Overview
Updated 2 hr agoBLS Polymers Limited is an Indian manufacturer of custom-formulated polymer compounds used in critical industries like telecommunications, power, and oil and gas. The company is launching an IPO of up to 17,000,000 equity shares to fund capital expenditure for manufacturing facility expansion and for general corporate purposes.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 100 | ₹15,000 |
| Retail (max) | 13 | 1,300 | ₹1,95,000 |
| sNII (min) | 14 | 1,400 | ₹2,10,000 |
| bNII (min) | 67 | 6,700 | ₹10,05,000 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 12 Nov, 18:33 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Grey market premium
Unofficial| Date | GMP | GMP % | Implied price |
|---|---|---|---|
| 03-Nov-2026 | +₹70 | +46.7% | ₹220 |
| 02-Nov-2026 | +₹67 | +44.3% | ₹217 |
| 01-Nov-2026 | +₹68 | +45.0% | ₹218 |
| 31-Oct-2026 | +₹67 | +44.7% | ₹217 |
GMP is an unofficial, unregulated, community-tracked quote. It is not an exchange price and not a forecast. See how often it has been right →
Listing performance
Latest price updated 5 hr ago.
Grey market vs reality: the last GMP before listing was +₹70 (+46.7%). It listed at +81.3%, off by 34.7 points.
Issue details
| Status | Listed |
| Exchange | BSE, NSE |
| Segment | Mainboard |
| Sector | Petrochemicals |
| Price band | ₹142–150 |
| Final issue price | ₹150.00 |
| Face value | ₹10 per share |
| Lot size | 100 shares |
| Minimum investment | ₹15,000 |
| Issue size | ₹255 Cr |
| P/E at upper band | 25.0x |
| Registrar | KFin Technologies Limited |
| Lead managers | Unistone Capital Private Limited |
| NSE symbol | BLSPOLY |
| ISIN | INE0ZCQ01019 |
Shareholder quota and promoter holding
Company & business
BLS Polymers Limited, incorporated in 1991, is a manufacturer of multiple grades of custom-formulated polymer compounds. The company caters to critical industries including telecommunication, power, railways, water, and oil and gas distribution. Its product portfolio includes polyethylene compounds (HDPE, MDPE, LLDPE), cross-linked polyethylene (XLPE), halogen-free flame retardant (HFFR) compounds, polyvinyl chloride (PVC) compounds, cable filling compounds, and adhesive coating compounds. The company operates a manufacturing facility in Goa and is part of the BLS Group.
Objects of the issue — how the money will be used
- Financing the capital expenditure requirement towards expansion of our Manufacturing Facility by increasing the manufacturing capacity of certain of our existing products
- Funding working capital requirements of our Company (₹89.5 Cr)
- General Corporate Purposes
Key strengths
- Enlisted with prominent government agencies with pre-approved product portfolio
- Diversified industry applications and differentiated product portfolio
- Long-standing relationships with customers
- PAN-India market presence
- Integrated quality control infrastructure
- Experienced promoters and senior management team
Key risks
- High dependency on wire and cable polymer compounds for revenue
- Significant dependence on top 10 customers
- Risks associated with expansion into new international regions
- Proposed capacity expansion plans subject to implementation delays and cost overruns
- Untraceable or incorrect corporate records and filings
- Negative cash flows from operating activities in recent periods
- Fluctuations in average selling prices of polymer resins
- Dependence on a few key suppliers for raw materials
Promoters
Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal, Karan Aggarwal
Decoded from the RHP with AI on 31-Oct-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 296.36 | -- | 7.52 | 168.49 | 46.83 | 90.76 |
| FY25 | 328.44 | -- | 21.14 | 179.14 | 67.94 | 73.26 |
| FY26 | 349.43 | -- | 27.01 | 206.13 | 94.93 | 48.87 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| BLS Polymers this issue | 349.4 | 5.99 | 25.0x | 28.45 | 21.08 |
| Kingfa Science & Technology (India) Limited | 1,995.6 | 144.10 | 46.3 | 13.24 | 1,155.40 |
| DDev Plastiks Industries Limited | 2,947.9 | 19.50 | 13.0 | 19.92 | 97.93 |
| Plastiblends India Limited | 788.7 | 14.12 | 14.5 | 8.17 | 172.78 |
This issue is priced at 25.0x P/E against a peer median of 14.5x: a premium of 72%. A measurement, not a verdict.
Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.