BLS Polymers - IPO Report
IPO research covering BLS Polymers' specialty compounds business, issue structure, financial performance, valuation and risks.
Published Date: 26 October 2026
Report Overview
BLS Polymers manufactures specialty polymer compounds used in wire and cable insulation, sheathing, jacketing and industrial pipeline coatings. Its product portfolio serves power, telecom, railways, water, and oil and gas applications from a manufacturing facility in Goa.
The report describes an entirely fresh issue of 1.70 crore shares aggregating up to ₹255 crore, with a price band of ₹142–150 per share and subscription scheduled for 27–29 October 2026. Proposed uses of proceeds include expanding PE and XLPE capacity, funding working capital and general corporate purposes.
Revenue from operations increased from approximately ₹296 crore in FY24 to ₹349 crore in FY26. Profit after tax rose from about ₹7.5 crore to ₹27 crore as operating margins improved, while the proposed expansion would increase installed capacity from 35,251 MTPA to 87,301 MTPA.
The analysis reviews valuation against listed peers and the demand outlook for polymer compounds. Key considerations include customer and supplier concentration, the contribution of discretionary vendor discounts to profit, working capital requirements and dependence on a single manufacturing site.
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