118.27xsubscribed
Behari Lal Engineering IPO
118.27xsubscribed
Steel & Iron Products
listed
118.27xsubscribed
₹14,092Min. investment
Behari Lal Engineering Limited IPO Details
Sector
Steel & Iron Products
Issue size
₹302Cr
IPO type
Mainboard
Market cap
₹1,205CrLower than sector avg
Price range
₹271 – ₹285
Listing exchange
BSE, NSE
RevenueApr 2025 - Mar 2026
₹534.03CrLower than sector avg
Listing date
19 Aug 2026
Lot size
52 shares
Red Herring Prospectus
Read
Growth rate3Y CAGR
9.41%
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 IPO Subscription Status
As on 12-Aug-26, 5:30 PM
Behari Lal Engineering IPO Timeline
- Pre-apply11 Aug 2026
- Bid start12 Aug 2026
- Bid end14 Aug 2026
- Allotment17 Aug 2026
- Release of funds18 Aug 2026
- Demat transfer18 Aug 2026
- Listing19 Aug 2026
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
Behari Lal Engineering Limited IPO Analysis
IPO REVIEW
Behari Lal Engineering IPO | Analysis Video
Should you apply?
Watch our analysts break down the Behari Lal Engineering Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.
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
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.
Objectives of Behari Lal Engineering Limited IPO
Capex for manufacturing facility 2
40.10%
General corporate purposes
34.60%
Capex for manufacturing facility 1
24.70%
Repayment of debt
0.60%
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Company NameBehari Lal Engineering Limited
How to apply for Behari Lal Engineering IPO?
- Step 1
Log in to your Upstox account to access IPO investments. Next, select the current IPO section.
- Step 2
Specify IPO details. Enter the number of lots and the price you wish to apply for.
- Step 3
Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4
Mandate Notification. Your UPI app will receive a mandate notification to block funds.
- Step 5
Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.
