Behari Lal Engineering IPO
Behari Lal Engineering IPO — date, price band, GMP & allotment 2026
Behari Lal Engineering Limited is an integrated iron and steel manufacturer from Mandi Gobindgarh, Punjab. It makes metal rolls, engineering castings, alloy steel products, forging ingots and shafts for industrial customers.
Stock price
Behari Lal Engineering is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 21 September.
- Open 12 Aug 2026
- Close 14 Aug 2026
- Allotment 17 Aug 2026
- Refund/credit 18 Aug 2026
- Listing 19 Aug 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 12 to 14 Aug, 2026 |
|---|---|
| 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 |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,820 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 52 shares at the ₹285 cut-off. Drag to size your application.
| 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 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 7
- 01The 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.
- 02Return ratios are good. RoCE was 27.11% and RoNW was 21.12% in FY2026.
- 03Margins 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.
- 04Among 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.
- 05The 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.
- 06The company has a long track record. It has been in this business since 1995.
- 07The 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 · 8
- 01Sales growth is slow. Total income went up only 6% in FY2026, from Rs 516.30 crore to Rs 546.52 crore.
- 02Most 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.
- 03Promoter holding will fall from 88.51% to 70.84%. Rajesh Garg alone is selling shares worth about Rs 55.39 crore in this offer.
- 04The 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.
- 05Iron and steel is a cyclical business. Demand and prices move with the economy, construction activity and global steel rates.
- 06Raw material prices keep changing. Any sharp rise in scrap and steel prices that cannot be passed on will pull down margins.
- 07Both 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.
- 08Many customers are steel and metal companies themselves. If that industry slows down, orders will fall across the customer base at the same time.
Three years of numbers
All figures in ₹ crore, as reported in the Behari Lal Engineering offer document.
| 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 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Behari Lal Engineering RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Behari Lal Engineering IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹16.56 | ₹15.28 |
| P/E Ratio (x) | 17.21 | 18.65 |
| Market Cap at Offer Price (₹ Cr) | ₹1,113.00 | ₹2,124.43 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹285 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹63.61 Cr of the issue is earmarked to named objects.
Behari Lal Engineering IPO Anchor Investors
11 anchor investors across 10 fund houses committed ₹90.49 Cr a day before the issue opened.
| Anchor Investor | Fund House | Shares | Amount (₹ Cr) | % of Anchor Book |
|---|---|---|---|---|
| Tata Aia Life Insurance Co.ltd.-Flexi Growth Fund (Ulif 068 25/04/23 Fgf 110) | Tata Aia Life Insurance | 315,790 | 9.00 | 9.95% |
| Whiteoak Capital Balanced Advantage Fund | Whiteoak Capital Mutual Fund | 350,896 | 10.00 | 11.05% |
| Whiteoak Capital India Opportunities Fund | Whiteoak | 175,439 | 5.00 | 5.53% |
| Whiteoak Capital Equity Fund | Whiteoak Capital Mutual Fund | 175,439 | 5.00 | 5.53% |
| Bandhan Large & Mid Cap Fund | Bandhan Mutual Fund | 491,228 | 14.00 | 15.47% |
| 360 One Equity Opportunity Fund-Series Iv | 360 One | 456,140 | 13.00 | 14.37% |
| Dynasif Equity Ex-Top 100 Long-Short Fund | 360 One Mutual Fund | 245,594 | 7.00 | 7.74% |
| Pinebridge Global Funds-Pinebridge India Equity Fund | Pinebridge | 175,439 | 5.00 | 5.53% |
| Ikigai Small Cap Fund | Ikigai | 175,439 | 5.00 | 5.53% |
| Singularity Large Value Fund Iii | Singularity | 350,896 | 10.00 | 11.05% |
| Amicorp Capital (Mauritius) Ltd. | Amicorp | 262,646 | 7.49 | 8.27% |
| Total anchor allocation | 90.49 | |||
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
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.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
+91 17655 20694
The bankers & the filings
Who is running the book, and the documents this page is built from.
Behari Lal Engineering IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Emkay Global Financial Services
3 issues handled2 of their issues have listed so far, and 1 opened above the issue price (average +5.1%). That is too small a sample to read as a hit rate.
Systematix Corporate Services Limited
2 issues handled2 of their issues have listed so far, and 2 opened above the issue price (average +42.9%). That is too small a sample to read as a hit rate.
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Behari Lal Engineering?
The current Grey Market Premium is ₹133, or 46.67% over the issue price.
What is the Behari Lal Engineering IPO price band?
₹271 to ₹285, on a face value of ₹10.
When is the allotment?
The basis of allotment is 17 August 2026, with listing on 19 August 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
