Behari Lal Engineering IPO

About Behari Lal Engineering IPO

The Behari Lal Engineering, a mainboard IPO, opens on Wednesday, August 12, 2026 and closes on Friday, August 14, 2026. The allotment of shares will take place on Monday, August 17, 2026. The credit of shares to the demat account will take place on Tuesday, August 18, 2026. The initiation of refunds will take place on Tuesday, August 18, 2026. The listing of shares will take place on Wednesday, August 19, 2026.

The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 32,63,157 shares aggregating up to ₹93 crore. The offer for sale portion includes 73,20,001 shares of ₹10 aggregating up to ₹209 crore. The total number of shares and aggregate amount are 1,05,83,158 shares aggregating up to ₹302 crore.

Behari Lal Engineering IPO’s price band is set at ₹271 to ₹285 per share. The lot size for an application is 52 shares. The minimum amount of investment required by a retail investor is ₹14,820 (52 shares) based on the upper price.

Behari Lal Engineering is an integrated iron and steel manufacturer specialising in customised engineering solutions. It ranks among India’s largest metal rolls producers, meeting 10.00–11.5% of the country’s metal rolls demand in Fiscal 2026. The Company manufactures metal rolls, engineering castings, alloy steel products, and forging ingots and forged shafts for industries spanning automobile, steel, mining, infrastructure and construction, power, aerospace and defence, and cement.

Objectives of Behari Lal Engineering IPO

1. Funding capital expenditure for:
   a. Purchase and installation of new equipment and machinery (including computers, printers, and computer peripherals), along with related civil works, at Manufacturing Facility 1 located at Village Salani, Amloh Road, Mandi Gobindgarh, Punjab – 147301. b. Installation of rooftop solar panels at Manufacturing Facility 1.
   c. Purchase and installation of new equipment and machinery, along with related civil works, at Manufacturing Facility 2 located at Village Turan, Amloh Road, Mandi Gobindgarh, Punjab – 147301.
   d. Installation of rooftop solar panels at Manufacturing Facility 2.
   
2. Repayment and/or prepayment, in full or in part, of certain borrowings availed by the company.
   
3. General corporate purposes.
   

Industry Outlook

Metal rolls are consumable tooling for steel rolling mills. India’s metal rolls demand grew at a CAGR of 7.9% over fiscals 2020–2026, rising from about 62–67 KT to roughly 97–105 KT, tracking the growth in domestic finished-steel production. Demand is closely correlated with finished-steel output. It is projected to expand at a CAGR of about 6.5–8.5% during fiscals 2026–2031, reaching an estimated 132–158 KT by fiscal 2031.

The engineering castings market is a core part of Indian manufacturing. Castings demand reached about 13.5 million tonnes in fiscal 2024 and is projected to grow at a CAGR of 8–9% between fiscal 2026 and fiscal 2031, reaching an estimated 23–24 million tonnes. Growth is broad-based. Alloy steel production, a key feedstock, grew at a CAGR of 22.7% over fiscals 2020–2026 and is projected to log a CAGR of 12–16% through fiscal 2031, supported by demand from automotive, infrastructure, and capital-goods sectors.

The Company is directly exposed to these segments. It is one of India’s largest metal rolls producers and met 10.00–11.5% of the country’s metal rolls demand in Fiscal 2026. Long-standing customer approvals and rigorous qualification processes act as entry barriers for new players in this market.

About Behari Lal Engineering Limited

Behari Lal Engineering began operations in 1995 as a steel trader before establishing itself as a manufacturer. It is an integrated iron and steel company with over two decades of experience in customised engineering products.

The company operates two manufacturing facilities in Mandi Gobindgarh, Punjab, spread across approximately 790,000 square feet with a combined installed capacity of 119,690 MT. A third facility is under construction at Village Salani, Tehsil Amloh, Mandi Gobindgarh, District Fatehgarh Sahib, Punjab. Total capacity utilisation was 87.71% in Fiscal 2026. As of March 31, 2026, the Company had served 1,825 customers, and since April 1, 2024 it has exported precision engineered components to 21 countries across 5 continents.

The Company held an Order Book of ₹178.57 crore as of May 31, 2026.

Strengths of Behari Lal Engineering

• A diversified product portfolio spanning metal rolls, engineering castings, alloy steel products, and forgings reduces dependence on any single application industry.
• Two strategically located manufacturing facilities in Mandi Gobindgarh spanning around 790,000 square feet carry a combined installed capacity of 119,690 MT.
• Overlapping and fungible processes enabled a total capacity utilisation of 87.71% in Fiscal 2026, supporting efficient resource use across product lines.
• Founded in 1995 and led by a promoter group with up to 30 years of experience, the Company has built customer approvals that act as high entry barriers for new players.

Risks of Behari Lal Engineering

• The top 10 customers contributed ₹202.92 crore, or 38.00% of revenue from operations in Fiscal 2026, so the loss of a major customer would materially reduce revenue.
• The company does not enter into long-term contracts and works on purchase orders, leaving revenue exposed to sudden shifts in customer demand.
• Cost of materials consumed was ₹280.66 crore, or 61.02% of total expenses in Fiscal 2026, so raw-material price increases would compress margins.
• A substantial majority of sales is concentrated in India, so a domestic demand slowdown would directly hurt revenue from operations.
• Metal rolls demand is tightly correlated with finished-steel output, so a downturn in steel production would reduce the Company’s order flow.
• The company exports to 21 countries and imports certain raw materials, so adverse exchange-rate movements would raise costs and reduce profitability.

Anchor Investor Bidding Date

Tuesday, August 11, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
MUFG Intime India Private
E-mail: beharilalengineering.ipo@in.mpms.mufg.com
Tel: +91 810 811 4949

Book Running Lead Manager(s)

• Emkay Global Financial Services Limited
  
• Systematix Corporate Services Limited
  

Behari Lal Engineering Contact Details
B-9, Surajmal Vihar, Vikas Marg Extension, Near Leela Ambience Convention
Hotel, East Delhi, Delhi -110 092, India.
Email: cs@beharilalgroup.com
Tel: +91 17655 20694

Behari Lal Engineering Business Model

The company earns its revenue through the manufacture and sale of customised, precision engineered steel components across four product lines. In Fiscal 2026, alloy steel products contributed 45.81% of revenue from operations, metal rolls 26.35%, engineering castings 19.54%, and forging ingots and forged shafts and blocks 4.40%, with job work income and other items making up the balance.

Behari Lal Engineering Growth Trajectory

Behari Lal Engineering Limited’s Total Income for FY26 was ₹546.52 crore, whereas in FY25 and FY24 it was ₹516.30 crore and ₹449.96 crore, respectively.

The Profit After Tax for FY26 was ₹64.64 crore, whereas in FY25 and FY24 it was ₹52.95 crore and ₹35.79 crore, respectively.

Their EBITDA for FY26 was ₹101.33 crore, whereas in FY25 and FY24 it was ₹81.31 crore and ₹60.99 crore, respectively.

Behari Lal Engineering Market Position

Behari Lal Engineering is one of India’s largest metal rolls producers, meeting 10.00–11.5% of the country’s metal rolls demand in Fiscal 2026. Domestic customers accounted for 91.02% of revenue from operations in Fiscal 2026, with overseas customers across 21 countries contributing the balance of 8.98%.

As of 31 March 2026, the company’s Total Income, Profit After Tax, and EBITDA were ₹546.52 crore, ₹64.64 crore, and ₹101.33 crore, respectively.

How to apply for Behari Lal Engineering IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.