About Behari Lal Engineering IPO
The Behari Lal Engineering IPO is a book‑built issue comprising a fresh issue worth up to ₹110 crore and an offer for sale (OFS) of up to 78.54 lakh equity shares with a face value of ₹10 per share. The company filed its DRHP with SEBI on September 26, 2025.
The price band and official dates of subscription and listing will be announced later. The equity shares are intended to be listed on the BSE and NSE platforms. The book-running lead managers (BRLMs) are Emkay Global Financial Services Ltd. and Systematix Corporate Services, and the registrar is MUFG Intime India Pvt. Ltd.
Company Background
Behari Lal Engineering Ltd. was incorporated in 1995 as Behari Lal Ispat Private Limited in Punjab. The company was renamed Behari Lal Engineering Ltd. in 2024 after converting to a public limited company to reflect its diversified business activities.
Headquartered in Mandi Gobindgarh, Punjab, the company provides integrated iron and steel-based engineering solutions and serves a broad range of heavy industries.
Operations & Product Range
Behari Lal Engineering Ltd. operates a B2B business model, supplying precision-engineered components. Its main product categories include:
- • Metal Rolls: Various grades including alloy cast steel and graphitic steel.
- • Engineering Castings: Heavy castings ranging from 500 kg to 20 metric tons for steel, mining, power, and sugar industries.
- • Alloy Steel Products: Carbon, alloy, and stainless steels in rounds, flats, and hexagons, including tool and valve steels.
- • Forging Ingots and Forged Products: Raw materials for further forging operations.
Facilities & Capacity
The company’s manufacturing units are located in Mandi Gobindgarh, Punjab, over a total area of 790,000 sq. ft. As of FY25, total installed capacity is 119,464 Metric Tonnes per annum (54,464 MT for finished steel products and 65,000 MT rolling mill capacity). Capital expenditure at both facilities is a key requirement.
Brands & Market Presence
Behari Lal Engineering Ltd. has served 1,681 customers as of March 31, 2025, including Shyam Metallics and Energy Ltd., Jai Balaji Industries Ltd., MSP Steel & Power Ltd., and Metso India. Its products are exported to 15 countries, including Germany, USA, Brazil, South Africa, and UAE.
Revenue Streams & Business Model
The company is vertically integrated, generating income from manufacturing and selling customized engineering castings, alloy steel products, and metal rolls. It follows a B2B strategy, serving over 1,600 national and international customers.
Management & Shareholding
Promoted by the Garg family Parkash Chand Garg, Rajesh Garg, Dinesh Garg, Lovlish Garg, and Bhuvnesh Garg. Pre-IPO promoters hold 88.51% of equity, which will be diluted after the IPO.
Board & Key Management
Managed by Chairman Parkash Chand Garg (30+ years experience), with MD Dinesh Garg, Vice Chairman Rajesh Garg, CEO Bhuvnesh Garg, CFO Aakarsh Goyal, and an expert board.
Behari Lal Engineering IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 10 per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Issue and Offer for Sale (OFS) |
| Total Issue Size | Up to [●] Equity Shares aggregating up to ₹ 110 Cr + [●] Cr |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | Aggregating up to ₹ 110 Cr |
| Offer for Sale | Up to 78,54,521 Equity Shares |
| Net Offered to Public | - |
| Issue Type | 100 % Book Built Offer |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 3,90,39,325 shares |
| Share Holding Post Issue | - |
Behari Lal Engineering IPO Financial Information
Latest Revenue
516.3
₹ Crore
Profit After Tax
52.95
₹ Crore
Net Worth
241.62
₹ Crore
Total Borrowing
7.58
₹ Crore
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 295.98 | 516.3 | 52.95 | 241.62 | 233.81 | 7.58 | |||
| 31 Mar 2024 | 262.08 | 449.96 | 35.79 | 193.66 | 186.13 | 41.21 | |||
| 31 Mar 2023 | 203.25 | 467.46 | 28.8 | 119.49 | 112.65 | 63.64 | |||
| Amount in ₹ Crore | |||||||||
Behari Lal Engineering Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 24.31% |
| ROCE | 28.24% |
| Debt/Equity | 0.03x |
| RoNW | 21.92% |
| PAT Margin | 10.43% |
| EBITDA Margin | 16.01% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 13.56 basic/diluted | [.] |
| P/E (x) | [.] | [.] |
IPO Objectives
The IPO proceeds will be used for:
- • Funding capital expenditures for new machinery and civil works at both manufacturing facilities.
- • Repayment of debt (outstanding/prepaid)
- • General corporate purposes
Conclusion
The Behari Lal Engineering IPO provides an opportunity to invest in a well-established, profitable company in the metals and engineering sector. With a PAT of ₹52.95 crore for FY25, strong financial health, and plans for capacity expansion, the IPO will support growth and operational efficiency initiatives.
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Competitive Strengths
Having all the foundry, steel melting and rolling mill divisions under one roof helps in quality control and operational efficiency.
Diversified product portfolio and customer base
Established track record and customer relationships
Experienced promoter and management team
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 24/12/2025 | - |
| 2 | Filed with SEBI/Exchange | 29/09/2025 | View DRHP |
Behari Lal Engineering IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 0 | 1400015000 |
| Individual investors (Retail) (Max) | 0 | 0 | 200000 |
| S-HNI (Min) | 0 | 0 | 200000 |
| S-HNI (Max) | 0 | 0 | 1000000 |
| B-HNI (Min) | 0 | 0 | 1000000 |