Figures last updated 21 Oct 2026, 11:00 PM IST · How we work · Report an error
What the company does and where it sits in its industry
BLS Polymers Limited manufactures multiple grades of custom formulated polymer compounds used for insulation, jacketing, and coating in power, telecommunication, and infrastructure piping industries.
BLS Polymers Limited is an Indian manufacturer of multiple grades of custom formulated polymer compounds, catering to critical industries such as telecommunications, power, railways, water, and oil and gas distribution. Its products include polyethylene compounds (HDPE, MDPE, LLDPE), cross-linked polyethylene compounds (XLPE), halogen-free flame retardant compounds (HFFR), polyvinyl chloride compounds (PVC), cable filling compounds (CFC), and adhesive coating compounds.
The company operates an integrated manufacturing facility situated at Verna Industrial Estate in Goa with an installed capacity of 35,251 MTPA as of Fiscal 2026. Its products are utilized in wire and cable insulation, jacketing, and sheathing, as well as 3-layer polyethylene (3LPE) coating systems for oil, gas, and water distribution pipelines.
The business model is primarily business-to-business (B2B), earning revenue through direct sales to corporate customers and cable manufacturers, supply tenders for infrastructure and government projects, and the trading of polymer resins.
The company manufactures custom formulated polymer compounds including PE, XLPE, PVC, HFFR, cable filling compounds, and 3LPE pipe coating adhesives.
The company operates on a B2B business model generating revenue from direct manufacturing and sales of polymer compounds, government tenders, and opportunistic trading of polymer resins.
The company is an established manufacturer of polymer compounds with over two decades of experience, operating a 35,251 MTPA capacity facility in Goa with pre-approved product enlistments across major public sector enterprises.
Who controls the company, and how much of it they hold
Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal, Karan Aggarwal
Points to weigh, drawn from the offer document and the figures on the other tabs
The company has its polymer products enlisted with prominent central public sector enterprises and state agencies, which serves as a technical qualification and creates a significant barrier to entry for competitors.
The company manufactures 6 products across 127 grades serving varied end-user industries including power cables, telecommunications, railways, and oil, gas, and water distribution pipelines.
The company maintains direct, long-standing relationships with customers, with repeat customers contributing approximately 90.84% to 96.51% of revenue from operations in recent financial periods.
The manufacturing plant in Goa is located within 15 km of the Mormugao sea port and connected to national highways, optimizing raw material import logistics and product export operations.
The company possesses in-house R&D and testing facilities that enable continuous formulation improvements and development of high-margin compounds such as pipe coating adhesives and HFFR compounds.
The company derived 80.93%, 81.59%, and 80.49% of its revenue from operations from wire and cable polymer compounds in Fiscals 2026, 2025, and 2024, respectively, making it vulnerable to downturns in that industry.
The company's top 10 customers contributed 66.81%, 64.44%, and 50.52% of its revenue from operations in Fiscals 2026, 2025, and 2024, respectively, and the loss of any such customer could adversely impact operations.
Proposed capital expenditure plans to expand manufacturing capacity by 52,050 MTPA are subject to implementation delays, regulatory approval risks, and potential cost overruns.
All manufacturing operations are carried out from a single facility situated in Goa, exposing the company to operational risks, local disruptions, or natural calamities in that region.
Certain past secretarial and corporate records and statutory filings with the Registrar of Companies are untraceable, which may expose the company to regulatory scrutiny or penalties.