its manufacturing capabilities and product customisation help it serve different industrial requirements, although its performance remains linked to demand from the wire and cable sector.Promoters of BLS Polymers:
BLS Polymers Limited is promoted by Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal and Karan Aggarwal. The company’s management includes Karan Aggarwal as Managing Director, alongside other members of the board and senior management team responsible for its business operations, manufacturing, and financial oversight.
Selling Shareholders of BLS Polymers:
The IPO is structured as a fresh issue of up to 1.70 crore equity shares, with no Offer for Sale (OFS) component. This means the shares offered under the issue are newly issued by the company rather than existing shares sold by shareholders.
Lead Managers of BLS Polymers IPO
Unistone Capital Private Limited is the book-running lead manager for the BLS Polymers IPO. The lead manager is responsible for coordinating the issue process, supporting price discovery through the book-building process, and managing relevant regulatory and distribution-related activities.
KFin Technologies Limited is the registrar to the issue. The registrar handles investor application records, the basis of allotment, and related processes, including refunds or unblocking of application funds where applicable.
Objectives of the IPO Offer
BLS Polymers Limited intends to utilise the net proceeds from its IPO for three principal purposes. The company has earmarked approximately Rs. 77.56 crore towards capital expenditure for expanding its existing manufacturing facility in Goa and increasing the production capacity of certain products.
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A further Rs. 89.50 crore is allocated towards meeting the company’s working capital requirements. The remaining proceeds will be used for general corporate purposes, subject to the conditions outlined in the offer document. The proposed expansion is intended to strengthen manufacturing capacity, while the working capital allocation will support day-to-day operations and business requirements.
Financial Analysis of BLS Polymers Limited
BLS Polymers Limited reported revenue from operations of Rs. 349.43 crore in FY26, compared with Rs. 328.44 crore in FY25 and Rs. 296.36 crore in FY24. Total income increased from Rs. 336.70 crore in FY25 to Rs. 354.41 crore in FY26. Profit after tax rose from approximately Rs. 21.14 crore in FY25 to Rs. 27.01 crore in FY26, compared with Rs. 7.52 crore in FY24.
For the three months ended June 30, 2026, the company reported revenue from operations of Rs. 107.03 crore and profit after tax of approximately Rs. 10.23 crore. Earnings per share for the quarter stood at Rs. 2.27.
The company’s business is concentrated in polymer compounds used in the wire and cable industry. According to the RHP, these products accounted for 80.93 percent of revenue in FY26, compared with 81.59 percent in FY25 and 80.49 percent in FY24.
The company’s EBITDA increased from Rs. 21.05 crore in FY2024 to Rs. 39.66 crore in FY2025 and Rs. 46.60 crore in FY2026. Its EBITDA margin improved from 7.10 percent in FY2024 to 12.08 percent in FY2025 and 13.33 percent in FY2026. PAT margin also increased from 2.54 percent in FY2024 to 6.44 percent in FY2025 and 7.73 percent in FY2026.
The company’s basic and diluted EPS for FY2026 stood at Rs. 5.99, while NAV per share was Rs. 21.08. RoNW stood at 28.45 percent in FY2026. The debt-to-equity ratio was 0.56 times in FY2026, compared with 1.11 times in FY2025 and 2.05 times in FY2024, indicating a reduction in financial leverage over the period.
BLS Polymers Vs Peers
BLS Polymers Limited reported revenue from operations of Rs. 349.43 crore in FY26, with basic and diluted earnings per share (EPS) of Rs. 5.99. Its return on net worth (RoNW) stood at 28.45 percent, while its net asset value (NAV) per share was Rs. 21.08.
Kingfa Science & Technology (India) Limited reported revenue from operations of approximately Rs. 1,995.55 crore, with basic and diluted EPS of Rs. 144.10. Its P/E ratio stood at 46.25, RoNW was 13.24 percent, and NAV per share was Rs. 1,155.40.
DDev Plastiks Industries Limited reported revenue from operations of approximately Rs. 2,947.87 crore, with basic and diluted EPS of Rs. 19.50. Its P/E ratio stood at 12.97, RoNW was 19.92 percent, and NAV per share was Rs. 97.93.
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Plastiblends India Limited reported revenue from operations of approximately Rs. 788.66 crore, with basic and diluted EPS of Rs. 14.12. Its P/E ratio stood at 14.53, RoNW was 8.17 percent, and NAV per share was Rs. 172.78.
The comparison shows that BLS Polymers is smaller than the selected listed peers in terms of revenue from operations. However, its reported RoNW of 28.45 percent was higher than the figures for Kingfa Science & Technology, DDev Plastiks Industries, and Plastiblends India. Its NAV per share was lower than those of all three peers.Strengths of BLS Polymers Limited
- Established track record since 1991 in specialised polymer compounding and manufacturing.
- Diverse product portfolio includes PE, XLPE, PVC compounds and masterbatches.
- Revenue increased consistently from Rs. 296.36 crore in FY24 to Rs. 349.43 crore in FY26.
- Profit after tax grew from Rs. 7.52 crore in FY24 to Rs. 27.01 crore in FY26.
- Manufacturing capacity of approximately 35,251 metric tonnes supports industrial customer requirements.
- Products serve wires, cables, power, telecom, railways, and other infrastructure sectors.
- IPO proceeds will support manufacturing expansion and working capital requirements.
Weaknesses of BLS Polymers Limited
- Heavy dependence on wire and cable compounds creates customer and sector concentration risks.
- Raw material price fluctuations may pressure margins and overall profitability.
- Working capital requirements can increase pressure on operating cash flows.
- Competition from established polymer manufacturers may limit pricing power and market share growth.
- Dependence on a single Goa manufacturing facility increases operational concentration risks.
- Exports contributed only around 5.5 percent of FY26 revenue, limiting geographic diversification.
- Borrowings increased from Rs. 51.72 crore in March 2026 to Rs. 62.91 crore in June 2026.
Conclusion
BLS Polymers Limited operates in the specialised polymer compounding industry, supplying materials used in wire and cable manufacturing and infrastructure applications. Its revenue and profit increased between FY24 and FY26, while the IPO proceeds are intended to support manufacturing investment and reduce certain borrowings.
However, investors should consider the company’s dependence on wire and cable polymer compounds, exposure to raw-material prices, competition, and working-capital needs. The final price band and resulting valuation will also be important in assessing the issue. Investors should review the final offer documents and compare the IPO valuation with listed peers before deciding whether to subscribe.
