Behari Lal Engineering listing: Shares list at 63.1% premium over IPO price on NSE; investors made ₹9,360 per lot

Behari Lal Engineering shares made a robust stock market debut on Wednesday, August 19. Shares of the iron and steel manufacturer listed at ₹465 apiece on the National Stock Exchange (NSE), reflecting a premium of 63.1% over the initial public offering (IPO) issue price of ₹285 apiece.

On the BSE, Behari Lal Engineering stock started trading at ₹458, up 60.7% from the issue price.

How much returns investors made after Behari Lal Engineering listing?

Behari Lal Engineering IPO lot size was 52 shares and cost ₹14,820 for retail investors. Investors who received Behari Lal Engineering IPO allotment made ₹9,360 per lot, taking the value of their investment to ₹24180, as per the listing price on the NSE.

On BSE, the listing day returns were slightly lower at ₹23,816 as the stock listed at ₹458 apiece.

Behari Lal Engineering (BLEL) is an integrated iron and steel manufacturing company specialising in customised engineering solutions for critical industrial applications. The company’s initial public offering was subscribed 108.44 times, with bids for 80,38,30,040 shares compared to 74,12,769 shares on offer, according to the NSE data.

The ₹302 crore IPO comprised a fresh issue of equity shares worth ₹93 crore and an offer-for-sale (OFS) component of over 73 crore shares valued at ₹209 crore.

Behari Lal Engineering Financials

Behari Lal Engineering IPO objective

• Repayment of debt: The company will use ₹57 lakh for repayment of certain borrowings availed by the company.
• Capex for manufacturing facility 1: The company will use ₹19.5 crore for purchase of plant and machinery, and ₹3.40 crore for installation of rooftop solar panels at Manufacturing Facility 1.
• Capex for manufacturing facility 2: The company will use ₹36.6 crore for purchase of plant and machinery, and ₹3.40 crore for installation of rooftop solar panels at Manufacturing Facility 2.
• General corporate purposes: Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

About the company

Behari Lal Engineering 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, the company 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.

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.

The company 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.