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.