BLS Polymers IPO: GMP, Price Band, Lot Size, Financials & Review

BLS Polymers Ltd., a maker of polymer compounds used in power and telecom cables and in underground pipelines, is raising ₹255 crore through a book-built IPO. The whole issue is a fresh issue of 1.70 crore shares, so every rupee raised (after expenses) goes to the company and no existing shareholder is selling. The issue is open from 27 October 2026 to 29 October 2026 at a price band of ₹142 to ₹150 per share, with listing on BSE and NSE scheduled for 3 November 2026. Profit has nearly quadrupled in two years, and the valuation looks very different depending on whether you use full-year or annualised quarterly earnings, so both are set out below.

BLS Polymers IPO Details

The issue is divided with up to 50% for qualified institutional buyers (QIBs), at least 35% for retail investors and at least 15% for non-institutional investors. Small HNI applications run from 14 lots (₹2,10,000) to 66 lots (₹9,90,000), and big HNI applications start at 67 lots (₹10,05,000). If you are unsure which non-institutional bucket suits an application size, see sNII vs bNII bidding.

About BLS Polymers

BLS Polymers, incorporated in 2003, produces specialised compounds that cable and pipe makers process into finished products. Its range covers HDPE, MDPE, LLDPE, XLPE, PVC and halogen-free flame-retardant (HFFR) compounds, as well as cable-filling compounds and adhesive coating compounds. End markets include power, telecommunications, railways, water supply, and oil and gas.

Key facts from its offer documents:

• A single manufacturing facility in Goa, spread over about 24,220 square metres, with 11 machines
• An in-house laboratory, a quality-control team and ISO 9001:2015 certification
• More than 190 customers, of which more than 100 have dealt with the company for over three years
• Exports to countries including Bangladesh, Egypt, Saudi Arabia, the UAE, the USA and Zambia
• Proximity to Mormugao Port, which it uses for importing raw materials and shipping finished goods
• Enlistment with government agencies, with a pre-approved product range

Financial Performance

Restated consolidated figures, ₹ crore:

Revenue from operations was ₹328.44 crore in FY25, ₹349.43 crore in FY26 and ₹107.03 crore in the June 2026 quarter.

• Profit has grown much faster than sales. Total income rose about 12% in FY25 and about 5% in FY26, but PAT jumped about 181% in FY25 and a further 28% in FY26. Net margin on total income went from about 2.5% in FY24 to about 7.6% in FY26.
• A strong start to FY27. The June 2026 quarter alone produced about 30% of FY26 total income and about 38% of FY26 profit, with an EBITDA margin of 15.15%.
• Debt came down, then ticked up. Borrowing fell from ₹93.77 crore in March 2024 to ₹51.72 crore in March 2026, then rose to ₹62.91 crore by June 2026.
• A change in capital structure. Between FY25 and FY26, net worth rose while reserves fell from ₹58.34 crore to ₹49.90 crore, meaning share capital went from about ₹9.60 crore to about ₹45.03 crore. That pattern usually reflects reserves being converted into shares; the capital-structure section of the RHP gives the details.

Key Ratios & Valuation

Why you may see a post-issue P/E of 22.73x. Some IPO data sites quote a post-issue EPS of ₹6.60 and a P/E of 22.73x. That figure annualises the June 2026 quarter by multiplying its ₹10.23 crore profit by four. The quarter was unusually strong relative to FY26, so the method assumes the whole of FY27 keeps that pace. On the full FY26 profit of ₹27.01 crore spread across the 6,20,31,834 post-issue shares, EPS is about ₹4.35 and the post-issue P/E is about 34.4x at the upper band.

Other markers: the post-issue market cap is about 2.7 times FY26 revenue from operations, and the pre-issue price-to-book on June 2026 net worth is 6.42x. Since all the money comes in as fresh equity, post-issue book value will be much higher; adding ₹255 crore to June 2026 net worth (before issue expenses) puts post-issue price-to-book at roughly 2.6x. We have not verified a like-for-like listed peer group, so no peer comparison is given. Our guide to IPO valuation ratios explains how these measures fit together.

Objects of the Issue

All of the ₹255 crore goes to the company. The net proceeds are earmarked for:

1. Capital expenditure to expand capacity for certain existing products at the Goa facility: ₹77.56 crore
2. Working capital: ₹89.50 crore
3. General corporate purposes: the balance

The two named objects total ₹167.06 crore. The remaining ₹87.94 crore covers general corporate purposes and issue expenses. Because there is no OFS, the issue is a capital raise rather than an exit; fresh issue vs offer for sale explains why that distinction matters.

Shareholding & Promoters

The promoters are Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal and Karan Aggarwal. The promoter and promoter group currently hold 98.53% of the company. With 1.70 crore new shares added and no promoter selling, their stake falls to 71.53% after the issue. The new shares make up about 27% of post-issue equity.

BLS Polymers IPO GMP Today

As of 26 October 2026, our tracked grey market premium for BLS Polymers was ₹38, about 25.3% above the upper band of ₹150. It has risen from ₹18 on 19 October, reached ₹40 on 24 October and eased back to ₹38. GMP is an unofficial and unregulated indicator that can move sharply from one session to the next, and it is not a reliable forecast of the listing price. Follow it on our BLS Polymers IPO page and read how accurate IPO GMP is.

Strengths (as stated by the company)

• Enlistment with prominent government agencies and a pre-approved product portfolio
• A diversified range of specialised compounds serving several industries
• Long-standing customer relationships, with more than 100 customers associated for over three years
• A presence in both domestic and international markets
• Product development capability, including compounds customised for specific customers

Risks to Consider

• Single-site concentration: all manufacturing is at one facility in Goa, so any disruption there would hit the whole business.
• Thin margins: PAT was about 7.6% of total income in FY26, so swings in polymer raw-material prices can move profit sharply.
• Slowing top line: total income growth eased to about 5% in FY26, and much of the profit improvement came from margins rather than volume.
• Valuation depends on the method: the post-issue P/E is about 34.4x on FY26 profit but 22.73x on annualised June-quarter profit. The lower number assumes the strong quarter repeats all year.
• Expansion execution: ₹77.56 crore of capex must be spent and the new capacity filled before it adds to earnings.
• Rising working capital and debt: borrowing rose from ₹51.72 crore to ₹62.91 crore in the June 2026 quarter, and ₹89.50 crore of proceeds is earmarked for working capital.

How to Check Allotment Status

The basis of allotment is expected on 30 October 2026, with refunds and share credit on 2 November 2026. KFin Technologies is the registrar. You can check your status on our BLS Polymers allotment page, or use the steps in how to check IPO allotment status by registrar.

Disclaimer: This article is for educational purposes only and is not investment advice. GMP is unofficial and can change quickly. Read the RHP and consult a SEBI-registered adviser before investing.