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, engineering castings, alloy steel products, forging ingots and shafts.
As of March 31, 2026, the company has catered to 1825 domestic and international customers. Its customer base includes Amba Shakti Industries, BMW Industries, Shyam Metallics and Energy, Laxcon Steels, MSP Steel & Power, Jai Balaji Industries, Propel Industries, and Metso India, among others.
The manufacturing operations comprise two units in Mandi Gobindgarh, Punjab. As of May 31, 2026, the company’s order book stood at Rs 1,785.69 million.
Competitive Strengths:
Behari Lal Engineering Ltd.’s revenue increased by 6% and profit after tax (PAT) rose by 22% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 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 |
| Amount in ₹ Crore | |||
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Rajputana Stainless Ltd. | Mainboard | ₹254.98 Cr | ₹122 | 21.1 | ₹113.03 | -7.35% | ₹152.72 |
| VMS TMT Ltd. | Mainboard | ₹148.50 Cr | ₹99 | 22.24 | ₹99.65 | +0.66% | ₹46.11 |
| Anubhav Plast Ltd. | SME | ₹24.00 Cr | ₹80 | 10.67 | ₹76.00 | -5.00% | ₹51.50 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | 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 |
| 2 | purchase and installation of new roof-top solar panels at Manufacturing Facility 1 | 3.40 |
| 3 | purchase and installation of new equipment / machinery along with civil work for such installation at Manufacturing Facility 2 | 36.65 |
| 4 | purchase and installation of new roof-top solar panels at Manufacturing Facility 2 | 3.40 |
| 5 | Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the Company | 0.57 |
| 6 | General Corporate Purposes | |
| Total | 63.61 |
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 23.60% |
| ROCE | 27.11% |
| Debt/Equity | 0.06 |
| RoNW | 21.12% |
| PAT Margin | 12.10% |
| EBITDA Margin | 18.97% |
| NAV | 78.41 |
| Price to Book Value | 3.63 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 16.56 | 15.28 |
| P/E (x) | 17.21 | 18.65 |
| IPO Date | 12 to 14 Aug, 2026 |
| Listing Date | Wed, Aug 19, 2026T |
| Face Value | ₹10 per share |
| Price Band | ₹271 to ₹285 |
| Lot Size | 52 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 1,05,83,158 shares (agg. up to ₹302 Cr) |
| Fresh Issue | 32,63,157 shares (agg. up to ₹93 Cr) |
| Offer for Sale | 73,20,001 shares of ₹10 (agg. up to ₹209 Cr) |
| Share Holding Pre Issue | 3,90,39,325 shares |
| Share Holding Post Issue | 4,23,02,482 shares |
The promoters of the company are Parkash Chand Garg, Rajesh Garg, Dinesh Garg, Lovlish Garg and Bhuvnesh Garg.
| Share Holding Pre Issue | 88.51% |
| Share Holding Post Issue | 70.84% |
As per our analysis and Based on the information we have, this is the output.
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