1. At a Glance – Small Company, Big Confidence
Biopol Chemicals is walking into the market with the confidence of a company that thinks it has cracked specialty chemicals and capital markets in one go. At a pre-IPO market cap of ₹116.70 Cr, the company is asking investors to trust a 2-year-old incorporated entity with a ₹31 Cr fresh capital raise, priced at ₹102–₹108, translating into a post-IPO P/E of ~14.6x.
Revenue for Dec 2025 stands at ₹48.97 Cr, almost equal to FY25 full-year revenue. PAT is ₹6 Cr, margins are expanding, ROE is a juicy 36%, and EBITDA margin has jumped to 18.41%. On paper, this looks like a chemistry topper.
But pause.
Retail investors need ₹2.59 lakh minimum just to apply. This is SME, but with mainboard ego. Is the business genuinely scalable or just well-dressed for the IPO party?
Let’s put the beaker under the microscope.
2. Introduction – When a 2-Year-Old Company Wants ₹31 Crore
Biopol Chemicals was incorporated in 2023, which means it learned to walk yesterday and is now asking public investors to sponsor its gym membership.
The company operates in specialty chemicals, one of the most seductive sectors for Indian investors. Why? Because “specialty” sounds like pricing power, entry barriers, and China+1 fairy tales.
And Biopol knows this.
The numbers show sharp growth, especially in the pre-IPO period, which is exactly when companies suddenly discover operational excellence, margin discipline, and accounting enlightenment.
This doesn’t mean fraud.
But it does mean you should read every line twice.
3. Business Model – WTF Do They Even Do?
Biopol Chemicals is a B2B specialty chemical manufacturer supplying chemicals used in:
- Textiles
- Home care
- Agriculture
- Industrial applications
Their portfolio includes 66 products, dominated by silicone-based chemicals.
In simple terms:
They don’t sell shampoos.
They sell the chemicals that make shampoos feel premium.
That’s good.
They operate manufacturing + distribution, not pure trading. Installed capacity is 18.25 lakh litres per annum, which gives them physical skin in the game.
But here’s the catch:
With only 24 employees, this is a lean operation, not a manufacturing behemoth.
This is either:
- A hyper-efficient setup
- Or a business heavily dependent on promoters
Which one? The IPO won’t tell you.
4. Financial Overview – The Numbers Table That Everyone Will Screenshot
Financial Comparison (₹ Crore)
| Metric | Dec 2025 | Mar 2025 | Mar 2024 | YoY % |
|---|---|---|---|---|
| Revenue | 48.97 | 49.15 | 17.43 | +181% |
| EBITDA | 8.99 | 6.53 | 4.43 | +103% |
| PAT | 6.00 | 4.33 | 2.96 | +103% |
| EBITDA Margin | 18.41% | 13.30% | 25.4% | — |
| PAT Margin | 12.29% | 8.81% | 17.0% | — |
Yes, revenue almost tripled in one year.
Yes, margins expanded.
Yes, ROE is high.
Now ask yourself:
Will this trajectory continue post-IPO, when scrutiny increases?
5. Valuation Discussion –
