BLS Polymers Ltd IPO
Plastic products
Price Band
₹142 – ₹150
Lot Size
100
Minimum Bid Quantity
100
Minimum Investment
₹15000
Issue Size
₹255Cr
Opens
2026-10-27
Closes
2026-10-29
Listing
03-11-2026
Subscription Status
Qualified Institutional Buyers
200.25 x
Non-Institutional Investor
558.05 x
Retail Individual Investor
123.68 x
Total
238.64 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE0ZCQ01019
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
BLS Polymers is a manufacturer of custom-formulated polymer compounds used in the wire and cable, infrastructure, and other industries. Its products are used for insulation, sheathing, jacketing, and protective coating of wires, cables, and underground pipelines. The company’s product portfolio includes high-density polyethylene (HDPE), medium-density polyethylene (MDPE), linear low-density polyethylene (LLDPE), cross-linked polyethylene (XLPE), halogen-free flame-retardant (HFFR), polyvinyl chloride (PVC), cable filling compounds (CFC), and adhesive coating compounds. These products are used in applications across the power, telecommunications, railways, water, and oil and gas distribution industries. HDPE, MDPE, and LLDPE compounds are used in wire and cable insulation and protection, while XLPE, HFFR, PVC, and CFC compounds serve applications requiring properties such as electrical insulation, fire resistance, and moisture resistance. HDPE and adhesive coating compounds are also used in three-layer polyethylene (3LPE) coatings for oil, gas, and water pipelines.
Pros
- • BLS Polymers has enlisted several products with government agencies and public sector enterprises, including a Maharatna CPSE power transmission company, a Navratna CPSE engineering consultancy company, a Miniratna CPSE telecommunications company, and the Government of Gujarat. These approvals cover products used in wire and cable manufacturing, oil and gas pipelines, and water pipelines.
- • As of August 31, 2026, the company manufactured six product categories across 127 grades, including PE, XLPE, PVC, CFC, HFFR, and pipe coating compounds. These products cater to applications in power cables, telecommunications, railway signalling, and oil, gas, and water distribution pipelines.
- • As of August 31, 2026, BLS Polymers has an in-house product development team of seven employees. The team has developed pipe coating adhesives for underground oil, gas, and water pipelines, and the products have received certification from Bureau Veritas for compliance with standards including ISO 21809-1:2018 and DIN 30670:2012.
Cons
- • The company derives a significant portion of its revenue from the sale of wire and cable polymer compounds, which contributed Rs 78.34 crore (73.20%) in the three months ended June 30, 2026, Rs 282.80 crore (80.93%) in FY26, Rs 267.98 crore (81.59%) in FY25, and Rs 238.53 crore (80.49%) in FY24. A reduction in demand for these products, a downturn in the wire and cable industry, or an inability to diversify its product portfolio and retain customers could adversely affect the company’s revenue, profitability, financial condition, and cash flows.
- • The company derives a significant portion of its revenue from its top 10 customers, who contributed Rs 65.65 crore (61.34%) in the three months ended June 30, 2026, Rs 233.47 crore (66.81%) in FY26, Rs 211.67 crore (64.44%) in FY25, and Rs 149.74 crore (50.52%) in FY24. Any loss of these customers, reduction or cancellation of orders, or inability to maintain existing order volumes and pricing terms could adversely affect the company’s revenue, financial condition, results of operations, and cash flows.
- • The company reported negative cash flows from operating activities of Rs 4.08 crore in the three months ended June 30, 2026, and negative cash flows from investing activities of Rs 5.79 crore during the same period. Negative investing cash flows were also reported in FY26, FY24, and the three months ended June 30, 2026, primarily due to additions to property, plant and equipment, including plant and machinery to increase production capacity. The company also reported negative cash flows from financing activities of Rs 31.05 crore in FY26, Rs 25.72 crore in FY25, and Rs 2.24 crore in FY24, mainly due to repayments of unsecured loans from a group company and working capital demand loans, as well as higher interest payments on bank borrowings in FY24. Sustained or significant negative cash flows in the future could adversely affect the company’s financial condition, operations, and growth plans.
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