Behari Lal Engineering IPO: Key Details, Strengths, Risks and a 63% Listing Pop
Behari Lal Engineering IPO opened on August 12, 2026, with a price band of ₹271–₹285. Check the subscription status, IPO dates, financial performance and peer comparison.
Behari Lal Engineering IPO: The ₹301.62 crore issue, a ₹93 crore fresh issue plus a ₹208.62 crore offer for sale, was open from 12 to 14 August 2026 at ₹271 to ₹285 per share. Shares were allotted on 17 August, and the stock listed on the NSE at ₹465 on 19 August 2026, a 63.15% premium.
Behari Lal Engineering IPO Details: Behari Lal Engineering was incorporated in 1995 and manufactures integrated steel and iron, along with specialising in customised engineering solutions. It is known to produce various precision-based engineering components for different critical applications like metal rolls, forging shafts and ingots, alloy steel products, and engineering castings.
The company is coming up with a ₹301.62 cr IPO, which was a combination of a fresh issue and OFS. Here are the key details of the Behari Lal Engineering IPO.
Behari Lal Engineering IPO Details
Here are the key dates and issue details:
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Behari Lal Engineering IPO is worth ₹301.62 crore, including a fresh issue of ₹93 crore and an Offer for Sale (OFS) of ₹208.62 crore.
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The IPO opened for subscription on 12 August 2026 and closed on 14 August 2026, with shares to be allotted on 17 August 2026. The shares were listed on the NSE and BSE on 19 August 2026.
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The issue price was set between ₹271 and ₹285 with a lot size of 52 shares.
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Emkay Global Financial Services is the book-running lead manager, and MUFG Intime India is the registrar.
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Promoters held 88.51% before the IPO, which declined to 70.84% after listing.
|
Parameter |
Detail |
|---|---|
|
IPO Open Date |
12 August 2026 |
|
IPO Close Date |
14 August 2026 |
|
Allotment Date |
17 August 2026 |
|
Listing Date |
19 August 2026 (BSE & NSE) |
|
Price Band |
₹271 - ₹285 per share |
|
Lot Size |
52 shares |
|
Minimum Investment |
₹14,820 |
|
Fresh Issue |
₹93 crore |
|
Offer for Sale (OFS) |
₹209 crore |
|
Total Issue Size |
₹302 crore |
Behari Lal Engineering IPO Listing Performance
Behari Lal Engineering shares debuted on the NSE at ₹465 on 19 August 2026, marking a 63.15% premium to the IPO’s upper price band of ₹285.
Grey market activity before listing had implied a premium of about 25%. The actual 63% pop was more than double that.
About Behari Lal Engineering
Behari Lal Engineering is known for producing steel and iron and specialising in providing engineering solutions. It offers different engineering solutions for critical industrial applications like forged shafts and ingots, engineering castings, metal rolls, and alloy steel products.
The company has been in existence for over two decades and is known for providing customised products catered to meet the different needs of its customers. Companies across different industries such as steel, mining, automobile, construction, and aerospace are known to use engineered products provided by Behari Lal Engineering.
Strengths (from DRHP)
- Long-standing customer relationships — 1,681 customers as of March 2025; repeat customers contributed 86.10% of FY2025 revenue
- Diversified product portfolio across four verticals (metal rolls, engineering castings, alloy steel products, forging ingots/shafts)
- One of India's largest metal-rolls producers, meeting an estimated 10-11.5% of domestic demand
- Strong balance sheet — debt-to-equity ratio of just 0.03, down from 0.53 historically
Risk Factors (from DRHP)
- Heavy reliance on repeat customers with no long-term purchase commitments
- Segment concentration — alloy steel, metal rolls and castings together account for over 90% of revenue
- Domestic concentration — 95.75% of FY2025 revenue from India, limited export diversification
- Raw-material cost dependency — cost of materials consumed was 60.78% of total expenses in FY2025
Behari Lal Engineering IPO Reservation
For the Behari Lal Engineering IPO, 35% of the issue has been reserved for retail investors. The table below is the breakdown of share allocation across different investor categories:
|
Investor Category |
Shares Offered |
|---|---|
|
QIB Investors |
50% |
|
Retail Investors |
35% |
|
NII (HNI) Investors |
15% |
Behari Lal Engineering IPO Lot Size
Retail investors could apply for a minimum of 1 lot, under which they was to be offered 52 shares costing ₹14,820. The maximum number of lots for which one can apply is 13, with 390 shares costing ₹1,92,660.
|
Application |
Lots |
Shares |
Amount (₹) |
|---|---|---|---|
|
Retail (Min) |
1 |
52 |
14,820 |
|
Retail (Max) |
13 |
676 |
1,92,660 |
|
S-HNI (Min) |
14 |
728 |
2,07,480 |
|
S-HNI (Max) |
67 |
3,484 |
9,92,940 |
|
B-HNI (Min) |
68 |
3,536 |
10,07,760 |
Behari Lal Engineering IPO Financial Performance
The company has grown its PAT over the past three years and maintained a healthy ROE of 23.78% and ROCE of 28.38% during the same period.
|
Period Ended |
31 Mar 2026 |
31 Mar 2025 |
31 March 2024 |
|---|---|---|---|
|
Revenue from operations (₹ Cr) |
534.03 |
507.91 |
446.08 |
|
Total Income (₹ Cr) |
546.52 |
516.30 |
449.96 |
|
EBITDA (₹ Cr) |
101.33 |
81.31 |
60.99 |
|
EBITDA Margin (%) |
18.97 |
16.01 |
13.67 |
|
PAT (₹ Cr) |
64.64 |
52.95 |
35.79 |
|
PAT Margin (%) |
12.10 |
10.43 |
8.02 |
|
ROE (%) |
23.60 |
24.31 |
22.83 |
|
ROCE (%) |
27.11 |
28.24 |
21.98 |
|
Net Debt/Equity |
0.06 |
0.03 |
0.21 |
Source: Behari Lal Engineering RHP
Behari Lal Engineering IPO Peer Comparison from RHP
Behari Lal Engineering has a higher EPS compared to most of its peers. Having a higher peer is considered better. The table below shows the comparison with its peers.
|
Company |
EPS Diluted (₹) |
P/E (x) |
|---|---|---|
|
Behari Lal Engineering |
16.56 |
N/A |
|
Jayaswal Neco Industries |
4.77 |
18.48 |
|
AIA Engineering |
136.11 |
34.43 |
|
Steelcast |
8.58 |
37.99 |
|
RHI Magnesita India |
-18.54 |
N/A |
|
Vardhman Special Steel |
13.13 |
23.19 |
|
IFGL Refractories |
4.81 |
43.46 |
|
Kennametal India |
46.82 |
62.02 |
As of 31 March 2026
Conclusion
Behari Lal Engineering IPO was a ₹301.62 crore issue combining a ₹93 crore fresh issue and a ₹208.62 crore offer for sale, priced at ₹271 to ₹285 per share. Incorporated in 1995, the company makes integrated steel and iron products and customised precision engineering components, and planned to use the fresh-issue proceeds for new machinery, rooftop solar at its plants and debt repayment. The shares listed at ₹465 on 19 August 2026, a 63.15% premium. With that much gain already priced in, execution on capacity and order flow matters more than anything the IPO itself signalled.
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