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HomeIPOBehari Lal Engineering

About Behari Lal Engineering

Incorporated in the year 1995, Behari Lal Engineering Ltd. is a one-stop iron and steel manufacturing company offering engineering solutions according to the specific requirements. The company provides precision-engineered components for various industrial purposes, which include: Metal rolls in different types like alloy cast steel, alloy steel base adamite, graphitic steel, and S.G. iron pearlitic. Engineering castings weighing between 500 kg to 20 MT in industries like steel, iron, mining, aggregate crushers, power, and sugar. Alloy steel products comprising of carbon alloy and stainless steel bars in shapes like round, flat, hex, and round corner square in size ranging from 6 mm to 230 mm, as well as tool and valve steel. Forging ingots and forged shafts/blocks for serving as raw material for open die and closed die forgings. The company has been serving 1,681 domestic and international clients as on 31st March, 2025. Some of its clientele consists of Amba Shakti Industries, BMW Industries, Shyam Metallics and Energy, Laxcon Steels, MSP Steel & Power, Jai Balaji Industries, Propel Industries, and Metso India. The manufacturing facilities have two plants at Mandi Gobindgarh, Punjab, spanning a total area of around 790,000 sq. ft., with a cumulative capacity of 119,464 MT of steel, including 54,464 MT of finished steel capacity and 65,000 MT of rolling mill capacity.As on August 31, 2025, the company had 774 skilled employees

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Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
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17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
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Behari Lal Engineering

Behari Lal Engineering

Open Date

Aug 12, 2026

Close Date

Aug 14, 2026

listed

Min Investment

₹14,820

Lot Size

52 Shares

Issue Size

₹301.62 Cr

Price Range

₹271 - ₹271

Listing Date

Aug 19, 2026

IPO Doc

RHP PDF

Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹133(+46.67%)GMP
46.67%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Behari Lal Engineering IPO - Issue Objectives

The company will use ₹57 lakh for repayment of certain borrowings availed by the company. ₹19.5 crore for machinery and ₹3.4 crore for rooftop solar at Facility 1. ₹36.6 crore for machinery and ₹3.4 crore for rooftop solar at Facility 2. Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

Repayment of debt

0.6%

Capex for manufacturing facility 1

24.7%

Capex for manufacturing facility 2

40.1%

General corporate purposes

34.6%

1

Repayment of debt

The company will use ₹57 lakh for repayment of certain borrowings availed by the company.

0.60%
2

Capex for manufacturing facility 1

₹19.5 crore for machinery and ₹3.4 crore for rooftop solar at Facility 1.

24.70%
3

Capex for manufacturing facility 2

₹36.6 crore for machinery and ₹3.4 crore for rooftop solar at Facility 2.

40.10%
4

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

34.60%

IPO Subscription Status

QIB
159.10x
NII
167.95x
Individual
54.12x
Total
108.51x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Behari Lal Engineering

In Cr.

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

High customer stickiness

During FY26, 62.98% of customers served were repeat customers, accounting for 84.6% of total revenue from operations. The company's top 10 customers have been associated with BLEL for an average of 6 years, with several key customers having relationships of more than a decade.

02

Diversified product portfolio

BLEL supplies different products covering metal rolls, engineering castings, alloy steel products, and forging ingots and forged shafts/blocks to more than 10 end-user industries, including automobile, steel, mining, infrastructure and construction, power, aerospace etc.

03

Strategically located manufacturing facility

The company has two integrated manufacturing facilities in Mandi Gobindgarh, Punjab, which offer connectivity through National Highway 44 and State Highway 12A, while dry ports are located ~40 km away and Chandigarh International Airport is ~60 km away. The location also provides access to the Amritsar-Kolkata Industrial Corridor.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

High customer concentration

Serving a wider customer base and with no long-term contracts in place, the top 10 customers made up 38.0% of revenue in FY26.

02

Raw material price volatility

The company does not rely on long-term contracts to source its materials, and a surge in raw material prices may adversely impact margins if the company is not able to pass on the cost to the customers.

03

Contact Details

Behari Lal Engineering

Village Salani, Amloh Road, Mandi Gobindgarh, Fatehgarh Sahib, Punjab, 147301

+911765520694
cs@beharilalgroup.co
http://www.beharilalengineer/

Behari Lal Engineering IPO - FAQs

Behari Lal Engineering IPO is a Mainboard IPO. The issue is priced at 271-₹285. The minimum order quantity is 52 Shares. The IPO opens on 12 Aug, and closes on 14 Aug. TBA is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.








IPO Timeline

  • Pre Apply2026-08-11
  • Bidding Starts2026-08-12
  • Bidding Ends2026-08-14
  • Allotment Finalisation2026-08-17
  • Release of Funds2026-08-18
  • Demat Transfer2026-08-18
  • Listing2026-08-19
04

High capacity utilisation

Overall capacity utilisation was 87.71% in FY26, with SMS and Foundry Division at 94.47% and Rolling Mill Division at 82.02%. The company shares overlapping and fungible manufacturing processes across divisions.

05

Strong order book

As on 31st May 2026, the order book of BLEL stood at ₹178.5 crore as against ₹118.2 crore as on 31st March 2026. The growth offers visibility into future revenue and underscores ongoing demand for the company’s products.

06

Customisation capabilities

The company has in-house engineering, design, tooling and material development capabilities, complemented by finishing and assembly operations. It is also using manufacturing execution systems to automate manufacturing processes, improve production efficiency and reduce downtime and idle time.

High dependence on repeat customers

Customers who made repeat purchases accounted for 84.6% of FY26 total sales, even though the customer retention rate was only 63%, and the annual customer churn rate increased to 38.5% in FY26, from 34.7% in FY25.

04

Receivables remain a working-capital concern

More than 90 days overdue, receivables rose to ₹16.76 crore from ₹4.69 crore. If the delays continue, cash flow may be limited.

05

Contingent liabilities

The company, as of March 31, 2026, has contingent liabilities of ₹3.56 crore and capital commitments of ₹1.93 crore. The crystallisation of these liabilities would further stretch cash flows.