Behari Lal Engineering IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Behari Lal Engineering

Price band

₹271 – ₹285

Lot size

52 shares

Min investment

₹14,820

Issue size

₹301.62 Cr

About the company

Behari Lal Engineering Limited was started in 1995. It is an integrated iron and steel manufacturing company that focuses on customised engineering solutions. The company makes precision-engineered parts for critical industrial uses. Its main products are metal rolls, engineering castings, alloy steel products, forging ingots and shafts. As on 31 March 2026, the company had served 1,825 customers in India and abroad. Its customer list includes Amba Shakti Industries, BMW Industries, Shyam Metallics and Energy, Laxcon Steels, MSP Steel & Power, Jai Balaji Industries, Propel Industries and Metso India. Manufacturing is done at two units in Mandi Gobindgarh, Punjab. As on 31 May 2026, the order book of the company stood at about Rs 178.57 crore.

Behari Lal Engineering Limited is an integrated iron and steel manufacturer from Mandi Gobindgarh, Punjab. It makes metal rolls, engineering castings, alloy steel products, forging ingots and shafts for industrial customers.

IPO details

Issue price: ₹285
Price band: ₹271 – ₹285
Face value: ₹10
Lot size: 52
Min investment: ₹14,820
Issue size: ₹301.62 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7880
NSE symbol: BLEL.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	52	₹14,820
Retail (Max)	13	676	₹1,92,660
S-HNI (Min)	14	728	₹2,07,480
B-HNI (Min)	68	3,536	₹10,07,760

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 50% of the Offer
Retail	Not less than 35% of the Offer
NII	Not less than 15% of the Offer

Objects of the issue

1Funding 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 119.59

2purchase and installation of new roof-top solar panels at Manufacturing Facility 13.40

3purchase and installation of new equipment / machinery along with civil work for such installation at Manufacturing Facility 236.65

4purchase and installation of new roof-top solar panels at Manufacturing Facility 23.40

5Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the Company0.57

6General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	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 indicators

P/E Ratio

18.65

EPS (₹)

15.28

RoE

23.60%

RoCE

27.11%

RoNW

21.12%

PAT Margin

12.10%

EBITDA Margin

18.97%

Debt / Equity

0.06

NAV (₹)

78.41

✓ Strengths

• The company is almost debt free. Total borrowing was only Rs 17.78 crore as on 31 March 2026 against a net worth of Rs 306.10 crore.

• Return ratios are good. RoCE was 27.11% and RoNW was 21.12% in FY2026.

• Margins are improving. Total income grew 6% between FY2025 and FY2026, but profit after tax grew 22%, from Rs 52.95 crore to Rs 64.64 crore.

• Among the current mainboard issues this one is priced the lowest on earnings. At the upper band of Rs 285 the P/E is about 18.65 times on an EPS of Rs 15.28.

• The customer base is wide. The company has served 1,825 customers, including known names such as Shyam Metallics and Energy, Jai Balaji Industries, MSP Steel & Power and Metso India.

• The company has a long track record. It has been in this business since 1995.

• The fresh money goes into the plants. About Rs 56.24 crore is for new machinery at the two manufacturing facilities and Rs 6.80 crore is for rooftop solar panels, which will bring down the power bill.

⚠ Risks

• Sales growth is slow. Total income went up only 6% in FY2026, from Rs 516.30 crore to Rs 546.52 crore.

• Most of the issue is an offer for sale. Out of Rs 301.62 crore, about Rs 208.62 crore is OFS. The company will receive only around Rs 93 crore.

• Promoter holding will fall from 88.51% to 70.84%. Rajesh Garg alone is selling shares worth about Rs 55.39 crore in this offer.

• The order book is small compared to yearly sales. It was about Rs 178.57 crore as on 31 May 2026, against total income of Rs 546.52 crore in FY2026.

• Iron and steel is a cyclical business. Demand and prices move with the economy, construction activity and global steel rates.

• Raw material prices keep changing. Any sharp rise in scrap and steel prices that cannot be passed on will pull down margins.

• Both manufacturing units are in Mandi Gobindgarh, Punjab. Any problem in that one location, such as a power cut, labour issue or local regulation, will affect the whole business.

• Many customers are steel and metal companies themselves. If that industry slows down, orders will fall across the customer base at the same time.

Promoters & holding

Parkash Chand Garg, Rajesh Garg, Dinesh Garg, Lovlish Garg and Bhuvnesh Garg

Pre-issue promoter holding

88.51%

Post-issue promoter holding

70.84%

The promoters hold 88.51% of the company before the issue. After the IPO their holding will come down to 70.84% and the public will hold 29.16%.

Data refreshed 07 Nov 2026, 05:06 pm IST. GMP is unofficial market sentiment, not investment advice.