BLS Polymers IPO
BLS Polymers IPO is a mainboard IPO raising ₹255 Cr at ₹142 – ₹150 a share. The smallest application you can make is 100 shares, costing ₹15,000 at the top of the band. Bidding closes on 29 Oct 2026 and the shares list on 3 Nov 2026. So far it has been subscribed 9.60× in total.
9.6 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What happens when
Next: bidding opens on 27 Oct 2026.
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
The company mixes polymers, fillers and additives and pelletizes them into custom-formulated polymer compounds for cable and pipeline applications. Its HDPE/MDPE/LLDPE, XLPE, HFFR, PVC, cable-filling and pipe-coating grades are used to insulate, sheath and jacket cables and to form the adhesive and outer HDPE layers of 3LPE coatings for underground oil, gas and water pipelines. It manufactures in Goa and supplies power, telecommunications, railway and infrastructure customers in India and overseas. [p251] [p252] [p255]
How it earns
It earns mainly from direct sales of polymer compounds, with smaller tender and export-agent channels, and also procures and supplies HDPE and LLDPE resins; direct sales generated 99.10% of FY2026 revenue, while tender and export-agent sales contributed 0.30% and 0.60%, respectively. [p254] [p259]
Who buys
The supplied text names no individual customers. The company serves power-cable, telecommunications and infrastructure buyers and reports more than 190 customers across the disclosed periods, including 100 associated with it for more than three years. Its top five customers contributed 53.45% of FY2026 revenue, 50.90% in FY2025, 36.85% in FY2024 and 43.17% in the three months ended June 30, 2026. In FY2026, 138 of 190 customers were repeat customers, and repeat customers generated 96.51% of revenue. [p253] [p262]
Scale
The Goa manufacturing facility occupies about 24,220 sq. mt and has 11 dedicated machines; the company offers 127 grades, operates across 23 states and union territories and exports to Bangladesh, Egypt, Oman, Saudi Arabia, Turkey, the UAE, the US and Zambia. [p252] [p255] [p261]
What it says sets it apart
- Its products are enlisted with a Maharatna CPSE power-transmission company, a Navratna CPSE engineering consultancy, a Miniratna CPSE telecommunications company and the Government of Gujarat; the Navratna approval for 3LPE adhesive and PE compounds was granted on October 23, 2024 after an application made on January 27, 2020. [p253] [p260]
- It offers 127 grades across six product groups—43 PE, 60 PVC, 12 HFFR, 7 XLPE, 4 pipe-coating and 1 CFC grade—and develops customized products case by case through an in-house team supported by external consultants. [p256] [p261]
- The Goa plant has an in-house laboratory, tests raw and finished materials, uses semi-automated dosing to control formulations and holds ISO 9001:2015 quality-management certification. [p255] [p256]
- Repeat business is substantial: repeat customers supplied 96.51% of FY2026 revenue, and 100 customers had relationships extending beyond three years. [p253] [p262]
- The Goa plant is close to Mormugao Port and connected by NH-66, NH-748 and NH-4; the company has supplied customers in 23 states and union territories and exports to named markets including Bangladesh, Egypt, Oman, Saudi Arabia, Turkey, the UAE, the US and Zambia. [p252] [p254] [p255]
Revenue mix
The prospectus gives overlapping breakdowns here, so the shares are not shown.
The numbers at a glance
The price they’re asking →derived: cut-off price Rs150 / stated EPS Rs5.99 (Fiscal 2026 (FY26) diluted EPS, as derived from Restated Financial Statements, face value ₹10, adjusted for bonus issue). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| Three months ended June 30, 2026 | ₹107 Cr | ₹10 Cr | 9.6% | ₹105 Cr | ₹63 Cr |
| FY2026 | ₹349 Cr+6% | ₹27 Cr+28% | 7.7% | ₹95 Cr | ₹52 Cr |
| FY2025 | ₹328 Cr+11% | ₹21 Cr+181% | 6.4% | ₹68 Cr | ₹74 Cr |
| FY2024 | ₹296 Cr | ₹8 Cr | 2.5% | ₹47 Cr | ₹94 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How the book stands today
The category split is the number worth reading, not the total.
Demand is spread fairly evenly across investor categories.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
How this cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group it is about to join.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
Led by Unistone Capital Private Limited — median −13.6% across the 30 of its issues we can price. All lead managers →
What to watch
- Priced at 25× earnings — 72% above the median of the peers the issuer itself names.
- The register's top risk: Top ten customers contribute over half of revenue (prospectus page 30).
- Its cohort's record: median +9.4% since issue price, 36.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track this company once it lists
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.