About the Company: Customised Heavy Engineering & Steel Products Specialist
Incorporated in 1995, Behari Lal Engineering Ltd. is an integrated iron and steel manufacturing company specialising in customised engineering solutions. The company manufactures precision-engineered components for critical industrial applications, operating across four primary product segments:
Metal Rolls: Produced across various technical grades including alloy cast steel, alloy steel base adamite, graphitic steel, and S.G. iron pearlitic.
Engineering Castings: Ranging from 500 kg to 20 MT, catering to core sectors such as steel, iron, mining, aggregate crushers, power, and sugar.
Alloy Steel Products: Carbon, alloy, and stainless steel bars across multiple sections (rounds, flats, hex, round corner squares) from 6 mm to 230 mm, alongside tool and valve steel.
Forging Ingots & Forged Shafts/Blocks: Raw materials engineered specifically for open-die and closed-die forging applications.
The company operates two strategically located manufacturing facilities in Mandi Gobindgarh, Punjab. As of March 31, 2026, Behari Lal Engineering has served over 1,825 domestic and international clients, including reputed names like Amba Shakti Industries, BMW Industries, Shyam Metallics and Energy, Laxcon Steels, MSP Steel & Power, Jai Balaji Industries, Propel Industries, and Metso India. As of May 31, 2026, its order book stood at ₹178.57 Cr (₹1,785.69 million).
The company’s promoters are Parkash Chand Garg, Rajesh Garg, Dinesh Garg, Lovlish Garg, and Bhuvnesh Garg.
Financial Trends & Performance
Behari Lal Engineering Ltd.’s revenue increased by 6% and profit after tax (PAT) rose by 22% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | ₹367.87 Cr | ₹295.98 Cr | ₹262.08 Cr |
| Total Income | ₹546.52 Cr | ₹516.30 Cr | ₹449.96 Cr |
| Profit After Tax (PAT) | ₹64.64 Cr | ₹52.95 Cr | ₹35.79 Cr |
| EBITDA | ₹101.32 Cr | ₹81.31 Cr | ₹60.99 Cr |
| Net Worth | ₹306.10 Cr | ₹241.62 Cr | ₹193.66 Cr |
| Reserves and Surplus | ₹267.06 Cr | ₹233.81 Cr | ₹186.13 Cr |
| Total Borrowings | ₹17.78 Cr | ₹7.58 Cr | ₹41.21 Cr |
All figures in ₹ Crore | Source: Chittorgarh / DRHP (Restated)
Key Performance Indicators & Valuation (FY2026)
Competitive Strengths
Extensive Client Relationships: Long-standing business ties with over 1,800 domestic and international customers spanning varied end-user manufacturing industries.
Diversified Industrial Capabilities: Broad engineering casting, alloy bar, and metal roll product lineup meeting custom client specifications.
Prudent Debt Profile: Highly disciplined capital structure with minimal gearing (Debt/Equity ratio of 0.06).
Strategic Manufacturing Hub: Modernized production plants in Mandi Gobindgarh equipped with advanced equipment and quality processes.
Issue Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII Shares Offered | Not less than 15% of the Offer |
IPO Structure & Use of Proceeds
The ₹301.62 Cr issue comprises a Fresh Issue of ₹93.00 Cr (32,63,157 shares) and an Offer for Sale of ₹208.62 Cr (73,20,001 shares) by selling promoters and corporate entities. The net fresh proceeds are proposed to be allocated as follows:
Bidding opens on August 12, 2026 and closes on August 14, 2026. Minimum retail application lot size is fixed at 52 shares (₹14,820 based on the upper price band).
Behari Lal Engineering Limited presents a high-margin, low-leverage industrial manufacturing business model with an established footing in steel component casting, metal rolls, and forged products.
Financial efficiency remains a core strength, backed by impressive return metrics (ROCE of 27.11% and ROE of 23.60%), healthy EBITDA margins (18.97%), and a near debt-free balance sheet (Debt/Equity of 0.06). Directing the fresh issue capital toward expansion at both manufacturing facilities alongside green energy rooftop solar installations will expand capacity while maintaining cost efficiency. Investors looking for stable engineering and steel product manufacturing exposure may evaluate this issue closely.
