Behari Lal Engineering Limited is an integrated iron and steel manufacturer and foundry company based in Mandi Gobindgarh, Punjab. The company has launched its ₹301.62 crore IPO, which combines a ₹93 crore fresh issue with a ₹208.62 crore Offer for Sale (OFS).
This Behari Lal Engineering IPO Analysis covers the issue structure, business model, financial performance, valuation, use of proceeds, Day 1 subscription, GMP, peer comparison, strengths, risks and important dates to help investors assess the offer.
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Table of Contents
- Behari Lal Engineering IPO Details
- About Behari Lal Engineering
- Behari Lal Engineering Business Model and Product Portfolio
- Customers, Order Book and Revenue Visibility
- Behari Lal Engineering Financial Performance
- Profitability, Debt and Balance Sheet Position
- Behari Lal Engineering IPO Valuation
- Behari Lal Engineering Peer Comparison
- Why Behari Lal Engineering Is Raising Funds
- Behari Lal Engineering IPO Structure: Fresh Issue vs Offer for Sale
- Behari Lal Engineering IPO GMP and Expected Listing
- Key Strengths of Behari Lal Engineering
- Key Risks of Behari Lal Engineering IPO
- Behari Lal Engineering IPO Review: Key Investor Takeaways
- What Could Drive Growth After the IPO?
- What Should Investors Monitor After Listing?
- Final Investment Outlook
- Frequently Asked Questions About Behari Lal Engineering IPO
The Behari Lal Engineering IPO is a mainboard issue of ₹301.62 crore. The offer consists of 1,05,83,158 equity shares and includes both fresh shares issued by the company and shares offered by existing shareholders.
| IPO Parameter |
Details |
| IPO size |
₹301.62 crore |
| IPO dates |
August 12 to August 14, 2026 |
| Price band |
₹271 to ₹285 per share |
| Face value |
₹10 per share |
| Total issue |
1,05,83,158 shares |
| Fresh issue |
₹93 crore, 32,63,157 shares |
| Offer for Sale |
₹208.62 crore, 73,20,001 shares |
| Market capitalisation |
Approximately ₹1,205.62 crore at ₹285 |
| Lot size |
52 shares |
| Minimum retail investment |
₹14,820 at the upper price band |
| Listing |
BSE and NSE |
| Issue type |
Mainboard IPO |
| Lead managers |
Emkay Global Financial Services Ltd. and Systematix Corporate Services Ltd. |
| Registrar |
MUFG Intime India Pvt. Ltd. |
The IPO is open for subscription from August 12 to August 14, 2026. Investors can bid within the ₹271 to ₹285 price range, with 52 shares forming one retail lot.
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Get the latest details on the Behari Lal Engineering IPO, including its price band, issue size, lot size, subscription timeline and listing details.
Behari Lal Engineering IPO Date and Important Timeline
The Behari Lal Engineering IPO Date is August 12, 2026, when bidding opens for investors. The issue closes on August 14, followed by the allotment and listing process.
| IPO Event |
Date |
| IPO opens |
August 12, 2026 |
| IPO closes |
August 14, 2026 |
| Basis of allotment |
August 17, 2026 |
| Refunds or fund unblocking |
August 18, 2026 |
| Demat share credit |
August 18, 2026 |
| Tentative listing |
August 19, 2026 |
The allotment is expected to be finalised on August 17. Shares are scheduled to be credited to successful applicants' demat accounts on August 18, with the tentative listing planned for August 19, 2026.
Behari Lal Engineering IPO Price, Lot Size and Market Capitalisation
The Behari Lal Engineering IPO Price is fixed in the range of ₹271 to ₹285 per share. At the upper band, a retail investor needs ₹14,820 for one lot of 52 shares.
| Particular |
Calculation / Amount |
| Lower price band |
₹271 |
| Upper price band |
₹285 |
| Lot size |
52 shares |
| Investment at lower band |
₹14,092 |
| Investment at upper band |
₹14,820 |
| Post-issue market capitalisation at upper band |
Approximately ₹1,205.62 crore |
The ₹301.62 crore issue represents a combination of capital raised by the company and an exit opportunity for existing shareholders. Therefore, the headline IPO size should not be treated entirely as growth capital available to Behari Lal Engineering.
Behari Lal Engineering IPO Shareholding and Investor Quotas
The net issue is divided between qualified institutional, non-institutional and retail investors.
| Investor Category |
Reservation |
| QIB |
Up to 50% of the net issue |
| NII/HNI |
Not less than 15% of the net issue |
| Retail investors |
Not less than 35% of the net issue |
Qualified Institutional Buyers can account for up to 50% of the net issue, while non-institutional investors receive at least 15%. Retail investors have a minimum allocation of 35%.
Institutional participation is particularly relevant for the overall subscription picture because QIB demand can often become more visible towards the later part of the bidding period.
Behari Lal Engineering Limited was established in 1995 and operates as an integrated iron and steel manufacturing and casting company. Based in Mandi Gobindgarh, Punjab, the company operates two manufacturing facilities with multiple production processes integrated within its operations.
Key aspects of Behari Lal Engineering's business and operations include:
- Manufacturing facilities: Two facilities located in Mandi Gobindgarh, Punjab.
- Steel Melt Shop: Used for melting and processing steel inputs.
- Foundry: Manufactures cast components and engineering castings.
- Rolling Mill: Produces steel products such as flats, rounds and squares.
- Forging operations: Produces forging ingots and forged shafts.
- Product portfolio: Includes metal rolls, engineering castings, alloy steel products and forging products.
- Customer base: 1,825 domestic and international customers as of March 31, 2026.
- Key customers: Shyam Metallics and Energy, BMW Industries, Amba Shakti Industries, MSP Steel & Power, Jai Balaji Industries and Metso India.
- Executable order book: ₹178.57 crore as of May 31, 2026.
- Repeat customer revenue: ₹452.28 crore, representing 84.69% of FY26 revenue.
The integrated setup allows Behari Lal Engineering to manage several stages of production within its own manufacturing ecosystem. This can provide greater control over production, material handling and product specifications while potentially reducing the need to move semi-finished materials between external facilities.
Behari Lal Engineering's business model combines steel manufacturing, alloy steel production, foundry operations and forging. Instead of depending on a single product category, the company supplies a range of products used in industrial and engineering applications.
Metal Rolls and Engineering Castings
The company manufactures metal rolls and engineering castings designed for heavy industrial equipment. These products require manufacturing precision because they are used in applications where component durability and performance are important.
Alloy Steel Products
Its alloy steel portfolio includes flats, rounds and squares supplied for automotive and engineering applications. Alloy steel products account for a significant part of the company's revenue mix, with alloy steel products contributing 45.81% of revenue according to the supplied peer-analysis data.
Forging Products
The company also manufactures forging ingots and forged shafts used in critical industrial machinery.
Its product mix therefore covers multiple stages and applications within the broader steel and engineering value chain.
Behari Lal Engineering had 1,825 domestic and international customers as of March 31, 2026. Its customer base includes companies such as Shyam Metallics and Energy, BMW Industries, Amba Shakti Industries, MSP Steel & Power, Jai Balaji Industries and Metso India.
Customer diversification provides some protection against dependence on a single buyer. However, the company does not operate primarily through long-term binding contracts. Instead, business is largely generated through purchase orders.
As of May 31, 2026, the company had an executable order book of ₹178.57 crore.
The order book provides near-term revenue visibility, although it should not be interpreted as guaranteed long-term revenue because the company's business does not rely predominantly on long-duration off-take agreements.
Repeat Customer Revenue
One of the notable operating indicators is the contribution from repeat customers.
In FY26, repeat customers contributed ₹452.28 crore, representing 84.69% of revenue.
A high repeat-customer contribution can indicate established business relationships and product acceptance. It also provides some degree of revenue stability, although repeat orders remain subject to customer demand, industry conditions and purchase-order cycles.
The company has reported growth in revenue and profitability over the last three financial years. Revenue increased from ₹449.96 crore in FY24 to ₹546.52 crore in FY26, while PAT rose from ₹35.79 crore to ₹64.64 crore over the same period.
| Financial Metric |
FY24 to FY26 |
| Revenue |
₹449.96 crore → ₹516.30 crore → ₹546.52 crore |
| EBITDA |
₹60.99 crore in FY24 → ₹81.31 crore in FY25 |
| PAT |
₹35.79 crore → ₹52.95 crore → ₹64.64 crore |
| FY26 revenue growth |
5.85% YoY |
| FY26 PAT growth |
22.08% YoY |
| FY26 net worth |
₹306.10 crore |
| FY26 total debt |
₹17.78 crore |
Revenue grew by 5.85% in FY26, while PAT increased by 22.08%. The faster growth in profit compared with revenue indicates an improvement in earnings conversion over the period.
The key financial performance trends are discussed in detail below.
Revenue Growth
Revenue increased from ₹449.96 crore in FY24 to ₹516.30 crore in FY25 and further to ₹546.52 crore in FY26.
The growth has been steady rather than exceptionally rapid. This is important when evaluating the IPO because the valuation needs to be assessed against both the company's profitability and its future growth potential.
Profit Growth
PAT increased from ₹35.79 crore in FY24 to ₹52.95 crore in FY25 and ₹64.64 crore in FY26.
The FY26 PAT growth of 22.08% was considerably higher than revenue growth of 5.85%. This indicates that profitability improved faster than the top line during the year.
Behari Lal Engineering had a net worth of ₹306.10 crore as of FY26, while total debt stood at ₹17.78 crore.
The company therefore operates with relatively modest debt compared with its net worth. This provides some financial flexibility, although the absolute level of debt should be assessed alongside working capital requirements and future capital expenditure.
The peer-analysis data also indicates an ROE of 24.31% and ROCE of 27.11% for Behari Lal Engineering.
These return ratios suggest that the company has been generating healthy returns on the capital employed in the business. However, maintaining these returns will depend on capacity utilisation, raw material costs, product mix and future expansion.
At the upper price band of ₹285, the company is valued at approximately 18.65x trailing P/E based on FY26 earnings.
This valuation is below the supplied peer-group average P/E of approximately 31.36x.
The company's peer-analysis data also places its EV/EBITDA at approximately 12.07x.
| Valuation Metric |
Behari Lal Engineering |
| Upper IPO price |
₹285 |
| Trailing P/E |
Approximately 18.65x |
| EV/EBITDA |
Approximately 12.07x |
| Peer-group average P/E |
Approximately 31.36x |
| ROE |
24.31% |
| ROCE |
27.11% |
The valuation does not appear expensive when compared purely with the supplied peer P/E range. However, a lower multiple can also reflect differences in business scale, geographical concentration, product mix, customer profile and growth visibility.
Therefore, the IPO valuation should not be judged only by comparing P/E ratios.
Behari Lal Engineering operates across specialised casting, alloy steel, forging and engineering products. Comparing its valuation with listed peers helps assess how the company's IPO pricing stands against businesses operating in related segments.
Behari Lal Engineering IPO Valuation vs Peers
| Company |
P/E / EV-EBITDA |
| Behari Lal Engineering |
18.65x / 12.07x |
| AIA Engineering |
34.43x / 24.04x |
| Steelcast |
37.99x / 22.50x |
| Vardhman Special Steel |
23.19x / 13.10x |
| Jayaswal Neco Industries |
18.48x / 6.52x |
At 18.65x P/E, Behari Lal Engineering is valued below AIA Engineering, Steelcast and Vardhman Special Steel, while its P/E is broadly in line with Jayaswal Neco Industries. Its EV/EBITDA of 12.07x is also below the specialised peers in the comparison.
How Behari Lal Engineering Compares With Its Peers
| Company |
Key Comparison |
| Behari Lal Engineering |
ROE 24.31%; ROCE 27.11% |
| AIA Engineering |
Larger global specialised engineering business |
| Steelcast |
Higher-margin specialised casting business |
| Vardhman Special Steel |
Alloy and special steel peer |
| Jayaswal Neco Industries |
Similar P/E, but lower EV/EBITDA |
Overall, the comparison suggests that Behari Lal Engineering's valuation is moderate relative to the selected peer group. However, differences in scale, product mix, margins and geographical presence should be considered when comparing the multiples.
Comparison with AIA Engineering
AIA Engineering has a substantially larger market capitalisation of approximately ₹44,200 crore compared with around ₹1,206 crore for Behari Lal Engineering.
AIA Engineering trades at approximately 34.43x P/E and 24.04x EV/EBITDA, significantly higher than Behari Lal Engineering.
The valuation premium is supported by AIA Engineering's global presence and its specialised high-chrome mill internals business serving industries such as mining and cement.
Behari Lal Engineering has a more regional manufacturing footprint and a smaller operating scale, which helps explain the valuation gap.
Comparison with Steelcast
Steelcast trades at approximately 37.99x P/E and 22.50x EV/EBITDA. Its EBITDA margin is around 24.10%, compared with approximately 18.97% for Behari Lal Engineering in the supplied peer data.
Both companies report strong return ratios. Behari Lal Engineering has ROE of 24.31% and ROCE of 27.11%, while Steelcast has ROE of approximately 24.09% and ROCE of approximately 28.24%.
The valuation difference can partly be linked to product specialisation. Steelcast has greater exposure to customised, higher-margin castings for sectors such as mining and locomotives, whereas Behari Lal Engineering has a broader exposure to alloy steel products.
Comparison with Vardhman Special Steel and Jayaswal Neco
Behari Lal Engineering's 18.65x P/E is close to Jayaswal Neco Industries at 18.48x and below Vardhman Special Steel at 23.19x.
This comparison places Behari Lal Engineering closer to the valuation band of diversified or regional steel businesses rather than highly specialised engineering companies.
The comparison also shows why P/E alone may not provide the complete picture. Jayaswal Neco has an EV/EBITDA of approximately 6.52x, considerably below Behari Lal Engineering's 12.07x, while Behari Lal Engineering reports stronger ROE and ROCE figures in the supplied comparison.
What the Peer Valuation Means for Investors
The valuation appears fair to moderate rather than deeply discounted.
At 18.65x P/E, Behari Lal Engineering is below the supplied peer average of 31.36x. Its ROCE of 27.11% and ROE of 24.31% provide support for a valuation above that of some basic commodity steel businesses.
However, a sustained re-rating towards specialised peers such as Steelcast would require stronger evidence of growth in higher-margin engineering castings, improved scale and reduced concentration-related risks.
In other words, the valuation provides some comfort, but future earnings growth remains important for further value creation.
The fresh issue will provide ₹93 crore to the company. The proceeds are primarily intended for manufacturing capacity and infrastructure-related investments.
| Use of funds |
Amount |
| Equipment and civil works |
₹56.24 crore |
| Rooftop solar power plants |
₹6.80 crore |
| Debt repayment/prepayment |
₹0.57 crore |
| General corporate purposes |
Approximately ₹29.39 crore |
The largest allocation is for equipment purchases and civil works. This indicates that capacity and manufacturing infrastructure remain important components of the company's growth strategy.
The key uses of the IPO proceeds are discussed in detail below.
Equipment Purchase and Civil Works
The company plans to spend ₹56.24 crore on equipment and civil works.
Of this amount:
The investment is expected to strengthen manufacturing capabilities and support future production requirements.
Rooftop Solar Investment
The company plans to allocate ₹6.80 crore towards rooftop solar power plants across its facilities.
Energy is an important cost factor for steel and foundry businesses. Solar generation can help reduce dependence on conventional electricity sources and potentially lower operating costs over time.
The benefit, however, will depend on actual generation, plant utilisation, energy prices and the eventual payback period of the investment.
Debt Repayment
Approximately ₹0.57 crore of the fresh issue proceeds will be used towards partial repayment or prepayment of existing loans.
This is a relatively small part of the overall fresh issue, indicating that the primary objective of the fundraise is not balance-sheet deleveraging.
General Corporate Purposes
Approximately ₹29.39 crore is expected to be available for general corporate purposes, including working capital requirements and other strategic business needs.
Behari Lal Engineering IPO comprises a ₹93 crore fresh issue and a ₹208.62 crore Offer for Sale (OFS), taking the total issue size to ₹301.62 crore.
A major feature of the issue is the high proportion of OFS.
Of the total ₹301.62 crore issue:
- ₹93 crore is a fresh issue.
- ₹208.62 crore is an Offer for Sale.
The fresh issue represents capital that goes to Behari Lal Engineering for business purposes. In contrast, the OFS proceeds go to the selling shareholders.
Therefore, approximately 69% of the total IPO size comes through the OFS component.
Why the OFS Component Matters
The OFS does not increase the company's cash balance. Investors should therefore distinguish between the headline IPO size and the amount actually being raised for expansion.
The ₹93 crore fresh issue can fund equipment, solar infrastructure, debt repayment and general corporate requirements. The ₹208.62 crore OFS, however, is primarily a transaction between selling shareholders and new investors.
A large OFS component is not automatically negative, but it is an important consideration when assessing the long-term growth capital being added to the business through the IPO.
The reported Grey Market Premium for the issue is currently in the range of ₹53 to ₹68 per share.
At the upper IPO price of ₹285, this indicates an estimated grey-market price range of approximately ₹338 to ₹353 per share.
| GMP indicator |
Approximate level |
| Upper IPO price |
₹285 |
| GMP |
₹53 to ₹68 |
| Implied grey-market price |
₹338 to ₹353 |
| Implied premium |
Approximately 18.6% to 23.8% |
Based on the supplied GMP figures, the grey market indicates positive listing expectations.
However, GMP is an unofficial market indicator and does not guarantee the actual listing price or post-listing performance. The final listing price will depend on market conditions, investor demand, broader sentiment and actual buying and selling activity.
Day 1 Subscription Status
The issue opened on August 12, 2026, and received a measured response on its first day.
The overall subscription stood at approximately 0.68x, with around 46.08 lakh shares bid against 68.08 lakh shares offered.
| Investor category |
Day 1 subscription |
| Retail |
0.98x |
| NII |
0.62x |
| QIB |
Bidding in progress |
| Overall |
0.68x |
Retail investors were close to full subscription at 0.98x on Day 1. Within the NII category, small NIIs with applications below ₹10 lakh were subscribed 1.07x, while big NIIs with applications above ₹10 lakh were at 0.40x.
QIB bidding was still under process on Day 1, with institutional participation typically becoming more visible towards the later part of the IPO window.
What Day 1 Subscription Indicates
The Day 1 data points to stronger retail participation than NII participation at this stage.
The retail category being close to 1x indicates that the issue had attracted substantial individual investor demand on the opening day. However, the overall subscription remained below 1x because NII demand was lower and QIB bidding had not yet developed fully.
Therefore, Day 1 figures alone do not provide a complete picture of final demand. The subscription levels on August 13 and August 14 will be more informative, particularly institutional participation on the final day.
The investment case is supported by several operating and financial factors.
1. High Repeat Customer Contribution
Repeat customers contributed 84.69% of FY26 revenue, equivalent to ₹452.28 crore.
This indicates that a large portion of revenue comes from existing customers rather than entirely new customer acquisition. Strong repeat business can support revenue visibility and customer relationships.
2. Integrated Manufacturing Setup
The company operates steel melting, foundry and rolling capabilities within its manufacturing ecosystem.
Such integration can improve control over production and material movement while reducing dependence on external processing for certain stages of manufacturing.
3. Healthy Return Ratios
The supplied peer analysis shows an ROE of 24.31% and ROCE of 27.11%.
These figures indicate efficient use of shareholders' capital and operating capital. Maintaining these returns as the company expands will be an important factor for long-term valuation.
4. Moderate Debt
Total debt stood at ₹17.78 crore in FY26 against net worth of ₹306.10 crore.
The relatively modest debt position gives the company some financial flexibility compared with highly leveraged manufacturing businesses.
5. Executable Order Book
The company had an executable order book of ₹178.57 crore as of May 31, 2026.
This provides visibility into a portion of near-term revenue, although the order book should not be considered equivalent to recurring contracted revenue.
6. Solar Investment Can Support Cost Efficiency
The proposed ₹6.80 crore rooftop solar investment could help reduce energy costs across the manufacturing facilities.
For an energy-intensive industrial business, lowering electricity costs can support margins if the savings materialise as expected.
The business also has several risks that investors should consider before evaluating the issue.
1. High OFS Proportion
The largest concern with the issue structure is the size of the OFS.
Around ₹208.62 crore, or nearly 69% of the total issue, is being offered by existing shareholders. The company does not receive these proceeds.
Consequently, only ₹93 crore of the ₹301.62 crore IPO directly provides fresh capital to the business.
2. Geographic Concentration
Both manufacturing facilities are located in Mandi Gobindgarh, Punjab.
This concentration creates operational risk. A significant disruption caused by local infrastructure issues, natural events, regulatory restrictions, labour-related problems or other regional factors could affect a large portion of production capacity simultaneously.
3. Raw Material Price Volatility
Raw materials including steel scrap, pig iron and ferro-alloys account for more than 61% of total expenses.
This makes profitability sensitive to input prices. If raw material costs rise faster than the company can pass those increases to customers, EBITDA margins could come under pressure.
4. Dependence on Purchase Orders
The company does not rely predominantly on long-term binding contracts.
Its business is largely conducted through purchase orders. While the existing customer base and repeat revenue provide some stability, future order volumes can change according to customer demand and industry conditions.
5. Exposure to Steel and Engineering Cycles
The company's products are linked to industrial, automotive, engineering and steel-related demand.
A slowdown in these sectors can affect order volumes, capacity utilisation and pricing. Commodity-linked businesses can also experience margin pressure during periods of adverse pricing movements.
6. Need to Improve Scale and Product Mix
Behari Lal Engineering is considerably smaller than major listed peers such as AIA Engineering.
Its ability to expand higher-margin engineering casting products will be important if the company wants to improve margins and achieve a higher valuation multiple over time.
The Behari Lal Engineering IPO presents a combination of improving profitability, healthy return ratios, an integrated manufacturing model and a relatively moderate valuation.
At the upper price band, the company is valued at approximately 18.65x FY26 earnings, below the supplied peer average of 31.36x. Its ROE of 24.31% and ROCE of 27.11% also indicate healthy capital efficiency.
At the same time, the business has meaningful risks. The IPO is heavily weighted towards an OFS, with around 69% of the total issue proceeds going to selling shareholders rather than the company. The manufacturing base is concentrated in one location, raw materials account for more than 61% of expenses and the company largely depends on purchase orders rather than long-term contracts.
The investment case therefore depends on whether Behari Lal Engineering can use the fresh capital effectively, expand production, maintain margins and increase its exposure to higher-value engineering products.
Is the IPO Valuation Reasonable?
Based on the supplied FY26 financial data, the valuation appears reasonable relative to the selected peer set.
The 18.65x P/E is significantly below AIA Engineering's 34.43x and Steelcast's 37.99x, while being broadly in line with Jayaswal Neco's 18.48x. The 12.07x EV/EBITDA multiple is also below the specialised peers in the comparison.
However, the lower valuation should not automatically be interpreted as a bargain. Behari Lal Engineering is much smaller than several peers and has a concentrated manufacturing footprint.
The valuation can become more attractive if the company delivers sustained earnings growth, expands its specialised casting business and improves its scale without materially increasing financial risk.
The post-listing growth opportunity depends primarily on execution.
The major potential drivers include:
-
Expansion of manufacturing capacity through new equipment and civil works.
-
Higher utilisation of existing facilities.
-
Growth in engineering castings and specialised products.
-
Continued business from repeat customers.
-
Expansion of the customer base beyond the existing regional concentration.
-
Potential savings from rooftop solar installations.
-
Growth in industrial, automotive and engineering demand.
-
Effective utilisation of the company's executable order book.
The key issue for investors will be whether these factors translate into sustained revenue and profit growth rather than only increasing production capacity.
Investors evaluating the company beyond the IPO should focus on operating metrics rather than the listing premium alone.
1. Revenue and PAT Growth
The company needs to sustain profit growth while expanding revenue. A continued gap between profit growth and revenue growth would indicate improving operating efficiency, provided it is not driven by temporary factors.
2. EBITDA Margin
Margins should be monitored closely because of the company's exposure to steel scrap, pig iron and ferro-alloys. Rising input costs could quickly affect profitability.
3. Capacity Utilisation
The effectiveness of the fresh capital expenditure will depend on how efficiently the additional capacity is used.
4. Product Mix
Growth in specialised engineering castings could improve margins compared with greater dependence on relatively lower-margin alloy steel products.
5. Order Book
The ₹178.57 crore executable order book provides near-term visibility. Investors should track how quickly this order book converts into revenue and whether new orders replace executed orders.
6. Working Capital and Debt
Although debt is currently moderate, manufacturing businesses can require significant working capital. Changes in receivables, inventory and borrowing should therefore be monitored as the company expands.
Behari Lal Engineering enters the public market with a combination of established manufacturing operations, a broad industrial customer base, high repeat-customer revenue, healthy return ratios and a valuation that is below several specialised listed peers.
The company's FY26 revenue stood at ₹546.52 crore and PAT at ₹64.64 crore. Its ROE of 24.31% and ROCE of 27.11% indicate strong capital efficiency, while the ₹178.57 crore executable order book provides some near-term revenue visibility.
The key considerations are the high OFS component, concentration of manufacturing facilities in Mandi Gobindgarh, sensitivity to raw material prices and the absence of substantial long-term binding contracts.
At ₹285, the valuation of approximately 18.65x FY26 earnings appears moderate compared with the supplied peer set. Whether this valuation proves attractive over the longer term will depend on the company's ability to convert IPO-funded expansion into higher revenue, stronger margins and sustained earnings growth.
Want to compare Behari Lal Engineering with other mainboard offerings on pricing, issue size and investor demand? Use this IPO dashboard to track key issue parameters and listing trends.
1. What is the Behari Lal Engineering IPO size?
Behari Lal Engineering IPO size is ₹301.62 crore, comprising a ₹93 crore fresh issue and a ₹208.62 crore Offer for Sale.
2. What is the Behari Lal Engineering IPO price?
Behari Lal Engineering IPO price band is ₹271 to ₹285 per share.
3. What is the minimum investment required?
The minimum retail investment is ₹14,820 for one lot of 52 shares at the upper price band of ₹285.
4. When does the Behari Lal Engineering IPO open and close?
The IPO opens on August 12, 2026, and closes on August 14, 2026.
5. When will Behari Lal Engineering shares be listed?
Behari Lal Engineering shares are tentatively scheduled to be listed on August 19, 2026, on BSE and NSE.
6.What is the Behari Lal Engineering IPO GMP?
Behari Lal Engineering IPO GMP is ₹53 to ₹68 per share. At the upper IPO price of ₹285, this indicates an estimated grey-market price of ₹338 to ₹353. GMP is unofficial and does not guarantee the actual listing price.
7. What is the P/E ratio of Behari Lal Engineering at the IPO price?
Behari Lal Engineering has a trailing P/E of approximately 18.65x at the upper price band of ₹285, based on FY26 earnings.
8. How much money will Behari Lal Engineering receive from the IPO?
Behari Lal Engineering will receive ₹93 crore from the fresh issue. The ₹208.62 crore OFS proceeds will go to the selling shareholders.