Behari Lal Engineering

Behari Lal Engineering IPO

IPO Open Now

₹14,092

Bidding Dates 12 Aug, 26 -14 Aug, 26

Min Investment ₹14,092

Lot Size52

Price Range ₹271 – ₹285

Issue Size ₹301.62 Cr.

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IPO Timeline

IPO Analysis

Strengths

The company has catered to 1,825 customers as of March 31, 2026, with 62.98% customer retention rate and revenue from repeat customers at 84.69% (₹4,522.77 million) in Fiscal 2026.

The company manufactures four main product categories - Metal Rolls (26.35% revenue), Engineering Castings (19.54% revenue), Alloy Steel Products (45.81% revenue), and Forging Ingots serving over 10 industries.

The company operates 2 manufacturing facilities in Mandi Gobindgarh with combined installed capacity of 119,690 MT and achieved 87.71% capacity utilization in Fiscal 2026.

Risks

The company generates significant revenues from its top 10 customers, constituting 38.00%, 39.91% and 37.81% of revenue from operations in Fiscals 2026, 2025 and 2024 respectively. The company does not enter into long-term contracts with customers, making it vulnerable to customer loss or significant reduction in revenue from key customers.

The company derives 84.69%, 86.10% and 80.04% of revenue from repeat customers in Fiscals 2026, 2025 and 2024 respectively. Loss of repeat customers or reduction in their demand could adversely affect the company's business and financial condition.

Cost of raw materials constituted ₹2,806.58 million, ₹2,716.46 million, and ₹2,745.21 million (61.02%, 60.78% and 68.62% of total expenses) in Fiscals 2026, 2025 and 2024 respectively. Substantial delay or failure to procure necessary raw materials could adversely impact operations and customer obligations.

Objectives

The company proposes to purchase and install new equipment/machinery (including computers, printers and computer peripherals) along with civil work for such installation and roof-top solar panels at Village Salani, Amloh Road, Mandi Gobindgarh, Punjab to enhance machining capacity for metal rolls and improve quality and checking methodology.

The company proposes to purchase and install new equipment/machinery along with civil work for such installation and roof-top solar panels at Village Turan, Amloh Road, Mandi Gobindgarh, Punjab to increase heat treatment and forging capacity and improve quality and checking methodology.

The company proposes to utilize funds for full or partial repayment or pre-payment of certain fund based borrowings to help deleverage the company, maintain optimal debt-equity ratio, improve return on capital employed and enable utilization of internal accruals for business growth.

The company proposes to utilize funds for general corporate purposes including meeting ongoing corporate exigencies, working capital requirements, strategic initiatives, building dedicated sales and management teams, business development initiatives and other expenses as approved by the Board from time to time.

Yearly Financial Results

Annual Financials	Mar 2024	Mar 2025	Mar 2026
Revenue	446.08	507.91	534.02
Expenses	400.04	446.94	459.94
Other Income	3.87	8.39	12.49
Total Revenue	449.96	516.30	546.52
Profit Before Tax	49.92	69.36	86.58
Net Profit	35.79	52.95	64.64

Show % Change

Above figures are in Rs. Crores

Balance Sheet

Balance Sheet	Mar 2024	Mar 2025	Mar 2026
Total Assets	262.08	295.98	367.87
Current Assets	177.81	196.92	251.18
Fixed Assets	84.27	99.05	116.69
Total Equity & Liabilities	262.08	295.98	367.87
Total Liabilities	68.14	54.36	61.77
Current Liabilities	58.17	51.56	58.73
Non Current Liabilities	9.97	2.81	3.04
Total Equity	193.94	241.62	306.10

Show % Change

Above figures are in Rs. Crores

Cash Flow

Cash Flow	Mar 2024	Mar 2025	Mar 2026
Net Cash Flow	-1.47	1.99	-1.32
Investing Activities	-52.38	-19.68	-37.56
Operating Activities	37.14	61.89	27.54
Financing Activities	13.77	-40.22	8.71

Show % Change

Above figures are in Rs. Crores

About Behari Lal Engineering

The company is an integrated iron and steel manufacturing company specializing in customized engineering solutions. According to CRISIL, the company is one of India's largest metal rolls producers and a leading player in the metal rolls market, meeting 10.00-11.5% of the country's demand in Fiscal 2026. The company's precision engineered...more

Website

www.beharilalengineering.com

Managing DirectorDinesh Garg

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Part of Raise Financial Services

SEBI Stock Broker Registration No: INZ000006031 | Depository Participant (CDSL) ID: IN-DP-289-2016 | SEBI Research Analyst Registration No: INH000023357 Exchange Membership No. : NSE: 90133 | BSE: 6593 | MCX: 56320

Registered Office: Unit No. 2201, 22nd Floor, Gold Medal Avenue, S.V. Road, Beside Patel Petrol Pump, Piramal Nagar, Goregaon West, Mumbai - 400104