Behari Lal EngineeringNSE / BSE:
Analyzed by ViewIPO Financial Research Team
Steel & Iron ManufacturingIndia•Filed 2026-08-12•Listing 2026-08-19•Size ₹301.29Cr •Lot Size 52
The total amount of money the company is trying to raise from the public through this IPO.
The minimum number of shares an investor must bid for in an IPO.
Is Behari Lal Engineering IPO Good? Quick Verdict
Behari Lal Engineering IPO scored 63/100 (Moderate Risk) in our deep analysis. The strongest pillar is Financial at 80/100, while Competition is the primary concern at 35/100. Behari Lal Engineering Limited presents strong financial fundamentals with robust return ratios (ROE 21.12%, ROCE 27.11%) and negligible debt, though the IPO structure is heavily weighted toward an Offer for Sale.
IPO Score
63/100
Moderate Risk
Quick Verdict
Exceptional capital efficiency with ROE of 21.12% and ROCE of 27.11% in FY26.
Virtually debt-free balance sheet with a Debt-to-Equity ratio of 0.06x.
Increasing share of high-value products, reaching 57.78% of operational revenue in FY26.
Heavy Offer for Sale component comprising 69.17% of the total IPO size.
Geographic concentration of manufacturing operations in Mandi Gobindgarh, Punjab.
Company Snapshot
Revenue (TTM)
₹534.02Cr↑ 5.14% YoYTotal money brought in by the company's operations before deducting any expenses.
Profitability
PositiveNet Income ₹64.64CrThe company's total profit after all expenses, taxes, and costs have been deducted.
Gross Margin
— Market Cap
—Pending DataIPO Size
₹301.29Cr The total amount of money the company is trying to raise from the public through this IPO.
Industry
Steel & Iron Manufacturing P/E Ratio
18.65xValuation MultiplePrice-to-Earnings. How much you pay for ₹1 of company profit. A high P/E might mean the stock is expensive.
Return on Equity
21.12%ProfitabilityReturn on Equity. Shows how efficiently the company generates profit using the shareholders' money.
Debt to Equity
0.06xLeverageShows how much debt the company has compared to its own funds. >1 means more debt than equity.
Risk Breakdown
Governance
65
Moderate
Financial
80
Excellent
Valuation
60
Moderate
Competition
35
High Risk
Dilution
55
Expensive
Promoter / Mgmt
70
Moderate
AI Summary
Behari Lal Engineering Limited is a Mandi Gobindgarh-based integrated iron and steel manufacturing enterprise specializing in precision metal rolls, engineering castings, and alloy steel products. The company accounts for approximately 10% of India's total metal roll demand and exports to 21 countries worldwide. Financially, Behari Lal Engineering Limited has shown continuous PAT expansion from ₹35.79 Cr in FY24 to ₹64.64 Cr in FY26, backed by a low debt-to-equity ratio of 0.06x. The ₹301.62 Cr public offering consists of a ₹93.00 Cr fresh issue to fund equipment, solar power expansion, and debt repayment, alongside a ₹208.62 Cr Offer for Sale.
Overall Verdict: Behari Lal Engineering Limited presents strong financial fundamentals with robust return ratios (ROE 21.12%, ROCE 27.11%) and negligible debt, though the IPO structure is heavily weighted toward an Offer for Sale.
Key Highlights
- •Ranks among India's largest producers of metal rolls, fulfilling ~10% of domestic demand in FY24 according to CRISIL.
- •Revenue from operations grew from ₹446.08 Cr in FY24 to ₹507.91 Cr in FY25 and ₹534.02 Cr in FY26.
- •PAT expanded at a strong pace from ₹35.79 Cr in FY24 to ₹64.64 Cr in FY26.
- •High revenue sticky client base, with repeat customers generating 84.69% of revenue from operations in FY26.
- •Supplies precision-engineered industrial components across 21 countries internationally.
- •Holds extensive quality and industrial certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, BIS licence, and Central Boilers Board approval.
Financial Performance
Revenue (Annual) Total money brought in by the company's operations before deducting any expenses.
↑ +5.1% YoYTotal money brought in by the company's operations before deducting any expenses.
INR in Crores
Net Income (Annual) The company's total profit after all expenses, taxes, and costs have been deducted.
↑ +22.1% YoYThe company's total profit after all expenses, taxes, and costs have been deducted.
INR in Crores
EBITDA vs PAT Earnings Before Interest, Taxes, Depreciation, and Amortization. Shows pure operating performance.
↑ +24.6% YoYEarnings Before Interest, Taxes, Depreciation, and Amortization. Shows pure operating performance.
INR in Crores
EBITDA PAT
IPO Timeline
IPO Opens2026-08-12
IPO Closes2026-08-14
Basis of Allotment2026-08-17
Refunds & Demat2026-08-16
Listing Date2026-08-19
Valuation Analysis
IPO Price₹271 - ₹285
Estimated Fair Value Pending Data
The theoretical true worth of the company based on its financial performance and peers.
Valuation Premium Pending
How much more expensive this IPO is compared to its estimated fair value or its industry peers.
vs Fair Value
IPO DNA
Growth 58
Evaluates the company's historical and projected revenue and profit expansion.
Governance 65
Assesses the quality, transparency, and track record of the company's management team.
Profitability 80
Measures how effectively the company turns its sales into actual profit.
Valuation 60
Analyzes whether the IPO price is cheap, fair, or expensive compared to peers.
Competition 35
Evaluates the company's market share, moats, and competitive threats in its industry.
Execution 70
Assesses the company's ability to successfully utilize IPO proceeds and deliver on its promises.
Pros vs Cons
Pros
- Consistent growth in top-line revenue (reaching ₹534.02 Cr in FY26) and profit after tax (reaching ₹64.64 Cr in FY26).
- High return metrics with an ROE of 21.12% and ROCE of 27.11%.
- Strong client retention with repeat customers contributing 84.69% of operational revenues.
- Growing contribution from high-value product offerings (up to 57.78% of sales in FY26).
- Ultra-low debt leverage with a Debt-to-Equity ratio of 0.06x.
Cons
- Significant portion of the IPO proceeds (₹208.62 Cr out of ₹301.62 Cr) is an Offer for Sale by selling shareholders.
- Operational concentration risk with existing facilities located in Mandi Gobindgarh, Punjab.
- Cyclical and raw material cost volatility inherent in the iron and steel manufacturing sector.
- High fixed operational infrastructure costs.
Financial Health
Revenue Growth9.4% 2-Year CAGR (FY24 to FY26) (Good)
The year-over-year percentage increase in the company's total sales.
Debt LevelDebt to Equity of 0.06x (Excellent)
An assessment of whether the company's borrowing is manageable or risky.
Institutional Signals
Anchor InvestorsUndisclosed
Large institutional investors who buy shares before the IPO opens to the public, signaling confidence.
VC Backing TierNone
Whether renowned Venture Capital or Private Equity firms have invested in the company.
Founder Ownership47.39%
The percentage of the company still owned by its original founders after the IPO.
Strategic PartnersTier 2
Key business alliances that give the company a competitive edge.
Behari Lal Engineering IPO — Frequently Asked Questions
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Source Citation: All financial data and risk metrics are derived from the official prospectus filed with the regulator (SEBI DRHP/RHP). ViewIPO algorithms process this public data for informational purposes. Not financial advice.
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