Behari Lal Engineering IPO

The Behari Lal Engineering mainboard IPO runs from 12 Aug 2026 to 14 Aug 2026, offered at a price band of ₹271–285 per share, and is set to list on NSE and BSE. The company is looking to raise ₹301.62 crore through the offer. Retail investors bid in lots of 52 shares, a minimum application of ₹14,820.

Issue structure

The offer combines a fresh issue of ₹93 crore with an offer for sale (OFS) of ₹208.62 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward purchase and installation of new equipment / machinery along with civil work for such installation at manufacturing facility 2 (₹36.65 crore), alongside issue expenses (₹31.97 crore). In all, 7 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Behari Lal Engineering reported revenue of ₹546.52 crore and a net profit of ₹64.64 crore. Revenue grew from ₹449.96 crore in FY2024 to ₹546.52 crore in FY2026 (+21.0%). Net worth stood at ₹306.1 crore at the end of FY2026. At the upper band, that puts the issue at roughly 17.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 18.65× post-issue earnings and 3.63× book value, against a return on net worth of 21.12% and a debt-to-equity ratio of 0.06. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including AIA Engineering Ltd. and IFGL Refractories Ltd., with a median peer P/E of about 36.2×. The issue's own post-issue P/E works out to 18.65×.

Promoters

The promoters of the company are <p>Parkash Chand Garg, Rajesh Garg, Dinesh Garg, Lovlish Garg, Bhuvnesh Garg</p>. Promoter holding stands at 88.51% before the issue and comes down to 70.84% after listing.

Grey market premium (GMP)

In the unofficial grey market, Behari Lal Engineering shares are quoted at a premium of ₹133 implying an expected listing around ₹418, about +46.7% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

Subscription

The Behari Lal Engineering IPO was subscribed 118.07 times overall. The strongest demand came from qualified institutional buyers (QIB) at 222.04 times, with non-institutional investors (NII) at 167.95× and retail investors at 54.12×.

Listing performance

Behari Lal Engineering listed on 19 Aug 2026 at ₹458, a premium of +60.7% over the issue price of ₹285.

What to weigh

When evaluating the Behari Lal Engineering IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Behari Lal Engineering

Incorporated in 1995, Behari Lal Engineering Ltd. is an integrated iron and steel manufacturing company specialising in customised engineering solutions. The company manufactures precision-engineered components for critical industrial applications, including: Metal Rolls across grades such as alloy cast steel, alloy steel base adamite, graphitic steel, and S.G. iron pearlitic. Engineering Castings ranging from 500 kg to 20 MT for industries such as steel, iron, mining, aggregate crushers, power, and sugar. Alloy Steel Products, including carbon, alloy, and stainless steel bars in sections such as rounds, flats, hex, and round corner squares, with sizes from 6 mm to 230 mm, along with tool and valve steel. Forging Ingots and Forged Shafts/Blocks for use as raw materials in open-die and closed-die forging applications. As of March 31, 2025, the company has catered to 1,681 domestic and international customers. Its customer base includes Amba Shakti Industries, BMW Industries, Shyam Metallics and Energy, Laxcon Steels, MSP Steel &amp; Power, Jai Balaji Industries, Propel Industries, and Metso India, among others. The manufacturing operations comprise two units in Mandi Gobindgarh, Punjab, spread across approximately 790,000 sq. ft. with a combined installed capacity of 119,464 MT, including finished steel processing capacity of 54,464 MT and rolling mill capacity of 65,000 MT. As of August 31, 2025, the company employed 774 trained employees.