Minerva Capital Research Solutions

BLS Polymers

RHP
Open nowBidding closes 29 Oct 2026Mainboard
GMP₹ 47(+31.33%)
Expected listing₹ 197
Subscribed35.25x
as of 28 Oct 2026

GMP is unofficial and unregulated (not verified by SEBI, NSE or BSE) and does not predict the listing price. Do not apply on the basis of GMP.

Price band
₹ 142 – 150
Issue size
₹ 255 Cr.
Min. investment
₹ 15,000
Listing date
3 Nov 2026
Issue type
Fresh capital only
Lot size
100 shares
P/E
22.73
RoNW
9.73%
RoCE
9.11%
Debt / Equity
0.61
PAT margin
9.56%
EBITDA margin
15.15%
RoE
10.22%
EPS
₹ 6.60
NAV
₹ 23.35
Promoter stake
71.53%

About

BLS Polymers makes polymer compounds that are used to insulate and protect wires, cables and underground pipelines. Its range includes HDPE, MDPE, LLDPE, XLPE, PVC and HFFR compounds, cable filling compounds and adhesive coating compounds. These products go to power, telecommunications, railways, water, and oil and gas customers. The company also develops customised compounds when a customer asks for a specific grade. It runs one manufacturing facility in Goa, spread over about 24,220 sq. metres, with 11 machines. The plant has an in-house laboratory, a quality control team and ISO 9001:2015 certification. The site is close to Mormugao Port, which helps with importing raw materials and exporting finished goods. The company serves more than 190 customers, and more than 100 of them have been with it for over three years. It exports to countries such as Bangladesh, Egypt, Saudi Arabia, the UAE, the USA and Zambia. It is also enlisted with government agencies for a pre-approved product range. The issue is a fresh issue of Rs 255 crore with no offer for sale, so all the money goes to the company. Unistone Capital is the book running lead manager and KFin Technologies is the registrar.

Timeline

  1. Opens
    27 Oct
    done
  2. Closes
    29 Oct
    next
  3. Allotment
    30 Oct
    to come
  4. Refunds
    2 Nov
    to come
  5. Demat credit
    2 Nov
    to come
  6. Listing
    3 Nov
    to come

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 47 on 28 Oct 2026
Lowest
₹ 18 on 19 Oct 2026
First quoted
₹ 18 on 19 Oct 2026

Subscription

How many times each investor group bid for its share, as of 28 Oct 2026, 06:00 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)1100₹ 15,000
Retail (Max)131,300₹ 1,95,000
S-HNI (Min)141,400₹ 2,10,000
B-HNI (Min)676,700₹ 10,05,000

Company overview

Financials

Financials by year
Assets231.34206.13179.14168.49
Total Income107.81354.41336.7301.5
Profit After Tax10.2327.0121.147.52
EBITDA16.2146.639.6621.05
NET Worth105.1794.9367.9446.83
Reserves and Surplus60.1449.958.3437.23
Total Borrowing62.9151.7273.9293.77

Strengths

  • Total income rose from Rs 301.50 crore in FY2024 to Rs 336.70 crore in FY2025 and Rs 354.41 crore in FY2026. The growth was 11.68% in FY2025 and 5.26% in FY2026.
  • Profit after tax rose from Rs 7.52 crore in FY2024 to Rs 21.14 crore in FY2025 and Rs 27.01 crore in FY2026, a rise of 27.77% in the latest year.
  • EBITDA rose from Rs 21.05 crore in FY2024 to Rs 46.60 crore in FY2026. That is about 13.15% of FY2026 total income, up from about 6.98% in FY2024.
  • For the period ended 30 June 2026 the company reported total income of Rs 107.81 crore and profit after tax of Rs 10.23 crore.
  • Net worth rose from Rs 46.83 crore at 31 March 2024 to Rs 94.93 crore at 31 March 2026, while total borrowing fell from Rs 93.77 crore to Rs 51.72 crore over the same two years.
  • The company serves more than 190 customers, more than 100 of them for over three years, and exports to countries such as Bangladesh, Egypt, Saudi Arabia, the UAE, the USA and Zambia.
  • The whole issue of Rs 255 crore is fresh capital. Rs 77.56 crore is for expanding plant capacity and Rs 89.50 crore is for working capital. At the upper band of Rs 150 the source lists a P/E of 25 on pre-issue EPS of Rs 6.00.

Risks

  • The source lists a post-issue EPS of Rs 6.60, which is higher than the pre-issue EPS of Rs 6.00 even though the share count rises. On about 6.20 crore post-issue shares (market cap Rs 930.48 crore at Rs 150), FY2026 profit of Rs 27.01 crore gives EPS of about Rs 4.35 and a P/E of about 34. The listed P/E of 22.73 should be read with care.
  • Reserves and surplus fell from Rs 58.34 crore at 31 March 2025 to Rs 49.90 crore at 31 March 2026, although the company earned Rs 27.01 crore in FY2026. The restated table does not explain the shift, so the offer document needs checking.
  • Sales growth is slowing. Total income grew 11.68% in FY2025 and only 5.26% in FY2026, so the 27.77% rise in FY2026 profit came mainly from better margins and not from higher sales.
  • The named uses of money add up to Rs 167.06 crore of the Rs 255 crore issue. The balance of Rs 87.94 crore is general corporate purposes with no break-up in the source.
  • Working capital takes Rs 89.50 crore, or about 35.10% of the issue, which shows the business ties up a lot of cash in stock and receivables.
  • Total borrowing rose to Rs 62.91 crore at 30 June 2026 from Rs 51.72 crore at 31 March 2026, against net worth of Rs 105.17 crore.
  • All production is at one facility in Goa with 11 machines, so a stoppage or a problem at that site would hit the whole business.
  • The company imports raw materials, and demand comes from power, telecom, railways, water, and oil and gas. Raw material prices, currency moves and a slowdown in cable and pipeline spending can affect margins and volumes.
  • Five promoters hold 98.53% before the issue and will hold 71.53% after it, so they keep control of the company.

What the money is for

Objects of the issue
Financing the capital expenditure requirement towards expansion of our Manufacturing Facility by increasing the manufacturing capacity of certain of the existing products77.56
Funding working capital requirements of the Company89.5
General Corporate Purposes—

Promoters

  • Vinod Aggarwal
  • Sushil Aggarwal
  • Madhukar Aggarwal
  • Diwakar Aggarwal
  • Karan Aggarwal
Promoter holding98.53%→71.53%before → after the issue · down 27 points

Anchor investors

7 anchors put in ₹ 76.49 Cr..

Anchor investors
NAKSHATRA BHARAT VANTAGE FUND-SCHEME III11,02,00016.5321.61%
VIKASA INDIA EIF I FUND-SHARE CLASS N9,79,30014.6919.2%
NAKSHATRA BHARAT VANTAGE FUND6,83,60010.2513.4%
VENUS INVESTMENTS VCC-VENUS STELLAR FUND6,67,50010.0113.09%
RADIANT GLOBAL FUND-CLASS B PARTICIPATING SHARES6,67,50010.0113.09%
PINE OAK GLOBAL FUND6,66,7001013.07%
INNOVATIVE VISION FUND3,33,40056.54%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 10 a share
Registrar
KFin Technologies Limited
Lead managers
Unistone Capital
Red herring prospectus (RHP)
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.