Timetable
Issue Summary
Lot Size Strengths & Risks Financials Company Subscription GMP History Anchor Investors
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Behari Lal Engineering IPO
Behari Lal Engineering IPO — dates, price band, GMP & allotment.
Grey Market Premium
▲ ₹133
+46.67% over issue price
Updated 19 Aug 2026, 08:24 AM IST
Subscribed
108.44×
Overall, across all categories
Min Investment
₹14,820
Lot size 52 shares
Listing Gain
63.16%
CMP ₹445.10
Timetable
Issue Summary
| Price Band | ₹271-285 |
| Face Value | ₹10 |
| Lot Size | 52 Shares |
| Issue Size | ₹301.62 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| NSE Symbol | BLEL.NS |
| BSE Scrip Code | 7880 |
| Min Investment | ₹14,820 |
Reservation
QIB
Retail
NII
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 52 | ₹14,820 |
| Retail (Max) | 13 | 676 | ₹192,660 |
| S-HNI (Min) | 14 | 728 | ₹207,480 |
| B-HNI (Min) | 68 | 3,536 | ₹1,007,760 |
Strengths & Risks
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.
Valuation & Key Ratios
P/E Ratio
18.65
EPS (₹)
15.28
RoE
23.60%
RoCE
27.11%
RoNW
21.12%
PAT Margin
12.10%
EBITDA Margin
18.97%
Debt / Equity
0.06
NAV (₹)
78.41
Financials (Rs. Crore)
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 367.87 | 295.98 | 262.08 |
| Total Income | 546.52 | 516.30 | 449.96 |
| Profit After Tax | 64.64 | 52.95 | 35.79 |
| EBITDA | 101.32 | 81.31 | 60.99 |
| NET Worth | 306.10 | 241.62 | 193.66 |
| Reserves and Surplus | 267.06 | 233.81 | 186.13 |
| Total Borrowing | 17.78 | 7.58 | 41.21 |
About The Company
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.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 165.33× | 2,036,900 | — |
| Non-Institutional Investors (NII) | 165.32× | 1,612,761 | — |
| Retail Individual Investors (RII) | 53.27× | 3,763,108 | — |
| Total | 108.44× | 7,412,769 | — |
GMP History
| Date | GMP | % Over Issue Price |
|---|
Anchor Investors
| Investor | Category | Shares Allotted | Value |
|---|
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Grey Market Premium and pre-listing figures are unofficial, unregulated indicators and are not a forecast of listing performance. This page does not constitute investment advice. NSE & BSE Registered Authorised Person · AMFI Registered Mutual Fund Distributor · ARN 309054.
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