Behari Lal Engineering

ListedListed 19 Aug 2026MainboardNSE: BLELCheck allotment

Current price₹ 459.7+61.3% since issue

Listing day+63.16%

Issue price: ₹ 285
Issue size: ₹ 301.62 Cr.
Min. investment: ₹ 14,820
Listing price: ₹ 465
Subscribed: 108.44x
Lot size: 52 shares
P/E: 18.65
RoNW: 21.12%
RoCE: 27.11%
Debt / Equity: 0.06
PAT margin: 12.10%
EBITDA margin: 18.97%
RoE: 23.60%
EPS: ₹ 15.28
NAV: ₹ 78.41
Promoter stake: 70.84%

About

Behari Lal Engineering Limited was started in 1995. It is an integrated iron and steel manufacturing company that focuses on customised engineering solutions. The company makes precision-engineered parts for critical industrial uses. Its main products are metal rolls, engineering castings, alloy steel products, forging ingots and shafts. As on 31 March 2026, the company had served 1,825 customers in India and abroad. Its customer list includes Amba Shakti Industries, BMW Industries, Shyam Metallics and Energy, Laxcon Steels, MSP Steel & Power, Jai Balaji Industries, Propel Industries and Metso India. Manufacturing is done at two units in Mandi Gobindgarh, Punjab. As on 31 May 2026, the order book of the company stood at about Rs 178.57 crore.

Timeline

Opens
12 Aug
done
Closes
14 Aug
done
Allotment
17 Aug
done
Refunds
18 Aug
done
Demat credit
18 Aug
done
Listing
19 Aug
done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest: ₹ 133 on 18 Aug 2026
Lowest: ₹ 25 on 8 Aug 2026
First quoted: ₹ 30 on 7 Aug 2026

Subscription

How many times each investor group bid for its share, as of 19 Aug 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type

Retail (Min)	1	52	₹ 14,820
Retail (Max)	13	676	₹ 1,92,660
S-HNI (Min)	14	728	₹ 2,07,480
B-HNI (Min)	68	3,536	₹ 10,07,760

Company overview

Financials

Financials by year

Assets	367.87	295.98	262.08
Total Income	546.52	516.3	449.96
Profit After Tax	64.64	52.95	35.79
EBITDA	101.32	81.31	60.99
NET Worth	306.1	241.62	193.66
Reserves and Surplus	267.06	233.81	186.13
Total Borrowing	17.78	7.58	41.21

Strengths

The company is almost debt free. Total borrowing was only Rs 17.78 crore as on 31 March 2026 against a net worth of Rs 306.10 crore.
Return ratios are good. RoCE was 27.11% and RoNW was 21.12% in FY2026.
Margins are improving. Total income grew 6% between FY2025 and FY2026, but profit after tax grew 22%, from Rs 52.95 crore to Rs 64.64 crore.
Among the current mainboard issues this one is priced the lowest on earnings. At the upper band of Rs 285 the P/E is about 18.65 times on an EPS of Rs 15.28.
The customer base is wide. The company has served 1,825 customers, including known names such as Shyam Metallics and Energy, Jai Balaji Industries, MSP Steel & Power and Metso India.
The company has a long track record. It has been in this business since 1995.
The fresh money goes into the plants. About Rs 56.24 crore is for new machinery at the two manufacturing facilities and Rs 6.80 crore is for rooftop solar panels, which will bring down the power bill.

Risks

Sales growth is slow. Total income went up only 6% in FY2026, from Rs 516.30 crore to Rs 546.52 crore.
Most of the issue is an offer for sale. Out of Rs 301.62 crore, about Rs 208.62 crore is OFS. The company will receive only around Rs 93 crore.
Promoter holding will fall from 88.51% to 70.84%. Rajesh Garg alone is selling shares worth about Rs 55.39 crore in this offer.
The order book is small compared to yearly sales. It was about Rs 178.57 crore as on 31 May 2026, against total income of Rs 546.52 crore in FY2026.
Iron and steel is a cyclical business. Demand and prices move with the economy, construction activity and global steel rates.
Raw material prices keep changing. Any sharp rise in scrap and steel prices that cannot be passed on will pull down margins.
Both manufacturing units are in Mandi Gobindgarh, Punjab. Any problem in that one location, such as a power cut, labour issue or local regulation, will affect the whole business.
Many customers are steel and metal companies themselves. If that industry slows down, orders will fall across the customer base at the same time.

What the money is for

Objects of the issue

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 roof-top solar panels at Manufacturing Facility 1	3.4
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 roof-top solar panels at Manufacturing Facility 2	3.4
Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the Company	0.57
General Corporate Purposes	—

Promoters

Parkash Chand Garg
Rajesh Garg
Dinesh Garg
Lovlish Garg
Bhuvnesh Garg

Promoter holding88.51%→70.84%before → after the issue · down 17.67 points

Anchor investors

11 anchors put in ₹ 90.49 Cr., including 4 mutual funds.

Anchor investors

TATA AIA LIFE INSURANCE CO.LTD.-FLEXI GROWTH FUND (ULIF 068 25/04/23 FGF 110)	3,15,790	9	9.95%
WHITEOAK CAPITAL BALANCED ADVANTAGE FUND	3,50,896	10	11.05%
WHITEOAK CAPITAL INDIA OPPORTUNITIES FUND	1,75,439	5	5.53%
WHITEOAK CAPITAL EQUITY FUND	1,75,439	5	5.53%
BANDHAN LARGE & MID CAP FUND	4,91,228	14	15.47%
360 ONE EQUITY OPPORTUNITY FUND-SERIES IV	4,56,140	13	14.37%
DYNASIF EQUITY EX-TOP 100 LONG-SHORT FUND	2,45,594	7	7.74%
PINEBRIDGE GLOBAL FUNDS-PINEBRIDGE INDIA EQUITY FUND	1,75,439	5	5.53%
IKIGAI SMALL CAP FUND	1,75,439	5	5.53%
SINGULARITY LARGE VALUE FUND III	3,50,896	10	11.05%
AMICORP CAPITAL (MAURITIUS) LTD.	2,62,646	7.49	8.27%

Registrar, lead managers and documents

Listing on: BSE, NSE
Face value: ₹ 10 a share
Registrar: MUFG Intime India Private Limited
Lead managers: Emkay Global Financial Services, Systematix Corporate Services Limited
Red herring prospectus (RHP): Open
Basis of allotment: Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.