Behari Lal Engineering
Behari Lal Engineering is a leading iron and steel manufacturing company established in 1995, specializing in customized engineering solutions. The company operates in the precision-engineered components sector, producing metal rolls, alloy steel products, and engineering castings.
Price Band
₹271 - ₹285
Lot Size
52 Shares
Issue Size
₹301.62 Cr
Fresh Issue
₹93.00 Cr
OFS
₹208.62 Cr
Registrar
AI Sentiment Score
Listing Price
₹465.00
vs Issue: ₹285 (+63.16%)
📅 IPO Timeline
✓
Open
Aug 12, 2026
✓
Close
Aug 14, 2026
✓
Allotment
Aug 17, 2026
✓
Refund
Aug 18, 2026
✓
Demat
Aug 18, 2026
✓
Listing
Aug 19, 2026
📈 Grey Market Premium (GMP) Trendline
Daily consensus GMP movement (₹) recorded across market sources
✨ AI Analysis & Prediction
🔒 Final Reconciled Estimate
Locked post-listing with actual debut performance
Behari Lal Engineering displays an established operational footprint with expanding revenue streams (Positive) and a defensible value proposition.
💪 Strengths
- Demonstrated operational revenue trajectory with resilient top-line growth (Positive).
- Established customer relationships and market position across target industry sectors.
- Sound operational capital returns with Return on Capital Employed (ROCE) at 15.0%.
⚠️ Weaknesses
- Exposure to input cost fluctuations and broader macroeconomic supply chain cycles.
- Working capital requirements to support continuous capacity expansion.
- Competitive landscape from both established incumbents and specialized regional players.
🚀 Opportunities
- Industry tailwinds from rising domestic capex and infrastructure spending.
- Operating leverage potential allowing margin expansion as manufacturing utilization rises.
- Geographic diversification and entry into higher-margin specialized product lines.
🛡️ Threats
- Sectoral regulatory shifts and evolving statutory compliance requirements.
- Aggressive pricing actions by domestic competitors impacting gross margins.
- Broader market equity volatility and liquidity fluctuations.
🎯 Objectives of the IPO
| Requirement / Purpose | Amount (₹ Cr) |
|---|---|
| Funding capital expenditure requirement for: purchase and installation of new equipment / machinery (including computers, printers and computer peripherals) along with civil work for such installation at Manufacturing Facility 1 | ₹19.59 |
| purchase and installation of new roof-top solar panels at Manufacturing Facility 1 | ₹3.40 |
| purchase and installation of new equipment / machinery along with civil work for such installation at Manufacturing Facility 2 | ₹36.65 |
| purchase and installation of new roof-top solar panels at Manufacturing Facility 2 | ₹3.40 |
| Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the Company | ₹0.57 |
| General corporate purposes | ₹238.01 |
📊 Key Financials
📋 Live Subscription Status
QIB
165.33x
NII
176.45x
Retail
53.27x
Total
108.44x
🎯 Retail Allotment Probability
1.9% Odds
1 in 53.3 chance (~1.9% probability per PAN)
SEBI Rule: Under SEBI lottery allotment rules, applying for multiple lots under Retail does NOT increase your lottery odds. All valid retail applicants have identical 1-lot odds per PAN.
Updated: Sep 12, 2026 2:29 PM
💼 Issue Structure & Reservation Quota
Capital Structure
₹301.6 Cr
Issue Size
Fresh (30.8%)
OFS (69.2%)
Reservation Quota
100%
Allocation
QIB (50%)
NII (15.9%)
Retail (37.1%)
QIB
50.00%
Retail
37.10%
NII
15.90%
📈 Shareholding & Anchor Lock-In
🔗 Important Links & Lead Managers
- Registrar WebsiteVisit →
- Download DRHP ProspectusDownload PDF 📥
- Download RHP ProspectusDownload PDF 📥
Lead Managers / Merchant Bankers
This issue is managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd.
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.
Founded in 1995, Behari Lal Engineering has evolved into a prominent player in the Indian iron and steel manufacturing landscape. Over nearly three decades, the company has scaled its operations to provide highly specialized, customized engineering solutions tailored to demanding industrial requirements.
The company's core business model revolves around the manufacturing of precision-engineered components. Its extensive product portfolio includes Metal Rolls, Alloy Steel Products (ranging from 6 mm to 230 mm in size), Forging Ingots, and Forged Shafts/Blocks. A key strength is its ability to produce Engineering Castings ranging from 500 kg up to 20 metric tonnes.
Behari Lal Engineering serves a diverse and prestigious client base of 1,825 domestic and international customers. Key clients include industry giants such as Amba Shakti Industries, BMW Industries, Shyam Metallics and Energy, Laxcon Steels, MSP Steel & Power, Jai Balaji Industries, Propel Industries, and Metso India, demonstrating its strong market position across the steel, mining, and power sectors.
The company operates through multiple manufacturing facilities, with recent capital expenditure focused on enhancing capacity through new machinery and the adoption of sustainable energy via roof-top solar panels. This operational scale allows them to cater to heavy industries including aggregate crushers and sugar mills.
The company is led by a promoter group consisting of Bhuvnesh Garg, Dinesh Garg, Lovlish Garg, Parkash Chand Garg, and Rajesh Garg, who have steered the company from its inception to its current status as a leading engineering firm.
Behari Lal Engineering is launching a Mainboard IPO to raise approximately ₹301.62 Crores. The issue is structured as a combination of a fresh issue of ₹93.00 Crores and an Offer for Sale (OFS) of approximately 73,20,001 equity shares. The price band is set at ₹271 to ₹285 per share, with a minimum retail lot size of 52 shares costing ₹14,820. The IPO opens on August 12, 2026, and closes on August 14, 2026, with listing on the BSE and NSE scheduled for August 19, 2026.
The proceeds from the fresh issue are primarily earmarked for capital expenditure. Specifically, the company plans to invest ₹19.59 Crores and ₹36.65 Crores for new equipment and machinery at Manufacturing Facility 1 and 2, respectively. Additionally, ₹6.80 Crores will be used for rooftop solar panels across both facilities, and a small portion will be used for repayment of borrowings.
Financial performance has shown consistent growth over the last three years. Revenue increased from ₹449.96 Crores in 2024 to ₹546.52 Crores in 2026. Similarly, the Profit After Tax (PAT) has grown steadily from ₹35.79 Crores in 2024 to ₹64.64 Crores in 2026, reflecting strong operational efficiency and scaling.
From a valuation perspective, the company boasts an EPS of ₹16.56 (Basic) for FY2026. While the P/E ratio is not explicitly provided, the company's high ROE of 23.60% and ROCE of 27.11% suggest strong value creation compared to peers like Jayaswal Neco and Steelcast.
Key investment strengths include a very low debt-to-equity ratio of 0.06, indicating a virtually debt-free balance sheet, and a robust EBITDA margin of 18.97%. The strong institutional demand during the subscription phase further validates the company's market appeal.
Potential risks include the significant portion of the issue being an OFS (approx 69%), which involves promoter offloading. Investors should also monitor the cyclical nature of the iron and steel industry and the dependency on large industrial clients.