About Lalbaba Engineering IPO
Lalbaba Engineering IPO is a book‑built issue worth up to ₹1,000 crore, comprising a fresh issue worth up to ₹630 crore and an offer for sale (OFS) worth up to ₹370 crore, with a face value of ₹5 per equity share. The company filed its DRHP with SEBI on Sep 29, 2025.
The price band and official dates of subscription and listing will be announced by the company later. The equity shares are proposed to be listed on the BSE and the NSE. The issue will be managed by a team of professional book-running lead managers (BRLMs), who are IIFL Capital Services Ltd., Motilal Oswal Investment Advisors Ltd. and Nuvama Wealth Management Ltd., while MUFG Intime India Pvt. Ltd. is acting as the registrar to the offer.
Company Background
Lalbaba Engineering Ltd. was incorporated on June 26, 2006. The company’s history dates back to 1964, when it was originally founded by Mr. Murari Lal Dhanuka in West Bengal. Today, it is a well-known engineering solutions company that excels in the creation of high-performance seamless tubes and precise forgings, as well as integrated rail solutions. The company’s headquarters is in Kolkata, West Bengal, with its manufacturing plant strategically positioned in the same state.
Operations & Product Range
Lalbaba Engineering Ltd. operates across the intersection of advanced metallurgy and precision manufacturing that is used in the heavy engineering and automotive sectors. Its core operations are divided into three primary product lines: high-performance seamless tubes, precision forgings and integrated rail systems development. The company's primary end markets include the Indian Railways, automotive Tier-1 suppliers and companies in the energy and industrial infrastructure sectors.
Facilities & Capacity
Lalbaba Engineering Ltd. has established a strong manufacturing footprint in West Bengal with 3 manufacturing plants. Its current installed capacity stands at 85,000 metric tonnes per annum (MTPA) for tubes and 8,400 MTPA for forgings. The company aims to expand its roots by finishing the Haldia facility projects, for which the proceeds from the issue will be used for capital expenditure.
Brands & Market Presence
Lalbaba Engineering Ltd. has already carved a niche in the industry and they are well-known for being the largest manufacturer of cold-finished seamless tubes in India, as well as the second-largest in the country in terms of capacity. The company's reach extends beyond the domestic market, as it exports its products to over 18 different countries worldwide.
Revenue Streams & Business Model
The main source of revenue for Lalbaba Engineering Ltd. comes from the sale of its engineered products to its customers. The company has shown good financial growth. The total revenue from its operations for FY25 was approximately ₹771.61 crores, reflecting a y-o-y growth of 28.7% and Profit After Tax (PAT) has grown by 59.5%. This shows the growth in its operations and efficiency.
Management & Shareholding
Lalbaba Engineering Ltd. is promoted by the Dhanuka family, including Kishan Dhanuka, Amit Dhanuka, Nikunj Dhanuka, Nishit Dhanuka and others like LBIC Engineering Private Ltd. and Kishan Dhanuka & Sons HUF. The promoter group holds a large percentage of shares in the company before the issue of shares, but after the issue of shares, there is a loss of ownership for the promoter group as shares will be sold publicly, hence affecting their decision-making process.
Board & Key Management
Lalbaba Engineering Ltd. is headed by its Chairman and Managing Director, Mr. Kishan Dhanuka, along with Whole-Time Directors Nikunj, Nishit and Amit Dhanuka. The company also has Independent Directors Anil Kumar Chaudhary, Dr. Dharmendra Singh Gangwar, Sanjay Khare and Sucharita Basu De. The key management team behind the company’s vision includes CSO Deepak Chaudhary, CFO Neeraj Sureka and Company Secretary Anatha Bandhaba Chak.
Lalbaba Engineering IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 5 per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | 100 % Book Built Offer |
| Total Issue Size | Up to ₹ 1,000.00 Crore |
| Fresh Issue(Ex Market Maker) | Up to ₹ 630.00 Crore |
| Offer for Sale | Up to ₹ 370.00 Crore |
| Issue Type | Fresh Issue and Offer for Sale |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 10,23,83,040 Equity Shares |
| Share Holding Post Issue | [.] |
Lalbaba Engineering IPO Financial Information
Latest Revenue
773.45
₹ Crore
Profit After Tax
42.44
₹ Crore
Net Worth
181.63
₹ Crore
Total Borrowing
264.72
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 586.96 | 773.45 | 42.44 | 181.63 | 131.36 | 264.72 | |||
| 31 Mar 2024 | 435.66 | 600.44 | 26.61 | 140.85 | 65.64 | 197.02 | |||
| Amount in ₹ Crore | |||||||||
Lalbaba Engineering Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 25.19% |
| ROCE | 21.01% |
| Debt/Equity | 1.41x |
| RoNW | 25.32% |
| PAT Margin | 5.49% |
| EBITDA Margin | 12.63% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ₹4.35 (Basic) / ₹3.99 (Diluted) | [.] |
| P/E (x) | [.] | [.] |
IPO Objectives
The company plans to use Lalbaba Engineering IPO proceeds for strategic purposes:
- • Funding capital expenditure for the expansion of its Haldia facility.
- • Repayment of debt (in part or in full)
- • General corporate purposes.
Conclusion
The Lalbaba Engineering IPO presents an opportunity for investors to participate in an established player within India's core engineering and manufacturing space. The company has created leadership in the market, with a growing financial profile. This issue will directly help the company to meet the funding requirements of the company for expansion and debt.
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Competitive Strengths
India's largest cold-finished seamless tube manufacturer.
Operations across 3 synergistic verticals providing comprehensive solutions.
Strong customer relationships indicate a stable and loyal clientele.
Export to the international market.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 13/01/2026 | - |
| 2 | Filed with SEBI/Exchange | 29/09/2025 | View DRHP |
Lalbaba 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 | — | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | — | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |