BLS Polymers Limited

NSE: BLSPOLY · Specialty Chemicals

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Snapshot

Unlock BLS Polymers Limited's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

BLS Polymers Limited manufactures multiple grades of custom formulated polymer compounds for critical industries such as telecommunication, power, railways, water, and oil and gas distribution. Its product portfolio includes various polyethylene compounds, PVC compounds, and specialized cable filling and adhesive coating materials used for sheathing, jacketing, and pipeline protection.

Vertical mix

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Business Model

The company generates revenue by manufacturing and selling over 127 grades of custom polymer compounds to both private and government customers, with private clients contributing the vast majority of sales. It maintains a PAN-India footprint across 23 states and union territories alongside an international export presence.

  • Fiscal 2026 Revenue:34,942.83 lakh rupees
  • Fiscal 2025 Revenue:32,843.59 lakh rupees
  • Fiscal 2024 Revenue:29,635.83 lakh rupees

Growth Outlook

Growth is supported by sustained demand from critical infrastructure sectors such as telecommunication, power, and utilities that require specialised polymer compounds for cabling and pipeline protection. The company's diverse product portfolio and established PAN-India and export footprint provide a platform for continued market expansion.

Key Risks

  • Raw Material Price Volatility. Fluctuations in polymer and petrochemical feedstock prices can directly impact manufacturing margins and profitability.
  • Customer Concentration. A heavy reliance on private sector customers exposes the business to cyclical spending trends within target industrial segments.
  • Regulatory and Environmental Compliance. Stricter environmental standards and regulations regarding polymer manufacturing and chemical usage could increase operational costs.

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Peers · Specialty Chemicals

CompanyMkt CapP/E (TTM)EV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
BLS Polymers LimitedBLSPOLY
₹1,712 Cr———12.0%———
S H Kelkar & Co.SHK
₹1,762 Cr18.7×9.0412.8%11.7%6.9%12.7%-42.8%
Camlin Fine Sciences LimitedCAMLINFINE
₹1,755 Cr338.4×19.508.4%6.4%0.1%0.5%-53.4%
IndokemINDOKEM
₹1,752 Cr775.8×203.490.9%4.8%3.5%6.8%-14.4%
Titan BiotechTITANBIO
₹1,696 Cr13.7×34.7536.9%22.3%20.2%25.3%-67.6%
Nitta Gelatin India LimitedNITTAGELA
₹1,582 Cr15.3×9.9910.0%26.6%22.1%29.4%+108.5%

As of Mar 2026

Financials