Behari Lal Engineering IPO
- Issue price
- ₹285
- Listing price
- ₹465
- +63.16%
- Current price
- ₹467.95
- +64.19%
- Subscribed
- 108.44x
- Issue size
- ₹301.62 Cr
- Listed on
- 19 Aug 2026
IPO timeline
- Opens12 AugWed
- Closes14 AugFri
- Allotment17 AugMon
- Refunds18 AugTue
- Demat credit18 AugTue
- Listing19 AugWed
Issue details
- Price band
- ₹271 – ₹285 per share
- Issue size
- ₹301.62 Cr
- Fresh issue
- Not available
- Offer for sale
- Not available
- Issue type
- Fresh capital cum OFS
- Face value
- ₹10 per share
- Lot size
- 52 shares
- Minimum investment
- ₹14,820
- Listing on
- BSE, NSE
- Exchange code
- BLEL · 7880
This issue combines a fresh issue and an offer for sale. The amounts for each part are not available in our data; see the offer document for the split.
Lot size and investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 52 | ₹14,820 |
| Retail (Max) | 13 | 676 | ₹1,92,660 |
| S-HNI (Min) | 14 | 728 | ₹2,07,480 |
| B-HNI (Min) | 68 | 3,536 | ₹10,07,760 |
Reservation
- QIB
- Not more than 50% of the Offer
- Retail
- Not less than 35% of the Offer
- NII
- Not less than 15% of the Offer
Allotment status
The allotment for this IPO is final. Check whether you received shares on the registrar's website using your PAN, application number or demat account (DP / Client ID).
Check allotment on MUFG Intime India- 1Open the registrar's allotment page and select this IPO from the list.
- 2Enter your PAN, application number or DP / Client ID.
- 3Submit to see the number of shares allotted, if any.
- Basis of allotment
- 17 Aug 2026
- Refunds initiated
- 18 Aug 2026
- Shares credited to demat
- 18 Aug 2026
- Listing
- 19 Aug 2026
Grey market premium (GMP)
- Current GMP
- ₹133
- +46.67%
- Estimated listing price
- ₹418
- Issue price ₹285
- Highest
- ₹133
- 18 Aug
- Lowest
- ₹25
- 8 Aug
GMP by day (₹ per share)
Day-wise GMP table
| Date | GMP | Premium | Est. listing |
|---|---|---|---|
| 19 Aug 2026 | ₹133 | +46.67% | ₹418 |
| 18 Aug 2026 | ₹133 | +46.67% | ₹418 |
| 17 Aug 2026 | ₹97 | +34.04% | ₹382 |
| 16 Aug 2026 | ₹84 | +29.47% | ₹369 |
| 15 Aug 2026 | ₹83 | +29.12% | ₹368 |
| 14 Aug 2026 | ₹83 | +29.12% | ₹368 |
| 13 Aug 2026 | ₹80 | +28.07% | ₹365 |
| 12 Aug 2026 | ₹74 | +25.96% | ₹359 |
| 11 Aug 2026 | ₹67 | +23.51% | ₹352 |
| 10 Aug 2026 | ₹53 | +18.60% | ₹338 |
| 9 Aug 2026 | ₹25 | +8.77% | ₹310 |
| 8 Aug 2026 | ₹25 | +8.77% | ₹310 |
| 7 Aug 2026 | ₹30 | +10.53% | ₹315 |
GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.
Subscription status
- QIB165.33x
- NII (HNI)165.32x
- Retail53.27x
| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 20,36,900 | 33,67,52,156 | 165.33x |
| Non-Institutional Investors (NII) | 16,12,761 | 26,66,14,140 | 165.32x |
| bNII — bids above ₹10 Lakh | 10,75,174 | 17,17,57,300 | 159.75x |
| sNII — bids ₹2 Lakh to ₹10 Lakh | 5,37,587 | 9,48,56,840 | 176.45x |
| Retail Individual Investors (RII) | 37,63,108 | 20,04,63,744 | 53.27x |
| Total | 74,12,769 | 80,38,30,040 | 108.44x |
Financials
- P/E Ratio
- 18.65
- EPS (₹)
- 15.28
- RoE
- 23.60%
- RoCE
- 27.11%
- RoNW
- 21.12%
- PAT Margin
- 12.10%
- EBITDA Margin
- 18.97%
- Debt / Equity
- 0.06
- NAV (₹)
- 78.41
Separate pre- and post-issue P/E are not available for this IPO; the P/E shown is as disclosed for the issue.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 367.87 | 295.98 | 262.08 |
| Total Income | 546.52 | 516.30 | 449.96 |
| Profit After Tax | 64.64 | 52.95 | 35.79 |
| EBITDA | 101.32 | 81.31 | 60.99 |
| NET Worth | 306.10 | 241.62 | 193.66 |
| Reserves and Surplus | 267.06 | 233.81 | 186.13 |
| Total Borrowing | 17.78 | 7.58 | 41.21 |
Peer comparison
| Company | Issue size | P/E | RoNW | PAT margin | Subscribed | Listing gain |
|---|---|---|---|---|---|---|
| Behari Lal Engineering This IPO | ₹301.62 Cr | 18.65 | 21.12% | 12.10% | 108.44x | +63.16% |
| German Green Steel & Power Mainboard · Closed | ₹303.9 Cr | 13.11 | 18.86% | 4.76% | 28.98x | — |
| Rajputana Stainless Mainboard · listed 19 Mar 2026 | ₹255 Cr | 21.1 | 13.82% | 4.87% | 1.12x | 0.00% |
| BMW Ventures Mainboard · listed 1 Oct 2025 | ₹232 Cr | 19.1 | 16.54% | 1.59% | — | -21.21% |
| A-One Steels India Mainboard · listed 1 Oct 2026 | ₹405 Cr | 24.55 | 15.43% | 3.04% | 11.61x | +12.35% |
| Ardee Industries Mainboard · listed 12 Aug 2026 | ₹425.87 Cr | 19.7 | 57.46% | 7.25% | 133.66x | +35.85% |
| Caliber Mining & Logistics Mainboard · listed 24 Jul 2026 | ₹450 Cr | 17.55 | 24.38% | 9.41% | 146.64x | +17.98% |
Peers are other recent IPOs from the same industry, closest in issue size. Ratios are as disclosed at the time of each issue. This is not the listed-peer table from the offer document.
About Behari Lal Engineering
Behari Lal Engineering Limited was started in 1995. It is an integrated iron and steel manufacturing company that focuses on customised engineering solutions. The company makes precision-engineered parts for critical industrial uses. Its main products are metal rolls, engineering castings, alloy steel products, forging ingots and shafts. As on 31 March 2026, the company had served 1,825 customers in India and abroad. Its customer list includes Amba Shakti Industries, BMW Industries, Shyam Metallics and Energy, Laxcon Steels, MSP Steel & Power, Jai Balaji Industries, Propel Industries and Metso India. Manufacturing is done at two units in Mandi Gobindgarh, Punjab. As on 31 May 2026, the order book of the company stood at about Rs 178.57 crore.
Strengths
- The company is almost debt free. Total borrowing was only Rs 17.78 crore as on 31 March 2026 against a net worth of Rs 306.10 crore.
- Return ratios are good. RoCE was 27.11% and RoNW was 21.12% in FY2026.
- Margins are improving. Total income grew 6% between FY2025 and FY2026, but profit after tax grew 22%, from Rs 52.95 crore to Rs 64.64 crore.
- Among the current mainboard issues this one is priced the lowest on earnings. At the upper band of Rs 285 the P/E is about 18.65 times on an EPS of Rs 15.28.
- The customer base is wide. The company has served 1,825 customers, including known names such as Shyam Metallics and Energy, Jai Balaji Industries, MSP Steel & Power and Metso India.
- The company has a long track record. It has been in this business since 1995.
- The fresh money goes into the plants. About Rs 56.24 crore is for new machinery at the two manufacturing facilities and Rs 6.80 crore is for rooftop solar panels, which will bring down the power bill.
Risks
- Sales growth is slow. Total income went up only 6% in FY2026, from Rs 516.30 crore to Rs 546.52 crore.
- Most of the issue is an offer for sale. Out of Rs 301.62 crore, about Rs 208.62 crore is OFS. The company will receive only around Rs 93 crore.
- Promoter holding will fall from 88.51% to 70.84%. Rajesh Garg alone is selling shares worth about Rs 55.39 crore in this offer.
- The order book is small compared to yearly sales. It was about Rs 178.57 crore as on 31 May 2026, against total income of Rs 546.52 crore in FY2026.
- Iron and steel is a cyclical business. Demand and prices move with the economy, construction activity and global steel rates.
- Raw material prices keep changing. Any sharp rise in scrap and steel prices that cannot be passed on will pull down margins.
- Both manufacturing units are in Mandi Gobindgarh, Punjab. Any problem in that one location, such as a power cut, labour issue or local regulation, will affect the whole business.
- Many customers are steel and metal companies themselves. If that industry slows down, orders will fall across the customer base at the same time.
Objects of the issue
- Funding capital expenditure requirement for purchase and installation of new equipment / machinery (including computers, printers and computer peripherals) along with civil work for such installation at Manufacturing Facility 1₹19.59 Cr
- purchase and installation of new roof-top solar panels at Manufacturing Facility 1₹3.4 Cr
- purchase and installation of new equipment / machinery along with civil work for such installation at Manufacturing Facility 2₹36.65 Cr
- purchase and installation of new roof-top solar panels at Manufacturing Facility 2₹3.4 Cr
- Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the Company₹0.57 Cr
- General Corporate Purposes
Promoters and shareholding
Parkash Chand Garg, Rajesh Garg, Dinesh Garg, Lovlish Garg and Bhuvnesh Garg
- Promoter holding, pre-issue
- 88.51%
- Promoter holding, post-issue
- 70.84%
Anchor investors
| Investor | Shares allotted | Amount | % of anchor book |
|---|---|---|---|
| TATA AIA LIFE INSURANCE CO.LTD.-FLEXI GROWTH FUND (ULIF 068 25/04/23 FGF 110) | 3,15,790 | ₹9 Cr | 9.95% |
| WHITEOAK CAPITAL BALANCED ADVANTAGE FUND | 3,50,896 | ₹10 Cr | 11.05% |
| WHITEOAK CAPITAL INDIA OPPORTUNITIES FUND | 1,75,439 | ₹5 Cr | 5.53% |
| WHITEOAK CAPITAL EQUITY FUND | 1,75,439 | ₹5 Cr | 5.53% |
| BANDHAN LARGE & MID CAP FUND | 4,91,228 | ₹14 Cr | 15.47% |
| 360 ONE EQUITY OPPORTUNITY FUND-SERIES IV | 4,56,140 | ₹13 Cr | 14.37% |
| DYNASIF EQUITY EX-TOP 100 LONG-SHORT FUND | 2,45,594 | ₹7 Cr | 7.74% |
| PINEBRIDGE GLOBAL FUNDS-PINEBRIDGE INDIA EQUITY FUND | 1,75,439 | ₹5 Cr | 5.53% |
| IKIGAI SMALL CAP FUND | 1,75,439 | ₹5 Cr | 5.53% |
| SINGULARITY LARGE VALUE FUND III | 3,50,896 | ₹10 Cr | 11.05% |
| AMICORP CAPITAL (MAURITIUS) LTD. | 2,62,646 | ₹7.49 Cr | 8.27% |
Registrar, lead managers and documents
Company contact
Village Salani, Amloh Road, Mandi Gobindgarh, Fatehgarh Sahib, Punjab, 147301
+91 17655 20694
cs@beharilalgroup.coBehari Lal Engineering IPO: common questions
When does the Behari Lal Engineering IPO open and close?
The Behari Lal Engineering IPO opens on 12 Aug 2026 and closes on 14 Aug 2026.
What is the price band of the Behari Lal Engineering IPO?
The price band is ₹271 – ₹285 per share, with a lot size of 52 shares and a minimum investment of ₹14,820.
What is the size of the Behari Lal Engineering IPO?
The issue size is ₹301.62 Cr (Fresh capital cum OFS).
What is the GMP of the Behari Lal Engineering IPO?
The last reported grey market premium is ₹133 per share as of 19 Aug 2026, 08:24 AM IST. GMP is unofficial and changes frequently.
When is the Behari Lal Engineering IPO allotment?
The basis of allotment is expected on 17 Aug 2026. Allotment status can be checked with the registrar, MUFG Intime India Private Limited.
When will the Behari Lal Engineering IPO list?
The shares listed on 19 Aug 2026 on BSE, NSE.
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