BC
Biopol Chemicals
Book Building issueSMENSE₹31.26 Cr issue
+2.78%
Listing gain over issue price
Issue size
₹31.26 Cr
1 lot at cut-off
₹1,29,600
Lot size
1,200shares
Open
06 Feb 2026
Close
10 Feb 2026
Allotment
11 Feb 2026
Listing
13 Feb 2026
Listing performance
Issue price
₹108
Listed at
₹111
Listing-day close
₹105.50
Latest price
₹91.50
Listing gain
+2.78%
Return since listing
-15.28%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹1
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 13 Feb 2026 | ₹1 | +0.93% | ₹900 | ₹109 | ₹1,200 |
| 12 Feb 2026 | ₹4 | +3.70% | ₹3,600 | ₹112 | ₹4,800 |
| 11 Feb 2026 | ₹4 | +3.70% | ₹3,600 | ₹112 | ₹4,800 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 06 Feb 2026 – 10 Feb 2026
- Listing date
- 13 Feb 2026
- Face value
- ₹10 per share
- Issue price
- ₹108 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹31.26 Cr
- Market cap at offer price
- ₹117 Cr
- Promoter holding
- 89.88% → 65.81% pre-issue → post-issue
- ISIN
- INE0XW001014
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Smart Horizon Capital Advisors Pvt.Ltd.
- Registered office
- D-211, 2nd Floor, Block-D, Sumel Business Park-6 Near Dudheshwar Circle, Dudheshwar Tavdipura, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 1,51,200 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹108
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,29,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,59,200 |
| S-HNI (max) | 7 | 8,400 | ₹9,07,200 |
| B-HNI (min) | 8 | 9,600 | ₹10,36,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
0
Anchor portion
₹0 Cr
at ₹108 per share
Valuation and performance
Valuation at offer price
₹108 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.47 | 7.41 |
| P/E (×) | 19.74 | 14.57 |
| Price to book (×) | 6.31 | — |
| Market cap | — | ₹117 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 32.00%
- ROCE
- 30.57%
- Debt / equity
- 0.57
- PAT margin
- 8.84%
- EBITDA margin
- 13.30%
- NAV per share
- ₹17.12
- Price to book
- 6.31
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Biopol Chemicals
Biopol Chemicals Limited, incorporated on April 12, 2023, acquired the sole proprietorship firm M/s. United Chemical Company on September 30, 2023. The company manufactures and trades specialty chemicals with a product portfolio of 66 products comprising 40 silicone-based products, 5 emulsifier-based products, 15 biochemical products, and 6 polyelectrolyte products. These products are used across textile applications (softeners, silicones, emulsions, hydrophilic finishes, hardeners, binders, dyeing and printing auxiliaries), home care (silicone fluids and cleaning chemicals), agriculture (silicone adjuvants and surfactants), and industrial chemicals (release agents). The company operates on a B2B model through direct sales and a network of distributors, serving both domestic and international markets. It also provides technical consultancy services to customers.
Company Analysis
from RHPBiopol Chemicals Limited manufactures and distributes specialty chemicals including silicones, emulsifiers, biochemicals, and polyelectrolytes for use in textiles, home care, agriculture, and industrial applications.
Biopol Chemicals Limited, incorporated on April 12, 2023, acquired the sole proprietorship firm M/s. United Chemical Company on September 30, 2023. The company manufactures and trades specialty chemicals with a product portfolio of 66 products comprising 40 silicone-based products, 5 emulsifier-based products, 15 biochemical products, and 6 polyelectrolyte products. These products are used across textile applications (softeners, silicones, emulsions, hydrophilic finishes, hardeners, binders, dyeing and printing auxiliaries), home care (silicone fluids and cleaning chemicals), agriculture (silicone adjuvants and surfactants), and industrial chemicals (release agents). The company operates on a B2B model through direct sales and a network of distributors, serving both domestic and international markets. It also provides technical consultancy services to customers.
Specialty chemicalsTextilesHome careAgricultureIndustrial chemicals
Objects of the Issue
- Acquisition of industrial land ₹1,226.47 Lakhs p.24
- Repayment or prepayment, in full or in part, of borrowings availed by our Company from banks, financial institutions and non-banking financial companies ₹1,110.00 Lakhs p.24
- General corporate purposes p.24
- Acquisition of industrial land situated at Plot No. 123 & 124, R.S. No. 493, Vatva Industrial Estate, Phase-1, GIDC, Mouje: Vinzol, Ahmedabad, Gujarat p.49
- Repayment or prepayment of borrowings availed from banks, financial institutions and non-banking financial companies p.49
- General corporate purposes p.49
- Acquisition of industrial land 1,226.47 lakhs p.98
- Repayment or prepayment of borrowings availed by the Company from banks, financial institutions and non-banking financial companies 1,110.00 lakhs p.98
- General corporate purposes p.98
- Funding capex for new manufacturing capacity and expansion p.151
- Acquisition of industrial land ₹1,101.00 Lakhs p.291
Issue Structure
- Total Issue
- Up to 28,94,400 Equity Shares aggregating up to [●] Lakhs
- Fresh Issue
- Up to 28,94,400 Equity Shares of face value of ₹10/- each fully paid for cash at price of ₹ [●] per Equity Share (including a share premium of [●] per Equity Share) aggregating up to ₹ [●]
- Offer for Sale
- NA
- Face Value
- ₹10/-
Business Model
B2B distribution model combining direct sales to institutional customers with a distributor network, supplemented by technical consultancy services. Revenue is generated through manufacturing, trading of specialty chemicals, and technical consultancy.
Business Segments
Manufacturing of specialty chemicals including silicones, emulsifiers, biochemicals and polyelectrolytes
Trading of specialty chemicals and raw materials required by customers
Providing technical consultancy services to customers either in connection with sale of products or separately for specific requirements
Used across agriculture, textiles, and other specialty chemical applications; includes silicone adjuvants and surfactants used in agrochemical formulations to enhance spreadability, adhesion, penetration and overall efficacy of pesticides
Part of the company's specialty chemicals portfolio
Part of the company's specialty chemicals portfolio; all 15 biochemical products have been certified under ZDHC Level 3
Part of the company's specialty chemicals portfolio; all 6 polyelectrolyte products have been certified under ZDHC Level 3
Softeners, silicones, emulsions, hydrophilic finishes, hardeners & binders, and dyeing & printing auxiliaries used in textile wet processing, dyeing, printing and finishing stages of textiles and garment processing including specialized applications like denim finishes.
Silicone fluids, emulsifiers, and cleaning chemicals used in automobile shampoos, surface shines, conditioners, liquid detergents, stain removers, multi-surface cleaners, bio-floor cleaners and household cleaning products.
Release agents (silicone-based) applied in construction moulds, rubber moulds, EVA soles, PU soles and PVC moulds; specialty lubricants for PVC used in PVC compounding processes.
Silicone adjuvants and surfactants used in pesticide formulations to enhance spreadability, adhesion and penetration on leaves and crops and as wetting and spreading agents in crop protection formulations.
Manufactures silicones, softeners, emulsions, hydrophilic finishes, binders, water treatment chemicals, surfactants, and release agents for textile, paper, leather and allied industries.
Products used for textile processing including softeners, emulsions and hardeners for textiles
Silicone fluids and cleaning chemicals for home care applications
Silicone adjuvants, surfactants and release agents for industrial applications
Silicone adjuvants and surfactants for agriculture applications
SWOT Analysis
Strengths
- • Diverse product portfolio across multiple chemical segments(p.52)
- • High-level sustainability certifications for majority of product range(p.52)
- • Current manufacturing process free from restricted industrial chemicals(p.51)
- • Established relationships with multiple suppliers and logistics providers(p.49)
- • Strong order book of ₹1,330.85 lakhs providing confirmed demand across domestic and international markets(p.149)
- • High capacity utilization demonstrating strong operational efficiency and demand fulfillment(p.100)
- • ISO certifications and ZDHC Level 3 product certification demonstrating quality commitment(p.149)
- • Experienced promoter with 20+ years in specialty chemicals manufacturing(p.143)
- • Diversified product portfolio of 66 products across four chemical categories(p.142)
- • Strategic geographic presence in Gujarat and West Bengal accounting for 87.85% of revenue(p.150)
- • Strong financial performance with PAT margin improving to 12.29% and EBITDA margin at 18.41%(p.144)
- • Long-term supplier relationships and quality assurance(p.151)
- • Experienced workforce with process expertise(p.151)
- • Expanded production capacity and customer response capability(p.151)
- • Strong repeated customer base providing recurring revenue(p.151)
- • ISO 9001:2015 quality management certification(p.161)
- • Multi-channel sales strategy (direct and distributor)(p.165)
- • Diversified product portfolio across specialty chemicals categories(p.258)
- • Strong revenue growth trajectory with 93% YoY increase(p.266)
- • Established B2B distribution network across multiple regions(p.258)
- • Improved capacity utilization and expanded manufacturing capabilities(p.267)
- • Strong profitability with PAT margin of 12.29% in period ending Dec 2025(p.269)
- • Growing customer base with 159 customers in FY 2025 vs 83 in FY 2024(p.268)
- • Improved working capital management reducing receivables days(p.268)
Weaknesses
- • High revenue concentration in textile sector(p.35)
- • Geographic concentration of revenue(p.35)
- • Dependence on limited suppliers(p.36)
- • High customer concentration(p.37)
- • Operations dependent on leased properties(p.38)
- • Single manufacturing facility concentration(p.38)
- • Negative operating cash flows(p.43)
- • Director disqualification history(p.43)
- • Regulatory compliance lapses(p.40)
- • Estranged promoter group relationships(p.41)
- • Dependence on single technology platform for manufacturing(p.48)
- • Lack of comprehensive IT infrastructure and heavy reliance on manual processes(p.55)
- • Limited insurance coverage not adequately protecting against operational risks(p.57)
- • Absence of documented business continuity or disaster recovery plan(p.52)
- • Trademark application not yet registered and one application objected(p.50)
- • High employee attrition rate(p.55)
- • Promoters have provided personal guarantees for company debt(p.50)
- • Limited infrastructure and capacity at registered office(p.58)
- • Significant portion of borrowings are unsecured and can be recalled on demand(p.56)
- • High debt-to-equity ratio of 0.76 as of December 31, 2025(p.144)
- • Small company size with only 24 total employees creating scalability and resource constraints(p.143)
- • Heavy dependence on West Bengal with 87.56% of revenue from this single state(p.150)
- • Manufacturing facility is leased, creating tenure and renewal risks(p.149)
- • Limited manufacturing capacity of 18.25 million litres per annum creating production constraints(p.100)
- • Significant dependence on few customers(p.166)
- • High concentration in top supplier dependency(p.153)
- • Geographic concentration with West Bengal as dominant market(p.152)
- • Insufficient insurance coverage relative to total insurable value(p.169)
- • Significant reliance on imported raw materials from specific countries(p.152)
- • Limited number of distributors and potential control risk(p.165)
- • High leverage and debt-equity ratio of 0.76(p.240)
- • Significant increase in trade payables from 287.43 to 853.51 lakhs(p.261)
- • Declining profit margin despite revenue growth - PAT margin declined from 11.63% to 8.81%(p.269)
- • Heavy dependence on trading activities (33.75% of revenue in FY 2025) due to capacity constraints(p.268)
- • Significant increase in finance costs from 38.76 to 68.16 lakhs(p.269)
- • Debt service coverage ratio declined to 0.70 in Dec 2025(p.240)
- • High concentration risk with textile chemicals representing 62.71% of revenue(p.266)
- • Negative operating cash flow in multiple periods(p.274)
- • Significant working capital deterioration(p.274)
- • Heavy dependence on debt financing(p.275)
- • Promoter tax liability proceedings(p.280)
Opportunities
- • Expansion into new geographies(p.37)
- • Diversification into non-textile sectors(p.35)
- • India's growing chemical industry(p.28)
- • Supplier diversification(p.36)
- • Expansion of manufacturing capacity and geographic reach(p.59)
- • Diversification into new product segments and applications(p.51)
- • Growing demand for sustainable and eco-compliant chemical products(p.52)
- • Development and implementation of advanced manufacturing technologies(p.59)
- • Expansion into Gujarat through acquisition of 2,851 sq.m. industrial land to establish new manufacturing unit(p.150)
- • Growing specialty chemicals market in India expected to reach US$300 billion by 2025 and US$1 trillion by 2040(p.135)
- • Strong government support through Production-Linked Incentive (PLI) schemes for chemical manufacturing(p.135)
- • Rising demand from textile, home care, agriculture and industrial chemical sectors(p.135)
- • Export opportunities in Bangladesh textile market, a global hub for textiles and apparel(p.142)
- • Potential for import substitution as Chinese chemical manufacturers cease operations(p.141)
- • Expansion of customer base through acquisition of new customers(p.151)
- • Deeper penetration in existing regional and export markets(p.151)
- • Participation in international exhibitions to enhance market visibility(p.151)
- • Digital marketing and e-commerce platform expansion(p.165)
- • High capacity utilization indicating strong demand(p.157)
- • Expansion into new geographical markets beyond West Bengal, Gujarat and Bangladesh(p.258)
- • Further capacity expansion to meet growing demand and reduce trading dependency(p.267)
- • Introduction of new products with higher gross margins(p.267)
- • Growth in consultancy services revenue(p.258)
- • Leveraging improved supplier credit terms for working capital optimization(p.268)
- • Proposed industrial land acquisition for expansion(p.291)
- • Quality certifications enabling market credibility(p.289)
- • Migration to main board potential(p.313)
Threats
- • Textile industry downturn(p.35)
- • Regional economic slowdown(p.35)
- • Supply chain disruptions(p.36)
- • Intense competitive pressures(p.44)
- • Geopolitical and trade uncertainties(p.45)
- • Raw material price volatility(p.46)
- • Regulatory compliance risks(p.39)
- • Dependence on third-party logistics for raw material procurement creates supply chain disruption risks(p.49)
- • Foreign exchange rate fluctuations affecting export revenues(p.49)
- • Increasing ESG compliance requirements and costs(p.49)
- • Regulatory changes in agrochemical sector affecting demand(p.53)
- • Future carbon emission norms and energy transition regulations(p.50)
- • Seasonal variations in agricultural demand affecting revenues(p.53)
- • Industry concentration in silicone-based products creates obsolescence risk(p.52)
- • Rapid technological changes in specialty chemicals industry(p.48)
- • Intense competition with better-capitalized competitors(p.48)
- • Macroeconomic headwinds including inflation affecting input costs(p.67)
- • Climate change and extreme weather events disrupting operations(p.52)
- • Stringent chemical industry regulations and compliance requirements(p.51)
- • Foreign investment restrictions under Indian law limiting capital access(p.65)
- • Geopolitical instability and terrorism affecting Indian economy and markets(p.66)
- • Global trade uncertainty and potential tariff escalations affecting international operations(p.120)
- • Geopolitical tensions disrupting supply chains and increasing commodity prices(p.120)
- • Intense competition from larger established specialty chemical companies(p.141)
- • Raw material price volatility affecting manufacturing costs and profitability(p.127)
- • Regulatory changes and stringent environmental compliance requirements(p.127)
- • Cyclical nature of chemical industry with demand fluctuations during economic downturns(p.127)
- • Highly competitive and fragmented chemical industry(p.168)
- • Competition from larger and better-resourced competitors(p.168)
- • Dependence on raw material supply continuity and price volatility(p.152)
- • Exposure to regulatory compliance requirements in multiple jurisdictions(p.168)
- • Limited export market currently concentrated in Bangladesh(p.152)
- • Environmental and hazardous waste management regulations(p.175)
- • Dependence on textile industry which is cyclical and subject to global economic conditions(p.258)
- • Volatility in raw material costs and import duties affecting margins(p.264)
- • High interest rate environment increasing finance costs significantly(p.269)
- • Competition from established players in specialty chemicals market(p.264)
- • Regulatory and tax law changes(p.264)
- • Income tax dispute with outstanding demand of 89.35 lakhs for AY 2017-18(p.249)
- • Economic slowdown impacting demand from key customer segments(p.264)
- • Supply chain disruptions and external market price fluctuations(p.264)
- • Intense competition from organized and unorganized players(p.277)
- • Market sensitivity to interest rate and inflation(p.276)
- • Customer credit risk exposure(p.276)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Santanu Sarkar | Promoter | 87.61% | 64.14% |
| Mr. Vedant Sarkar | Promoter | 2.28% | 1.67% |
| Mr. Santanu Sarkar | Promoter | 87.61% | 64.14% |
| Mr. Vedant Sarkar | Promoter | 2.28% | 1.67% |
| Mr. Santanu Sarkar | Promoter | — | — |
| Santanu Sarkar | Promoter/Chairman and Managing Director | 87.61% | — |
| Vedant Sarkar | Promoter/Whole Time Director | 2.28% | — |
| Santanu Sarkar | Promoter | 95.82% | — |
| Vedant Sarkar | Promoter | 2.28% | — |
| Santanu Sarkar | Promoter Cum Managing Director | — | — |
Leadership
Mr. Santanu Sarkar · Chairman and Managing Director
Mr. Vedant Sarkar · Whole Time Director
Mr. Sandip Choudhury · CFO
Ms. Deepti Nama · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.