All IPOs 
Behari Lal Engineering
Mainboard · BSE listed
+63.16%
Listing gain
Price Band
₹271 – ₹285
Issue Size
₹302 Cr
1 lot at upper band
₹14,820
Lot Size
52
Open
12 Aug 2026
Close
14 Aug 2026
Allotment
—
Listing
19 Aug 2026
Scheduled dates
- Open12 Aug 2026
- Close14 Aug 2026
- Refund18 Aug 2026
- Demat credit18 Aug 2026
- Listing19 Aug 2026
Listing Performance
Listing Price
₹465
Listing Gain
+63.16%
Day Close
—
Current (LTP)
— (—)
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹133 14 sessions
Subscription (times)
Latest per-category subscription · as of 14 Aug, 06:11 pm IST.
QIB 222.04x
NII 167.95x
BHNI 162.29x
SHNI 179.26x
RII 54.12x
Total 118.07x
About Behari Lal Engineering
The company is an integrated iron and steel manufacturing company specializing in customized engineering solutions. According to CRISIL, the company is one of India's largest metal rolls producers and a leading player in the metal rolls market, meeting 10.00-11.5% of the country's demand in Fiscal 2026. The company's precision engineered components include Metal Rolls, Engineering Castings, Alloy Steel Products, and Forging Ingots and Forged Shafts/Blocks, which find application across diverse industries such as automobile, steel, mining, infrastructure and construction, power, aerospace and defence, and cement.
www.beharilalengineering.com ↗Strengths
- Long standing relationships with a large number of customers spread across a wide array of end-user industries with stringent qualification processesThe company has catered to 1,825 customers as of March 31, 2026, with 62.98% customer retention rate and revenue from repeat customers at 84.69% (₹4,522.77 million) in Fiscal 2026.
- Diversified product portfolio catering to varied application industriesThe company manufactures four main product categories - Metal Rolls (26.35% revenue), Engineering Castings (19.54% revenue), Alloy Steel Products (45.81% revenue), and Forging Ingots serving over 10 industries.
- Strategically located Manufacturing Facilities with advanced equipment and robust overlapping processes which enables high capacity utilisationThe company operates 2 manufacturing facilities in Mandi Gobindgarh with combined installed capacity of 119,690 MT and achieved 87.71% capacity utilization in Fiscal 2026.
- Robust presence in the steel manufacturing industry leveraging on the legacy and experience of our Promoters and strong domain expertise of our management teamThe company has over 2 decades of experience in steel industry with founder Parkash Chand Garg having 30 years as director and management team with extensive industry experience.
- Track record of financial performance and consistent growthThe company achieved revenue CAGR of 9.41% and PAT CAGR of 34.38% between Fiscal 2024-2026, with revenue of ₹5,340.25 million and PAT of ₹646.36 million in Fiscal 2026.
Risk Factors
- Customer Concentration RiskThe company generates significant revenues from its top 10 customers, constituting 38.00%, 39.91% and 37.81% of revenue from operations in Fiscals 2026, 2025 and 2024 respectively. The company does not enter into long-term contracts with customers, making it vulnerable to customer loss or significant reduction in revenue from key customers.
- Dependence on Repeat CustomersThe company derives 84.69%, 86.10% and 80.04% of revenue from repeat customers in Fiscals 2026, 2025 and 2024 respectively. Loss of repeat customers or reduction in their demand could adversely affect the company's business and financial condition.
- Raw Material Cost and Supply RiskCost of raw materials constituted ₹2,806.58 million, ₹2,716.46 million, and ₹2,745.21 million (61.02%, 60.78% and 68.62% of total expenses) in Fiscals 2026, 2025 and 2024 respectively. Substantial delay or failure to procure necessary raw materials could adversely impact operations and customer obligations.
- Outstanding Creditor DuesAs of March 31, 2026, the company had outstanding dues of ₹201.77 million to 42 creditors. Failure to make timely payments may lead to creditors not providing materials in future or initiating legal proceedings including insolvency proceedings against the company.
- Indebtedness and Financial CovenantsAs of May 31, 2026, total sanctioned and outstanding indebtedness was ₹840.79 million and ₹148.65 million respectively. The company's financing agreements contain restrictive covenants that could adversely affect its ability to operate the business and may result in acceleration of repayment obligations upon default.
- Supplier Concentration RiskThe company is reliant on raw materials from third-party suppliers without long-term contracts. Procurement cost from top 10 suppliers was ₹1,766.96 million, ₹1,385.04 million, and ₹1,583.14 million (38.39%, 30.99%, and 39.57% of total expenses) in Fiscals 2026, 2025 and 2024 respectively.
Objects of the Issue
- Funding capital expenditure requirement for purchase and installation of new equipment/machinery and roof-top solar panels at Manufacturing Facility 1The company proposes to purchase and install new equipment/machinery (including computers, printers and computer peripherals) along with civil work for such installation and roof-top solar panels at Village Salani, Amloh Road, Mandi Gobindgarh, Punjab to enhance machining capacity for metal rolls and improve quality and checking methodology.22.99 crores
- Funding capital expenditure requirement for purchase and installation of new equipment/machinery and roof-top solar panels at Manufacturing Facility 2The company proposes to purchase and install new equipment/machinery along with civil work for such installation and roof-top solar panels at Village Turan, Amloh Road, Mandi Gobindgarh, Punjab to increase heat treatment and forging capacity and improve quality and checking methodology.40.05 crores
- Repayment and/or pre-payment of certain borrowings availed by the companyThe company proposes to utilize funds for full or partial repayment or pre-payment of certain fund based borrowings to help deleverage the company, maintain optimal debt-equity ratio, improve return on capital employed and enable utilization of internal accruals for business growth.0.57 crores
- General corporate purposesThe company proposes to utilize funds for general corporate purposes including meeting ongoing corporate exigencies, working capital requirements, strategic initiatives, building dedicated sales and management teams, business development initiatives and other expenses as approved by the Board from time to time.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 546.52 | +5.9% | 64.64 | +22.1% | 367.87 | 306.10 | 27.54 |
| 31/03/2025 | 516.30 | +14.7% | 52.95 | +47.9% | 295.98 | 241.62 | 61.89 |
| 31/03/2024 | 449.96 | — | 35.79 | — | 262.08 | 193.94 | 37.14 |
Units: crores
Issue Details
- Face Value
- ₹10
- P/E
- 17.21
- ROCE
- 27.11%
- Shares / Lot
- 52
- Minimum Bid
- 52 shares
- Refund
- 18 Aug 2026
- Credit to Demat
- 18 Aug 2026
- ISIN
- INE1EEM01017
- CIN
- U27109PB1995PLC016490
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead Managers
- Emkay Global Financial Services Ltd.
- Registered Office
- Village Salani, Amloh Road, Mandi Gobindgarh, Punjab-147 301, India
Management
Parkash Chand GargDirector
Rajesh GargVP of Sales
Dinesh GargMD
Lovlish GargDirector
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.