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Behari Lal Engineering Ltd IPO
Behari Lal Engineering Ltd
₹14,092 /52 sharesMinimum investment
IPO listing details
Listed on
19 Aug '26
Issue price
₹285.00
Listing price
₹465.00
Listing gains
₹180.00 (63.16%)
Exchange
--
IPO details
Minimum investment
₹14,092
Price range
₹271 - ₹285
Lot size
52
Issue size
301.62 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers165.33x
Non-Institutional Investor163.91x
Retail Individual Investor50.01x
Total106.48x
As of 14 Aug'26, 05:00 PM
Schedule
12 Aug 2026
IPO open date
14 Aug 2026
IPO close date
17 Aug 2026
Allotment date
17 Aug 2026
Funds unblock or debit
19 Aug 2026
Tentative listing date
About
Founded in
1995
MD/CEO
Mr. Dinesh Garg
Parent organisation
Behari Lal Engineering Ltd
Behari Lal Engineering Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company has a diversified product portfolio comprising metal rolls, engineering castings, alloy steel products, and forging ingots and forged shafts/blocks, which are used across more than 10 industries, including automobiles, infrastructure, aerospace and defence, engineering, power, railways, and cement.
The company has a large base of repeat customers. It had 366, 378, and 364 repeat customers in FY24, FY25, and FY26, respectively. Revenue from repeat customers stood at Rs 357.05 crore, Rs 437.30 crore, and Rs 452.28 crore, accounting for 80.04%, 86.10%, and 84.69% of revenue from operations in FY24, FY25, and FY26, respectively.
The company operates two manufacturing facilities in Mandi Gobindgarh, Punjab, with a combined installed capacity of 119,690 MT as of FY26. Its overall capacity utilisation stood at 85.47%, 90.30%, and 87.71% in FY24, FY25, and FY26, respectively.
The company claims to have manufacturing facilities with overlapping processes that allow the same infrastructure to be used for producing different product categories. It also claims to have dedicated physical testing, chemical testing, and sand laboratories equipped with testing and inspection equipment.
The company is ISO 9001:2015 certified for quality management systems, ISO 14001:2015 certified for environmental management systems, and ISO 45001:2018 certified for occupational health and safety management systems. It also holds a BIS licence and approvals/certifications including PED 2014/68/EU and approval from the Central Boilers Board for manufacturing specified boiler-quality ingots.
Revenue from high-value products saw an upward trend. It stood at Rs 199.16 crore (44.65%), Rs 230.85 crore (45.45%), and Rs 308.57 crore (57.78%) in FY24, FY25, and FY26, respectively. Revenue earned from high-value products has been consistently increasing over these years in both absolute numbers and percentage terms. This is expected to improve its product mix, operational profit margins, and profitability.
The company has seen an increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 446.08 crore in FY24 to Rs 507.91 crore in FY25 and Rs 534.02 crore in FY26, while PAT increased from Rs 35.79 crore to Rs 52.95 crore and Rs 64.64 crore, respectively.
The top 10 customers of the company contributed Rs 168.65 crore (37.81%), Rs 202.72 crore (39.91%), and Rs 202.92 crore (38.00%) to its revenue from operations in FY24, FY25, and FY26, respectively. The company does not enter into long-term contracts with its customers, and any failure to retain these customers or a reduction in business from them can adversely affect the company’s business and financial condition.
Repeat customers contributed Rs 357.05 crore (80.04%), Rs 437.30 crore (86.10%), and Rs 452.28 crore (84.69%) to the company’s revenue from operations in FY24, FY25, and FY26, respectively. These are significant numbers, and any loss of repeat customers or reduction in demand from them can adversely affect the company’s revenue, profitability, and financial condition.
The automobile, infrastructure, aggregate crusher manufacturing, and engineering-industrial equipment industries contributed Rs 206.38 crore (38.65%), Rs 110.45 crore (20.68%), Rs 98.01 crore (18.35%), and Rs 90.00 crore (16.85%), respectively, to the company’s revenue from operations in FY26. The company’s concentration on a limited number of end-user industries makes its business dependent on demand and market conditions in these sectors, and any downturn in these industries can adversely affect its business, revenue, and financial condition.
While the company’s products are sold across 21 countries, domestic customers contributed Rs 424.52 crore (95.17%), Rs 485.93 crore (95.67%), and Rs 486.05 crore (91.02%) to the company’s revenue from operations in FY24, FY25, and FY26, respectively. While greater international exposure could provide geographic diversification, the company currently remains highly dependent on the domestic market, making its business susceptible to changes in demand and market conditions in India.
The cost of raw materials consumed by the company stood at Rs 274.52 crore (68.62%), Rs 271.65 crore (60.78%), and Rs 280.66 crore (61.02%) of total expenses in FY24, FY25, and FY26, respectively. Any inability to procure raw materials at commercially acceptable prices can affect the company’s manufacturing operations and its ability to meet customer orders.
Purchases from the company’s top 10 vendors accounted for Rs 158.31 crore (47.65%), Rs 138.50 crore (38.05%), and Rs 176.70 crore (49.00%) of total purchases in FY24, FY25, and FY26, respectively. The company does not enter into long-term contracts with these vendors, and any loss of key suppliers or increase in raw material prices can adversely affect its operations and profitability.
Alloy steel products, metal rolls, and engineering castings collectively contributed more than 90% of the company’s revenue from operations in each of FY24, FY25, and FY26. Any decrease in demand for these products, which cannot be offset by other product segments, can adversely affect the company’s revenue and financial condition.
The company has generated positive operating cash flows over the three years, from ₹37.14 crore in FY24 to ₹61.89 crore in FY25, before moderating to ₹27.54 crore in FY26. This decline in FY26 was largely due to an increase in inventories and trade receivables. Going forward, this could be a key monitorable for investors.
The company’s inventories stood at Rs 62.36 crore, Rs 81.10 crore, and Rs 104.39 crore, while inventory days stood at 34 days, 42 days, and 57 days in FY24, FY25, and FY26, respectively. Both sets of numbers are rising. This could result in higher finance cost, which will weigh on the bottomline.
The company’s trade receivables stood at Rs 81.34 crore, Rs 78.39 crore, and Rs 95.77 crore in FY24, FY25, and FY26, respectively. This indicates that credit sales are increasing, which will weigh on the company’s cash flows. This will be a key monitorable for investors going forward.
Revenue denominated in foreign currency accounted for Rs 19.90 crore (4.46%), Rs 18.38 crore (3.62%), and Rs 39.36 crore (7.37%) of revenue from operations in FY24, FY25, and FY26, respectively. The company has not hedged its foreign currency exposure, and adverse exchange rate fluctuations can affect its costs, cash flows, and financial condition.
Application details
For Behari Lal Engineering IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹271 - ₹285 | Upto ₹2 Lakhs | 52 |
| High Networth Individual | ₹271 - ₹285 | ₹2 - ₹5 Lakhs | 52 |
About
Objectives of Behari Lal Engineering IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
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 |
19.58 |
|
Funding capital expenditure requirement for purchase and installation of new roof-top solar panels at Manufacturing Facility 1 |
3.40 |
|
Funding capital expenditure requirement for purchase and installation of new equipment / machinery along with civil work for such installation at Manufacturing Facility 2 |
36.65 |
|
Funding capital expenditure requirement for purchase and installation of new roof-top 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 |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of Behari Lal Engineering IPO
|
Book Running Lead Manager |
Emkay Global Financial Services Limited, Systematix Corporate Services Limited |
|
Registrar to the Issue |
MUFG Intime India Private Limited |
Key Performance Indicators (KPIs) of Behari Lal Engineering Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROE (%) |
23.60 |
|
ROCE (%) |
27.11 |
|
EBITDA Margin (%) |
18.97 |
|
Debt/Equity Ratio |
0.06 |
|
PAT Margin (%) |
12.10 |
|
Return on Net Worth (RoNW) (%) |
21.12 |
|
Net Asset Value (NAV) per Equity Share (₹) |
78.41 |
|
EPS (Pre-IPO) (₹) |
16.56 |
Behari Lal Engineering IPO Contact Details
|
Company Name |
Behari Lal Engineering Limited |
|
Registered Office |
Village Salani, Amloh Road, Mandi Gobindgarh, Punjab, India- 147 301. |
|
Phone |
+91 17655 20694 |
|
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|
Website |
Behari Lal Engineering IPO Registrar Contact Details
|
Company Name |
MUFG Intime India Private Limited |
|
Phone |
+91 810 811 4949 |
|
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Website |