Behari Lal Engineering Limited IPO Details
This article is based entirely on publicly available information disclosed in the Red Herring Prospectus (RHP) of Behari Lal Engineering Limited , dated August 06, 2026, and is intended for general market and financial education purposes only.
1. IPO Snapshot
| Particulars | Details |
|---|---|
| Company Name | Behari Lal Engineering Limited |
| IPO Type | Book Built Issue (100% Book Building) — Fresh Issue and Offer for Sale; Main Board |
| Fresh Issue | Up to ₹930.00 million |
| Offer for Sale | Up to 7,320,001 Equity Shares |
| Total Issue Size | As per Price Band Ad: ₹2,913.72 million (Floor) to ₹3,016.20 million (Cap) |
| Face Value | ₹10 per Equity Share |
| Price Band | As per Price Band Ad: ₹271 to ₹285 per Equity Share |
| Issue Price | to be finalised within the Price Band |
| Lot Size (Bid Lot) | 52 Equity Shares and in multiples thereof |
| IPO Opening Date | Wednesday, August 12, 2026 |
| IPO Closing Date | Friday, August 14, 2026 |
| Anchor Investor Bidding | Tuesday, August 11, 2026 |
| Listing Exchanges | BSE Limited and National Stock Exchange of India Limited (NSE is the Designated Stock Exchange) |
| Registrar | MUFG Intime India Private Limited (formerly Link Intime India Private Limited) |
| Book Running Lead Managers | Emkay Global Financial Services Limited; Systematix Corporate Services Limited |
| Sponsor Bank | HDFC Bank Limited |
2. IPO Details
The Offer comprises a Fresh Issue by the Company and an Offer for Sale by the Selling Shareholders. The figures determined at the Floor Price (₹271) and Cap Price (₹285) are taken from the Price Band Advertisement.
| Particulars (No. of Equity Shares / ₹ million) | At Floor Price ₹271 | At Cap Price ₹285 |
|---|---|---|
| Fresh Issue (shares) | 3,431,734 | 3,263,157 |
| Fresh Issue (₹ million) | 930.00 | 930.00 |
| Offer for Sale (shares) | 7,320,001 | 7,320,001 |
| Offer for Sale (₹ million) | 1,983.72 | 2,086.20 |
| Total Offer Size (shares) | 10,751,735 | 10,583,158 |
| Total Offer Size (₹ million) | 2,913.72 | 3,016.20 |
| Post-Offer Equity Shares | 42,471,059 | 42,302,482 |
| Post-Offer Market Capitalisation (₹ million) | 11,509.66 | 12,056.21 |
| Minimum Bid / Lot | 52 Equity Shares and in multiples thereof |
|---|---|
| Maximum Retail Subscription | ₹200,000 (regulatory limit for Retail Individual Investors) |
| Pre-Offer Equity Shares | 39,039,325 Equity Shares |
| Post-Offer Equity Shares | 42,471,059 (Floor) / 42,302,482 (Cap) per Price Band Ad |
3. IPO Timetable
| Event | Date |
|---|---|
| Anchor Investor Bidding Date | Tuesday, August 11, 2026 |
| Bid/Offer Opens | Wednesday, August 12, 2026 |
| Bid/Offer Closes | Friday, August 14, 2026 |
| UPI Mandate Confirmation Cut-off | 5:00 PM on Friday, |
4. Issue Reservation
| Investor Category | Allocation (as disclosed) |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% of the Offer |
| — Anchor Investor Portion | Up to 60% of the QIB Portion |
| — Mutual Fund Portion | 5% of the Net QIB Portion |
| Non-Institutional Investors (NII) | Not less than 15% of the Offer |
| Retail Individual Investors (RII) | Not less than 35% of the Offer |
| Employee / Shareholder / Other | Not Applicable — no reservation disclosed |
5. IPO Lot Size
The RHP and the Price Band Advertisement state that bids may be made for a minimum of 52 Equity Shares and in multiples of 52 Equity Shares thereafter. (Calculated)
| Application Category | Lots | Shares | Amount at ₹285 |
|---|---|---|---|
| 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 |
6. About the Company
Behari Lal Engineering Limited was incorporated as "Behari Lal Ispat Private Limited" at Jalandhar, Punjab, on May 23, 1995. It was renamed "Behari Lal Engineering Private Limited" (fresh COI dated September 4, 2024) and, on conversion to a public limited company, took its present name "Behari Lal Engineering Limited" (fresh COI dated September 21, 2024).
The Company is integrated iron and steel manufacturing company specialising in customised engineering solutions, making precision-engineered components for critical industrial applications used across the automobile, steel, mining, infrastructure and construction, power, aerospace and defence, and cement industries.
Operations comprise two manufacturing facilities in Mandi Gobindgarh, Punjab, spread across approximately 790,000 sq ft, with a combined installed capacity of 119,690 MT (finished steel processing 54,690 MT; rolling mill 65,000 MT). Total capacity utilisation was 87.71%, 90.30% and 85.47% in Fiscals 2026, 2025 and 2024. A third (Upcoming) Manufacturing Facility is under construction at Village Salani, District Fatehgarh Sahib. As on May 31, 2026 the workforce was 667 trained employees and 359 contract personnel. As of March 31, 2026 the Company had catered to 1,825 customers (1,681 in FY2025; 1,544 in FY2024), with an Order Book of ₹1,785.69 million as on May 31, 2026 (₹1,182.87 mn, ₹930.03 mn and ₹855.45 mn as on March 31, 2026, 2025 and 2024).
Services / Products
- Metal Rolls — across grades such as alloy cast steel, alloy steel base adamite, graphitic steel and S.G. iron pearlitic.
- Engineering Castings — special grades with per-unit weight 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, round-corner square, flats and hex, sizes 6 mm to 230 mm; tool steel and valve steel recently introduced.
- Forging Ingots and Forged Shafts/Blocks — semi-finished steel products (500 kg to 15 tons) used as raw material for open-die and closed-die forging applications.
Revenue by Product Vertical (₹ million)
| Product Vertical | FY26 ₹mn | FY26 % | FY25 ₹mn | FY25 % | FY24 ₹mn | FY24 % |
|---|---|---|---|---|---|---|
| Alloy Steel Products | 2,446.10 | 45.81% | 2,582.09 | 50.84% | 2,277.54 | 51.06% |
| Metal Rolls | 1,407.41 | 26.35% | 1,247.67 | 24.56% | 1,131.91 | 25.37% |
| Engineering Castings | 1,043.39 | 19.54% | 901.06 | 17.74% | 796.75 | 17.86% |
| Forging Ingots & Forged Shafts/Blocks | 234.75 | 4.40% | 116.28 | 2.29% | 21.49 | 0.48% |
| Job Work Income | 125.66 | 2.35% | 132.57 | 2.61% | 128.88 | 2.89% |
| Others* | 82.94 | 1.55% | 99.45 | 1.96% | 104.27 | 2.34% |
| Total | 5,340.25 | 100.00% | 5,079.12 | 100.00% | 4,460.84 | 100.00% |
Competitive Strengths
The RHP identifies the following competitive strengths (these are management-stated strengths, reproduced as disclosed):
-Long-standing relationships with many customers spread across a wide array of end-user industries with stringent qualification processes. -Diversified product portfolio catering to varied application industries. -Strategically located Manufacturing Facilities with advanced equipment and robust overlapping processes enabling high capacity utilisation. -Robust presence in the steel manufacturing industry, leveraging the legacy and experience of the Promoters and the domain expertise of the management team. -Track record of financial performance and consistent growth.
7. Company Financials - Restated Financial Information
The following figures are drawn from the Restated Financial Statements of the Company (the RHP presents standalone restated financials). All amounts are in ₹ million except per-share data.
| Particulars (₹ million) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations | 5,340.25 | 5,079.12 | 4,460.84 |
| Other Income | 124.94 | 83.87 | 38.74 |
| Total Income | 5,465.19 | 5,162.99 | 4,499.58 |
| EBITDA (per KPI disclosure) | 1,013.28 | 813.12 | 609.86 |
| Finance Cost | 14.90 | 13.58 | 23.09 |
| Depreciation & Amortisation | 132.54 | 105.91 | 87.58 |
| Profit Before Tax (PBT) | 865.84 | 693.63 | 499.19 |
| Total Tax Expense | 219.48 | 164.12 | 141.28 |
| Profit After Tax (PAT) | 646.36 | 529.51 | 357.91 |
| Total Comprehensive Income | 644.83 | 529.05 | 358.47 |
| Basic / Diluted EPS (₹, bonus-adjusted) | 16.56 | 13.56 | 10.07 |
| Basic / Diluted EPS (₹, without bonus adjustment) | 16.56 | 67.82 | 50.33 |
| Equity Share Capital | 390.39 | 78.08 | 48.59 |
| Other Equity | 2,670.60 | 2,338.08 | 1,861.33 |
| Total Equity | 3,060.99 | 2,416.16 | 1,939.40 |
| Net Worth (per KPI disclosure) | 3,060.99 | 2,416.16 | 1,936.59 |
| Total Borrowings (Capitalisation Statement) | 177.77 | — | — |
| Total Assets | 3,678.73 | 2,959.77 | 2,620.81 |
| Total Equity & Liabilities | 3,678.73 | 2,959.77 | 2,620.81 |
| Inventories | 1,043.87 | 810.98 | 623.65 |
| Trade Receivables | 957.74 | 783.86 | 813.39 |
| Trade Payables (MSME + others) | 201.77 | 244.18 | 109.78 |
| Cash & Cash Equivalents | 11.42 | 24.59 | 4.71 |
| Net Cash Flow from Operations (CFO) | 275.38 | 618.86 | 371.44 |
| Net Cash Flow from Investing (CFI) | (375.65) | (196.75) | (523.78) |
| Net Cash Flow from Financing (CFF) | 87.10 | (402.23) | 137.65 |
| Capex (PP&E incl. intangibles & CWIP) | 266.45 | 265.03 | 148.45 |
8. Key Performance Indicators (KPI)
| Financial KPI | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ mn) | 5,340.25 | 5,079.12 | 4,460.84 |
| EBITDA (₹ mn) | 1,013.28 | 813.12 | 609.86 |
| EBITDA Margin (%) | 18.97 | 16.01 | 13.67 |
| PAT (₹ mn) | 646.36 | 529.51 | 357.91 |
| PAT Margin (%) | 12.10 | 10.43 | 8.02 |
| Cash Profit (₹ mn) | 794.17 | 624.32 | 484.11 |
| Net Worth (₹ mn) | 3,060.99 | 2,416.16 | 1,936.59 |
| Net Debt (₹ mn) | 166.35 | 51.18 | 407.43 |
| Debt-Equity Ratio (times) | 0.06 | 0.03 | 0.21 |
| ROCE (%) | 27.11 | 28.24 | 21.98 |
| ROE (%) | 23.60 | 24.31 | 22.83 |
| Operational KPI | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Inventory Days | 57 | 42 | 34 |
| Debtor Days | 60 | 56 | 67 |
| Creditor Days | 24 | 26 | 12 |
| Cash Conversion Cycle (Days) | 93 | 72 | 89 |
| Fixed Asset Turnover Ratio (times) | 6.00 | 6.79 | 7.02 |
| Sales Volume (MT) | 88,152.20 | 89,103.48 | 82,042.18 |
| Sales Volume Growth (%) | (1.07) | 8.61 | 18.76 |
| EBITDA per Ton (₹) | 11,494.66 | 9,125.51 | 7,433.60 |
| Debt / EBITDA (times) | 0.18 | 0.09 | 0.68 |
| Asset Turnover on Gross Block (times) | 4.38 | 5.30 | 5.93 |
9. IPO Valuation
| Valuation Metric | As Disclosed |
|---|---|
| Price Band | ₹271 – ₹285 per Equity Share |
| Post-Offer Market Capitalisation | ₹11,509.66 mn (Floor) / ₹12,056.21 mn (Cap) — Price Band Ad |
| Weighted Average EPS (bonus-adjusted) | ₹14.48 (Basic and Diluted) |
| Diluted EPS — FY2026 | ₹16.56 |
| P/E at Floor Price (Diluted EPS FY2026) | 16.36 times (Price Band Ad) |
| P/E at Cap Price (Diluted EPS FY2026) | 17.21 times (Price Band Ad) |
| Industry P/E — Highest | 62.02 |
| Industry P/E — Lowest | 18.48 |
| Industry P/E — Average | 31.36 |
| Basis / Date of Industry P/E | Closing prices on BSE on August 3, 2026 ÷ Diluted EPS as on March 31, 2026 |
| NAV per Equity Share (Mar 31, 2026) | ₹78.41 |
| NAV per Equity Share (Post-Offer) | ₹93.97 (Floor) / ₹94.34 (Cap) — Price Band Ad |
| RoNW (weighted average, 3 years) | 20.94% |
Weighted Average Cost of Acquisition (WACA)
| Category | Name | No. of Equity Shares | WACA per Share (₹) |
|---|---|---|---|
| Promoters | Lovlish Garg* | 5,532,125 | 2.72 |
| Promoters | Dinesh Garg | 4,072,195 | 1.55 |
| Promoters | Rajesh Garg* | 3,897,115 | 1.12 |
| Promoters | Parkash Chand Garg | 2,798,160 | 1.66 |
| Promoters | Bhuvnesh Garg | 2,201,550 | 3.46 |
| Selling Shareholders | Yogita Garg | 3,359,600 | 4.08 |
| Selling Shareholders | Dinesh Kumar Garg HUF | 2,967,125 | 5.18 |
| Selling Shareholders | SG Tech Engineering Private Limited | 3,903,935 | 89.65 |
*Also a Selling Shareholder. WACA over periods (Price Band Ad): last 3 years ₹10.15 (Cap Price = 28.08× WACA; range ₹0.00–500.00); last 18 months — Nil (Not Applicable); last 1 year — Nil (Not Applicable).
10. Peer Comparison
The RHP reproduces the following comparison of accounting ratios with listed industry peers. All financial information is for the year ended March 31, 2026 (Company figures are standalone; peer figures per their audited standalone/consolidated financials, as indicated).
| Company | Fin. Yr | FV (₹) | P/E | Basic EPS | Diluted EPS | RoNW % | NAV (₹) | EV/EBITDA |
|---|---|---|---|---|---|---|---|---|
| Behari Lal Engineering Ltd | Standalone | 10 | NA | 16.56 | 16.56 | 21.12 | 78.41 | NA |
| Jayaswal Neco Industries Ltd | Standalone | 10 | 18.48 | 4.77 | 4.77 | 16.39 | 29.26 | 6.52 |
| AIA Engineering Ltd | Consolidated | 2 | 34.43 | 136.11 | 136.11 | 15.53 | 859.98 | 24.04 |
| Steelcast Ltd | Standalone | 1 | 37.99 | 8.58 | 8.58 | 21.89 | 39.03 | 22.50 |
| RHI Magnesita India Ltd | Consolidated | 1 | — | (18.54) | (18.54) | (10.81) | 172.42 | 16.35 |
| Vardhman Special Steel Ltd | Consolidated | 10 | 23.19 | 13.15 | 13.13 | 9.59 | 132.11 | 13.10 |
| IFGL Refractories Ltd | Consolidated | 10 | 43.46 | 4.81 | 4.81 | 7.93 | 163.00 | 9.59 |
| Kennametal India Ltd | Standalone | 10 | 62.02 | 46.82 | 46.82 | 13.70 | 340.02 | 35.81 |
11. Shareholding Structure
Pre-Offer and Post-Offer Shareholding (summary)
| Category | Pre-Offer % | Post-Offer % (Floor) | Post-Offer % (Cap) |
|---|---|---|---|
| Promoters (Sub-total A) | 47.39% | 38.16% | 38.31% |
| Promoter Group (Sub-total B) | 41.13% | 32.39% | 32.53% |
| Promoter & Promoter Group (A+B) | 88.51% | 70.55% | 70.84% |
| Public — top public holders (C) | 11.49% | 4.13% | 4.15% |
| Public — others (D) | — | 25.32% | 25.02% |
| Total Public (C+D) | 11.49% | 29.45% | 29.16% |
| Total | 100.00% | 100.00% | 100.00% |
Capital Structure & History
| Particulars | Details (from the RHP) |
|---|---|
| Authorised Share Capital | 47,000,000 Equity Shares of ₹10 each = ₹470.00 million |
| Issued, Subscribed & Paid-up (pre-Offer) | 39,039,325 Equity Shares of ₹10 each = ₹390.39 million |
| Securities Premium (pre-Offer) | ₹460.25 million |
| Bonus Issue | 31,231,460 Equity Shares issued as fully paid bonus in the ratio 4:1 (record date May 1, 2025) |
| Preference Shares | None outstanding (3.50% non-cumulative, non-convertible redeemable preference shares were reclassified into equity via MoA amendment dated April 17, 2025) |
| Amalgamation | Belco Special Steels Private Limited and Parkash Multimetals Private Limited amalgamated with the Company (Scheme of Amalgamation) |
12. IPO Objects of the Issue
The Company will not receive any proceeds from the Offer for Sale; only the Fresh Issue proceeds (net of Offer expenses) accrue to the Company. The Net Proceeds are proposed to be utilised as follows:
| Object | Amount (₹ mn) | Funding Source | Timeline |
|---|---|---|---|
| Capex — new equipment/machinery + civil work at Manufacturing Facility 1 | 195.89 | Net Proceeds | FY2027 |
| Capex — new rooftop solar panels at Manufacturing Facility 1 | 34.00 | Net Proceeds | FY2027 |
| Capex — new equipment/machinery + civil work at Manufacturing Facility 2 | 366.50 | Net Proceeds | FY2027 |
| Capex — new rooftop solar panels at Manufacturing Facility 2 | 34.00 | Net Proceeds | FY2027 |
| Repayment / pre-payment (full or part) of certain borrowings | 5.70 | Net Proceeds | FY2027 |
| General Corporate Purposes | "[●]" | Net Proceeds | FY2027 |
| Net Proceeds | "[●]" | — | — |
13. Offer for Sale — Selling Shareholders
The Offer includes an Offer for Sale of up to 7,320,001 Equity Shares. The number of Offered Shares per Selling Shareholder is disclosed in the RHP.
| Selling Shareholder | Category (per RHP) | No. of Shares Offered |
|---|---|---|
| Rajesh Garg | Promoter Selling Shareholder | 1,943,623 |
| Lovlish Garg | Promoter Selling Shareholder | 350,000 |
| Yogita Garg | Promoter Group Selling Shareholder | 2,143,623 |
| Dinesh Kumar Garg HUF | Promoter Group Selling Shareholder | 150,000 |
| SG Tech Engineering Private Limited | Investor Selling Shareholder | 2,732,755 |
| Total | — | 7,320,001 |
14. Risk Factors
It is offered only to help readers navigate the 93 risks by theme
- Business / Operational: customer concentration and repeat-customer dependence; end-use industry exposure; supplier/vendor concentration; raw-material procurement; capacity utilisation and expansion execution; the upcoming (third) manufacturing facility. -Financial: working-capital intensity; indebtedness; contingent liabilities and capital commitments; outstanding creditor dues; non-GAAP measures.
- Legal / Regulatory: tax proceedings against the Company and Promoters; the GST show-cause/writ matter; environmental, labour and industry-specific compliance; approvals.
- Industry / External: steel-price volatility and demand cycles; competition; macroeconomic and geographic concentration; equity-market and post-listing price risks (including circuit limits and surveillance measures).
Litigation and Contingent Liabilities
- Key matter: The Company has filed writ petition CWP-38174-2025 (dated December 15, 2025) before the High Court of Punjab and Haryana challenging a GST show-cause notice (dated April 15, 2025) alleging wrongful input tax credit of ₹6.98 million; the Company seeks to quash the notice.
- Contingent liabilities (as at March 31, 2026): bank guarantees in favour of others ₹28.43 million; others ₹7.15 million; total ₹35.58 million. Capital commitments (contracts remaining to be executed, net of advances): ₹19.29 million.
- Creditors: as at March 31, 2026 the Company had 42 creditors with an aggregate amount due of ₹201.77 million; the materiality threshold for "material creditors" is ₹10.09 million (5% of total trade payables).
- Materiality thresholds (Materiality Policy): 2% of turnover = ₹106.81 million; 2% of net worth = ₹61.22 million; 5% of average PAT (3 years) = ₹25.56 million.
15. IPO Registrar
- Registrar: MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
- Address: C-101, 1st Floor, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai 400 083, Maharashtra, India
- Email / Investor Grievance: beharilalengineering.ipo@in.mpms.mufg.com
- Website: www.in.mpms.mufg.com
- Telephone: +91 810 811 4949
- Contact Person: Shanti Gopalkrishnan
- SEBI Registration No.: INR000004058
16. IPO Lead Manager(s)
Emkay Global Financial Services Limited
- Address: 7th Floor, The Ruby, Senapati Bapat Marg, Dadar (West), Mumbai 400 028, Maharashtra, India
- Telephone: +91 22 66121212 | Email: blel.ipo@emkayglobal.com | Investor grievance: ibg@emkayglobal.com
- Website: www.emkayglobal.com | Contact Person: Deepak Yadav / Vimal Maniyar | SEBI - Registration No.: INM000011229
Systematix Corporate Services Limited\
- Address: The Capital, A-Wing, No. 603-606, 6th Floor, Plot No. C-70, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai 400 051, Maharashtra, India
- Telephone: +91 22 6704 8000 | Email: mb.ipo@systematixgroup.in | Investor grievance: investor@systematixgroup.in
- Website: www.systematixgroup.in | Contact Person: Jinal Sanghvi / Mohit Ladkani | SEBI Registration No.: INM000004224
17. Company Contact Details
- Registered Office: Village Salani, Amloh Road, Mandi Gobindgarh, Punjab-147 301, India
- Corporate Office: B-9, Surajmal Vihar, Vikas Marg Extension, Near Leela Ambience Convention Hotel, East Delhi, Delhi-110 092, India
- Telephone (Registered Office): +91 17655 20694
- Telephone (Corporate Office): +91 11 4056 3114
- Email: cs@beharilalgroup.com
- Website: www.beharilalengineering.com
- Corporate Identity Number (CIN): U27109PB1995PLC016490
- Company Secretary & Compliance Officer: Sanjeev Kumar Sehgal