Behari Lal EngineeringIPO Review — Financials, Valuation & Peers
A data-only look at the Behari Lal Engineering IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 449.96 | 35.79 | 60.99 | 193.66 | 262.08 | 41.21 | — |
| FY 2025 | 516.3 | 52.95 | 81.31 | 241.62 | 295.98 | 7.58 | — |
| FY 2026 | 546.52 | 64.64 | 101.32 | 306.1 | 367.87 | 17.78 | 16.56 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 17.21x
- P/E (post-issue)
- 18.65x
- RoNW
- 21.12%
- RoE
- 23.6%
- RoCE
- 27.11%
- Debt / Equity
- 0.06
- EPS (pre-issue)
- ₹16.56
- EPS (post-issue)
- ₹15.28
- EBITDA Margin
- 18.97%
- PAT Margin
- 12.1%
- P/BV
- 3.63x
- NAV / share
- ₹78.41
- Market Cap
- ₹1,205.62 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| Behari Lal Engineering | 16.56 | 78.41 | — | 21.12% | Standalone |
| AIA Engineering Ltd. | 136.11 | 859.98 | 34.43x | 15.53% | Consolidated |
| IFGL Refractories Ltd. | 4.81 | 163 | 43.46x | 7.93% | Consolidated |
| Jayaswal Neco Industries Ltd. | 4.77 | 29.26 | 18.48x | 16.39% | Standalone |
| Kennametal India Ltd. | 46.82 | 340.02 | 62.02x | 13.7% | Standalone |
| RHI Magnesita India Ltd. | -18.54 | 172.42 | — | -10.81% | Consolidated |
| Steelcast Ltd. | 8.58 | 39.03 | 37.99x | 21.89% | Standalone |
| Vardhman Special Steel Ltd. | 13.15 | 132.11 | 23.19x | 9.59% | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Parkash Chand Garg, Rajesh Garg, Dinesh Garg, Lovlish Garg, Bhuvnesh Garg</p>
- Holding (pre-issue)
- 88.51%
- Holding (post-issue)
- 70.84%
- Dilution
- 17.67%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | May Apply |
Third-party analyst views on the Behari Lal Engineering IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
11 anchor investors participated in the Behari Lal Engineering IPO ahead of the public offer, together allocated ₹90.49 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to BANDHAN LARGE & MID CAP FUND (₹14 crore), 360 ONE EQUITY OPPORTUNITY FUND-SERIES IV (₹13 crore) and WHITEOAK CAPITAL BALANCED ADVANTAGE FUND (₹10 crore). Investor categories represented include Other, Insurance and FII/FPI. The lock-in on half the anchor shares ends on 15 Sept 2026, with the remainder locked until 14 Nov 2026.
Analyst view tally
ipostation tracks 1 third-party reviewer on the Behari Lal Engineering IPO, including Capital Market. Of the 1 with a stated verdict, 1 says "May Apply". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Behari Lal Engineering operates at an EBITDA margin of 18.97% and a net (PAT) margin of 12.1% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 27.11% and a return on equity (RoE) of 23.6%. At the upper band, the post-issue market capitalisation works out to about ₹1,205.62 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
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.
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.
Frequently asked questions
- What is the reservation split in the Behari Lal Engineering IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%.
- Who are the promoters of Behari Lal Engineering and what is their holding?
- The promoters are <p>Parkash Chand Garg, Rajesh Garg, Dinesh Garg, Lovlish Garg, Bhuvnesh Garg</p>. Promoter holding is 88.51% before the issue and 70.84% after listing.
- What is the P/E ratio of the Behari Lal Engineering IPO?
- At the upper price band, the Behari Lal Engineering IPO is valued at 17.21× pre-issue earnings and 18.65× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Behari Lal Engineering IPO?
- The net proceeds go primarily toward purchase and installation of new equipment / machinery along with civil work for such installation at manufacturing facility 2, among 7 disclosed objects.