Behari Lal Engineering IPO Opens August 12; Price Band Fixed at ₹271–₹285
Behari Lal Engineering IPO to Open August 12 at ₹271–₹285 Price Band
Behari Lal Engineering Sets ₹93-Crore Fresh Issue in Maiden IPO
Behari Lal Engineering IPO: Strong FY26 Profit Growth Meets Expansion Plans
Behari Lal Engineering IPO Opens August 12; Investors Weigh Growth Against Steel Risks
Metal Rolls Major Behari Lal Engineering Launches IPO at ₹271–₹285 per Share
Bilkul Bazaar
Ahmedabad
Behari Lal Engineering Limited’s maiden Initial Public Offering (IPO) will open for subscription on August 12, 2026 and close on August 14, 2026, with the price band fixed at ₹271–₹285 per equity share. The minimum bid lot is 52 shares.
The issue comprises a fresh issue of up to ₹93 crore and an offer-for-sale (OFS) of up to 73.20 lakh shares. A major portion of the fresh proceeds will be used for new machinery, infrastructure and rooftop solar installations at the company’s two manufacturing facilities in Mandi Gobindgarh, Punjab.
Behari Lal Engineering, incorporated in 1995, manufactures metal rolls, engineering castings, alloy steel products and forging ingots for industries including steel, power, automobile, mining and heavy engineering. According to CRISIL, it accounted for around 10–11.5% of India’s metal-roll demand in FY26. The company catered to 1,825 customers as of March 31, 2026, and exports to 21 countries across five continents.
The company has also posted strong financial growth. Revenue from operations rose to ₹534.03 crore in FY26 from ₹446.08 crore in FY24, while net profit increased to ₹64.64 crore from ₹35.79 crore during the same period.
Strengths and Risks
The IPO’s positives include strong profitability, healthy return ratios, a near debt-free balance sheet, a diversified product portfolio and a large repeat customer base. The fresh issue proceeds are largely aimed at capacity expansion and modernisation.
However, investors should also consider risks. The company operates in a cyclical steel industry, making it vulnerable to fluctuations in commodity, raw material and energy prices. Its manufacturing operations are concentrated in Punjab, while the sizeable OFS component means a significant portion of the issue proceeds will go to selling shareholders rather than the company.
The equity shares are proposed to be listed on BSE and NSE. Emkay Global Financial Services and Systematix Corporate Services are the book-running lead managers.
Investment view: Behari Lal Engineering presents a combination of strong growth, established industrial presence and expansion plans, but investors should weigh these strengths against steel-sector cyclicality, input-cost volatility and the sizeable OFS component before making an investment decision.
Behari Lal Engineering IPO — Snapshot
| Particulars | Details |
|---|---|
| IPO Opens | August 12, 2026 |
| IPO Closes | August 14, 2026 |
| Price Band | ₹271–₹285 per share |
| Lot Size | 52 shares |
| Minimum Investment | ₹14,820 at upper band |
| Issue Size | Fresh issue up to ₹93 crore + OFS of up to 73.20 lakh shares |
| Listing | BSE & NSE |
| Business | Metal rolls, engineering castings, alloy steel products & forging ingots |
| FY26 Revenue | ₹534.03 crore |
| FY26 Net Profit | ₹64.64 crore |
| Key Positives | Strong profitability, near debt-free, diversified products, export presence |
| Key Risks | Steel-sector cyclicality, raw-material/energy cost volatility, sizeable OFS |
| Lead Managers | Emkay Global Financial Services; Systematix Corporate Services |
In a nutshell: A growth-oriented engineering IPO backed by strong FY26 profitability and expansion plans, but investors need to factor in steel-sector cyclicality and the sizeable OFS component.
Disclaimer: This article is for information purpose only and is not the investment advice. Please read the IPO documents carefully before investing.
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