Behari Lal Engineering IPO
Price Band
₹271 – ₹285
Issue Size
₹301.62 Cr
Issue Dates
12 Aug – 14 Aug 2026
Listing Date
19 Aug 2026
About Behari Lal Engineering Limited
Integrated iron and steel manufacturing company specialising in customised engineering solutions. Manufactures precision-engineered components for critical industrial applications, including metal rolls (across grades such as alloy cast steel, alloy steel base adamite, graphitic steel and S.G. iron pearlitic), engineering castings (ranging from 500 kg to 20 MT for industries such as steel, iron, mining, aggregate crushers, power and sugar), alloy steel products (carbon, alloy and stainless steel bars in sections such as rounds, flats, hex and round corner squares, sizes 6mm to 230mm, along with tool and valve steel), and forging ingots and forged shafts/blocks used as raw materials in open-die and closed-die forging applications. As of March 31, 2026, the company had catered to 1,825 domestic and international customers including Amba Shakti Industries, BMW Industries, Shyam Metallics and Energy, Laxcon Steels, MSP Steel & Power, Jai Balaji Industries, Propel Industries and Metso India. Manufacturing operations comprise two units in Mandi Gobindgarh, Punjab. As of May 31, 2026, the order book stood at ₹1,785.69 million.
IPO Details
| Price Band | ₹271 – ₹285 |
| Face Value | ₹10 |
| Issue Size | ₹301.62 Cr |
| Fresh Issue | ₹93 Cr |
| Offer for Sale | ₹208.62 Cr |
| Total Shares Offered | 1,05,83,158 |
| Listed On | Both |
Objects of the Issue
Funding capital expenditure for purchase and installation of new equipment/machinery (including computers, printers and peripherals) along with civil work at Manufacturing Facility 1 (₹19.59 Cr); Purchase and installation of new roof-top solar panels at Manufacturing Facility 1 (₹3.40 Cr); Purchase and installation of new equipment/machinery along with civil work at Manufacturing Facility 2 (₹36.65 Cr); Purchase and installation of new roof-top solar panels at Manufacturing Facility 2 (₹3.40 Cr); Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company (₹0.57 Cr); and General Corporate Purposes. Total estimated: ₹63.61 Cr.
Key Financial Metrics
EPS (Basic)
₹16.56
P/E Ratio
17.21x
ROE
23.6%
ROCE
27.11%
Debt / Equity
0.06
Financial Performance
| Particulars (₹ Cr) | FY2024 (Mar 31, 2024) | FY2025 (Mar 31, 2025) | FY2026 (Mar 31, 2026) |
|---|---|---|---|
| Revenue | — | — | — |
| EBITDA | 60.99 | 81.31 | 101.32 |
| PAT | 35.79 | 52.95 | 64.64 |
| Total Assets | 262.08 | 295.98 | 367.87 |
| Net Worth | 193.66 | 241.62 | 306.1 |
| Total Borrowings | 41.21 | 7.58 | 17.78 |
Valuation
Market Capitalisation
P/E Ratio
Promoter Holding
Public Holding
Lot Size & Allocation
Investment by Category
| Category | Lot Size | Min Investment | Max Investment |
|---|---|---|---|
| retail_min | 52 shares | ₹14,820 | — |
| retail_max | 676 shares | — | ₹1,92,660 |
| shni_min | 14 × 728 | ₹2,07,480 | — |
| shni_max | 3484 shares | — | ₹9,92,940 |
| bhni_min | 68 × 3536 | ₹10,07,760 | — |
Reservation / Allocation
| Category | Allocation | Cut-off |
|---|---|---|
| QIB | 50% | No |
| Retail | 35% | Yes |
| NII | 15% | No |
Registrar & Lead Managers
Registrar
Lead Managers (2)
Peer Comparison
| Company | Listed | Mkt Cap (₹ Cr) | EPS (₹) | P/E | ROE % |
|---|---|---|---|---|---|
| Behari Lal Engineering IPO (this IPO) | — | 1,205.62 | ₹16.56 | 17.21x | 23.6% |
| Rajputana Stainless Ltd. (Issue Size ₹254.98 Cr, Issue Price ₹122, Listing Gain -7.35%, LTP ₹152.72) | Yes | — | — | 21.1x | — |
| VMS TMT Ltd. (Issue Size ₹148.50 Cr, Issue Price ₹99, Listing Gain +0.66%, LTP ₹46.11) | Yes | — | — | 22.24x | — |
| Anubhav Plast Ltd. (SME, Issue Size ₹24.00 Cr, Issue Price ₹80, Listing Gain -5.00%, LTP ₹51.50) | Yes | — | — | 10.67x | — |
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