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BLS Polymers Ltd
Plastic productsIPO
₹142 - 150
Founded in 1991, BLS Polymers Ltd manufactures custom-formulated polymer compounds used for wire and cable insulation and protective 3-layer anti-corrosion pipeline coatings from its coastal plant in Goa. Its operating model relies on securing rigorous technical approvals and public utility qualifications that embed its formulations into long-term infrastructure contracts across power, telecommunications, and municipal water grids.
Lot100Min Invest₹15,000Face Value₹10Issue Size₹255 CrFresh Issue₹255 Cr
Timeline
27 Oct
Bidding opens
29 Oct
Bidding closes
30 Oct
Allotment
2 Nov
Refund & demat credit
3 Nov
Listing
Subscription
Subscription opens 27 Oct
Reports
Offer Details
Terms
Issue Size₹255 Cr
Fresh Issue₹255 Cr
Face Value₹10
Lot Size100 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹15,0001-13 lots
sNII₹2,10,000from 14 lots
bNII₹10,05,000from 67 lots
Managers & Registrar
Lead ManagerUnistone Capital Private Limited
RegistrarKFin Technologies Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group98.53%71.54%Public1.47%28.46%
Objects of the Issue
- Financing the capital expenditure requirement towards expansion of the company Manufacturing Facility by increasing the manufacturing capacity of certain of its existing products
- Funding working capital requirements of the Company
- General Corporate Purposes
Anchor Book
Bid Date26-Oct-202630-day lock-in28-Nov-202690-day lock-in27-Jan-2027
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 230 | 315 | 296 | 328 | 349 |
| Operating ProfitCr | 10 | 16 | 16 | 32 | 42 |
| OPM% | 4.5 | 5.2 | 5.5 | 9.7 | 12.0 |
| PBTCr | 6 | 9 | 10 | 28 | 36 |
| PATCr | 4 | 6 | 8 | 21 | 27 |
| EPS | 4 | 1 | 2 | 5 | 6 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 10 | 10 | 10 | 10 | 45 |
| ReservesCr | 26 | 30 | 37 | 58 | 50 |
| BorrowingsCr | 71 | 90 | 96 | 75 | 53 |
| Total AssetsCr | 136 | 161 | 168 | 179 | 206 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -13 | -9 | 3 | 25 | 35 |
| Investing Cash FlowCr | -1 | -4 | -1 | 1 | -4 |
| Financing Cash FlowCr | 15 | 12 | -2 | -26 | -31 |
| Net Cash FlowCr | 1 | -1 | 0 | 0 | 1 |
Strengths & Risks
Strengths · as stated in the DRHP
- Enlisted with prominent government agencies with pre-approved product portfolio
- Diversified industry applications and differentiated product portfolio
- Long-standing relationships with our customers
- PAN-India market presence
- Integrated quality control infrastructure.
Strategies · as stated in the DRHP
- Introducing fresh production capacities in our existing Manufacturing Facility and broadening our global footprint
- Continue to develop new product categories, catering to wider end-applications
- Expansion through deeper penetration in existing international markets and strategic entry into new global geographies.
- Increase in business from existing domestic customers
Risks · as stated in the DRHP
- During the three months period ended June 30, 2026 and the Fiscals 2026, 2025 and 2024, we derived 73.20%, 80.93%, 81.59% and 80.49% of our revenue from the sale of wire and cable polymer compounds. Any loss of sales due to reduction in demand for such products would have a material adverse effect on our business, financial condition, results of operations and cash flows.
- Our business largely depends upon our top 10 customers which contributed 61.34%, 66.81%, 64.44% and 50.52% in the three months period ended June 30, 2026 and for the Fiscals 2026, 2025 and 2024. The loss of any of these customers could have a material adverse effect on our business, financial condition, results of operations and cash flows.
- We are in the process of expanding our operations and establishing a network of distributors & customers in regions where we do not have a significant presence or prior experience. Any failure to expand into these new regions could adversely affect our sales, financial condition, result of operations and cash flows.
- Our proposed capacity expansion plans are subject to the risk of unanticipated delays in implementation and cost overruns.
- Certain of our corporate records and filings made by us are either untraceable or incorrect. We cannot assure you that legal proceedings or regulatory actions will not be initiated against us in the future, or that we will not be subject to any penalty imposed by the competent regulatory authority in relation to such discrepancies.
- There have been certain instances of non-compliances with certain provisions of Companies Act, 2013 in the past. Consequently, we may be subject to regulatory actions and penalties for any such noncompliance and our business, financial condition and reputation may be adversely affected.