Behari Lal Engineering IPO
Behari Lal Engineering IPO was a Mainboard book-built issue of ₹301.62 crore, comprising a Fresh Issue of 32,63,157 equity shares aggregating to ₹93 crore and an Offer for Sale of 73,20,001 equity shares aggregating to ₹208.62 crore. The price band was ₹2
Behari Lal Engineering IPO Details
Behari Lal Engineering IPO bidding started on 12 August 2026 and ended on 14 August 2026. The basis of allotment was finalized on 17 August 2026, refunds were initiated on 18 August 2026, and shares were credited to successful applicants' Demat accounts on 18 August 2026. The shares were listed on BSE and NSE on 19 August 2026.
Behari Lal Engineering IPO GMP
Behari Lal Engineering IPO GMP was an unofficial grey-market indicator before listing. The last reported GMP around the listing period was approximately ₹133 against the ₹285 issue price, implying an indicative price of ₹418. The actual NSE listing price was ₹465 and the BSE listing price was ₹458 on 19 August 2026. GMP is unofficial and is not determined or guaranteed by SEBI, BSE or NSE.
Behari Lal Engineering IPO Timeline (Tentative)
Behari Lal Engineering IPO opened for public subscription on 12 August 2026 and closed on 14 August 2026. The basis of allotment was finalized on 17 August, refunds were initiated on 18 August, shares were credited to Demat accounts on 18 August, and the shares were listed on BSE and NSE on 19 August 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wed, Aug 12, 2026 |
| IPO Close Date | Fri, Aug 14, 2026 |
| Basis of Allotment | Mon, Aug 17, 2026 |
| Initiation of Refunds | Tue, Aug 18, 2026 |
| Credit of Shares to Demat | Tue, Aug 18, 2026 |
| Listing Date | Wed, Aug 19, 2026 |
| IPO Opens | 12 August 2026 |
| IPO Closes | 14 August 2026 |
| Basis of Allotment | 17 August 2026 |
| Refund Initiation | 18 August 2026 |
| Credit of Shares to Demat | 18 August 2026 |
| Listing Date | 19 August 2026 |
Behari Lal Engineering IPO Lot Size
The Behari Lal Engineering IPO lot size was 52 shares. At the upper price band of ₹285 per share, one lot required a minimum investment of ₹14,820. Retail investors could apply for up to 13 lots, or 676 shares, amounting to ₹1,92,660.
| 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 |
| S-HNI (Max) | 67 | 3,484 | 9,92,940 |
| B-HNI (Min) | 68 | 3,536 | 10,07,760 |
Behari Lal Engineering IPO Reservation
The Behari Lal Engineering IPO reserved up to 50% of the offer for Qualified Institutional Buyers, at least 15% for Non-Institutional Investors and at least 35% for Retail Individual Investors. An anchor investor portion was carved out of the QIB reservation.
Behari Lal Engineering IPO Subscription
Behari Lal Engineering IPO received 108.44x overall subscription by the close of bidding on 14 August 2026. QIBs subscribed 165.33x, NIIs 165.32x and Retail Individual Investors subscribed 53.27x. These are the final subscription figures reported for the issue.
| Category | Subscription (times) |
|---|---|
| QIB | 165.33x |
| NII | 165.32x |
| RII | 53.27x |
| Total | 108.44x |
About Behari Lal Engineering
Behari Lal Engineering Limited is an integrated iron and steel manufacturing company specialising in customised engineering solutions. The company manufactures precision-engineered iron and steel products for critical industrial applications and serves customers across industries including automobiles, steel, mining, infrastructure and construction, power, aerospace and defence, cement and sugar.
The company's product portfolio comprises metal rolls, engineering castings, alloy steel products, forging ingots and forged shafts and blocks. Its manufacturing operations include steel melting, foundry, rolling, heat treatment and machining capabilities, allowing the company to manufacture products according to customer-specific requirements.
Behari Lal Engineering operates two manufacturing facilities in Mandi Gobindgarh, Punjab. Manufacturing Facility 1 is located at Village Salani and includes the steel melt shop and foundry operations, while Manufacturing Facility 2 is located at Village Turan and includes the rolling mill operations. The company has also commenced construction of a third manufacturing facility at Village Salani.
As of 31 March 2026, the company had served 1,825 customers. Its products were sold primarily in India, while the company had also expanded exports to international markets across multiple countries. In FY2026, alloy steel products were the largest contributor to revenue from operations, followed by metal rolls and engineering castings.
Strengths
- Integrated iron and steel manufacturing capabilities covering steel melting, foundry, rolling and machining.
- Diversified product portfolio comprising metal rolls, engineering castings, alloy steel products and forging products.
- Established customer base of more than 1,800 customers.
- Long-standing presence in the steel and engineering products industry since its incorporation in 1995.
- Growing contribution from higher-value products and improved profitability across FY2024-FY2026.
- Products cater to several industrial sectors, reducing dependence on a single end-use industry.
Risks to Consider
- Manufacturing operations are concentrated in Punjab, creating geographic concentration risk.
- The company depends on steel scrap, pig iron, alloys and other raw materials whose prices can fluctuate.
- A significant portion of revenue comes from domestic customers.
- The company has exposure to customer concentration, with its top customers contributing a meaningful portion of revenue.
- Steel industry demand and pricing are affected by economic cycles, market conditions and changes in steel prices.
- Manufacturing operations are subject to environmental, safety and regulatory requirements applicable to foundry and steel operations.
- The business requires working capital to maintain inventories and manage customer credit cycles.
Behari Lal Engineering Financials (₹ Cr)
Behari Lal Engineering reported growth in revenue and profitability across FY2024-FY2026. Revenue from operations increased from ₹446.08 crore in FY2024 to ₹507.91 crore in FY2025 and ₹534.03 crore in FY2026, while PAT increased from ₹35.79 crore to ₹52.95 crore and ₹64.64 crore over the same period.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 446.08 | 35.79 | 262.08 | 193.66 |
| FY2025 | 507.91 | 52.95 | 295.98 | 241.62 |
| FY2026 | 534.03 | 64.64 | 367.87 | 306.10 |
KPIs & Valuation
At the upper IPO price band of ₹285, Behari Lal Engineering had a pre-issue P/E of approximately 17.21x based on FY2026 EPS of ₹16.56. The post-issue EPS was approximately ₹15.28, resulting in a post-issue P/E of about 18.65x. FY2026 RoNW was 21.12%, while NAV was ₹78.41 per share.
Objects of the Issue
The Behari Lal Engineering IPO included a Fresh Issue of ₹93 crore and an Offer for Sale of ₹208.62 crore. The company will receive the proceeds from the Fresh Issue, while the proceeds from the Offer for Sale will go to the respective selling shareholders. The net proceeds from the Fresh Issue were proposed to be used primarily for capital expenditure at Manufacturing Facilities 1 and 2, rooftop solar installations, repayment or prepayment of certain borrowings and general corporate purposes.
- The company proposed to utilise the net proceeds from the Fresh Issue for:
- Purchase and installation of new equipment and machinery, including computers, printers and computer peripherals, together with related civil work at Manufacturing Facility 1 – ₹19.59 crore.
- Purchase and installation of new rooftop solar panels at Manufacturing Facility 1 – ₹3.40 crore.
- Purchase and installation of new equipment and machinery together with related civil work at Manufacturing Facility 2 – ₹36.65 crore.
- Purchase and installation of new rooftop solar panels at Manufacturing Facility 2 – ₹3.40 crore.
- Repayment and/or prepayment, in full or part, of certain borrowings availed by the company – ₹0.57 crore.
- General corporate purposes.
- The identified project expenditure for the specified capital expenditure and debt repayment amounts to ₹63.61 crore, with the balance of the fresh-issue proceeds allocated towards general corporate purposes and issue-related requirements as disclosed in the offer documents.
Promoters, Lead Managers & Registrar
Behari Lal Engineering Limited was promoted by Parkash Chand Garg, Rajesh Garg, Dinesh Garg, Lovlish Garg and Bhuvnesh Garg. Emkay Global Financial Services Limited and Systematix Corporate Services Limited acted as the Book Running Lead Managers, while MUFG Intime India Private Limited acted as the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Phone | 022-49186000 |
| mailto:beharilalengineering.ipo@in.mpms.mufg.com | |
| Website | https://in.mpms.mufg.com/ |
Behari Lal Engineering IPO Review
Behari Lal Engineering reported consistent improvement in its financial performance during FY2024-FY2026. Revenue from operations increased from ₹446.08 crore in FY2024 to ₹507.91 crore in FY2025 and ₹534.03 crore in FY2026. PAT increased from ₹35.79 crore in FY2024 to ₹52.95 crore in FY2025 and ₹64.64 crore in FY2026.
The company also recorded improvement in operating profitability. EBITDA increased from ₹60.99 crore in FY2024 to ₹81.31 crore in FY2025 and ₹101.32 crore in FY2026. EBITDA margin improved from 13.67% in FY2024 to 16.01% in FY2025 and 18.97% in FY2026.
The company's product mix is another important factor. Alloy steel products were the largest revenue contributor in FY2026, accounting for approximately 45.81% of revenue from operations, followed by metal rolls at approximately 26.35% and engineering castings at approximately 19.54%.
The company had relatively low leverage at the end of FY2026. Its debt-to-equity ratio was 0.06, compared with 0.03 in FY2025 and 0.21 in FY2024. Net worth increased to ₹306.10 crore in FY2026 from ₹241.62 crore in FY2025 and ₹193.66 crore in FY2024.
At the upper IPO price of ₹285, the pre-issue P/E based on FY2026 EPS of ₹16.56 was approximately 17.21x, while the post-issue P/E based on post-issue EPS of ₹15.28 was approximately 18.65x. The RHP disclosed RoNW of 21.12%, ROCE of 27.11% and NAV of ₹78.41 per share for FY2026.
The IPO was subsequently listed on 19 August 2026. Shares opened at ₹465 on NSE and ₹458 on BSE against the final issue price of ₹285. The NSE opening represented a 63.16% premium, while the BSE opening represented a 60.70% premium.
How to Apply
Behari Lal Engineering IPO applications were made through the ASBA process, including UPI-supported applications. The minimum application consisted of one lot of 52 shares. At the upper price band of ₹285, one lot required ₹14,820.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Behari Lal Engineering IPO.
- Enter the number of lots you want to apply for.
- Select the bid price. Retail investors can generally choose Cut-off when available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company’s official IPO documents, RHP, DRHP, Prospectus and related filings for detailed information about the business, financial statements, risk factors, IPO structure and utilisation of issue proceeds. The company’s official IPO page lists the Prospectus, RHP, Price Band Advertisement, DRHP and several supporting offer documents.
Last updated Aug 27, 2026.