Behari Lal Engineering IPO GMP, Date, Price Band & Review

Behari Lal Engineering IPO Overview

Behari Lal Engineering IPO is a book‑built issue of ₹302 crore, comprising a fresh issue of worth up to ₹93 crore and an offer for sale (OFS) of ₹209 crore, with a face value of ₹10 per share. The company filed its DRHP with SEBI on Sep 26, 2025.

The price band of the issue is set between ₹271 to ₹285 per share and the lot size for an application is 52 shares. The minimum amount of investment required by an individual investor is ₹14,820 (52 shares). The IPO will open for subscription from August 12 to 14, 2026, on the BSE and the NSE platforms, with a tentative listing date fixed as August 19, 2026. The book-running lead managers of the issue are Emkay Global Financial Services Ltd. and Systematix Corporate Services Ltd., while the registrar to the issue is MUFG Intime India Private Ltd.

Behari Lal Engineering IPO Date & Timeline

The Behari Lal Engineering IPO is officially set to open for subscription on Aug 12, 2026

and will close on Aug 14, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on Sep 26, 2025 and has now finalized its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Aug 17, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Aug 18, 2026. Finally, shares of Behari Lal Engineering Ltd. are tentatively scheduled to list on the stock exchanges on Aug 19, 2026.

Behari Lal Engineering IPO GMP

“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.

The Behari Lal Engineering IPO GMP is currently trading at ₹105, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹390, which is 36.84% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.

Company Background

Behari Lal Engineering Ltd. was incorporated in 1995 under its initial name and registration as Behari Lal Ispat Private Limited in Punjab. However, to reflect its change and diversification in business activities over time, the company was renamed Behari Lal Engineering Ltd. in 2024 after its conversion to a public limited company.

The company has its headquarters located in Mandi Gobindgarh in Punjab, where it operates as an integrated company providing customised iron and steel-based engineering solutions. From its initial business activities, the company has diversified to serve a broad range of heavy industries.

Operations & Product Range

Behari Lal Engineering Ltd. follows a B2B business model. It provides precision-engineered components that are critical to the operation of numerous applications. The company specialises in 4 main product categories:

• Metal Rolls: These are produced in a variety of grades, including alloy cast steel and graphitic steel.
• Engineering Castings: These are heavy castings ranging from 500 kg to 20 metric tonnes. These are supplied to the steel, mining, power and sugar industries.
• Alloy Steel Products: These include carbon steels, alloy steels and stainless steels in the form of rounds, flats and hexagons. This segment also includes tool and valve steels.
• Forging Ingots, Forged Shafts and Blocks: These products are manufactured for customers requiring forged steel components and inputs for further industrial applications.

Facilities & Capacity

Behari Lal Engineering Ltd. conducts its manufacturing operations across two units in Mandi Gobindgarh, Punjab, covering approximately 790,000 square feet. As of FY25, the combined installed capacity was 119,464 metric tonnes per annum. This included 54,464 metric tonnes of capacity for processing finished steel products and 65,000 metric tonnes of rolling mill capacity. The company's integrated facilities support its manufacturing of engineering castings, metal rolls, alloy steel products and forged products.

Brands & Market Presence

Behari Lal Engineering Ltd. has developed an impressive and diverse customer base. As of March 31, 2025, the company had served 1,681 customers. Its customer base includes companies such as Shyam Metallics and Energy Ltd., Jai Balaji Industries Ltd., MSP Steel & Power Ltd. and Metso India. In addition to its domestic business, the company exports products to international markets across 15 countries, including Germany, the USA, Brazil, South Africa and the UAE.

Revenue Streams & Business Model

Behari Lal Engineering Ltd. operates an integrated manufacturing model covering steel melting, casting, rolling and engineering-product manufacturing. Its major revenue streams come from the sale of metal rolls, engineering castings, alloy steel products and forged products. The company follows a B2B business model, supplying customised engineering components to industrial customers across sectors such as steel, mining, power and sugar. Its integrated operations support the production and supply of specialised products for domestic and international markets.

Financial Performance

Behari Lal Engineering Ltd. demonstrated steady financial growth for the fiscal year ending March 31, 2026. Total income increased to ₹546.52 crore, representing an upward growth trend compared to the previous year. Furthermore, the company recorded a strong profit after tax (PAT) of ₹64.64 crore, marking a significant 22% rise from the prior fiscal period, alongside an improved EBITDA of ₹101.32 crore, reflecting healthy operational efficiency and strong market demand.

Management & Shareholding

Behari Lal Engineering Ltd. is promoted by the Garg family, namely Parkash Chand Garg, Rajesh Garg, Dinesh Garg, Lovlish Garg and Bhuvnesh Garg. Before the IPO, the promoters held approximately 88.51% of the company, but after the IPO, the promoters' shareholding will be diluted due to the fresh issue and the sale of shares by existing shareholders through the OFS.

Board & Key Management

The leadership of Behari Lal Engineering Ltd. is led by a team of experts with many years of experience. Parkash Chand Garg serves as the Chairman and gives strategic direction to the firm. The daily operations are managed by Dinesh Garg, the Managing Director, along with Whole-Time Director Lovlish Garg. To ensure good governance, the board includes Independent Directors Anil Dhawan, Anil Kumar Bansal, Ayussh Mittaal, Meena Rohilla and Rajesh Kumar Sinha for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.