BLS Polymers IPO opens today: Should you subscribe? Check price band, reviews, GMP & more

New Delhi-based BLS Polymers manufactures specialised polymer compounds used in wires, cables and underground pipelines. Its products include HDPE, MDPE, LLDPE, XLPE, PVC, HFFR, cable filling compounds and adhesive coating compounds, catering to industries such as power, telecommunications, railways, water, and oil and gas.

Ahead of its IPO, BLS Polymers raised Rs 76.50 crore from seven anchor investors as it allocated 51,00,000 equity shares for Rs 150 apiece. Its anchor book included names like Nakrashtra Bharat Finds, Vikasa India EIF, Venus Investments VCC, Pine Oak Global, Innovative Vision Fund, Radiant Global Fund and more.

BLS Polymers reported a net profit of Rs 10.23 crore, with a revenue of Rs 107.81 crore for the quarter ended on June 30, 2026. It clocked a net profit of Rs 27.01 crore with a revenue of Rs 354.41 crore for the financial year 2025-26. At the current valuations, it commands a market capitalization of more than Rs 930 crore.

BLS Polymers has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of allocation. Retail investors have 35 per cent of the reservation in the issue. Last heard, it was commanding a grey market premium (GMP) of Rs 20-22 apeice, suggesting a 6-7 per cent listing gains for the investors.

Unistone Capital is the sole book running lead manager of BLS Polymers IPO and Kfin Technologies Ltd is the registrar of the issue. Shares of the company shall be listed on Tuesday, November 03, on both NSE Ltd and BSE Ltd. Here's what a host of brokerage firms say on the IPO of BLS Polymers:

Swastika Investmart
Rating: Subscribe
The pricing for BLS Polymers is fair to slightly aggressive relative to pure-play domestic peers like Plastiblends and Ddev Plastiks. However, the higher valuation multiple is supported by its superior return ratios and expanding EBITDA margins over the past 3 years, said Swastika Investmart.

"Its trading contributed 32 per cent of FY26 revenue, while manufactured sales declined from to Rs 238 crore. The IPO may suit investors seeking listing gains or medium-term opportunities, but limited valuation comfort and execution risks make it a moderate-to-high-risk investment," it said.

SBI Securities
Rating: Subscribe
BLS Polymers delivered revenue, EBITDA and PAT CAGR of 8.6 per cent, 59.8 per cent and 89.5 per cent, respectively, during FY24-FY26, reflecting healthy and improving margins despite moderate revenue growth. Available capacity headroom and the proposed expansion from 35,251 MTPA to 87,301 MTPA provide scope to increase production and support future growth, said SBI Securities.

"However, high supplier and customer concentration, raw-material volatility and dependence on a single manufacturing facility remain key concerns. The issue is valued at a post-issue FY26 P/E multiple of 34.5 times. Considering its presence in a niche segment, improving profitability, underutilised existing capacity and proposed capacity expansion, we recommend subscribe for long-term' rating," it said.

Religare Broking
Rating: Subscribe for long-term
BLS Polymers appears reasonably valued, supported by consistent improvement in its financial performance over recent years. Strong customer relationships, reflected in a high proportion of repeat customers, provide business stability and continuity. Its presence across 23 states and union territories, alongside international operations, offers scope to expand its market reach, said Religare.

"It maintains a decent position among listed peers, supported by healthy returns and improving earnings. Considering its financial progress, established customer base and potential for sustained business development, we assign a 'subscribe for long term rating," it said.

BP Equities
Rating: Subscribe
The sustainability of margin improvement will depend on raw material price movements, product mix, competitive intensity and execution of its export strategy, said BP Equities. "The issue is valued at 25 times P/E. Considering its improving profitability, healthy return ratios and growth opportunities, we recommend a 'subscribe' rating for the issue.

Master Capital Services
Rating: Subscribe for long-term
BLS Polymers is well positioned to capitalise on these industry opportunities through its diversified portfolio of polymer compounds as well as cable filling and adhesive coating compounds. Investors may consider the IPO as a potential long-term investment opportunity, said Master Capital Services.

Ventura Securities
Rating: Subscribe
BLS Polymers operating model is B2B and sells direct to wire and cable and pipeline manufacturers. Wire and cables made up 80.93 per cent of FY26 revenue and industrial pipelines 19.07 per cent. Customer concentration has risen sharply, said Ventura with a 'subscribe' rating.