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Behari Lal Engineering IPO

Behari Lal Engineering IPO

Steel & Iron Products
open
₹14,092Min. investment
  1. Pre-apply
    11 Aug
  2. Bid start
    12 Aug
  3. Bid end
    14 Aug
  4. Allotment
    17 Aug
  5. Release of funds
    18 Aug
  6. Demat transfer
    18 Aug
  7. Listing
    19 Aug

Behari Lal Engineering Limited IPO Details

SectorSteel & Iron Products
Price range₹271 – ₹285
IPO type
Regular
Lot size52 shares
Issue size₹302Cr
Red Herring Prospectus
Read
Market Cap
₹1,205CrLower than sector avg
RevenueApr 2025 - Mar 2026
₹534.03CrLower than sector avg
Growth rate3Y CAGR
9.41%

Behari Lal Engineering Limited IPO Overview

Behari Lal Engineering IPO date

Behari Lal Engineering IPO will open for subscription on August 12, 2026, and the closing date for the IPO is August 14, 2026. After this, investors are expected to be updated about the allotment status on August 17, 2026. Investors who have been allotted shares can expect them to be credited to their demat account on August 18, 2026. The shares will be listed on the NSE and the BSE on Wednesday, August 19, 2026.

Behari Lal Engineering IPO price band

The IPO includes fresh issues and an offer for sale. The IPO price band has been set between ₹271 and ₹285 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹93 crore and an offer for sale of ₹209 crore. Behari Lal Engineering IPO listing price will be determined on August 19, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.

Behari Lal Engineering IPO lot size

Behari Lal Engineering IPO details have been declared. The minimum lot size for an application is 52 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹302 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹534.03Cr
This sector
₹3,652.65Cr
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PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹64.63Cr
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₹112.07Cr
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Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹1,205Cr
This sector
₹6,638.34Cr
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P/E ratio
Lower ratio usually means stock is undervalued
This IPO
17.21
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114.91
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D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.06
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0.53
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Objectives

Capex for manufacturing facility 2
40.10%
General corporate purposes
34.60%
Capex for manufacturing facility 1
24.70%
Repayment of debt
0.60%

Strength and Weakness

High customer stickiness

During FY26, 62.98% of customers served were repeat customers, accounting for 84.6% of total revenue from operations. The company's top 10 customers have been associated with BLEL for an average of 6 years, with several key customers having relationships of more than a decade.

Diversified product portfolio

BLEL supplies different products covering metal rolls, engineering castings, alloy steel products, and forging ingots and forged shafts/blocks to more than 10 end-user industries, including automobile, steel, mining, infrastructure and construction, power, aerospace etc.

Strategically located manufacturing facility

The company has two integrated manufacturing facilities in Mandi Gobindgarh, Punjab, which offer connectivity through National Highway 44 and State Highway 12A, while dry ports are located ~40 km away and Chandigarh International Airport is ~60 km away. The location also provides access to the Amritsar-Kolkata Industrial Corridor.

High capacity utilisation

Overall capacity utilisation was 87.71% in FY26, with SMS and Foundry Division at 94.47% and Rolling Mill Division at 82.02%. The company shares overlapping and fungible manufacturing processes across divisions.

Strong order book

As on 31st May 2026, the order book of BLEL stood at ₹178.5 crore as against ₹118.2 crore as on 31st March 2026. The growth offers visibility into future revenue and underscores ongoing demand for the company’s products.

Customisation capabilities

The company has in-house engineering, design, tooling and material development capabilities, complemented by finishing and assembly operations. It is also using manufacturing execution systems to automate manufacturing processes, improve production efficiency and reduce downtime and idle time.

About Behari Lal Engineering Limited

Behari Lal Engineering (BLEL) is an integrated iron and steel manufacturing company specialising in customised engineering solutions for critical industrial applications. The company started as a steel trader and gradually scaled up as a steel manufacturer, having over two decades of experience in the steel industry. As per RHP, BLEL is one of India's largest metal rolls producers and a leading player in the metal rolls segment, meeting 10 to 11.5% of India's demand in FY26.
The company operates across four key product segments. Metal Rolls include alloy cast steel rolls, alloy steel base adamite rolls, graphitic steel rolls and S.G. Iron Pearlitic Rolls, which are used in rolling processes to manufacture finished steel products such as TMT Rebar and Structural Steel. Engineering castings range from 500 kilograms to 20 metric tonnes and are supplied to industries including steel, iron, mining and aggregate crushers. Alloy steel products comprise carbon steel, alloy steel and stainless steel bars in sections ranging from 6 to 230 millimeters, along with tool steel and valve steel. Forged Ingots and forged shafts/blocks are semi-finished steel products, used as raw materials for forging applications in industries viz. automotive, aerospace, oil & gas and energy.
Alloy Steel Products continued to be the highest contributor to revenue in FY26 with 45.8% of revenue, followed by Metal rolls at 26.3% and Engineering castings at 19.5%. As at March 31, 2026, BLEL has served 1,825 customers, of which 578 customers were served during FY26. Revenue from repeat customers was ₹452.28 million and constituted 84.6% of total revenue from operations in FY26. The company’s top 10 customers have been with BLEL for an average of 6 years.
91.1% of the company’s revenue in FY26 was from domestic sources. Since April 1, 2024, the company has also expanded internationally, exporting to 21 countries across 5 continents. International sales for FY26 were ₹47.98 crore, 8.98% of revenue. BLEL caters to a variety of sectors, with the Automobile sector accounting for 38.65% of revenue in FY26, followed by Infrastructure at 20.68% and aggregate crusher manufacturing at 18.35%. The company’s products are used in over 10 industries including aerospace and defence, cement and thermal power plants.
The company has two integrated manufacturing facilities in Mandi Gobindgarh, Punjab with an area of about 7.90 lakh square feet. As on 31 March 2026, the total capacity of the facilities stood at 1,19,690 MT, of which finished steel processing capacity was 54,690 MT, and rolling mill capacity was 65,000 MT. The company has also commenced construction of a third manufacturing facility at Mandi Gobindgarh to enable future expansion. The overall capacity utilisation was 87.71% in FY26. The order book of BLEL was at ₹178.57 crore as of May 31, 2026, as against ₹93 crore as of March 31, 2025. The company uses scrap steel, ferro alloys and ingots as the main raw materials. The cost of materials consumed was 61.02% of total expenses in FY26.
India is the world’s second largest steel producer and is also benefiting from the China+1 strategy as global manufacturers seek to diversify their supply chains. The alloy steel segment is projected to grow at a CAGR of 5-7% for alloy long steel and 8-10% for alloy flat steel till FY31, driven by infrastructure development, increasing vehicle production and government initiatives.
The National Steel Policy aims at a steel production of 30 crore tonnes by 2030. The export promotion schemes of the government also offer further support to the industry with an outlay of ₹200 crore annually. The industry has high entry barriers due to stringent OEM qualification requirements and long-standing customer relationships, favouring established players that supply 10.00-11.5% of India’s metal rolls demand. Mandi Gobindgarh in Punjab offers an additional advantage due to its proximity to major highways, dry ports and airports, supporting efficient logistics and raw material sourcing.
BLEL is expanding its manufacturing capacity through the upcoming facility at Mandi Gobindgarh, which is being developed across approximately 2.07 acres. The company plans to upgrade its melting and machining capacity to improve its product mix and increase the share of high-value rolls and castings. It also proposes to install a 1600T hydraulic open die forging press, which will establish an annual forged products production capacity of 15,000 MT. The company continued to increase its focus on high-value products, including engineering castings, metal rolls and speciality alloy steel grades such as valve steel, die steel and tool steel. Revenue from these products increased to 57.78% of revenue in FY26 from 45.45% in FY25.
Now, Behari Lal Engineering Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹93 crore and an offer for sale of ₹209 crore. The total issue size of the IPO is ₹302 crore. Its shares will be listed on the NSE and BSE.

How to pre-apply for Behari Lal Engineering IPO?

You can pre-apply for Behari Lal Engineering IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.
Follow these steps to pre-apply for the IPO:
  • Login to your Upstox account, using your six-digit PIN
  • After successfully logging in, click on ‘Discover’
  • On the Discover tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Behari Lal Engineering IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Pre-Apply’
  • Accept the mandate on your UPI app

How to apply for Behari Lal Engineering IPO?

If you are interested in this investment opportunity but unsure how to apply for Behari Lal Engineering IPO, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Behari Lal Engineering IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Behari Lal Engineering IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

How to check allotment status for Behari Lal Engineering IPO?

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.
Here’s a step-by-step guide on how to check the Behari Lal Engineering IPO allotment status:
  • Login to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, you will find the ‘View all’ option
  • Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
  • In the ‘IPO’ tab, click on ‘My applications’
  • In ‘My applications’, under the History section, your Behari Lal Engineering IPO allotment status will be mentioned

Frequently asked questions

Investors can apply for the Behari Lal Engineering IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Behari Lal Engineering IPO is 302 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Ipo opens on 12 Aug 2026, 10:00 AM