Behari Lal Engineering Limited (BLEL) is an integrated iron and steel manufacturer producing customised, precision-engineered steel products for diverse industrial applications.
The company primarily operates across four product segments:
- Forging Ingots and Forged Shafts/Blocks: Used in forging applications across automotive, aerospace, oil & gas, energy and heavy engineering.
- Alloy Steel Products: Carbon, alloy and stainless-steel bars, including tool and valve steel for automotive, engineering and oil & gas applications.
- Metal Rolls: Customised rolls used to manufacture TMT rebars, wire rods, angles, channels and beams.
- Engineering Castings: Specialised castings for power, steel, cement, mining, automotive and heavy engineering applications.
BLEL operates two manufacturing facilities in Mandi Gobindgarh, Punjab, with a combined installed capacity of 119,690 MT, and is developing a third facility in Punjab.
The company serves customers across multiple industries, including automobile, steel, mining, infrastructure & construction, power, aerospace & defence, and cement. As of March 31, 2026, it had catered to 1,825 customers. Since April 1, 2023, BLEL has exported its products across 5 continents and 21 countries.
Its customer base includes companies such as BMW Industries, Shyam Metalics and Energy, Jai Balaji Industries, MSP Steel & Power, Metso India, Propel Industries, SRMB Srijan, Shyam Steel Industries, and Vardhman Special Steels, among others.
In Fiscal 2026, Alloy Steel Products were the largest revenue contributor at 45.81%, followed by Metal Rolls at 26.35%, Engineering Castings at 19.54%, and Forging Ingots and Forged Shafts/Blocks at 4.40% of revenue from operations.
BLEL’s manufacturing facilities hold certifications including ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018, along with BIS licences, ZED certification and other industry-specific approvals.
As of May 31, 2026, the company had 667 permanent employees and 359 contract workers, representing a total workforce of 1,026 people.
Behari Lal Engineering IPO – Details
| IPO Opening Date | 12 August 2026 |
| IPO Closing Date | 14 August 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 1,05,83,158 Shares Worth ₹301.62 Crore Fresh Issue: 32,63,157 Shares Worth ₹93.00 Crore Offer For Sale: 73,20,001 Shares Worth ₹208.62 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹271 – ₹285 per share |
| Market Lot | 52 Shares |
| Min Order | 52 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Behari Lal Engineering IPO – Date Schedule
| IPO Open Date | 12 August 2026 |
| IPO Close Date | 14 August 2026 |
| Basis of Allotment | 17 August 2026 |
| Initiation of Refund | 18 August 2026 |
| Credit of Shares to Demat Account | 18 August 2026 |
| IPO Listing Date | 19 August 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 14, 2026 |
Behari Lal Engineering IPO – Lots Size & Price
| 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 |
Competitive Strength
- Long standing relationships with a large number of customers spread across a wide array of end-user industries.
- Diversified product portfolio catering to varied application industries.
- Strategically located Manufacturing Facilities with advanced equipment and robust overlapping processes.
- Experienced promoters and management team.
- Track record of financial performance and consistent growth.
Company Promoters
- Parkash Chand Garg
- Rajesh Garg
- Dinesh Garg
- Lovlish Garg
- Bhuvnesh Garg
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹449.96 Cr | ₹400.04 Cr | ₹35.79 Cr | ₹41.21 Cr |
| 31 March 2025 | ₹516.30 Cr | ₹446.94 Cr | ₹52.95 Cr | ₹7.58 Cr |
| 31 March 2026 | ₹546.52 Cr | ₹459.94 Cr | ₹64.64 Cr | ₹17.78 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 23.60% |
| ROCE | 27.11% |
| Debt/Equity | 0.06 |
| RoNW | 21.12% |
| PAT Margin | 12.10% |
| EBITDA Margin | 18.97% |
| NAV | 78.41 |
| Price to Book Value | 3.63 |
| Pre IPO | Post IPO | |
| EPS (₹) | 16.56 | 15.28 |
| P/E (x) | 17.21 | 18.65 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding capital expenditure requirement for purchase and installation of new equipment / machinery (including computers, printers and computer peripherals) along with civil work for such installation at Manufacturing Facility 1. | ₹19.59 |
| Purchase and installation of new rooftop solar panels at Manufacturing Facility 1. | ₹3.40 |
| Purchase and installation of new equipment/machinery along with civil work for such installation at Manufacturing Facility 2. | ₹36.65 |
| Purchase and installation of new rooftop solar panels at Manufacturing Facility 2. | ₹3.40 |
| Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the Company. | ₹0.57 |
| General Corporate Purposes. |
Behari Lal Engineering IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Jayaswal Neco Industries Limited | 18.48 |
| 2 | 2 | AIA Engineering Limited | 34.43 |
| 3 | 1 | Steelcast Limited | 37.99 |
| 4 | 10 | Vardhman Special Steel Limited | 23.19 |
| 5 | 10 | IFGL Refractories Limited | 43.46 |
| 6 | 10 | Kennametal India Limited | 62.02 |
✅Strengths
- Strong customer retention with 84.69% FY26 revenue from repeat customers.
- Diversified product portfolio serving multiple industries.
- Strong manufacturing base with 119,690 MT installed capacity.
- Experienced promoters with decades of steel industry expertise.
- Healthy ₹1,785.69 million order book as of May 2026.
⚠️Risks
- Top 10 customers contributed 38% of FY26 revenue.
- Raw material price fluctuations may impact margins.
- Manufacturing operations are concentrated in Punjab.
- High fixed costs require strong capacity utilisation.
- Equipment breakdowns and regulatory issues may disrupt operations.
Behari Lal Engineering IPO Prospectus
Company Contact Information
| Behari Lal Engineering Limited Village Salani, Amloh Road, Mandi Gobindgarh, Fatehgarh Sahib, Punjab, 147301 Phone: +91 17655 20694 Email: cs@beharilalgroup.co Website: https://www.beharilalengineering.com/ |
Behari Lal Engineering IPO Registrar
| MUFG Intime India Pvt. Ltd. Phone: 022-49186000 Email: beharilalengineering.ipo@in.mpms.mufg.com Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Behari Lal Engineering IPO Lead Manager(s)
| 1. Systematix Corporate Services Limited 2. Emkay Global Financial Services Limited |
Behari Lal Engineering IPO FAQs
| What is the Behari Lal Engineering IPO? Behari Lal Engineering IPO is a main-board IPO. The issue is priced at ₹271 to ₹285 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Behari Lal Engineering IPO open? The IPO is to open on 12 August 2026 for QIB, NII, and Retail Investors. |
| What is Behari Lal Engineering IPO investors’ portion? The investors’ portion is QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Behari Lal Engineering IPO Size? Behari Lal Engineering IPO size is ₹301.62 Crore. |
| What are the Behari Lal Engineering IPO Minimum and maximum lot sizes for Retail? The minimum bid is 52 Shares with ₹14,820, while the maximum bid is 676 Shares with ₹1,92,660. |
| What is the Behari Lal Engineering IPO Allotment Date? Behari Lal Engineering IPO allotment date is 17 August 2026. |
| What is the Behari Lal Engineering IPO Listing Date? Behari Lal Engineering IPO listing date is 19 August 2026. The IPO is to be listed on the BSE and the NSE. |
