BLS Polymers Ltd. manufactures specialised polymer compounds used in wires, cables and underground pipelines. Its products include HDPE, MDPE, LLDPE, XLPE, PVC, HFFR, cable filling compounds and adhesive coating compounds, catering to industries such as power, telecommunications, railways, water, and oil and gas.
The company operates a manufacturing facility in Goa, spread across approximately 24,220 sq. metres and equipped with 11 machines. It has an in-house laboratory, a quality control team and ISO 9001:2015 certification. The company also develops customised products to meet specific customer requirements.
BLS Polymers serves more than 190 customers and exports its products to countries including Bangladesh, Egypt, Saudi Arabia, the UAE, the USA and Zambia.
Its proximity to Mormugao Port supports the import of raw materials and export of finished products.
Competitive Strengths- Government Approvals: Enlisted with prominent government agencies with a pre-approved product portfolio.
- Diversified Product Portfolio: Caters to multiple industries with specialised polymer compounds.
- Established Customer Relationships: More than 100 customers have been associated with the company for over three years.
- Wide Market Presence: Serves customers across India and international markets.
- Product Development Capabilities: Develops customised polymer compounds to meet specific industry and customer requirements.
| Purpose | Amount (₹ Cr) |
|---|---|
| Financing the capital expenditure requirement towards expansion of our Manufacturing Facility by increasing the manufacturing capacity of certain of the existing products | ₹78 |
| Funding working capital requirements of the Company | ₹90 |
| General Corporate Purposes | — |
| Metric | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 |
|---|---|---|---|
| Total Assets | 231 | 206 | 179 |
| Revenue | 108 | 354 | 337 |
| PAT | 10 | 27 | 21 |
| EBITDA | 16 | 47 | 40 |
| Net Worth | 105 | 95 | 68 |
| Reserves | 60 | 50 | 58 |
| Total Borrowing | 63 | 52 | 74 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | — | Not more than 50% of the Issue | — |
| NII / HNI | — | Not less than 15% of the Issue | — |
| Retail (RII) | — | Not less than 35% of the Issue | — |
* Amount calculated at upper price band (₹150) · ** Total includes all investor categories
- 1 Initiation of Refund 02 Nov 2026
- 2 Credit of Shares to Demat 02 Nov 2026
- The IPO P/E of 23x reflects a good valuation relative to typical market ranges.
- Pre-issue EPS of ₹6 compares to post-issue EPS of ₹7 after dilution.
This IPO has relatively lower interest or stretched valuation. Proceed with thorough research and caution.
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