About Behari Lal Engineering IPO
Behari Lal Engineering Limited is set to launch its IPO for public subscription on August 12, 2026, and will remain open until August 14, 2026.
The Behari Lal Engineering IPO price band is set at ₹271–₹285 per equity share. The allotment is expected to be finalised on August 17, 2026.
The Behari Lal Engineering IPO is a ₹301.62 crore book-building issue, comprising a fresh issue of ₹93 crore and an OFS of up to 73,20,001 equity shares (₹209 crore), with a face value of ₹10 each.
Business Overview of Behari Lal Engineering
Behari Lal Engineering Limited, incorporated in 1995 and headquartered in Mandi Gobindgarh, Punjab, is an integrated iron and steel manufacturer focused on precision-engineered, customised components for critical industrial applications.
The company produces metal rolls for rolling mills, engineering castings (0.5 kg to 20 MT), alloy steel bars, forging ingots, and forged shafts/blocks, supported by in-house steel melting, refining (LRF and VD), foundry, heat treatment, machining, and rolling capabilities.
Key Highlights of Behari Lal Engineering Limited Include:
| Particulars | Details |
|---|---|
| Incorporated | 1995 |
| Headquarters | Mandi Gobindgarh, Punjab |
| Manufacturing Facilities | 2 (both in Mandi Gobindgarh) |
| Employees (Aug 2025) | 774 permanent + 296 contract |
| Product Portfolio | Alloy steel (45.8%), Metal rolls (26.4%), Engineering castings (19.5%), Forging products (4.4%) |
| Customer Base (Mar 2026) | 1,825 domestic & international |
| Order Book (May 2026) | ₹178.57 crore |
| Certifications | ISO-certified, LME-registered |
Behari Lal Engineering IPO Date, Price, and Other Details
The following are the details of the upcoming Behari Lal Engineering Limited IPO.
| Particulars | Details |
|---|---|
| IPO Size | Book Build issue of ₹301.62 crore |
| Offer Type | Fresh issue of ₹93 crore + OFS of ₹209 crore |
| Total Number of Equity Shares | 1,05,83,158 shares |
| Price Band | ₹271 to ₹285 per share |
| Issue Dates | Opens: Aug 12, 2026 · Closes: Aug 14, 2026 |
| Anchor Investor Date | Aug 11, 2026 |
| Minimum Bid Lot | 1 lot of 52 shares |
| Minimum Investment (Retail) | ₹14,820 (at upper band) |
| Allotment Date | Aug 17, 2026 |
| Credit to Demat | Aug 18, 2026 |
| Listing Date | Aug 19, 2026 |
| Face Value | ₹10 per share |
| Lead Managers (BRLMs) | Emkay Global Financial Services Ltd., Systematix Corporate Services Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Listing Exchanges | National Stock Exchange of India (NSE) & Bombay Stock Exchange (BSE) |
Behari Lal Engineering IPO Reservation: Who Can Apply?
The Behari Lal Engineering IPO has the following category reservations from Retail to HNIs:
| Investor Category | Lots | Shares | Amount (at ₹285) |
|---|---|---|---|
| Retail (Min) | 1 | 52 | ₹14,820 |
| Retail (Max) | 13 | 676 | ₹1,92,660 |
| sNII (Min) | 14 | 728 | ₹2,07,480 |
| sNII (Max) | 67 | 3,484 | ₹9,92,940 |
| bNII (Min) | 68 | 3,536 | ₹10,07,760 |
| QIB | As applicable | — | — |
Strengths and Risks of Behari Lal Engineering IPO
With every business owning its strengths and risks, even the Behari Lal Engineering IPO has its potential plus points and downsides to be aware of.
Here is a brief business analysis (as per RHP) below:
Strengths
- Diversified product portfolio with alloy steel (45.8%), metal rolls (26.4%), engineering castings (19.5%), forging products (4.4%), serving steel, mining, power, sugar, and forging industries.
- PAT increased 22% YoY in FY26 and approx 81% over two years (₹35.79 crore in FY24 to ₹64.64 crore in FY26).
- ROCE of 27.11% and ROE of 23.60% indicate strong capital efficiency and healthy return ratios.
- Debt-to-equity ratio of 0.17x reflects a conservatively leveraged balance sheet.
- Large, diversified customer base of 1,825 domestic and international customers as of March 2026.
- Order book of ₹178.57 crore (May 2026) supports near-term revenue visibility.
Risks
- Iron and steel is an inherently cyclical industry — demand and pricing are sensitive to macroeconomic conditions and industrial activity cycles.
- OFS of ~₹209 crore constitutes ~69% of the total issue; the company receives only ~₹93 crore in fresh proceeds.
- Operations are concentrated in two manufacturing facilities in Mandi Gobindgarh, Punjab — any localised disruption could impact the entire business.
- Raw material price volatility (steel, pig iron, ferro-alloys) can compress margins if pass-through pricing is delayed.
- Revenue grew only ~6% YoY in FY26, signalling a slower top-line growth phase despite strong profit improvement.
Future Plans/Strategies
- Install new machinery, equipment, rooftop solar panels, and related civil works at both manufacturing facilities (₹63.04 crore from fresh issue).
- Repay/prepay ₹0.57 crore of outstanding borrowings.
- Use remaining proceeds for general corporate purposes.
- Expand product portfolio further across alloy steel and forging segments.
Behari Lal Engineering IPO Objectives – How Will the Funds Be Used?
The Behari Lal Engineering IPO comprises both a fresh issue (~₹93 crore) and an OFS (~₹209 crore). The company will receive proceeds only from the fresh issue. The OFS proceeds will go to the selling shareholders.
| Objective | Amount (₹ crore) |
|---|---|
| Capital expenditure: new machinery, equipment, rooftop solar, civil works at Manufacturing Facilities 1 & 2 | 63.04 |
| Repayment/prepayment of certain borrowings | 0.57 |
| General corporate purposes | Shall not exceed 25% of gross proceeds |
Promoter Shareholding of Behari Lal Engineering IPO
The promoters of Behari Lal Engineering IPO include Parkash Chand Garg, Rajesh Garg, Dinesh Garg, Lovlish Garg, and Bhuvnesh Garg.
| Promoter | Pre-Issue Holding (%) |
|---|---|
| Parkash Chand Garg | 7.17 |
| Rajesh Garg | 9.98 |
| Dinesh Garg | 10.43 |
| Lovlish Garg | 14.17 |
| Bhuvnesh Garg | 5.64 |
| Total | 88.51% |
Financial Performance (₹ in crores) of Behari Lal Engineering IPO
Here's the table outlining the financial performance of Behari Lal Engineering Limited from FY 2024 to FY 2026.
(in crores)
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 367.87 | 295.98 | 262.08 |
| Total Income | 546.52 | 516.30 | 449.96 |
| Profit After Tax | 64.64 | 52.95 | 35.79 |
| EBITDA | 101.32 | 81.31 | 60.99 |
| NET Worth | 306.10 | 241.62 | 193.66 |
| Reserves and Surplus | 267.06 | 233.81 | 186.13 |
| Total Borrowing | 17.78 | 7.58 | 41.21 |
Key Performance Metrics of Behari Lal Engineering
Based on the financials available in the RHP, the following key performance metrics of Behari Lal Engineering IPO can be considered.
| KPI | Values (FY 2025-26) | Values (FY 2024-25) |
|---|---|---|
| Return on Equity (ROE) | 23.60% | 24.31 |
| Net Asset Value (NAV) | 78.41 | 61.89 |
| Price/Earnings (P/E) Ratio | - | - |
| Earnings Per Share (EPS - Diluted) | 16.56 | 13.56 |
| EBITDA Margin (%) | 18.97% | 16.01% |
| PAT Margin (%) | 12.10% | 10.43% |
| Debt to Equity Ratio | 0.06 | 0.03 |
(Note: P/E, market capitalisation, and post-IPO NAV are subject to final pricing and allotment. ROCE was 27.11% in FY26. Refer to the RHP for complete details.)
Registrar of Behari Lal Engineering IPO
The Registrar of Behari Lal Engineering IPO is MUFG Intime India Pvt. Ltd.
Phone: 022-49186000
Website: https://in.mpms.mufg.com
Lead Manager of Behari Lal Engineering IPO
In total, 2 lead managers are handling the IPO process of Behari Lal Engineering Limited, namely;
- Emkay Global Financial Services Ltd.
- Systematix Corporate Services Ltd...
