Behari Lal Engineering IPO
Behari Lal Engineering Limitedbeharilalengineering.com
- Price band
- ₹271 – ₹285
- Issue size
- ₹302 Cr
- Lot size
- 52 sh
- Bidding
- 12 – 14 Aug
- Grey market
- —
Face value ₹10.00
31% fresh capital
Lists 19 Aug 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Behari Lal Engineering makes iron and steel components to customer order at two plants in Mandi Gobindgarh, Punjab, selling alloy steel products, metal rolls, engineering castings, forgings and job work; in Fiscal 2026 those lines were 45.81%, 26.35%, 19.54%, 4.40% and 2.35% of revenue from operations of Rs 534.03 Cr. Revenue went from Rs 446.08 Cr in FY24 to Rs 507.91 Cr in FY25 and Rs 534.03 Cr in FY26, a rise of 13.86% then 5.14%, with profit after tax at Rs 35.79 Cr, Rs 52.95 Cr and Rs 64.64 Cr over the same three years. The Rs 301.62 Cr issue was priced at a band of Rs 271-285 and was split Rs 208.62 Cr offer for sale against Rs 93 Cr fresh; it was subscribed 108.44 times overall on the closing day. Separately, the stock listed on 19 August 2026 at Rs 465 against the Rs 285 band top, closed day one at Rs 502.55 and last traded at Rs 431.25 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Behari Lal Engineering, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Majority offer for sale
Only 30.8% of the raise is fresh capital into the company; the rest goes to selling shareholders.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 1995 · Village Salani, Amloh Road, Mandi Gobindgarh, Fatehgarh Sahib, Punjab 147301, India (registered office); corporate office at B-9, Surajmal Vihar, Vikas Marg Extension, East Delhi, Delhi 110092 · 667 employees
Behari Lal Engineering makes iron and steel components to customer order at two plants in Mandi Gobindgarh, Punjab. It sells four product lines: alloy steel products (carbon, alloy and stainless bars in rounds, flats, hex and round-corner square, from 6 mm to 230 mm), metal rolls for rolling mills in grades including alloy cast steel, adamite, graphitic and indefinite chill, engineering castings weighing 500 kg to 20 MT, and forging ingots and forged shafts and blocks. Buyers are industrial rather than retail: steel mills, mining and aggregate crushing, power, sugar, cement, automobile, infrastructure and construction, and aerospace and defence. It had supplied 1,825 customers as of 31 March 2026 and exports to 21 countries across five continents. CRISIL placed its share of India's metal roll demand at 10.00-11.5% in Fiscal 2026. The company was incorporated in 1995 as Behari Lal Ispat Private Limited.
Revenue comes from per-order manufacturing, not a standard catalogue. In Fiscal 2026, alloy steel products contributed 45.81% of ₹534.03 Cr revenue from operations, metal rolls 26.35%, engineering castings 19.54%, forgings 4.40% and job work 2.35%. Cost is dominated by metallics: raw materials consumed were 61.02% of total expenses in Fiscal 2026, so margin depends on the spread between scrap and ingot input prices and order pricing. The structural constraint is tonnage against installed capacity. Capacity was 119,690 MT versus 104,980 MT produced in Fiscal 2026, an 87.71% utilisation, and sales volume fell 1.07% to 88,152.20 MT. EBITDA still rose to ₹101.33 Cr because EBITDA per tonne improved from ₹9,125.51 to ₹11,494.66.
The company on paper
- Legal name
- Behari Lal Engineering Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 23 May 1995
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U27109PB1995PLC016490
- Sector
- Materials · Customised iron and steel products — metal rolls, engineering castings and alloy steel long products
- Employees
- 667
- Registered office
- Village Salani, Amloh Road, Mandi Gobindgarh, Fatehgarh Sahib, Punjab 147301, India (registered office); corporate office at B-9, Surajmal Vihar, Vikas Marg Extension, East Delhi, Delhi 110092
- Promoters
- Parkash Chand Garg, Rajesh Garg, Dinesh Garg, Lovlish Garg, Bhuvnesh Garg
- Promoter holding, pre-issue
- 88.5%
- Promoter holding, post-issue
- 70.8%
- Website
- beharilalengineering.com
The numbers
Financial performance
Revenue has compounded at 9.4% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
31% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹93.00 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹209 Cr
- Total issue size
- ₹302 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 17.7% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹285.00
- Listed at
- ₹465.00
- Listing gain
- up 63.2%
- Since listing
- down 6.5%
- Against the issue price
- up 52.6%
Trading at ₹435.00 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 52
- At cut-off price
- ₹285.00
- Amount blocked
- ₹14,820
One lot is 52 shares at ₹14,820. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~2%
chance of one lot, per application
- Retail subscription
- 53.27×
- Applicants per share available
- 53.3× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹465.00
listed at, 63.2% against the issue price
- Issue price
- ₹285.00
- Premium said
- —
- If allotted 52 shares
- ₹9,360
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- EBITDA margin was 13.67% in FY24 (Rs 60.99 Cr on Rs 446.08 Cr). It was higher in each of the two years that follow: 16.01% in FY25 (Rs 81.31 Cr on Rs 507.91 Cr) and 18.97% in FY26 (Rs 101.33 Cr on Rs 534.03 Cr).
- Profit after tax rose 47.95% in FY25 (Rs 35.79 Cr to Rs 52.95 Cr) and 22.08% in FY26 (Rs 52.95 Cr to Rs 64.64 Cr), against revenue growth of 13.86% and 5.14% in the same two years. Net profit margin was 8.02% in FY24, 10.43% in FY25 and 12.10% in FY26.
- Net worth was Rs 193.66 Cr in FY24 and rose in each of the two later years, to Rs 241.62 Cr in FY25 and Rs 306.10 Cr in FY26. Borrowings against net worth were 0.21x in FY24 (Rs 41.21 Cr on Rs 193.66 Cr), 0.03x in FY25 (Rs 7.58 Cr on Rs 241.62 Cr) and 0.06x in FY26 (Rs 17.78 Cr on Rs 306.10 Cr).
- The company describes itself as having supplied 1,825 customers as of 31 March 2026, employing 667 people and exporting to 21 countries across five continents; CRISIL is cited as placing its share of India's metal roll demand at 10.00-11.5% in Fiscal 2026.
What to weigh against it
- Sales volume fell 1.07% to 88,152.20 MT in Fiscal 2026, in a year when revenue from operations was 5.14% higher at Rs 534.03 Cr against Rs 507.91 Cr in FY25.
- Rs 208.62 Cr of the Rs 301.62 Cr issue, or 69.17%, was offer for sale, against Rs 93 Cr of fresh issue. Promoter holding was 88.51% before the issue and 70.84% after, a fall of 17.67 percentage points.
- Raw materials consumed were 61.02% of total expenses in Fiscal 2026. Within revenue, alloy steel products were 45.81% of the Rs 534.03 Cr from operations and metal rolls a further 26.35%.
- At Rs 431.25 on 23 October 2026 the price was 7.26% below the Rs 465 listing price and 14.19% below the Rs 502.55 close on listing day, while remaining 51.32% above the Rs 285 band top.
Easy to miss in the prospectus
- Tonnage against capacity: 104,980 MT produced against installed capacity of 119,690 MT in Fiscal 2026, an 87.71% utilisation, with sales volume of 88,152.20 MT.
- Per the record's business-model note, EBITDA per tonne improved from Rs 9,125.51 to Rs 11,494.66, a rise of 25.96%; EBITDA itself was Rs 81.31 Cr in FY25 and Rs 101.33 Cr in FY26.
- Borrowings moved Rs 41.21 Cr (FY24), Rs 7.58 Cr (FY25), Rs 17.78 Cr (FY26). The record carries no total assets and no operating cash flow for any of the three years, and no valuation multiples or peer set.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Emkay Global Financial Services Limited, Systematix Corporate Services Limited
- RegistrarAllotment status is checked on the registrar's own site
- MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
How these figures were checked
Reconciled to Behari Lal Engineering's own prospectus and to exchange disclosures, then cross-checked against 9 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
The prospectus is the authoritative document. Check anything that matters against it before you act.
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