Behari Lal Engineering Limited Mainboard IPO is subscribed 2.03x as of 12 Aug 2026, 5:06 PM, with 0.7x in the QIB category, 2.14x in NII, 2.74x in retail across BSE and NSE. The issue is oversubscribed, indicating healthy demand across investor categories. The IPO is open from Aug 12, 2026 to Aug 14, 2026 at a price band of ₹271–₹285 per share, with a minimum retail application of ₹14,820 for 52 shares.
Behari Lal Engineering Subscription
| Category | Offered | Applied | Times |
|---|---|---|---|
| Total | 6808212 | 15127736 | 2.22 |
| QIBs | 1516633 | 1482832 | 0.98 |
| HNIs | 1587474 | 3407456 | 2.15 |
| HNIs 10+ | 1058316 | 1350388 | 1.28 |
| HNIs 2+ | 529158 | 2057068 | 3.89 |
| Retail | 3704105 | 10237448 | 2.76 |
Application-Wise Breakup (Approx. no. of Apps) | |||
|---|---|---|---|
| Category | Reserved | Applied | Times |
| Total Applications: 157161 | |||
| © IPO Premium | |||
| HNIs (10L+) | 1454 | 342 | 0.24 |
| HNIs (2-10L) | 727 | 2602 | 3.58 |
| Retail | 71233 | 154217 | 2.16 |
Subscription Demand (in ₹ crore) | |||
|---|---|---|---|
| Category | Offered | Demand | Times |
| QIBs | 43.22 | 42.26 | 0.98 |
| FIIs | - | 0 | - |
| DIIs | - | 0.02 | - |
| Mutual funds | - | 10 | - |
| Others | - | 32.24 | - |
| HNIs | 45.24 | 97.11 | 2.15 |
| HNIs 10+ | 30.16 | 38.49 | 1.28 |
| HNIs 2+ | 15.08 | 58.63 | 3.89 |
| Retail | 105.57 | 291.77 | 2.76 |
| Total | 194.03 | 431.14 | 2.22 |
QIB Interest Cost per share (7 Days) | |||||
|---|---|---|---|---|---|
| @7% ₹0.4 | @8% ₹0.4 | @9% ₹0.5 | @10% ₹0.5 | @11% ₹0.6 | @12% ₹0.6 |
Behari Lal Engineering Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| Retail | 1 | 52 | 14820 | 71233 |
| sHNI | 14 | 728 | 207480 | 727 |
| bHNI | 68 | 3536 | 1007760 | 1454 |
Behari Lal Engineering Reservation
| Category | Shares Offered | % |
|---|---|---|
| Total | 10583158 | 100% |
| Anchor | 3774946 | 35.67% |
| QIB | 1516633 | 14.33% |
| HNI | 1587474 | 15% |
| Retail | 3704105 | 35% |
Behari Lal Engineering About
IPO Details
| Total Issue Size | 1,05,83,158 shares (aggregating up to ₹301.62 Cr) |
| Fresh Issue | 3,263,157 shares (aggregating up to ₹93.00 Cr) |
| Offer for Sale | 7,320,001 shares (aggregating up to ₹208.62 Cr) |
| Face Value | ₹10/- Per Share |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE , NSE |
| Share Holding Pre Issue | 39,039,325 shares |
| Share Holding Post Issue | 4,23,02,482 shares |
Key Performance Indicators (KPI)
| KPI | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| ROE | 23.60% | 24.31% | 22.83% |
| ROCE | 27.11% | 28.24% | 21.98% |
| EPS (BASIC) | 16.56 | 13.56 | 10.07 |
| P/E Pre IPO | 17.21 | ||
| P/E Post IPO | 18.65 |
Company Financial (In ₹Crore)
| Period Ended | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Assets | 367.87 | 295.98 | 262.08 |
| Total Income | 546.51 | 516.3 | 449.96 |
| Profit After Tax | 64.48 | 52.9 | 35.84 |
| EBITDA | 101.32 | 81.31 | 60.99 |
| NET Worth | 306.09 | 241.62 | 193.66 |
| Reserves and Surplus | 267.06 | 233.81 | 186.13 |
| Total Borrowing | 17.70 | 7.58 | 41.21 |
Peer Comparison (Valuation)
| Company | P/E (x) | Face value (₹) |
|---|---|---|
| Behari Lal Engineering Limited | 17.21 | 10 |
| Jayaswal Neco Industries Limited | 18.48 | 10 |
| AIA Engineering Limited | 34.43 | 2 |
| Steelcast Limited | 37.99 | 1 |
| RHI Magnesita India Limited | - | 1 |
| Vardhman Special Steel Limited | 23.19 | 10 |
| Refractory Industries Limited | 43.46 | 10 |
| Kennametal India Limited | 62.02 | 10 |
Source: RHP,P/E Ratio has been computed based on the closing market price of equity shares on August 3, 2026, on www.bseindia.com, divided by the Diluted EPS as on March 31, 2026. Company p/e is derived as per upper price band of the issue.
Peer Comparison (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Behari Lal Engineering Limited | 78.41 | 21.12% | 16.56 |
| Jayaswal Neco Industries Limited | 29.26 | 16.39% | 4.77 |
| AIA Engineering Limited | 859.98 | 15.53% | 136.11 |
| Steelcast Limited | 39.03 | 21.89% | 8.58 |
| RHI Magnesita India Limited | 172.42 | -10.81% | -18.54 |
| Vardhman Special Steel Limited | 132.11 | 9.59% | 13.15 |
| Refractory Industries Limited | 163 | 7.93% | 4.81 |
| Kennametal India Limited | 340.02 | 13.70% | 46.82 |
About Company
Incorporated in 1995 as Behari Lal Ispat Private Limited in Jalandhar, Punjab, the company was renamed Behari Lal Engineering Private Limited in 2024 and subsequently converted into a public limited company as Behari Lal Engineering Limited in September 2024.
Behari Lal Engineering began as a steel trading business, dealing in steel billets, sponge iron (DRI), and ferro alloys, and has evolved into a fully integrated steel manufacturing and trading company. Under the leadership of its promoters, the company has steadily expanded its operations, product portfolio, and manufacturing capabilities over the past three decades.
The company entered large-scale manufacturing in 2012 with the commissioning of its Steel Melting Shop (SMS) and Foundry Division at Mandi Gobindgarh, Punjab, enabling the production of customized engineering-grade steel products for various industries. In 2022, it further strengthened its manufacturing capabilities through the Rolling Mill Division, enhancing its portfolio of high-quality rolled steel products.
Today, Behari Lal Engineering operates integrated SMS, Foundry, and Rolling Mill facilities, offering a wide range of iron and steel products tailored to industry-specific requirements. Its group company, BLC Metals Pvt. Ltd., complements the business by supplying steel billets, coal, sponge iron, and ferro alloys across India.
Led by an experienced promoter group and supported by a professional management team, the company has established a pan-India presence and is recognized for its focus on quality, customer relationships, manufacturing excellence, and long-term industry expertise.
Strength
Strategic Manufacturing Location: Manufacturing facility is strategically located in Mandi Gobindgarh, offering excellent connectivity, proximity to dry ports, and access to major industrial corridors.
Strong Logistics & Raw Material Availability: Easy access to raw materials, foundry consumables, and efficient transport infrastructure supports smooth operations and faster delivery.
Economies of Scale: Among India's largest producers of metal rolls, with over 90% plant capacity utilization, enabling cost efficiency and optimal resource utilization.
Risk Factors
Raw Material & Supply Chain Risk: Rising raw material, energy, or transportation costs, along with supply chain disruptions, could adversely impact profitability.
Trade & Export Risk: Export products may be affected by tariffs, anti-dumping, or countervailing duties, potentially increasing costs and limiting market access.
Operational Disruption Risk: Accidents, equipment breakdowns, or machinery failures could disrupt production and adversely affect business performance.
Behari Lal Engineering Lead Manager(s)
- Emkay Global Financial Services Ltd
- Systematix Corporate Services Limited
Behari Lal Engineering Address
Behari Lal Engineering Ltd. Address
Village Salani
Amloh Road
Mandi Gobindgarh
Fatehgarh Sahib, Punjab, 147301
Phone: +91 17655 20694
E-Mail: cs@beharilalgroup.co
Website:www.beharilalengineer ing.com
Behari Lal Engineering Registrar
MUFG Intime India Private Limited - Link Intime
beharilalengineering.ipo@in.mpms.mufg.com
https://in.mpms.mufg.com/Initial_Offer/public-issues.html
MUFG Intime India Private Limited (Link Intime) Link Intime India Private Ltd, C 101, 247 Park, L.B.S.Marg Vikhroli (West),Mumbai - 400083