BLS Polymers Ltd

The company makes compounds that insulate wires and cables, and coatings that protect oil, gas and water pipelines, at its plant in Goa. It also trades polyethylene, a third of FY26 revenue of INR 349 cr. Manufacturing volumes were flat from FY24 to FY26, and all of the revenue growth came from buying and reselling polyethylene, which earned a gross margin of 2% in FY26. Profit did rise, but mainly because raw material got cheaper and suppliers gave larger discounts. BLS also operates in a fragmented market with low entry barriers. At 34.5x FY26 P/E, the issue is priced well above listed peers DDev Plastiks and Plastiblends. We would skip the issue for both the short and long term.