Biopol Chemicals Limited IPO

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Biopol Chemicals Limited is engaged in the trading, manufacturing, and distribution of specialty chemicals, catering to a wide range of industrial applications. The Company operates across key product categories including silicones, emulsifiers, biochemicals, and polyelectrolytes, serving diverse end-use industries through a business-to-business (B2B) model.

Business Model and Market Presence

The Company operates on a B2B model, supplying institutional clients through a combination of direct sales and a distributor network. Biopol Chemicals has a strong domestic presence across regions such as West Bengal, Gujarat, Maharashtra, Tamil Nadu, and Karnataka, with a significant share of revenues derived from West Bengal and Gujarat. Internationally, the Company exports primarily to Bangladesh, a key global hub for textile and apparel manufacturing.

Product Portfolio and Applications

The Company offers a diversified portfolio of 66 specialty chemical products, comprising 40 silicone-based products, 5 emulsifier-based products, 15 biochemical products and 6 polyelectrolyte products

These products are used across multiple industry segments, including:

i) Textiles: Softeners, emulsions, and hardeners
ii) Home Care: Silicone fluids and cleaning chemicals
iii) Agriculture: Silicone adjuvants and surfactants
iv) Industrial Chemicals: Release agents and specialty formulations

Technical Consultancy Services

In addition to product sales, Biopol Chemicals provides technical consultancy services to its customers. These services are offered either alongside product supply or independently, based on customer requirements. Consultancy offerings include application support in textile processing, guidance in dye manufacturing, and advisory services for specialty chemical usage in industrial formulations, enabling customers to achieve specific performance outcomes.

Order Book Position

As of January 16, 2026, the Company had a confirmed order book of approximately ₹1,330.85 lakhs (excluding applicable taxes). Order execution typically spans 1 to 3 months, depending on product type, order size, and customer specifications. Biopol Chemicals has established a consistent export footprint in Bangladesh, contributing meaningfully to revenues and supporting the Company’s international growth strategy.

Objects of the Biopol Chemicals Limited IPO:

Company proposes to utilize the Net Proceeds towards funding the following objects: 1. Acquisition of industrial land (₹12.26 cr) 2. Repayment or prepayment of borrowings availed from banks, financial institutions and NBFCs (₹11.1 cr) 3. General corporate purposes.
DRHP of Biopol Chemicals Limited IPO
RHP of Biopol Chemicals Limited IPO

Biopol Chemicals Limited IPO Details:

Open Date: Feb 06 2026
Close Date: Feb 10 2026
Total Shares: 28,94,400
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 31 Cr.
Lot Size: 1200 Shares
Issue Price: ₹ 102-108 Per Equity Share
Listing At: NSE Emerge
Listing Date: Feb 13 2026

Promoters And Management:

1. Mr. Santanu Sarkar, Chairman and Managing Director, holds a Bachelor’s degree in Chemical Engineering from Ravishankar University, Raipur (1989). He founded the business in 2005 through M/s United Chemical Company, which was later taken over by the Company as a going concern in September 2023 following its incorporation in April 2023. Associated with the Company since inception, he was redesignated as Chairman and Managing Director effective May 31, 2024. With over 20 years of experience in the chemical manufacturing industry, he oversees overall operations, strategy, marketing, and business development. 2. Mr. Vedant Sarkar is the Whole-Time Director of the Company. He completed his Senior Secondary education from the National Institute of Open Schooling in 2018 and joined the Company as a Director in August 2023, before being redesignated as Whole-Time Director in May 2024. He was previously involved in managing the day-to-day operations of M/s United Chemical Company and currently oversees administrative and management activities of the Company. 3. Ms. Preety Priya Ghosh is a Non-Executive Independent Director of the Company. She holds a B.Sc. (Computer Honours) degree from Tilka Manjhi Bhagalpur University (2002). She is a partner at Amserve International Inc., has over three years of experience in consultancy services, serves as Executive Director at Amserve Hospitality Services Private Limited, and was appointed as an Independent Director of Prizor Viztech Limited in April 2024.

Financials of Biopol Chemicals Limited IPO:

Particulars in Cr 9M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 49 49 25 19
EBITDA (Cr) 9 6 4 2
EBITDA Margins 18% 13% 17% 8%
PAT (Cr) 6 4 3 0.52
PAT Margins 12% 9% 12% 3%
ROCE 26.32% (Not annualized) 31% 34% 18%
D/E Ratio 0.76 0.57 0.39 3.74
OPerating Cash Flow -4.34 -2.33 -8.8 0.23

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT PAT Margins ROCE MCap (in cr) P/E
Biopol Chemicals Limited 49 13% 4 9% 31% 116.7 29.2
Rossari Biotech Limited 2080 13% 136 6.54% 16% 2941 21.4
Fineotex Chemical Limited 533 24% 109 20.45% 23.80% 2448 24.9
Indian Emulsifiers Limited 101 19% 13 12.80% 23.60% 142 8.55
Note : Forward P/E is 14.58 According to FY26 PAT

Lead Manager of Biopol Chemicals Limited IPO:

  1. Smart Horizon Capital Advisors Private Limited

Registrar of Biopol Chemicals Limited IPO:

  1. Bigshare Services Private Limited

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