Behari Lal Engineering Ltd IPO
Steel
Price Band
₹271 – ₹285
Lot Size
52
Minimum Bid Quantity
52
Minimum Investment
₹14820
Issue Size
₹301.62Cr
Opens
2026-08-12
Closes
2026-08-14
Listing
19-08-2026
Subscription Status
Qualified Institutional Buyers
165.33 x
Non-Institutional Investor
163.91 x
Retail Individual Investor
50.01 x
Total
106.48 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1EEM01017
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Behari Lal Engineering Limited is an integrated iron and steel manufacturing company that produces precision-engineered components for industrial applications. Its product portfolio includes metal rolls, engineering castings, alloy steel products, forging ingots, and forged shafts and blocks. These products are used across industries such as steel, automobile, mining, infrastructure and construction, power, aerospace and defence, and cement. The company serves domestic and international customers, with its products supplied across 21 countries since April 2024. The company operates two manufacturing facilities in Mandi Gobindgarh, Punjab, with steel melting, refining, foundry, heat treatment, machining and rolling capabilities, and has commenced construction of a third facility in the region.
Pros
- • The company has a diversified product portfolio comprising metal rolls, engineering castings, alloy steel products, and forging ingots and forged shafts/blocks, which are used across more than 10 industries, including automobiles, infrastructure, aerospace and defence, engineering, power, railways, and cement.
- • The company has a large base of repeat customers. It had 366, 378, and 364 repeat customers in FY24, FY25, and FY26, respectively. Revenue from repeat customers stood at Rs 357.05 crore, Rs 437.30 crore, and Rs 452.28 crore, accounting for 80.04%, 86.10%, and 84.69% of revenue from operations in FY24, FY25, and FY26, respectively.
- • The company operates two manufacturing facilities in Mandi Gobindgarh, Punjab, with a combined installed capacity of 119,690 MT as of FY26. Its overall capacity utilisation stood at 85.47%, 90.30%, and 87.71% in FY24, FY25, and FY26, respectively.
Cons
- • The top 10 customers of the company contributed Rs 168.65 crore (37.81%), Rs 202.72 crore (39.91%), and Rs 202.92 crore (38.00%) to its revenue from operations in FY24, FY25, and FY26, respectively. The company does not enter into long-term contracts with its customers, and any failure to retain these customers or a reduction in business from them can adversely affect the company’s business and financial condition.
- • Repeat customers contributed Rs 357.05 crore (80.04%), Rs 437.30 crore (86.10%), and Rs 452.28 crore (84.69%) to the company’s revenue from operations in FY24, FY25, and FY26, respectively. These are significant numbers, and any loss of repeat customers or reduction in demand from them can adversely affect the company’s revenue, profitability, and financial condition.
- • The automobile, infrastructure, aggregate crusher manufacturing, and engineering-industrial equipment industries contributed Rs 206.38 crore (38.65%), Rs 110.45 crore (20.68%), Rs 98.01 crore (18.35%), and Rs 90.00 crore (16.85%), respectively, to the company’s revenue from operations in FY26. The company’s concentration on a limited number of end-user industries makes its business dependent on demand and market conditions in these sectors, and any downturn in these industries can adversely affect its business, revenue, and financial condition.
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