Company Overview
Business Description: BLS Polymers Limited is a manufacturer of multiple grades of custom formulated polymer compounds catering to critical industries including telecommunication, power, railways, water, oil and gas distribution, among others. The company operates with a business model focused on producing specialized polymer compounds for diversified industrial applications.
Subsidiaries: Not mentioned in the provided data.
Offer Details
Offer Type: Initial Public Offering (IPO)
Offer Size: Up to 1,70,00,000 equity shares of face value of ₹10 each aggregating up to ₹[●] lakhs. The issue constitutes [●]% of the post-issue paid-up equity share capital of the company.
Price Band: ₹142 to ₹150 per equity share. The floor price is 14.20 times the face value and the cap price is 15.00 times the face value.
Objects of the Issue: Not explicitly stated in the provided data.
Financials
Key Financials:
- Price to Earnings Ratio (P/E) based on diluted EPS for Fiscal 2026: 23.71 times at floor price (₹142) and 25.04 times at cap price (₹150)
- Weighted Average Return on Net Worth for last three financial years: 27.27%
- Revenue concentration: 73.20% from wire and cable polymer compounds (3 months ended June 30, 2026), 80.93% (Fiscal 2026), 81.59% (Fiscal 2025), 80.49% (Fiscal 2024)
- Cash flow from operating activities: (₹664.09 lakhs) for three months ended June 30, 2026, ₹3,806.13 lakhs for March 31, 2026, ₹2,513.06 lakhs for March 31, 2025, ₹264.76 lakhs for March 31, 2024
Capital Structure:
- Authorized share capital: ₹7,000.00 lakhs divided into 7,00,00,000 equity shares of face value of ₹10 each
- Issued, subscribed and paid-up share capital before issue: ₹4,503.18 lakhs divided into 4,50,31,834 equity shares of face value of ₹10 each
- Post-issue market capitalization: ₹88,085.20 lakhs at floor price, ₹93,047.75 lakhs at cap price
Use of Proceeds
Fund Utilization Breakdown: Not explicitly stated in the provided data.
Risk Factors
Business Risks:
- Dependence on sale of wire and cable polymer compounds for majority of revenue (73.20%-81.59% across periods)
- Dependence on key customers: Top 10 customers contributed 61.34% (3 months ended June 30, 2026), 66.81% (Fiscal 2026), 64.44% (Fiscal 2025), 50.52% (Fiscal 2024)
- Risks associated with expanding operations in new regions (Tunisia, Algeria, Nigeria, Oman)
- Risk of delays and cost overruns in capacity expansion plans
- Fluctuations in average selling prices of polymer resins
Regulatory Risks:
- Untraceable or incorrect corporate records and filings may expose company to legal proceedings
- Past non-compliances with Companies Act, 2013 including failure to facilitate dematerialization of securities from October 2, 2018 to July 14, 2024
- Failure to spend requisite amount towards CSR activities during FY 2021-22
- 3,32,851 equity shares held by 46 untraceable shareholders
Management & Promoters
Promoter Background: Promoters are Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal and Karan Aggarwal
Shareholding Pattern:
- Vinod Aggarwal: 72,78,880 shares (weighted average cost: ₹2.13)
- Sushil Aggarwal: 63,87,780 shares (weighted average cost: ₹2.13)
- Madhukar Aggarwal: 46,29,030 shares (weighted average cost: ₹2.13)
- Diwakar Aggarwal: 72,37,139 shares (weighted average cost: ₹6.91)
- Karan Aggarwal: 44,82,392 shares (weighted average cost: ₹14.93)
Management Team: Neha Kumar Sunit serves as Company Secretary and Compliance Officer
Market & Industry
Industry Overview: The company operates in polymer compounds manufacturing serving critical industries including telecommunication, power, railways, water, oil and gas distribution
Competitors: Not mentioned in the provided data
Market Growth Prospects: The company anticipates growth in polymer industry and increased demand for products, planning capacity expansion
Legal & Compliance
Ongoing Legal Proceedings: No legal proceedings initiated regarding unavailable filings and statutory lapses as of RHP date
Regulatory Approvals: Received in-principle approvals from BSE and NSE for listing (November 4, 2025). Filed application through Form GNL-1 under Section 441 of Companies Act, 2013 for past non-compliances (pending).
Additional Information
BRLM Track Record: Unistone Capital Private Limited has handled 23 public issues in current financial year and preceding two financial years, out of which 7 issues closed below offer price on listing date
Issue Schedule:
- Anchor Investor Bidding Date: Monday, October 26, 2026
- Bid/Issue Opens: Tuesday, October 27, 2026
- Bid/Issue Closes: Thursday, October 29, 2026
- Finalization of Basis of Allotment: On or about Friday, October 30, 2026
- Commencement of trading: On or about Tuesday, November 3, 2026
Allocation:
- QIB Portion: Not more than 50%
- Non-Institutional Portion: Not less than 15%
- Retail Portion: Not less than 35%
Registrar: KFIN Technologies Limited
Sponsor Bank: ICICI Bank Limited
Syndicate Members: L.F.C. Securities Private Limited and Share India Securities Limited