1. Who is Biopol Chemicals Limited?
Founded in 2023 but carrying forward the legacy of United Chemical Company (est. 2005), Biopol Chemicals is a research-driven manufacturer based in Ahmedabad, Gujarat, with key manufacturing operations in Agarpara, West Bengal.
Product Portfolio & Market Reach:
66 Specialty Products: Including 40 silicone-based variants, 15 biochemicals, 5 emulsifiers, and 6 polyelectrolytes.
Key Sectors: Their chemicals are critical for textile processing (softeners/emulsions), home care (cleaning fluids), and agriculture (adjuvants).
Strategic Exports: The company has a consistent export footprint in Bangladesh, a global textile hub, which accounts for approximately 12% of its revenue.
2. Key IPO Details & Timeline
The IPO is a Book Building Issue consisting entirely of a Fresh Issue of equity shares.
| Event | Date / Details |
|---|---|
| IPO Open Date | Friday, February 6, 2026 |
| IPO Close Date | Tuesday, February 10, 2026 |
| Price Band | ₹102 to ₹108 per share |
| Lot Size | 1,200 Shares |
| Minimum Investment (Retail) | ₹2,59,200 (Min 2 Lots / 2,400 shares) |
| Allotment Date | Wednesday, February 11, 2026 |
| Listing Date (Tentative) | Friday, February 13, 2026 |
| Listing Exchange | NSE SME (Emerge) |
3. Financial Performance: Rapid Scaling
Biopol has shown exceptional momentum in its top and bottom lines, particularly after its consolidation:
Revenue Growth: Revenue jumped from ₹17.43 Cr (FY24) to ₹49.13 Cr (FY25). For the 9 months ending Dec 2025, they have already reported ₹48.97 Cr.
Profitability: Net Profit (PAT) rose from ₹2.96 Cr (FY24) to ₹4.33 Cr (FY25).
High Efficiency: The company boasts a ROE of 38.1% and a ROCE of 30.6% (FY25), indicating very strong returns on invested capital.
Valuation: At the upper price band, the post-issue P/E ratio is roughly 14.58x, which is relatively attractive compared to larger peers like Fineotex Chemical.
4. Objectives of the Issue
The capital raised (₹31.26 Cr) will be used for:
Acquisition of Industrial Land (₹12.26 Cr): To expand their manufacturing footprint and capacity.
Debt Repayment (₹11.10 Cr): To reduce interest burdens and move toward a leaner balance sheet.
General Corporate Purposes: For operational flexibility and growth.
5. Investment Analysis: Strengths vs. Risks
Strengths:
Diversified Portfolio: 66 specialized products reduce dependency on any single chemical formulation.
International Footprint: Proven track record in Bangladesh gives them a competitive edge in export margins.
Experienced Promoters: Led by Mr. Santanu Sarkar, who has over two decades of industry experience.
Risks:
Sector Concentration: Heavy reliance on the textile industry (~70% of use-cases) makes them vulnerable to textile market cycles.
Supplier Concentration: Dependence on a limited number of raw material suppliers could impact margins if supply chains are disrupted.
Geographic Risk: Significant revenue is concentrated in West Bengal, Gujarat, and Bangladesh.
6. Conclusion: A Growth Play with Fair Valuation
Biopol Chemicals enters the market with solid fundamentals and a clear roadmap for land acquisition. While the ticket size for retail investors is high (₹2.59 lakh), the company's high ROE and reasonable P/E ratio make it an interesting candidate for investors seeking exposure to the specialty chemicals boom.