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Behari Lal Engineering Ltd
SteelIPO
₹285 - 285
We are an integrated iron and steel manufacturing company specializing in customized engineering solutions. According to CRISIL, we are one of India's largest metal rolls producers and a leading player in the metal rolls meeting 10.00-11.5% of the country's demand in Fiscal 2026. Our precision engineered components for critical industrial applications comprise.
Lot52Min Invest₹14,820Face Value₹10Issue Size₹302 CrFresh Issue₹93 CrOffer for Sale₹209 CrListing Price₹465CMP₹453
Timeline
12 Aug
Bidding opens
14 Aug
Bidding closes
17 Aug
Allotment
18 Aug
Refund & demat credit
19 Aug
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹302 Cr1.06 Cr shares
Fresh Issue₹93 Cr
Offer for Sale₹209 Cr
Face Value₹10
Lot Size52 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,8201-13 lots
sNII₹2,07,480from 14 lots
bNII₹10,07,760from 68 lots
Managers & Registrar
Lead ManagerEmkay Global Financial Services Limited
Co-ManagerSystematix Corporate Services Limited
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrRajesh GargPRMTR19,43,62355.39Lovlish GargPRMTR3,50,0009.97Yogita GargPRMTR21,43,62361.09Dinesh Kumar Garg HUFPRMTR1,50,0004.28SG Tech Engineering Private LimitedOTH27,32,75577.88Total73,20,001208.62
Shareholding
CategoryPre IPOPost IPOPromoter Group88.51%70.83%Public11.49%29.17%
Objects of the Issue
- Purchase and installation of new equipment / machinery (including computers, printers and computer peripherals) along with civil work for such installation at Manufacturing Facility 1
- Purchase and installation of new roof-top solar panels at Manufacturing Facility 1
- Purchase and installation of new equipment / machinery along with civil work for such installation at Manufacturing Facility 2
- Purchase and installation of new roof-top solar panels at Manufacturing Facility 2
- Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the Company
- General corporate purposes
Anchor Book
Bid Date11-Aug-2026
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| RevenueCr | 463 | 446 | 508 | 534 |
| Operating ProfitCr | 45 | 57 | 73 | 89 |
| OPM% | 9.7 | 12.8 | 14.4 | 16.6 |
| PBTCr | 38 | 50 | 69 | 87 |
| PATCr | 29 | 36 | 53 | 65 |
| EPS | 41 | 50 | 68 | 17 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity CapitalCr | 4 | 5 | 8 | 39 |
| ReservesCr | 107 | 181 | 234 | 267 |
| BorrowingsCr | 64 | 41 | 8 | 18 |
| Total AssetsCr | 203 | 262 | 296 | 368 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Operating Cash FlowCr | 13 | 37 | 62 | 28 |
| Investing Cash FlowCr | -21 | -52 | -20 | -38 |
| Financing Cash FlowCr | 9 | 14 | -40 | 9 |
| Net Cash FlowCr | 1 | -1 | 2 | -1 |
Strengths & Risks
Strengths · as stated in the DRHP
- Long standing relationships with a large number of customers spread across a wide array of end-user industries with stringent qualification processes.
- Diversified product portfolio catering to varied application industries.
- Strategically located Manufacturing Facilities with advanced equipment and robust overlapping processes which enables high capacity utilisation.
- Robust presence in the steel manufacturing industry leveraging on the legacy and experience of our Promoters and strong domain expertise of our management team.
- Track record of financial performance and consistent growth.
Strategies · as stated in the DRHP
- Augmenting increasing our installed capacity in line with our expected business growth.
- Optimising our product portfolio to cater more to higher value products and value added products.
- Broaden our end-user industries base and export market by capitalizing on growth in the metal rolls and engineering casting industry.
- Increasing our wallet share with our customers by introducing new products and grades.
Risks · as stated in the DRHP
- The company generates significant revenues from its top 10 customers, and in Fiscals 2026, 2025 and 2024, revenue from the company's top 10 customers was Rs. 2,029.21 million, Rs. 2,027.16 million and Rs. 1,686.51 million constituting 38.00%, 39.91% and 37.81%, respectively, of its revenue from operations. The company does not enter into long term contracts with its customers and the loss of such customers or a significant reduction in the company's revenue from such customers will have a material adverse impact on its business and financial condition.
- The company's success depends on its continuing relationship with the company's customers and its derives a significant majority of the company's revenue from repeat customers. In Fiscals 2026, 2025 and 2024, revenue from repeat customers was Rs. 4,522.77 million, Rs. 4,372.98 million and Rs. 3,570.50 million constituting 84.69%, 86.10% and 80.04%, respectively, of the company's revenue from operations. Loss of one or more of its repeat customers or reduction in their demand for the company's offerings could adversely affect its business, results of operation and financial conditions.
- The company caters to diverse end use industries and customers in the automobile, infrastructure, Aggregate Crusher Manufacturer (ACM) and engineering (industrial equipment) which contributed an aggregate of Rs. 2,063.85 million, Rs. 1,104.50 million, Rs. 980.15 million and Rs. 899.96 million to the company's revenue from operations constituting 38.65%, 20.68%, 18.35% and 16.85% of its total revenue from operations during Fiscal 2026, respectively. Any adverse impact on these industries or result in the loss of customers in these end use industries could have an adverse effect on the company's business, revenue from operations and financial condition.
- A substantial proportion of the company's sales is concentrated in India and sales to customers in India and its revenues from sales to customers in India was Rs. 4,860.47 million, Rs. 4,859.33 million, and Rs. 4,245.17 million constituting 91.02%, 95.67% and 95.17% of the company's revenue from operations in Fiscals 2026, 2025 and 2024. Any inability to maintain and grow its revenues from the company's sales in India may have an adverse effect on the company's business, financial condition, result of operation, cash flows and future business prospects.
- The cost of raw materials, including through imports, constitutes the largest component of its expenses and cost of material consumed was Rs. 2,806.58 million, Rs. 2,716.46 million, and Rs. 2,745.21 million constituting 61.02%, 60.78% and 68.62%, of the company's total expenses during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Substantial delay or failures to procure necessary raw materials could have an adverse impact on its operations and the company's ability to meet its customer obligations which could adversely impact on the company's business and its revenue.
- The company has dues which is outstanding to its creditors. Any failures in payment of these dues may have a material adverse effect on the company's reputation, business and financial condition.