# BLS Polymers Limited: IPO analysis > BLS Polymers Limited (CIN U24111DL1991PLC042745) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 1,70,00,000 shares, priced at ₹142.00 to ₹150.00 per share. In FY26 it reported revenue of ₹349 Cr (+6.4% on FY25) and a net profit of ₹27 Cr. Promoters hold 66.7% before the IPO. Our fact-check of its claims found 9 medium or high concerns across 40 claims checked. - Page: https://ipo.innerkore.com/company/U24111DL1991PLC042745/bls-polymers-limited/ - CIN: U24111DL1991PLC042745 - Last updated: 19 Oct 2026 ## Key facts - **Company:** BLS Polymers Limited - **CIN:** U24111DL1991PLC042745 - **Filing stage:** RHP - **Latest SEBI filing:** 19 Oct 2026 - **Price band:** ₹142.00 to ₹150.00 per share - **Bidding opens:** 27 Oct 2026 - **Bidding closes:** 29 Oct 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹349 Cr - **Revenue growth:** +6.4% - **Net profit FY26:** ₹27 Cr - **Revenue CAGR FY24 to FY26:** 8.6% - **Promoter holding (pre-IPO):** 66.7% - **Lead managers:** Unistone Capital Private Limited - **Registrar:** KFin Technologies Limited - **Fact-check flags:** 0 high, 9 medium, 1 low ## Key signals (read from the filing; not investment advice) - **Valuation** (look closer): 34.5x P/E. From NSE's price band, on FY26 profit; 5.8x book value. - **Growth** (look closer): 8.6% a year. Sales FY24 to FY26; latest year +6.4%. - **Profitability** (look closer): 7.7% net margin. FY26; operating margin improving. - **Debt** (looks fine): 0.32x equity. ₹51.7 crore borrowed at the end of FY26. - **Profit into cash** (looks fine): 141% of profit. Operations brought in ₹38.1 crore against ₹27 crore of profit in FY26. - **One-off income** (look closer): 3 items. Management describes 3 one-off items. - **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. (converted using NSE's price band) - **Red flags** (look closer): 9 to review. 40 claims checked: 0 high, 9 medium concern. ## Financial snapshot (₹ crore unless stated; unspecified) | | FY24 | FY25 | FY26 | 3M Jun-26 | |---|---:|---:|---:|---:| | Sales | 296 | 328 | 349 | 107 | | Sales growth | – | 10.8% | 6.4% | – | | Operating profit | 16 | 32 | 42 | 15 | | Operating margin | 5.5% | 9.7% | 12.0% | 14.5% | | Net profit | 7.5 | 21 | 27 | 10 | | Net margin | 2.5% | 6.4% | 7.7% | 9.6% | | Net worth | 150 | 154 | 162 | 180 | | Borrowings | 94 | 74 | 52 | 63 | | Return on equity | 5.0% | 13.7% | 16.7% | – | ## Non-recurring items (as described by management) - Obsolete, slow moving and defective inventories are identified at the time of physical verification of inventories, and where necessary, they are written off or a provision is made based on management's best estimates of net realisable value. (p.401) - The decrease in Other Income was partly attributable to a lower write back of liabilities and provisions no longer required by ₹ 314.24 lakhs. (p.409) - The decrease in Other Income was partly attributable to a decrease in insurance claim by ₹ 24.15 lakhs. (p.409) ## Use of proceeds (fresh issue) - Financing the capital expenditure requirement towards expansion of our Manufacturing Facility by increasing the manufacturing capacity of certain of our existing products: ₹78 crore - Funding working capital requirements of our Company: ₹90 crore - General Corporate Purposes(1): amount not fixed yet ## Fact-checked claims - **MEDIUM** (LitigationStatus): The Company does not foresee any material adverse impact on its financials or operations due to pending approvals or licenses.. The search results indicate that BLS Polymers has been involved in legal disputes, including allegations related to fraudulent representations and supply of goods, which suggests potential adverse impacts on its operations or financials. Specifically, there are references to cases and rulings involving BLS Polymers. - **MEDIUM** (SubsidiaryPerformance): Shakun Polymers Private Limited is a prominent manufacturer of compounds for the wire and cable market in India.. The search results indicate that Shakun Polymers is a company with trading information, revenue figures, and has been involved in acquisitions. While some results suggest activity within the wire and cable sector (investments by Indian cable makers), they do not explicitly confirm the claim that the company is a 'prominent manufacturer' of compounds for the wire and cable market. - **MEDIUM** (SubsidiaryPerformance): Cipy Polyurethanes Private Limited manufactures various internal and external pipeline coatings for wastewater, water, and potable water.. The search results mention 'Cipy Polyurethanes Pvt. Ltd.' in connection with an acquisition by Pidilite Industries Ltd, suggesting a relationship. However, the search results do not explicitly confirm the manufacturing scope described in the claim (internal and external pipeline coatings for various water types). - **MEDIUM** (SubsidiaryPerformance): Largest CGD network in India in terms of sales volume is held by Gujarat Gas Limited, operating in 44 districts in 6 states and 1 union territory.. The search results confirm the existence and relevance of Gujarat Gas Ltd (formerly Gujarat Gas Company) in the context of gas distribution and trading, which is related to the claim about the largest CGD network. However, the search results do not provide specific data on the number of districts, states, or union territories covered by Gujarat Gas Ltd's network to directly corroborate the claim. - **MEDIUM** (LitigationStatus): The company confirms it is in compliance with the conditions specified in Regulation 7(1) of the SEBI ICDR Regulations, to the extent applicable, and will ensure compliance with Regulation 7(2) of the SEBI ICDR Regulations.. The search results reference various legal and regulatory matters involving BLS Polymers Ltd., including disputes and allegations against the company. Some results mention specific cases or rulings, which might be relevant to the compliance claim, but they do not directly confirm or deny the company's compliance with Regulation 7(1) and 7(2) of the SEBI ICDR Regulations. - **MEDIUM** (PromoterBackground): The Promoters have not been promoters or directors of any other company prohibited from accessing or operating in capital markets under any order or direction passed by SEBI.. The search results mention an enforcement action initiated under the SEBI Act 1992 against a company named BLS International Services Limited, which is related to the claim about promoters being prohibited from accessing capital markets. However, the results do not explicitly confirm or deny the claim regarding the current promoters of BLS Polymers Limited. - **MEDIUM** (PromoterBackground): The Promoters and members of the Promoter Group have not been prohibited from accessing the capital markets under any order or direction passed by SEBI.. The search results mention an enforcement action initiated under the SEBI Act 1992 against a company named BLS International Services Limited, which is related to the claim about access to capital markets. However, the results do not directly confirm or deny the statement regarding the promoters' access to capital markets under any order or direction by SEBI. - **MEDIUM** (SubsidiaryPerformance): The company received a certificate from BQC Assessment Private Limited confirming compliance of quality management system prescribed under ISO 9001:2015 in 2022.. Search results indicate that BQC Assessment Private Limited exists and is involved in certification activities. One result mentions that management certifying agencies like BQC ASSESSMENT PRIVATE LIMITED carry out periodic assessments. However, the search results do not directly confirm or deny that BLS Polymers Limited received a specific certificate from them for ISO 9001:2015 in 2022. - **MEDIUM** (LitigationStatus): A first information report was registered by the Company against Gupta Power Infrastructure Limited and its Directors under Sections 504, 506 and 120B of the Indian Penal Code, 1860, alleging cheating, fraud, criminal conspiracy, criminal breach of trust, misrepresentation, and related offences in connection with the supply of polymer compounds.. The search results indicate that there are various legal proceedings and investigations involving Gupta Power Infrastructure Limited and its directors, such as writ petitions, appeals, and SFIO notices, which suggests ongoing legal scrutiny related to the company. However, the search results do not explicitly confirm the specific registration of a first information report by the Company against Gupta Power Infrastructure Limited and its Directors under the exact sections mentioned in the claim. - **LOW** (PromoterBackground): A list of 31 corporate bodies forming part of the Promoter Group is detailed, including Rishi Raj Realtors Private Limited and S P Packagings(Partnership firm).. The search results mention 'RAJASTHAN REALTORS PVT.LTD' in the context of consent orders, which is related to the claim about a promoter group member. However, the results do not explicitly confirm the existence of a list of 31 corporate bodies or the specific inclusion of 'Rishi Raj Realtors Private Limited' and 'S P Packagings(Partnership firm)' as detailed in the claim. - **NONE** (PromoterBackground): Neha Kumar Sunit is the Company Secretary and Compliance Officer and has received a remuneration of ₹ 11.26 lakhs in that capacity during Fiscal 2026.. The provided search results do not contain any information that corroborates or contradicts the claim regarding Neha Kumar Sunit's remuneration as Company Secretary and Compliance Officer for BLS Polymers Limited during Fiscal 2026. The search results primarily relate to IPO details, Supreme Court judgments, and other unrelated news. - **NONE** (PromoterBackground): The IPO Committee was constituted by a Board resolution on April 5, 2025.. The provided search results do not contain any information regarding the constitution of an IPO committee by a Board resolution on April 5, 2025, for BLS Polymers Limited. The search results mention various legal and industry-related items but do not corroborate or contradict the specific claim. ## Common questions ### How big is the BLS Polymers Limited IPO? BLS Polymers Limited's IPO comprises a fresh issue of 1,70,00,000 shares, according to its Red Herring Prospectus. The price band is ₹142.00 to ₹150.00 per share. ### What are BLS Polymers Limited's revenue and profit? BLS Polymers Limited reported revenue from operations of ₹349 Cr in FY26, +6.4% versus FY25. Net profit was ₹27 Cr (FY25: ₹21 Cr). Revenue grew at a compound rate of 8.6% a year from FY24 to FY26. Figures are read from the RHP, as printed there. ### How much do promoters own in BLS Polymers Limited? Promoters hold 66.7% of BLS Polymers Limited before the IPO. ### How will BLS Polymers Limited use the IPO money? The fresh-issue proceeds are earmarked for: Financing the capital expenditure requirement towards expansion of our Manufacturing Facility by increasing the manufacturing capacity of certain of our existing products (₹78 Cr); Funding working capital requirements of our Company (₹90 Cr); General Corporate Purposes (amount not fixed yet). ### What are the red flags in BLS Polymers Limited's RHP? We fact-checked 40 claims from the filing against the open web: 0 raised a high concern, 9 medium and 1 low. The most notable: The search results indicate that BLS Polymers has been involved in legal disputes, including allegations related to fraudulent representations and supply of… The search results indicate that Shakun Polymers is a company with trading information, revenue figures, and has been involved in acquisitions. While some… The search results mention 'Cipy Polyurethanes Pvt. Ltd.' in connection with an acquisition by Pidilite Industries Ltd, suggesting a relationship. However,… This is an automated screen, not a verdict; each finding links to its sources. ### What does BLS Polymers Limited do? Here's what almost nobody noticed about BLS Polymers' IPO: despite the hype around the wire and cable sector, the search results don't even confirm they are a prominent manufacturer of compounds for that market. ### Who manages the BLS Polymers Limited IPO? Book running lead managers: Unistone Capital Private Limited. Registrar to the offer: KFin Technologies Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original BLS Polymers Limited IPO documents? All 1 filing for BLS Polymers Limited (RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [BLS Polymers Limited – RHP](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1792388466880.pdf) (Red Herring Prospectus, filed 19 Oct 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.