Behari Lal Engineering Limited

Behari Lal Engineering (New IPO): GMP, Profit, Price & expert review

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Behari Lal Engineering Limited is a prominent Indian manufacturer of customized iron and steel products. Based in Punjab, it specializes in metal rolls, engineering castings, and alloy steel bars for sectors like mining, power, and infrastructure.

BLEL operates as a major B2B industrial hub rather than through retail stores. As of 2025, the company commands a significant 10% national market share in the metal rolls segment and serves over 1,680 domestic and international customers across 19 Indian states and 15 countries, including the US and Germany. Its has two integrated manufacturing units in Mandi Gobindgarh, Punjab, with an annual production capacity of approximately 1.2 lakh tonnes.

It was originally founded as Behari Lal Ispat Private Limited by Mr. Parkash Chand Garg on May 23, 1995, and later converted into a public limited company in 2024 to support its expansion and upcoming IPO. Currently Mr. Dinesh Garg acts as the managing director of the company.

Behari Lal Engineering Limited has filed DRHP with SEBI for a proposed IPO consisting as Fresh Issue of ₹ 110 Cr & Offer for Sale (OFS) of 7,854,521 Shares.

Subscription date to apply for the IPO is yet to be announced. Price band for the IPO is also pending to be declared.

Check DRHP
Check IPO Allotment
Visit Official Website
Issue Size:₹ 110 Cr + 7,854,521 Shares
Fresh Issue:₹ 110 Cr
Offer for Sale:7,854,521 Shares
Price Range:TBA
Lot Size:TBA
GMPPending

Behari Lal Engineering Limited important data points

Revenue, PAT, EBITDA

YearFiscal 2025
Networth₹ 241.16 Cr
Revenue:₹ 507.91 Cr
EBITDA₹ 81.31 Cr
PAT₹ 52.95 Cr
EBITDA Margin:~16.01%
PAT Margin~10.43%
Face Value:₹ 10 Per Equity Shares

IPO important dates

Open Date:TBA
Close Date:TBA
Anchor Investor BiddingTBA
Allotment Date:TBA
Refunds & Demat CreditTBA
Tentative Listing Date:TBA

Use of Proceeds

PurposeAmount
Borrowing repayment~ ₹ 0.70 Cr
Installation of equipment & machinery~ ₹ 75.96 Cr
Investment in subsidiary~ ₹ 00 Cr
General Corporate PurposeBalance

Behari Lal Engineering Limited Financial Data

202320242025
Revenue (₹ Cr)₹ 462.9₹ 446.1₹ 507.9
PAT (₹ Cr)₹ 28.8₹ 35.8₹ 53.0
Asset (₹ Cr)₹ 203.2₹ 262.1₹ 296.0
Net Worth (₹ Cr)₹ 119.5₹ 193.6₹ 241.6

Behari Lal Engineering Ltd IPO Grey Market Premium

DateIPO PriceIPO GMPProfit per lot
11-Mar₹ –₹ –₹ –
10-Mar₹ –₹ –₹ –
09-Mar₹ –₹ –₹ –
08-Mar₹ –₹ –₹ –
07-Mar₹ –₹ –₹ –
Behari Lal Engineering Limited

Behari Lal Engineering Limited IPO Pros & Cons

Strengths:

  • The company is a leading player in India’s specialized steel sector, commanding approximately 10% of the national market share for metal rolls.
  • BLEL has demonstrated steady growth, with revenue increasing by 15% and Profit After Tax (PAT) surging by 48% between FY24 and FY25.
  • The company maintains a very healthy financial risk profile with a Debt-to-Equity ratio of 0.03 as of March 2025.
  • With a customer base of over 1,681 clients, the company has successfully expanded into 15 international markets including the US and Germany.
  • Management team and promoters bring over 30 years of domain expertise, creating high entry barriers through established customer relationships and robust R&D processes.

Risks:

  • The company’s profitability is sensitive to fluctuations in the cost of raw materials and input cost volatility, which are significant industry concerns.
  • There is a risk of dependence on a limited customer base, which could impact revenue stability if a major client relationship is lost.
  • Demand for steel products and engineering castings is highly vulnerable to broader economic and capital expenditure (capex) cycles.
  • BLEL faces significant pricing pressure from both large-scale domestic players and international competitors in the engineering and steel sectors.
  • As a steel manufacturer, the company is subject to strict environmental regulations and potential technological obsolescence from emerging advanced materials.

Behari Lal Engineering Limited Promoters – Pre offer equity (Approx)

Promoters%Shares
Lovlish Garg~14.17%
Dinesh Garg~10.43%
Rajesh Garg~9.98%
Prakesh Chandra Garg~7.17%
Bhuvnesh Garg~5.64%

Behari Lal Engineering Limited Lot Size details

Application TypeLot SizeNo. of LotNo. of SharesInvestment Amount
Retail (Min)–1–₹ –
Retail (Max)–13–₹ –
HNI (Min)–14–₹ –
HNI (Max)–66–₹ –
Big HNI (Min)–67–₹ –

Lead Managers / Registrars of Behari Lal Engineering Limited 

Lead / Book Running Lead ManagersEmkay Global Financial Services Limited, Systematix Corporate Services Limited
Registrar (RTA)MUFG Intime India Private Limited.

Behari Lal Engineering Limited FAQ

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