Iberia Pharmaceuticals India Ltd. IPO

BLS Polymers

• BLS Polymers is coming out with a 100% book building; initial public offering (IPO) of 1,70,00,000 shares of face value Rs 10 each in a price band Rs 142-150 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on October 27, 2026 and will close on October 29, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 10 and is priced 14.20 times of its face value on the lower side and 15.00 on the higher side.
• Book running lead manager to the issue is Unistone Capital.
• Compliance officer for the issue is Neha Kumar Sunit. 

Profile of the company

BLS Polymers is a polymer compounding firm in India with over two decades of market experience, specializing in a wide range of high-performance compounds tailored for various industrial applications. The company is manufacturer of multiple grades of custom formulated polymer compounds, catering to diversified critical industries such as telecommunication, power, railways, water, oil and gas distribution, among others. With expertise in producing co-polymers such as High Density Polyethylene (HDPE), Low Density Polyethylene (LDPE), Medium Density Polyethylene (MDPE), Cross Linked Polyethylene (XLPE), Polyvinyl Chloride (PVC), Cable Filling Compounds, and Masterbatches, the company demonstrates technical excellence, operational efficiency, and innovation-driven growth. The company was established in 1991 and has grown to become one of India's largest polymer compounders. BLS Polymers has a head office in Delhi and manufacturing facilities in Goa, with more than 35,000 MTPA installed capacity.

The company’s product portfolio is well diversified to offer varied solutions in the wire and cables and infrastructure industry, and included products such as, HDPE, MDPE, Linear Low-Density Polyethylene (LLDPE), XLPE, Halogen-Free Flame Retardant (HFFR), PVC, CFC and adhesive coating compounds which are utilized in power, control, data, instrumentation, and telecom cables and advanced pipeline coating systems widely used in water and oil & gas pipelines for corrosion protection and mechanical damage resistance. The company also produce specialty additive masterbatches, as well as black and white masterbatches to meet diverse client requirements. The company offers a range of additives designed to enhance the surface and bulk properties of polymers, such as scratch resistance, surface smoothness, and flame retardancy. These compounds and masterbatches are classified based on different functionalities and end-uses.

Proceed is being used for:

• Financing the capital expenditure requirement towards expansion of its existing manufacturing facility at Goa (Manufacturing Facility) by increasing the manufacturing capacity of certain of its existing products
• Funding working capital requirements of the company
• General corporate purposes

Industry overview

The polymer industry in India stands as one of the most significant sectors in the country's manufacturing landscape, playing a crucial role in economic development. India's polymer industry has demonstrated consistent growth over the years, primarily driven by increasing demand across various sectors. The industry is broadly categorized into two main segments: commodity polymers and engineering polymers. Commodity polymers, including HDPE, MDPE, XLPE, LDPE, LLDPE, HFFR and PVC, which are commonly known as co-polymers, form the backbone of the industry and find widespread use in everyday applications. Engineering polymers, such as Acrylonitrile Butadiene Styrene (ABS), Nylon, Polycarbonate, and Polyethylene Terephthalate (PET), cater to more specialized and technical applications, commanding higher value in the market.

Polymer compounding in India represents a crucial segment of the polymer industry, serving as a vital link between raw polymer manufacturers and end-product manufacturers. This specialized sector involves the process of combining base polymers with additives, fillers, and reinforcements to create customized materials that meet specific performance requirements for various applications. The Indian polymer compounding market has experienced consistent growth over the past few years, driven by increasing demand across various end-use industries. The market expanded from $5,967 million in 2019 to $9,934 million in 2025. This growth was fueled by rapid industrialization, rising demand from the automotive, construction and infrastructure, packaging, telecommunications, electrical & electronics, wires & cables, and an increasing shift toward lightweight and high-performance polymer materials.

The global polymer compounding market stood at $75,526 million in 2025, growing with a CAGR of 6.5% from 2019. The market is expected to grow with a CAGR of 6.7% till 2031, reaching a value of $109,801 million. The growth is driven by technological advancements, rising demand for polymers in key end use sectors including automotive, construction, electrical appliances, wire & cables and electrical & electronics. Because of their great performance, light weight, cost effectiveness, polymers are frequently employed as alternatives to items made of metal and mineral material. 

Pros and strengths 

Enlisted with prominent government agencies with pre-approved product portfolio: The company is engaged in the manufacturing of multiple grades of polymer compounds, serving a wide range of critical industries including telecommunications, power, railways, water supply, and oil and gas distribution. Consequently, entry into the polymer compound industry requires a measured approach, significant resources, and deep expertise to successfully overcome these multifaceted obstacles. In industries such as power transmission, telecommunications, and coatings, polymer compounders must have their products, manufacturing processes, and standard operating procedures rigorously tested and approved by regulatory bodies or public sector enterprises. Accordingly, it has enlisted its products with a Maharatna CPSE power transmission company, a Navratna CPSE engineering consultancy company, a Miniratna CPSE telecommunication company and Government of Gujarat. The company have also applied to various other government and private agencies for enlisting its product finding application in the oil and gas industry.

Diversified industry applications with differentiated product portfolio: Its business model is diversified by a mix of products, end use industries and customer base. As on August 31, 2026, the company has manufactured 06 products in 127 grades across its product segments. The bouquet of products offered by it serves various end-user industries including but not limited to railways, telecommunication, among others. In addition to its diversified product categories, it has also developed multiple grades depending on application and customer requirements. Its constant efforts are focused towards continuously identifying market demands and introducing relevant products with high quality. It diversifies its product portfolio in such a manner that its products are customised for its customers and are commensurate with the scale for each of the geographies it serves. Its diversified product portfolio helps it retains its customers and strengthen its cross-selling efforts across product portfolios.

PAN-India market presence: The company is a manufacturer of various grades of polymer compounds primarily used in manufacturing of wire and cables and coating of industrial pipelines. It primarily derives majority of its revenue from its domestic operations and as of June 30, 2026, 94.68% of its revenue from operations was generated from the domestic operations undertaken by the company. In the three months period ended June 30, 2026 and the last 3 fiscals, it sold its products in 23 states/union territories. Through its strategic geographic presence, it can effectively serve a broad customer base, encompass manufacturers of all sizes, and pursue growth opportunities in various markets. This expansive reach allows it to establish a market presence, nurture customer relationships, and drive sustainable growth.

Integrated product development capabilities: The company has invested in an in-house product development team for developing new polymer compositions to suit its customer needs and market demand. As on August 31, 2026, its product development team comprised 7 employees. It has in the past, strategically diversified its product portfolio to either offer additional product applications or inculcate enhanced properties such as, smoke-free flame retardance, anti-tracking, etc. For instance, it has in the recent past developed pipe coating adhesive which is primarily applied on underground pipelines used for distribution of oil, gas and water. Its product development team in consultation with third party consultants developed pipe coating adhesives by developing the composition of the product, modifying the manufacturing infrastructure, undertaking in-house and third party quality tests and obtaining a certification in respect of the efficacy of the product. These third party consultants offer advisory services to public sector units engaged in the oil and gas industry and hold extensive experience in the field of pipeline coating, field joint coating and cathodic protection.

Risks and concerns

High revenue concentration in wire and cable polymer compounds: The company relies heavily on revenue generated from the sale of polymer compounds used in the wire and cable industries. During the three months period ended June 30, 2026 and the Fiscals 2026, 2025 and 2024, it derived 73.20%, 80.93%, 81.59% and 80.49% of its revenue from the sale of wire and cable polymer compounds. Any loss of sales due to reduction in demand for such products would have a material adverse effect on its business, financial condition, results of operations and cash flows.

Significant dependence on the top 10 customers: Its business largely depends upon its top 10 customers which contributed 61.34%, 66.81%, 64.44% and 50.52% in the three months period ended June 30, 2026 and for the Fiscals 2026, 2025 and 2024. Loss of all or a substantial portion of sales to any of its top 10 customers, in particular for any reason including, due to loss of business or failure to negotiate acceptable terms, loss of market share of these customers in their industries, disputes with these customers, adverse change in the financial condition of these customers, decline in their sales, plant shutdowns, labour strikes or other work stoppages affecting production of these customers, could have an adverse impact on its business, results of operations, financial condition and cash flows.

Fluctuations in average selling prices and raw material: The average selling prices of its products may be subject to fluctuations depending on the market conditions. The average selling prices of its products are affected by the general market conditions, such as pricing by competition and raw material costs, which could have an impact on the businesses of its distributors and, in turn, their demand for its products. Further, it also sells its raw materials to take advantage of arbitrage opportunities, without affecting its normal operations. During the three months period ended June 30, 2026 and the Fiscal 2026, Fiscal 2025 and Fiscal 2024, revenue from procurement and supply of various grades of HDPE resin and LLDPE resin accounted for Rs 1,885.49 lakh, Rs 11,132.00 lakh, Rs 8,572.30 lakh and Rs 4,100.00 lakh, representing 17.62%, 31.86%, 26.10% and 13.83% of its total revenue from operations. A decline in the average selling prices for its products could adversely affect its business and financial condition, operating results, and cash flows.

Dependence on raw material suppliers: The company highly depends on a few key suppliers who help it procures raw materials for manufacturing its products. For Fiscal 2026, Fiscal 2025 and Fiscal 2024, the expenses incurred from the top 10 suppliers stood at Rs 26,100.16 lakh, Rs 22,210.65 lakh and Rs 18,901.79 lakh, accounting for 93.52%, 83.52% and 75.34% of the total procurement cost, respectively. The company has not entered into long-term agreements with most of its suppliers for supply of raw materials. In the event it is unable to procure adequate amounts of raw materials, at competitive prices its business, results of operations and financial condition may be adversely affected. Any fluctuation in prices of its raw materials, may have a material adverse effect on its business, results of operations, prospects and financial condition.

Outlook

BLS Polymers is engaged in compounding of Polyethylene and PVC compounds. The company is also engaged in the Trading of polymers. Further the company operates as a Del Credere Associate (DCA) cum Consignment Stockist (CS) of Indian Oil Corporation (IOCL) for the Polymer Business. The company is manufacturer of multiple grades of custom formulated polymer compounds, catering to diversified critical industries such as telecommunication, power, railways, water, oil and gas distribution, among others. On the concern side, it does not enter into formal agreements or arrangements with its customers and typically relies on blanket purchase orders issued by its customers from time to time that set out the price per unit of the products that are to be supplied to/ purchased by them from the company. If its customers choose not to source their requirements from the company, there may be a material adverse effect on its business, financial condition, cash flows and results of operations. Further, if there are any fluctuations in the demand for its products, it could affect its inventory levels, operations, financial condition and cash flow.

The issue has been offering 1,70,00,000 shares in a price band of Rs 142-150 per equity share. The aggregate size of the offer is around Rs 241.40 crore to Rs 255.00 crore based on lower and upper price band respectively. Minimum application is to be made for 100 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 6.39% to Rs 34,942.83 lakh in the financial year 2025-26 from Rs 32,843.59 lakh in financial year 2024-25. The Profit After Tax (PAT) for the financial year 2025-26 reached Rs 2,700.94 lakh, marking an increase from Rs 2,113.60 lakh in the financial year 2024-25.

Meanwhile, it intends to strengthen its relationships with its existing customers and explore opportunities to grow along the value chain by expanding the array of its existing products and solutions that it supplies to its customers across geographies, and to add new customers by developing products and solutions aligned with their needs. As part of its growth strategy, it seeks to pursue emerging opportunities in its existing product categories. Currently, its portfolio caters to wire & cables and infrastructure industries. It intends to diversify its product base to cater to other end-use industries as well. The company has already manufactured and tested some new products which will help it to cater to wider end-applications.

CarTrade Tech has informed that the Company’s conference call with Analysts and Investors to discuss the Unaudited Financial Results (Standalone and Consolidated) for the second quarter and half year ended September 30, 2026 is scheduled to be held on Wednesday, October 28, 2026 at 12.30 pm (IST). The company has enclosed the link to access Dial in details and other details. 

The above information is a part of company’s filings submitted to BSE.