1. Company Introduction

BLS Polymers Limited is an Indian manufacturer of custom-formulated polymer compounds. The company caters to various industrial sectors, including telecommunications, power, electrical infrastructure, railways, water distribution and oil and gas distribution.

Its product portfolio includes specialised polymer compounds designed for different industrial applications, particularly wire and cable manufacturing.

The company operates in the speciality polymer and industrial materials segment, where product quality, technical specifications and customer relationships play an important role.

2. BLS Polymers IPO Details

Particulars Details IPO Type Mainboard IPO Opening Date 27 October 2026 IPO Closing Date 29 October 2026 Allotment Date 30 October 2026 Expected Listing Date 3 November 2026 Price Band ₹142–₹150 Issue Price ₹150 Face Value ₹10 Lot Size 100 Shares Minimum Investment ₹15,000 Total Issue Size ₹255 Crore Fresh Issue ₹255 Crore Offer for Sale Nil Post-Issue Market Capitalisation ₹930.48 Crore Stock Exchanges NSE and BSE Registrar KFin Technologies Lead Manager Unistone Capital

The company is raising approximately ₹255 crore through a fresh issue of equity shares. There is no Offer for Sale (OFS) component.

3. IPO Shareholding and Issue Structure

The IPO consists of 1.70 crore fresh equity shares. Particulars Number of Shares Pre-IPO Shares 4,50,31,834 Fresh Issue Shares 1,70,00,000 Post-IPO Shares 6,20,31,834

At the upper price band of ₹150, the company’s post-issue market capitalisation is approximately ₹930.48 crore.

Since the entire IPO is a fresh issue, the proceeds will go to the company rather than existing shareholders.

4. Investor Category Allocation

The IPO allocation is divided among different investor categories. Investor Category Shares Allocation Anchor Investors 51,00,000 30% Other QIBs 34,00,000 20% NII / HNI 25,50,000 15% Retail Investors 59,50,000 35% Total 1,70,00,000 100%

Note: Anchor investors form part of the overall QIB category. They should not be counted separately over and above the QIB allocation. No separate employee or shareholder reservation was indicated in the issue allocation schedule.

5. Financial Performance

The financial performance of a company is one of the most important factors to evaluate before investing in an IPO.

The following table presents the company’s reported financial performance.

(All figures in ₹ Crore) Financial Parameters FY24 FY25 FY26 Revenue from Operations 296.36 328.44 349.43 EBITDA 21.05 39.66 46.60 Profit After Tax 7.52 21.14 27.01 Total Assets 168.49 179.14 206.13 Net Worth 46.83 67.94 94.93 Total Borrowings 93.77 73.92 51.72

Financial Performance Analysis

BLS Polymers has demonstrated improvement in profitability over the last three financial years.

Key observations:

1. Revenue increased from ₹296.36 crore in FY24 to ₹349.43 crore in FY26.
2. Profit after tax increased from ₹7.52 crore to ₹27.01 crore.
3. EBITDA improved from ₹21.05 crore to ₹46.60 crore.
4. Total borrowings declined from ₹93.77 crore to ₹51.72 crore.
5. Net worth increased from ₹46.83 crore to ₹94.93 crore.

The improvement in profitability and reduction in borrowings are important developments. However, investors should also examine operating cash flow and working capital requirements to understand the quality of reported earnings.

6. Latest Quarterly Financial Performance

The company also reported the following performance for the first quarter of FY27.

(All figures in ₹ Crore) Particulars Q1 FY27 Revenue from Operations 107.02 EBITDA 16.21 Profit After Tax 10.23 Total Assets 231.34 Total Borrowings 62.91

Quarterly financial performance should not be directly compared with full-year results without considering seasonality and business cycles.

7. IPO Valuation and Important Financial Ratios

IPO valuation helps investors understand how much they are paying for the company’s earnings and assets. Valuation Parameters Details Upper Price Band ₹150 FY26 Diluted EPS ₹5.99 P/E Ratio at Upper Price Band 25.04x P/E Ratio at Lower Price Band 23.71x Industry Peer Average P/E 24.59x Post-Issue Market Capitalisation ₹930.48 Crore FY26 Net Worth ₹94.93 Crore Approximate Debt-to-Equity 0.61x FY26 EBITDA Margin 13.33% FY26 PAT Margin 7.73%

Price-to-Book Ratio (P/B)

Based on FY26 net worth and pre-issue equity shares:

• FY26 Net Worth: ₹94.93 crore
• Pre-IPO Shares: 4.503 crore
• Approximate Book Value Per Share: ₹21.08
• Upper Issue Price: ₹150
• Indicative Pre-IPO P/B Ratio: 7.12x

The P/B ratio is calculated using pre-issue share capital and FY26 net worth.

Valuation Analysis

At the upper price band of ₹150, BLS Polymers is valued at approximately 25.04 times its FY26 earnings.

The disclosed industry peer average P/E is approximately 24.59 times.

This indicates that the IPO valuation is slightly above the stated peer average.

Investors should consider the company’s earnings growth, operating margins, debt position, cash flows and future expansion plans before assessing whether the valuation is justified.

8. Utilisation of IPO Proceeds

The company plans to utilise the funds raised through the IPO for the following purposes: Purpose Amount Expansion of Goa Manufacturing Facility ₹77.56 Crore Working Capital Requirements ₹89.50 Crore General Corporate Purposes Balance Amount

Manufacturing Expansion

The company plans to increase its manufacturing capacity by approximately 52,050 metric tonnes per annum through expansion of its polyethylene and XLPE compound manufacturing facilities.

This expansion is intended to support growing demand from the wire and cable industry and other infrastructure-related sectors.

Working Capital Requirements

A significant portion of the IPO proceeds will be allocated towards working capital.

This is important because polymer manufacturing businesses require funds for raw material procurement, inventory management and customer credit periods.

9. IPO Subscription Status

The IPO received strong subscription demand across investor categories. Investor Category Subscription QIB 200.25x NII / HNI 559.20x Retail Investors 128.36x Overall Subscription 241.22x

The NII category recorded the highest subscription, followed by QIB and retail investors.

Strong subscription indicates substantial demand for the issue, but subscription figures alone do not determine the company’s long-term investment potential.

10. Grey Market Premium (GMP)

As reported on 31 October 2026, the Grey Market Premium for BLS Polymers IPO was approximately ₹68. Particulars Value IPO Issue Price ₹150 Reported GMP ₹68 Indicative Listing Price ₹218 Indicative Listing Premium 45.33%

GMP is an unofficial market indicator. It is not regulated by stock exchanges and does not guarantee the actual listing price.

Investors should avoid making investment decisions based exclusively on GMP movements.

11. Strengths and Risk Factors

Key Business Strengths

1. Established operations in the polymer manufacturing industry.
2. Product portfolio catering to infrastructure-related industries.
3. Improvement in revenue and profitability over recent financial years.
4. Reduction in total borrowings.
5. Planned expansion of manufacturing capacity.
6. Presence in specialised polymer compound manufacturing.

Important Risk Factors

1. High customer concentration, with the top five customers contributing approximately 53.45% of FY26 operating revenue.
2. Significant dependence on wire and cable polymer compounds.
3. Negative operating cash flow reported in FY26.
4. Exposure to fluctuations in polymer raw material prices.
5. Manufacturing expansion involves execution and capacity-utilisation risks.
6. Dependence on major customers could affect revenue stability.

These factors should be evaluated alongside the company’s growth opportunities and financial performance.

12. Overall IPO Overview

BLS Polymers operates in the speciality polymer compounds manufacturing industry and caters to sectors such as wire and cable manufacturing, telecommunications, power infrastructure, railways and water distribution.

The company’s financial performance indicates an improvement in profitability over FY24–FY26, along with a reduction in borrowings and an increase in net worth.

The IPO is entirely a fresh issue, with proceeds intended for manufacturing expansion and working capital requirements.

At the upper issue price of ₹150, the company is valued at approximately ₹930.48 crore, with a disclosed FY26 P/E ratio of 25.04x.

However, customer concentration, negative operating cash flow and dependence on the wire and cable segment remain important factors to monitor.

Following the IPO, investors should closely track revenue growth, profitability, working capital management, operating cash flow and the progress of the proposed manufacturing expansion.

Disclaimer: This article is for informational and educational purposes only. It should not be considered investment advice or a recommendation to apply for or avoid the IPO.

Sources and References

1. BLS Polymers Official Website: https://www.blspolymers.com/
2. Securities and Exchange Board of India: https://www.sebi.gov.in/
3. National Stock Exchange: https://www.nseindia.com/
4. BSE India: https://www.bseindia.com/
5. Company IPO prospectus and financial disclosures.