BLS Polymers IPO Opens October 27: Price Band, Plans and Numbers

The BLS Polymers IPO opens for bidding on October 27, and it is one of the cleaner structures on this week’s list. Every one of the 1.7 crore shares on offer is new, so the full ₹255 crore at the top of the ₹142 to ₹150 price band goes to the company. No promoter is selling. The issue closes on October 29, with anchor bidding on October 26, according to a PTI report carried by BusinessLine.

Moneycontrol reports that the band values the company at ₹930.5 crore, that allotment should be finalised by October 30 and that the shares are scheduled to list on November 3. Bids come in lots of 100 shares, so one lot costs ₹15,000 at the upper end.

What BLS Polymers makes

This is not a consumer name, which is probably why it has drawn less chatter than the bigger issues. The New Delhi-headquartered company, set up in 1991 and part of the BLS Group, makes custom polymer compounds. Cable makers use them for the insulation, sheathing and jacketing of wires used in power, telecom and railways. Pipeline operators use them to coat underground oil, gas and water pipes against corrosion.

Everything comes out of a single plant in Goa with an installed capacity of 35,251 tonnes a year. BusinessLine says the company operates across 23 states and Union Territories and exports to 13 countries, including the US, Germany, Saudi Arabia, the UAE and Bangladesh.

Where the BLS Polymers IPO money goes

According to the red herring prospectus, as quoted by BusinessLine:

• ₹77.56 crore is for expanding the Goa facility.
• ₹89.5 crore is for working capital.
• The rest is for general corporate purposes.

The expansion is the interesting part. Moneycontrol notes that the company’s polyethylene (PE) and cross-linked polyethylene (XLPE) compound lines are running close to full and that it wants to add 52,050 tonnes a year, taking total capacity to 87,301 tonnes. On our arithmetic, that is roughly two and a half times today’s installed capacity. Building it on time, and then filling it, is what the growth story depends on.

The numbers

For FY26 (the year to March 2026), revenue from operations was ₹349.43 crore and profit after tax ₹27.01 crore, per BusinessLine. Moneycontrol puts revenue growth at 6.4% over FY25’s ₹328.4 crore, and profit growth at 27.8% over ₹21.1 crore. So profit grew far faster than sales, which points to better margins rather than a big jump in volumes.

The June 2026 quarter looks stronger still: revenue of ₹107.03 crore and profit of ₹10.23 crore. That works out to a net margin of about 9.6% for the quarter, against roughly 7.7% for FY26 as a whole. Both margin figures are our own calculation from the reported numbers. One quarter is a small sample, though.

On valuation, ₹930.5 crore against FY26 profit of ₹27.01 crore gives a price-to-earnings multiple of about 34 times at the upper band. That is again our arithmetic, not a number from the offer document.

What we would watch

Three things. First, how the anchor book on October 26 fills and who shows up in it. Second, the qualified institutional bids by day three, since they usually tell you more than retail enthusiasm. Third, the capex timeline in the prospectus, because a business with one plant that is nearly full cannot grow much until the new capacity is running.

Unistone Capital is the book-running lead manager and KFin Technologies is the registrar. For the rest of this week’s issues, see our IPOs this week round-up. If you are new to reading a prospectus, our explainer on the objects of the issue covers why the use of proceeds matters, and our guide to IPO investing in India covers the basics.

Disclaimer: This article is for information and education only and is not investment advice. Please consult a SEBI-registered adviser before making investment decisions.