Last updated on January 8th, 2026 at 12:20 pm
Lalbaba Engineering Limited is an engineering solutions provider engaged in the development and manufacture of high-performance seamless tubes, precision forgings, and integrated rail systems, serving critical sectors such as railways, automotive, energy and industrial infrastructure.
It is India’s largest cold-finished seamless tube manufacturer by capacity and holds a strong position in key engineered components with significant repeat business.
Lalbaba Engineering has filed DRHP to raise ₹ 1,000 Crore via IPO for which Fresh issue of ~ ₹ 630 Crore & Offer for Sale (OFS) of ₹ 370 Crore.
Subscription date to apply for the IPO is yet to be announced. Price band for the IPO is also pending to be declared.
| Issue Size: | ~ ₹ 1,000 Crore |
| Fresh Issue: | ₹ 630 Crore |
| Offer for Sale: | ₹ 370 Crore |
| Price Range: | TBA |
| Lot Size: | TBA |
Lalbaba Engineering Limited important data points
Revenue, PAT, EBITDA
| Year | Fiscal 2025 |
| Networth | ₹ 181.6 Cr |
| Revenue: | ₹ 771.6 Cr |
| EBITDA | ₹ 97.5 Cr |
| PAT | ₹ 42.4 Cr |
| EBITDA Margin: | ~12.63% |
| PAT Margin | ~5.49% |
| Face Value: | Rs.05 per Equity Share |
IPO important dates
| Open Date: | TBA |
| Close Date: | TBA |
| Anchor Investor Bidding | TBA |
| Allotment Date: | TBA |
| Refunds & Demat Credit | TBA |
| Tentative Listing Date: | TBA |
Use of Proceeds
| Purpose | Amount |
| Borrowing payment | ~ ₹ 209 Cr |
| Capacity Expansion | ~ ₹ 271.19 Cr |
| General Corporate Purpose | Balance |
| Technology & Infrastructure | – |
| – |
Lalbaba Engineering Limited Financial Data
| 2023 | 2024 | 2025 | |
| Revenue (₹ Cr) | ₹ 343 | ₹ 600 | ₹ 772 |
| Gross Profit (₹ Cr) | ₹ 14 | ₹ 27 | ₹ 42 |
| Asset (₹ Cr) | ₹ 248 | ₹ 436 | ₹ 587 |
| Net Worth (₹ Cr) | ₹ 78 | ₹ 141 | ₹ 182 |
Lalbaba Engineering IPO Grey Market Premium
| Date | IPO Price | IPO GMP | Profit per lot |
| 12-Jan | ₹ – | ₹ – | ₹ – |
| 11-Jan | ₹ – | ₹ – | ₹ – |
| 10-Jan | ₹ – | ₹ – | ₹ – |
| 09-Jan | ₹ – | ₹ – | ₹ – |
| 08-Jan | ₹ – | ₹ – | ₹ – |
| 07-Jan | ₹ – | ₹ – | ₹ – |
Lalbaba Engineering Limited Promoters – Pre offer equity (Approx)
| LBIC Engineering Private Limited | ~66.35% |
| Kishan Dhanuka | ~8.36% |
| Nikunj Dhanuka | ~7.96% |
| Nishit Dhanuka | ~7.96% |
Lalbaba Engineering Limited IPO Pros & Cons
Strengths:
- Strong positioning in seamless tubes, forgings, and rail systems with exposure to core infrastructure sectors.
- Established manufacturing capabilities with long operating history and technical expertise.
- Diversified end-user base including Indian Railways and industrial OEMs reduces sector concentration risk.
- Infrastructure and rail capex tailwinds in India support long-term demand growth.
- IPO proceeds aimed at reducing debt and capacity expansion can strengthen balance sheet and margins.
Risks:
- Business is cyclical and closely linked to capital expenditure in railways and industrial sectors.
- High dependence on a few large customers may impact revenues if orders are delayed or reduced.
- Raw material price volatility (steel and alloys) can pressure operating margins.
- Capital-intensive operations require continuous investment, impacting free cash flows.
- Valuation risk exists if the IPO is priced aggressively relative to peers and earnings growth.
Lalbaba Engineering Limited Lot Size details
| Application Type | Lot Size | No. of Lots | No. of Shares | Investment Amount |
| Retail(Min) | – | 1 | – | ₹ – |
| Retail (Max) | – | 13 | – | ₹ – |
| Small HNI (Min) | – | 14 | – | ₹ – |
| Small HNI (Max) | – | 66 | – | ₹ – |
| Big HNI (Min) | – | 67 | – | ₹ – |
Lead Managers / Registrars of Lalbaba Engineering Limited
| Lead / Book Running Lead Managers | IIFL Capital Services Ltd, Motilal Oswal Investment Advisors Ltd, Nuvama Wealth Management Ltd |
| Registrar (RTA) | MUFG Intime India Pvt Ltd |
Founding Year of Lalbaba Engineering Limited & Managing Director
Lalbaba Engineering Limited was incorporated as a public limited company in 2006.
Mr. Kishan Dhanuka is the MD & CEO of the company.
Lalbaba Engineering Limited FAQ
- Q1. What is the business of Lalbaba Engineering Limited?
Last updated on January 8th, 2026 at 12:20 pm
It is an engineering solutions company that develops and manufactures high-performance seamless tubes, precision forgings and integrated rail systems for railways, automotive, energy and industrial infrastructure sectors. - Q2. Why is the company raising funds via IPO?
Last updated on January 8th, 2026 at 12:20 pm
Lalbaba Engineering is raising funds for expansion of it’s Haldia facility, repay borrowings and support general corporate purposes, strengthening capacity and financial flexibility ahead of market growth. - Q3. What is the size of the issue and where will it list?
Last updated on January 8th, 2026 at 12:20 pm
The issue size of the IPO is ₹ 1,000 crore, and it will be listed on the BSE & NSE platform. - Q4. What are the risks to an investor?
Last updated on January 8th, 2026 at 12:20 pm
Risks to investing in the IPO include cyclical demand in industrial and rail sectors, raw material cost volatility, execution challenges in capital-intensive projects and possible IPO pricing pressure. - Q5. What are the potential upsides?
Last updated on January 8th, 2026 at 12:20 pm
Potential upsides to invest in the IPO include strong engineering positioning with export exposure, infrastructure capex tailwinds, diversified product verticals and capacity expansion driving future growth. - Q6. How to apply for the IPO?
Last updated on January 8th, 2026 at 12:20 pm
You can apply for the IPO via your broker or bank’s ASBA facility by selecting the IPO, entering bid details and confirming payment once the IPO opens for subscription. - Q 7. When is the tentative listing date?
Last updated on January 8th, 2026 at 12:20 pm
Expected listing date is yet to be announced.
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